Geothermal power plant in Kenya begins operations

Ormat Technologies Inc. (NYSE: ORA) began commercial operation at Plant 2 of the Olkaria geothermal plant in Kenya, increasing the company’s total generating capacity by 36 MW to 611 MW worldwide.

Ormat is planning a third, 16 MW unit at the project, which is expected to be completed in 2014. The third plant will bring the project’s total generating capacity up to 100 MW. Kenya Power and Lighting Co. Ltd. is buying the output under a 20-year power purchase agreement.

Ormat financed the new plant with part of a $265 million debt facility funded by the Overseas Private Investment Corp (OPIC). OPIC will also finance the construction of the third plant with another $45 million debt facility.

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