RENO, Nev., May 7, 2015 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) announced today that its wholly owned subsidiary, Orandina I S.p.A., was selected through a competitive bid process and signed a $98.8 million engineering, procurement and construction (EPC) contract for a geothermal project in Chile.
Under the EPC contract, Ormat will provide two air-cooled ORMAT® ENERGY CONVERTER (OEC) for a high enthalpy reservoir. The project is scheduled to be completed by mid-2017.
“This latest order is a powerful validation of our binary technology and supports our growing product segment backlog,” said Isaac Angel, CEO of Ormat Technologies. “This project award is the latest confirmation that geothermal world leaders recognize that Ormat’s technology is also suited for high enthalpy. This solution delivers economic value, a positive environmental impact and mitigates deployment risk adopting its modular methodology, as recently confirmed in New Zealand and East Africa as well. This contract significantly increased our products backlog and will support future revenues for this segment.”
About Ormat Technologies
With five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company currently engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 69 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 470 employees in the United States and over 600 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 1,900 MW of gross capacity. Ormat’s current 647 MW generating portfolio is spread globally in the U.S., Guatemala and Kenya.
Ormat’s Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2015.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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Source:Ormat Technologies, Inc.