Ormat Technologies Commissions the OREG-4 Peetz Project
Ormat Technologies Commissions the OREG-4 Peetz Project
Reno, Nevada, March 23, 2009 - Ormat Technologies, Inc (NYSE:ORA), today announced that its Peetz Recovered Energy Generation (REG) project reached commercial operation.
The project consists of a 4 MW REG power plant that converts recovered waste heat from the exhaust of existing gas turbine at a compressor station located along a natural gas pipeline near Denver, Colorado. The electricity produced by the power plant is sold under a 20-year power purchase agreement to Highline Electric Association Inc. (HEA), a consumer owned cooperative in Colorado and Nebraska.
“This plant marks the seventh REG project that Ormat owns and operates in the United States and the first REG project in Colorado. With the completion of this project, our total REG operating capacity in the U.S. stands at more than 37 MW and by the end of 2009 we expect to add 16 MW to that total.” said Dita Bronicki, Chief Executive Officer of Ormat. “Our REG units contribute to the important goal of emission reduction and promotion of energy efficiency. We look forward to the opportunities related to the need for energy efficiency that the current legislation will create for our REG business in the United States.”
The ORMAT® REG facilities consist of ORMAT® Energy Converters (OEC) based on Organic Rankine Cycle technology, which converts recovered heat to electric power without the need for any additional fuel or water. The OEC units are environmentally benign, as they have no emissions of CO2 or NOX.
About Ormat TechnologiesOrmat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has built over approximately 1,200 MW of plants half for its own account and half as supplies to utilities and developers. Ormat current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1 and OREG 2; in Guatemala- Zunil and Amatitlan; in Kenya - Olkaria; in Nicaragua – Momotombo and in New Zealand- GDL.
Safe Harbor StatementInformation 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 March 2, 2009
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.
