The contract is worth $20 million.
Ormat Technologies Inc. (NYSE: ORA) has signed a contract with Top Energy Ltd. subsidiary Ngawha Generation Ltd. of New Zealand to build a $20 million new geothermal power plant in Ngawha, New Zealand. Ormat expects construction of the power plant to be completed within 20 months from the contract date. The company did not disclose the size of the power station.
Ormat said, “This is the second order for an Ormat geothermal power plant from the company. Top Energy has been operating an Ormat 12-megawatt (MW) geothermal power plant in Ngawha since June 1998. The two plants will produce between them approximately 75% of the electricity used by Top Energy's 26,000 consumers.”
The company added, “Upon completion of the plant, the total installed capacity of Ormat's power plants in New Zealand will exceed 200 MW. The Ngawha plant contract is the tenth Ormat supply contract in New Zealand, six of which are repeat contracts for the supply of geothermal power plants in New Zealand.”
Published by Globes [online], Israel business news - www.globes.co.il - on January 2, 2007
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