Ormat Technologies Secures Seven Geothermal Leases in Nevada
Ormat Technologies, Inc. today announced that it has won a bid for approximately 68,900 acres of geothermal leases in Nevada, that were auctioned by the Bureau of Land Management (”BLM”) for the total amount of approximately $8.2 million.
Dita Bronicki, President and Chief Executive Officer of Ormat Technologies, said: “This auction is an implementation of the new BLM rule which includes a requirement that geothermal resources be offered through a competitive lease process. Our successful bid secures lease agreements for seven new sites in Nevada, which will support our growth plans in the years to come, however, there is no assurance that all of the leases will be found suitable for commercial projects.”
About Ormat Technologies
Ormat Technologies, Inc. is a vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy power plants using Organic Rankine Cycle (ORC) technology. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat is a pioneer and a leader in the manufacture of ORC power equipment its products and systems are covered by approximately 70 patents. Ormat currently operates the following geothermal power plants: in the United States — Brady, Heber, Mammoth, Ormesa, Puna and Steamboat; in the Philippines — Leyte; in Guatemala — Zunil; in Kenya — Olkaria; and in Nicaragua — Momotombo. In the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation plants.
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