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Ormat signs $ 98.8m EPC contract for geothermal project in Chile

View over Santiago, Chile (source: flickr/ patrickcoe, creative commons)
Alexander Richter 7 May 2015

Under the EPC contract, Ormat will provide two air-cooled ORMAT® ENERGY CONVERTER (OEC) for a high enthalpy reservoir. The project is scheduled to be completed by mid-2017.

Ormat Technologies, Inc. announced today that its wholly owned subsidiary, Orandina I S.p.A., was selected through a competitive bid process and signed a $98.8 million engineering, procurement and construction (EPC) contract for a geothermal project in Chile.

Under the EPC contract, Ormat will provide two air-cooled ORMAT® ENERGY CONVERTER (OEC) for a high enthalpy reservoir. The project is scheduled to be completed by mid-2017.

“This latest order is a powerful validation of our binary technology and supports our growing product segment backlog,” said Isaac Angel, CEO of Ormat Technologies. “This project award is the latest confirmation that geothermal world leaders recognize that Ormat’s technology is also suited for high enthalpy. This solution delivers economic value, a positive environmental impact and mitigates deployment risk adopting its modular methodology, as recently confirmed in New Zealand and East Africa as well. This contract significantly increased our products backlog and will support future revenues for this segment”

Source: Press Release by Ormat