RENO, Nev., Aug. 25 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. , today announced that the GRE Recovered Energy Generation (REG) power plant is in commercial operation.
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The project 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 electricity produced by the project is sold to Great River Energy, under a 20 year power purchase agreement.
"We are very happy to bring into commercial operation this most recent REG unit along the Northern Border gas pipeline. This is the 10th REG unit we own and operate in the U.S., that brings the total installed capacity to approximately 53 MW and contributes to the important goal of emission free power generation," said Dita Bronicki, Chief Executive Officer of Ormat.
The ORMAT® REG facilities consist of ORMAT® ENERGY CONVERTERS (OEC) based on Organic Rankine Cycle technology, which converts recovered heat to electricity without the need for any additional fuel or water. The OEC units are environmentally benign, with no emissions of CO2 or NOX.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 MW of gross capacity. Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and Peetz; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria III; and, in Nicaragua - Momotombo.
Ormat's Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2010.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Ormat Technologies Contact: Investor Relations Contact: Dita Bronicki Marybeth Csaby/Rob Fink CEO KCSA Strategic Communications 212-896-1236 (Marybeth) /212-896-1206 775-356-9029 (Rob) dbronicki@ormat.com mcsaby@kcsa.com/rfink@kcsa.com
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Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO of Ormat Technologies, +1-775-356-9029,
dbronicki@ormat.com; or Investor Relations, Marybeth Csaby, +1-212-896-1236,
mcsaby@kcsa.com, or Rob Fink, +1-212-896-1206, rfink@kcsa.com, both of KCSA
Strategic Communications, for Ormat Technologies
Web Site: http://www.ormat.com/
