Ormat wins $130 million contract for geothermal power plant in New Zealand

Reno, Nev., June 8, 2011 Ormat Technologies received the largest product order in the company's history. The supply contract and the engineering, procurement and construction contract, signed by two of its subsidiaries with Mighty River Power of New Zealand, are for the first stage of the Ngatamariki geothermal project valued at a total of about $130 million.

The new power plant is to be constructed on the Ngatamariki Geothermal Field in New Zealand. Construction of the power plant is expected to be completed within 24 months from the contract date.

Mighty River Power, a state-owned enterprise, is a New Zealand electricity generation and electricity retailing company and one of the most experienced geothermal operators in the world.

Geothermal energy represented 33 percent of Mighty River Power's overall generation in the last quarter a total that is expected to grow to about 43 percent by 2013, following the completion of the new power plant.

The completion of this power plant will bring the total installed capacity of Ormat's technology in New Zealand to about 350 MW in 14 plants.

The new power plant will be comprised of four air-cooled Ormat Energy Converters and will allow 100 percent geothermal fluid reinjection, which serves both to sustain the reservoir and to produce electrical power with virtually no environmental impact. The specification and special technical requirements for this power plant are based upon Mighty River Power's and Ormat's long professional experience in geothermal development.

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