Ormat Technologies Inc. (NYSE: ORA) wholly-owned subsidiary Ormat Nevada Inc. and Nevada Geothermal Power Inc. (TSX.V: NGP, OTC Bulletin Board: NGLPF) said today that they have agreed to jointly develop, construct, own, and operate one or more geothermal power plants at the Crump Geyser Project Area located in Lake County, Oregon.
The firms will form a limited liability company, Crump Geothermal Company LLC, which will be owned by Nevada Geothermal Power Company, a wholly-owned subsidiary of Nevada Geothermal Power Inc. ("NGP"), and Ormat Nevada Inc., on a 50:50 basis.
The parties plan to start construction and drill at least one development well for the first power plant with an expected generation capacity of up to 30 MW in 2010 and to place the plant in service before the end of 2013 so as to qualify for the Treasury Cash Grant under Section 1603 of the American Recovery and Reinvestment Act ("ARRA").
Ormat shares fell 1.3% in afternoon trading in New York.
Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2010
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