Ormat Technologies Commissions the OREG-4 Peetz Project

Tuesday, Mar 24, 2009

RENO, Nev., March 23 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA), today announced that its Peetz Recovered Energy Generation (REG) project reached commercial operation.

The project consists of a 4 MW REG power plant that converts recovered waste heat from the exhaust of existing gas turbine at a compressor station located along a natural gas pipeline near Denver, Colorado. The electricity produced by the power plant is sold under a 20-year power purchase agreement to Highline Electric Association Inc. (HEA), a consumer owned cooperative in Colorado and Nebraska.

"This plant marks the seventh REG project that Ormat owns and operates in the United States and the first REG project in Colorado. With the completion of this project, our total REG operating capacity in the U.S. stands at more than 37 MW and by the end of 2009 we expect to add 16 MW to that total," said Dita Bronicki, Chief Executive Officer of Ormat. "Our REG units contribute to the important goal of emission reduction and promotion of energy efficiency. We look forward to the opportunities related to the need for energy efficiency that the current legislation will create for our REG business in the United States."

The ORMAT(R) REG facilities consist of ORMAT(R) Energy Converters (OEC) based on Organic Rankine Cycle technology, which converts recovered heat to electric power without the need for any additional fuel or water. The OEC units are environmentally benign, as they have no emissions of CO2 or NOX.

Source: PR Newswire