Ormat acquisition of Hot Sulphur Springs II closes

In Nevada, Ormat Nevada Inc., a wholly-owned subsidiary of Ormat Technologies, completed its acquisition of membership interests in the Hot Sulphur Springs II LLC, which includes the Tuscarora project. Ormat plans to construct and operate the project, which is in an advanced stage of development. The project is expected to become operational in 2012 and up to 40 MW of the project’s electricity is been contracted under a 20-year power purchase agreement with Nevada Power Company. The Tuscarora project is located on approximately 9,800 acres of land in Elko County, Nevada. Terms of the power purchase agreement are pending customary regulatory approval. Dita Bronicki, CEO of Ormat Technologies, said the project “has the potential to yield a sizable geothermal project.” He further noted that, because construction would begin this year, the company will be able to take advantage of government funding options that support renewable energy projects.