Ormat Signed a New Product Segment Supply Contract in Indonesia Supporting Its Backlog
June 17 2021 - 7:01AM
Ormat Technologies Inc. (NYSE: ORA) announced today that it has
secured a new contract with Star Energy Geothermal Salak to supply
products to extends the Salak geothermal field in Indonesia. The
Salak geothermal field is located near Jakarta on the southwest
flank of the Gunung Salak volcano and is currently contains
geothermal power plant utilizing steam.
The new 14 MW Salak geothermal power plant will
use air-cooled Ormat Energy Converter and will allow 100%
geothermal fluid reinjection which serves both to sustain the
reservoir and to produce electrical power with virtually no
environmental impact. Ormat is in partnership with local contractor
that will provide the EPC services. The supply of the plant is
expected to be completed within 12 months from contract start.
Doron Blachar, CEO of Ormat Technologies, said,
“This contract signals that the markets for our products segment
are beginning to reopen as the impact of Covid-19 dissipates. We
expect to record revenue partially in 2021, with the balance in
2022. Demand for clean, renewable energy continues and
municipalities and utilities are seeking to expand the use of
geothermal resources wherever possible. As the impact of the
pandemic continues to decrease, we plan to pursue additional
contracts worldwide.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (“REG”), with robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. 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. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into energy storage
services, solar Photovoltaic (PV) and energy storage plus Solar PV.
Ormat’s current 947 MW of geothermal and Solar generating portfolio
is spread globally in the U.S., Kenya, Guatemala, Indonesia,
Honduras, and Guadeloupe and its 83 MW energy storage portfolio is
located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release
contains 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 expected revenue and EBITDA contributions from
the acquired assets, the achievement of synergies, 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’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on
February 26, 2021 and from time to time, in Ormat’s quarterly
reports on Form 10-Q that are filed with the SEC.
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.
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Ormat Technologies Contact:Smadar LaviVP Corporate Finance and Head
of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
Investor Relations Agency Contact:Rob FinkFNK
IR646-809-4048rob@fnkir.com |
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