Ormat, Solar Millennium to develop solar thermal power plant in Israel

Source: Ormat Technologies, Inc.

Ormat Technologies, Inc. (NYSE:ORA) , announced that its Israeli subsidiary, Ormat Systems Ltd. (Ormat), has signed a Memorandum of Understanding (MOU) with Solar Millennium AG to form a consortium to participate in the tender to develop, construct and operate a solar thermal power plant at "Ashalim" in Israel with a total capacity of approximately 120 megawatts (MW). Solar Millennium is a German stock corporation, specialized in the worldwide development and realization of solar thermal power plants.

Under the MOU, Solar Millennium will provide the technology for the solar field, while Ormat will supply the power block, balance of plant and construction services. Ormat will own approximately 68 percent of the consortium and Solar Millennium will own approximately 32 percent. Both parties have successfully passed the pre-qualification stage and were invited to submit the bid within the tender for plot A. 

The tender is a BOT (build, operate and transfer) solar thermal power plant, on land owned and provided by the Israeli government. The produced electricity is fed into the grid of Israel Electric Corporation (IEC). The term of BOT will be approximately 25 years. 

The Ashalim project will mark a further expansion into the solar energy market by renewable energy leader, Ormat Technologies. Ormat has more than four decades of experience in the development, construction, financing and operation of some 1300 megawatts of renewable energy projects world-wide. Solar Millennium is one of the leading companies in the solar thermal power plant market and has developed the first European parabolic trough power plants. These 50 MW each solar power plants in the South of Spain have been realized together with partners. Solar Millennium is also developing or realizing further plants in Egypt, the U.S. and other countries. 

Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies, said: "The collaboration with Solar Millennium brings together two industry leaders in renewable energy. Ormat roots in solar energy go back four decades with the development of its first solar pumping unit in Africa, through the solar pond development in El-Paso Texas in the 80's, which was the predecessor of our geothermal power plant. Recently we entered the solar PV market through a joint venture that develops medium size solar PV power plants. The Ashalim opportunity, if successful, will expand our solar activities to solar thermal, where we have technological expertise."

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