Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
Trump Signals Push for Lower Health Insurance Prices as ACA Premium Concerns Grow 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
RENO, Nev., Feb. 04, 2016 -- Ormat Technologies, Inc. (NYSE:ORA) announced today that it reached commercial operation of Plant 4 in the Olkaria III complex in Kenya, increasing the complex total generating capacity by 29 MW to 139 MW.
Plant 4 will sell its electricity to Kenya Power and Lighting Company Limited (KPLC) under a 20-year PPA. In October 2015, Ormat signed an amendment to the Power Purchase Agreement ("PPA") with KPLC that enables the increase of the capacity of Plant 4 expansions to an aggregate of 100 MW, in phases.
“With the commissioning of plant 4, the 140 MW Olkaria III complex will provide clean and reliable electricity to over 250,000 households in Kenya, supporting the Government of Kenya’s 2030 vision to increase generation capacity,” noted Isaac Angel, Chief Executive Officer “We are proud to be part of Kenya’s efforts, and view this facility as a key component of our geographic expansion strategy. Now that we have the commercial terms in place, we will continue to evaluate the feasibility of future expansions of the Olkaria III complex as well as other prospects to support our growth in Kenya.”
Ormat has implemented a multi-phased development strategy in Olkaria III. The first phase of Plant 1 commenced operation in 2000 and the second phase in 2009. Plant 2 commenced commercial operation in 2013 and plant 3 in 2014. Ormat financed the first three plants of the complex with a $310 million debt facility provided by the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution. Plant 4 was financed by Ormat equity which is covered under insurance policy from MIGA (a member of the World Bank Group) to cover its exposure to certain political risks involved in operating in developing countries.
About Ormat Technologies
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 69 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 470 employees in the United States and over 600 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,000 MW of gross capacity. Ormat’s generating portfolio is spread globally in the U.S., Guatemala and Kenya.
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 February 26, 2015.
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.
Ormat Technologies Contact: Smadar Lavi Investor Relations 775-356-9029 (ext. 65726) [email protected] Investor Relations Agency Contact: Rob Fink/Brett Maas Hayden - IR 646-415-8972/646-536-7331 [email protected] / [email protected]
