Ormat signs EPC contract for Te Ahi O Maui project, New Zealand

Eastland Group's existing 8.4 megawatt geothermal plant near Kawerau, NZ (source: Eastland Group)

Alexander Richter 19 May 2016

Ormat Technologies, Inc. (NYSE:ORA) today announced that one of its subsidiaries has signed a $36 million Supply, Engineering, Procurement and Construction, (EPC) contracts, with Eastland Group for the Te Ahi O Maui geothermal project located near Kawerau, New Zealand. The construction of the 30 MW project is expected to be completed in 2018.

Under the Supply & EPC contracts, Ormat will provide its air-cooled Ormat Energy Converter for the Te Ahi O Maui geothermal project. This project is a partnership between Eastland Generation and the Kawerau A8D Ahu Whenua Trust, who are the owners of the land on which the project will be constructed. Eastland Generation owns the geothermal power plant GDL, which was built by Ormat in 2008.

Isaac Angel, CEO of Ormat Technologies said, “New Zealand is an early pioneer in geothermal energy, and for the past forty years it has been the country with the most consistent policy support for geothermal energy. Ormat has been very active in New Zealand since the late 80’s, and we have installed our technology in 14 geothermal power plants covering over 350 MW. We are very pleased to partner with the Eastland Group, we look forward to share our technology, accumulated knowledge, and experience with our customer and to add to its portfolio another cost-effective and reliable power plant.”

Source: Company release