Nevada Geothermal, Ormat reach settlement concerning Faulkner 1

Source: Nevada Geothermal Power Inc.

Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) is pleased to report that NGP Blue Mountain I LLC, the owner of the 49.5 MW Faulkner 1 geothermal power plant and Ormat Nevada Inc. have settled all disputes that have arisen under the EPC contract as a result of the facility shutdown between January 16 and February 23, 2010 due to a short circuit caused by faulty layout of underground cables. 

We believe the settlement, which consists of cash, power plant spares and extended warranties, is responsive to NGP’s requests. NGP is pleased with the performance of the plant since its restart in February and we are looking forward to a good and continuing relationship with Ormat,” said Brian Fairbank, President & CEO. 

“We are happy with the settlement,” said Dita Bronicki CEO of Ormat. “This demonstrates Ormat’s commitment to its EPC customers. We wish NGP success in the continued development of geothermal power plants.”

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