Ormat Technologies Inc. (NYSE: ORA) announced Dec. 6 that subsidiary Ormat Nevada Inc. has signed a $36 million engineering, procurement and construction (EPC) contract with a subsidiary of Cyrq Energy Inc. under which Ormat will provide one air-cooled ORMAT ENERGY CONVERTER (OEC) at Cyrq’s Soda Lake geothermal power project in northern Nevada.
The project is expected to come on-line in the first half of 2018. The new OEC will increase generation and reduce operating costs by replacing the two currently operating power plants, which were commissioned by Ormat in the late 1980s and early 1990s.
Isaac Angel, CEO of Ormat Technologies said: “We are delighted to be chosen again by Cyrq, having provided the successful construction of the Thermo No. 1 generation upgrade in 2013. Ormat continues to gain repeat customers for our power plant solutions due to our strategic advantage of being a vertically integrated company which enables Ormat to constantly develop and advance our technology. Over the years, we increased our OEC unit sizes considerably and improved efficiencies, providing our clients with the ability to utilize geothermal resources in a more sustainable and economical manner. The Soda Lake project will benefit from these advancements in our OEC proprietary technology derived over the past three decades, and this contract will further strengthen our position as a reliable and dependable supplier and contractor.”
“We are very pleased to work with Ormat on our Soda Lake 3 project,” said Nick Goodman, CEO of Cyrq Energy, Inc. “Ormat has been able to provide the best overall solution in our competitive process, and based on their performance on our Thermo No. 1 project, which was nothing short of stunning, we have every expectation that Soda Lake 3 will be another flagship project in Nevada.”
Ormat is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. Ormat has 450 employees in the United States and over 600 overseas. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,000 MW of gross capacity. Ormat’s current 710 MW generating portfolio is spread globally in the U.S., Guadeloupe, Guatemala and Kenya.