Released yesterday, Nevada Geothermal Power Inc. (TSX-V: NGP) announced that the Blue Mountain `Faulkner 1` project has successfully completed testing requirements under the Engineering Procurement Construction contract with Ormat Nevada Inc., a subsidiary of Ormat Technologies Inc., (NYSE:ORA), three months ahead of schedule.
Power plant equipment has exceeded guaranteed output levels. The plant will continue to generate and supply electricity while remaining work items are completed. NGP expects to assume full control of the power plant in late September and will declare an “in service date” shortly thereafter.
“We are extremely pleased with the plant performance exceeding the guarantee output signaling that the plant can produce significantly greater than 49.5 MW gross output. Early completion has resulted in NGP generating cash much earlier than previously forecasted and will result in a substantial interest cost savings to NGP,” stated Brian Fairbank, President & CEO, Nevada Geothermal Power Inc.”
Source: Company release via Reuters