Ormat contracted to build New Zealand plant

The contracts are valued at a total of $20 million, Ormat said. Construction was expected to be completed within 20 months.

By ROBERT DANIEL, MARKETWATCH
January 3, 2007 07:43

 
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MarketWatch: In-depth global business coverage Ormat Technologies Inc., the Reno, Nevada, producer of power plants, said two subsidiaries contracted to build a geothermal power plant in Ngawha, New Zealand, for the Ngawha Generation Ltd. subsidiary of Top Energy Ltd. The contracts are valued at a total of $20 million, Ormat said. Construction was expected to be completed within 20 months. Top Energy is a local electricity network company in New Zealand. This is the second order for an Ormat geothermal power plant from the company. Top Energy has been operating an Ormat 12-megawatt geothermal power plant in Ngawha since June 1998. Both plants will produce about three-quarters of the electricity that Top Energy's 26,000 consumers use. The deal is Ormat's 10th supply contract in the country. Geothermal energy is generated by bringing hot water and steam from within the Earth's crust to the surface and converting it to electricity. Ormat is a subsidiary of Ormat Industries. MarketWatch: In-depth global business coverage

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