RENO, Nev., June 28 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA) announced today that its subsidiary Ormat International, Inc., ("Ormat") and JFE Engineering Corporation ("JFEE"), a subsidiary of JFE Holdings, Inc. of Japan, have executed a Cooperation Agreement for implementing geothermal power plant projects in Japan on an Engineering Procurement and Construction ("EPC") basis utilizing Ormat's proprietary binary cycle ORMAT® Energy Converters ("OEC") and Geothermal Combined Cycle Units.
Ormat shall supply the power generation equipment and related engineering while JFEE shall undertake the construction of the power plants and the related balance of plant, infrastructure and field surface facilities. JFEE shall also provide local maintenance services as may be required by clients.
The first commercial binary power plant in Japan was the Ormat 2 MW OEC supplied to the Kyushu geothermal facility at Hatchobaru. The Ministry of Economy, Trade and Industry of Japan announced plans to implement policies to stimulate growth in the country's geothermal installed capacity in the next 10 years, by an additional 600 MW. Geothermal energy is part of Japan's Renewable Portfolio Standard. The Company believes that a significant part of this potential is suited to Ormat's technology.
Ormat is represented in Japan by Itochu Corporation. Itochu and Ormat are partners in geothermal projects in Indonesia and were partners in a geothermal BOT project in the Philippines.
Lucien Bronicki, Chairman and Chief Technology Officer of Ormat Technologies, stated, "We expect that the synergy brought about by this cooperation with JFEE and the ongoing support of Itochu Corporation shall significantly enhance our ability to provide a 'full service' capability for our equipment and technology in Japan, and thereby assist us to participate in a meaningful way in the anticipated expansion of the Japanese geothermal industry."
About Ormat Technologies:
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 MW of gross capacity. Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria III; and, in Nicaragua - Momotombo.
About JFE Engineering Corporation and JFE Group:
JFE Engineering Corporation ("JFEE") is the comprehensive engineering arm of JFE Group. It operates as a subsidiary of JFE Holdings, Inc. JFEE operates in five divisions: Energy Industries Engineering, Environmental Industries Engineering, Water and Waste Water Engineering, Steel Structure Engineering, and Industrial Machinery Engineering. The Energy Industries Engineering division manufactures pipeline systems, storage base systems, process plants, on-site energy supply, district heating and cooling, cogeneration, and geothermal energy utilization systems. In geothermal power plant projects, JFE Engineering has provided steam and brine separation systems and brine re-injection facilities in Japan since 1960s. It has construction experience for 9 geothermal power plants in Japan and one plant in Kenya. JFE Holdings is a holding company of JFE Group, JFE Steel, JFE Engineering, Universal Shipbuilding, JFE Urban Development and Kawasaki Microelectronics.
Ormat's Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2010.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Ormat Technologies, Inc.