Ormat to develop geothermal property in California

Ormat Technologies (NYSE: ORA) has secured geothermal leases in the North Brawley Known Geothermal Resource Area ("KGRA") in Imperial County, California - near San Diego.

The leases were entered into with two separate land-owners.

Together, these geothermal leases secured 1,270 acres at the heart of the KGRA. In addition, Ormat has opened discussions with other land owners and plans to secure additional leases in the area.

Ormat expects to begin drilling upon receipt of the necessary drilling permits, which the company expects in the first half of 2007.

The company had previously announced plans to develop approximately 250 megawatts of geothermal power in the area by the end of 2008.

Development of the North Brawley geothermal project is expected to be completed in 50-MW clusters over a three to five years period, with the first 50 MW coming online by the end of 2008 at the earliest.

Ormat designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Additionally, the company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. It has operations in the United States, the Philippines, Guatemala, Kenya and Nicaragua.

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