Ormat Technologies Inc. (NYSE: ORA) US subsidiary Ormat Industries Ltd. (TASE: ORMT) has received an official go-ahead to proceed with the construction of a power plant in Nevada.
Nevada Geothermal Power Inc. (NGP) (CDNX:NGP.V; OTC BB:NGLPF.OB) and Ormat Technologies reported that NGP Blue Mountain 1 LLC issued a Full Notice to Proceed under its fixed-price, date-certain engineering, procurement and construction (EPC) contract with Ormat Nevada Inc. to supply and construct the Phase 1 49.5 MW gross 'Faulkner 1' geothermal power plant at Blue Mountain, Nevada.
Under the EPC contract, Ormat guarantees to achieve substantial completion no later than December 31, 2009.
Blue Mountain is located 20 miles west of the town of Winnemucca, Nevada. The electric power generated by the plant will be sold to Nevada Power Company under a 20-year Power Purchase Agreement.
"We are happy that NGP was able to finalize and secure the financing of this project that enables the issuance of the Full Notice to Proceed to Ormat and are looking forward for a successful completion of the project as scheduled," said Dita Bronicki, CEO of Ormat Technologies Inc.
Ormat Technologies Inc. designs, develops, builds, owns and operates geothermal and recovered energy-based power plants.
Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2008
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