Ormat secures second Costa Rica contract

Ormat has won a $65 million contract for a new geothermal plant.

Ormat Technologies Inc. (NYSE:ORA) today announced that it has signed a contract with Banco Centroamericano de Integracion Economica for the supply, supervision of installation, start-up and testing of Las Pailas Geothermal Plant, a new geothermal power plant that is to be constructed in Costa Rica. The contract is worth $65 million and construction will take an estimated 18 months.

The plant will be utilized by Instituto Costarricense de Electricidad (IEC), the Costa Rican national electricity and telecom company. This is the second order for an Ormat geothermal power plant in Costa Rica for operation by ICE, which has been operating an Ormat 18 MW binary geothermal power plant at Miravalles V since 2004. Ormat has been designing, supplying, upgrading and operating geothermal power solutions in Central America since 1999.

The Pailas plant will mark the fifth geothermal power plant with total capacity of over 150 MW erected and upgraded in Central America by Ormat. The new plant will use water-cooled condensers and will utilize the hi-performance, hi-efficiency organic turbine developed by Ormat for geothermal and recovered-energy applications.

Ormat's share fell 0.3% in trade on the NYSE yesterday to $28.77, giving a market cap of $1.3 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018