Ormat Technologies: Exploration Concessions in Chile
Ormat Technologies, Inc. announced that the Committee on Geothermal Energy Analysis ("The Committee") recommended the Minister of Energy to award Ormat Andina SA., a subsidiary of Ormat Technologies, Inc., five exploration concessions in Chile.
According to results released on October 19, 2011 by the Chilean Ministry of Energy regarding the latest tender for 20 new areas of geothermal energy exploration concessions in Chile, The Committee, has recommended to award Ormat Andina SA., all five concessions in which the company participated. The said concession areas are respectively called "Aroma", "Quinohuen", "Marimar" "San Jose II" and "Sollipulli." In order to maintain the development rights in these concessions, Ormat has to make certain investment in an exploration program in the next two years. Successful exploration results will be followed by an exploitation license, which is the first step for power plant construction.
Studies indicate Chile has a large untapped geothermal energy potential and is expected to lead geothermal development in the region.
Commenting on the award, Dita Bronicki, CEO of Ormat, said, "To be awarded with five-out-of-five exploration concessions reinforces Ormat's position as a leader in the geothermal industry as well as demonstrates our experience as a vertically integrated technology provider with a strong commitment to the development of green-field geothermal projects throughout the world. While we know not all exploration sites result in commercial projects, we are happy to increase our potential development in Chile. These concessions add to Ormat's diverse portfolio of interests and developments in Latin America and worldwide, which include activities as owner and operator of power plants in Nicaragua, Guatemala, Kenya and the U.S."
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 80 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1370 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, Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria III; and, in Nicaragua - Momotombo.
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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 28, 2011.
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