20.3.2006: Meldung: Ormat Technologies, Inc.: Closing of Its Subsidiary"s Acquisition in Zunil Geothermal Project
Thursday March 16, 8:06 am ET
SPARKS, Nevada, March 16 -- Ormat Technologies, Inc. today announced that its wholly-owned subsidiary, ORPOWER 3, INC., has consummated its previously announced acquisition of an additional 50.8% (49.28% on a fully diluted basis) partnership interest in Orzunil I de Electricidad, Limitada (Orzunil), which owns the Zunil Geothermal Project in Guatemala. This acquisition, previously announced on November 29, 2005, has increased the Company"s existing 21% ownership interest in the Zunil Project to 71.8% (69.67% on a fully diluted basis). The purchase price agreed upon by the parties is US$14,750,000.
The Zunil project resumed regular operation on March 9, 2006, after being offline following damages experienced as a result of recent hurricane activity that caused the plant to cease operation on October 14, 2005. Orzunil has filed an insurance claim in respect of the damage and outage caused, which is currently under discussion with the insurance company.
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 power plants. It also designs, develops and builds, and plans to own and operate, 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. Ormat products and systems are covered by more than 70 patents. Ormat currently has operations in the United States, Israel, the Philippines, Guatemala, Kenya, and Nicaragua.
Ormat Technologies Contact: Investor Relations Contact:
Dita Bronicki Jeff Corbin/Todd Fromer
CEO and President KCSA Worldwide
email@example.com firstname.lastname@example.org / email@example.com
Source: Ormat Technologies, Inc.