Ormat signs agreement for North American geothermal power plant project

Ormat Technologies Inc. announced that its Ormat Nevada Inc. subsidiary was selected to supply a $61.2 million engineering, procurement and construction (EPC) contract through a competitive bid process.

Under the expected EPC contract, which is currently under negotiation, Ormat will provide two air-cooled Ormat Energy Converters for a geothermal power plant project in North America.

The project is expected to be completed by the end of 2013.

Until the signature of the full EPC contract the parties have entered into an interim agreement in the amount of approximately $9 million for a limited scope of work to ensure timely completion of the project.

Yoram Bronicki, president and COO of Ormat said: “We are pleased to increase our backlog by this project which will continue the strong product segment performance. This development will incorporate Ormat’s low-operating-cost design and our consistent project completion standards.”