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Ormat Technologies to supply a new geothermal power plant to Norske Skog in New Zealand

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Ormat Technologies to supply a new geothermal power plant to Norske Skog in New Zealand

May 12, 2011 - 21:14
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RENO, NV, May 12, 2011 (Press Release) -Ormat Technologies, Inc. today announced that its subsidiary entered into a supply contract with Norske Skog Tasman Limited of New Zealand ("Norske Skog") to supply a new geothermal power plant that is to be constructed in the Kawerau Geothermal Field in New Zealand. The contract is valued at a total of approximately $20 million and delivery of the power plant is expected to be completed within 13 months from the contract date.

Norske Skog is a world leader in the use of renewable energy in the production of newsprint, with a history of over 50 years of utilization of geothermal energy from the Kawerau field in New Zealand. This new project will mean a substantial proportion of the Mill's electricity needs will be provided directly or indirectly from renewed geothermal energy.

Dita Bronicki, CEO of Ormat Technologies, said, "This new contract is Ormat's fourth geothermal installation in the Kawerau field. We are excited for the opportunity to once again supply our equipment in New Zealand and take part in the efforts to achieve the New Zealand government's target for greenhouse gas emissions reductions to between 10% to 20% below 1990 levels by 2020 and increased renewable electricity generation to 90% by 2025."

Ms. Bronicki concluded, "This contract increases our products backlog as of March 31, 2011 to $104 million. We view this contract as a demonstration of the reliability of Ormat's solutions and it further reinforces the applicability of our renewable energy solutions to the world electricity markets."

Ormat has been actively designing and supplying geothermal power solutions in New Zealand since 1986. The Norske Skog plant will mark over 250 MW, and the 13th geothermal power plant, built by Ormat in New Zealand. The new plant will use air-cooled condensers and allow 100% geothermal fluid reinjection, which serves both to sustain the reservoir and to produce electrical power with virtually no environmental impact. The geothermal power plant will utilize the hi-performance, hi-efficiency ORC turbine developed by Ormat for geothermal and recovered-energy applications.