Ormat to reach 800 MW of geothermal power generation capacity in 2017
With the 24 MW Tungsten geothermal plant in Nevada to come online before the end of the year, Ormat will reach 800 MW of geothermal power generation capacity.
In its financial reporting on third quarter 2017 results, Ormat Technologies provides not only details on revenues for its product and generation business, but also some strategic highlights.
“This was a strategically important quarter in our electricity segment, as we increased revenue and gross margin mainly due to the performances of our Bouillante power plant in Guadeloupe, and our Puna plant in Hawaii,” commented Isaac Angel, Chief Executive Officer.
“Our revenues and gross margin from our electricity segment continue to benefit from our ongoing efforts to improve efficiencies, and we expect further improvements in 2018 and beyond.
Our Platanares power plant in Honduras commences operation toward the end of the third quarter and contributed to the electricity segment results as well. We are very excited about the long-term potential in Honduras and with Platanares, our first facility in the region.
We expect the Tungsten Mountain project in Nevada to come online by the end of 2017. Tungsten Mountain will increase our portfolio to 800 MW and will further strengthen our results and contribute to our innovative portfolio PPA with SCPPA.”
Source: Company release via Marketwire