Ormat Technologies Inc. (NYSE: ORA) has begun commercial operation of a power station in Minnesota, and will sell the electricity produced to Great River Energy.
Ormat said that the GRE recovered energy generation (REG) power plant is a 5.5 MW net power plant that converts the waste heat from the exhaust of a gas turbine in a compressor station along a natural gas pipeline in Martin County, Minnesota. The plant converts recovered heat to electricity without the need for any additional fuel or water.
The electricity produced by the project is sold to Great River Energy under a 20 year power purchase agreement. Great River Energy provides wholesale electric service to 28 distribution cooperatives in Minnesota and Wisconsin.
Ormat CEO Dita Bronicki said, "This is the 10th REG unit we own and operate in the US, that brings the total installed capacity to approximately 53 MW and contributes to the important goal of emission free power generation."
Ormat called the technology environmentally benign, with no emissions of carbon dioxide or nitrogen oxide.
Ormat Technology shares rose 2.56% yesterday to $26.88, though they gave up about 2% in after hours trading. The firm's market cap at yesterday's close was $1.22 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010