Ormat gets contract for geothermal plant in Turkey

Reno, Nev.-based Ormat Technologies (NYSE: ORA) announced that one of its subsidiaries entered into a $16 million supply contract for a new geothermal power plant to be constructed in Turkey.

The company said the customer, Menderes Geothermal Elektrik Uretim, a private developer and owner of the resource in Turkey, already has one operating geothermal power plant that was supplied by Ormat in 2004.

"This marks our fourth order to supply equipment for geothermal power in Turkey and continues our leadership position in creating clean energy both in megawatts and the number of power plants in the country," said Dita Bronicki, CEO of Ormat.

Ormat said delivery of the equipment for the new plant is expected to be completed within 16 months from the contract date.

"With the addition of this plant, Ormat will have increased the amount of megawatts it supplies to 20 countries to over 950 MW," said Bronicki.

"We view this milestone as a demonstration of the effectiveness and reliability of Ormat's solutions and it further reinforces the applicability of our renewable energy solutions to the world electricity markets."

Ormat did not disclose how much power the new plant would produce, but said it would convert both steam and brine from geothermal wells into electric power.

The company said the plant would also use air-cooled condensers and allow 100 percent geothermal fluid reinjection, which Ormat said serves both to sustain the reservoir and to produce electrical power with virtually no environmental impact.