Ormat Technologies, Inc. (NYSE: ORA) today announced that it has signed a $65 million contract with Banco Centroamericano de Integracion Economica ("BCIE") for a new geothermal power plant to be constructed in Las Pailas Field, Costa Rica.
The plant will be utilized by Instituto Costarricense de Electricidad (ICE), the Costa Rican national electricity and telecommunications company. The contract is expected to be completed within 18 months from the contract start date.
This is the second order for an Ormat geothermal power plant in Costa Rica for operation by ICE. ICE has been operating an Ormat 18-megawatt (MW) binary geothermal power plant in Miravalles V since 2004.
The Pailas plant will mark the fifth geothermal power plant erected and upgraded in Central America by Ormat since 1999.
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.
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