Seeking Alpha

SustainableBusi...'s  Instablog

SustainableBusiness
Send Message
Rona Fried, Ph.D., is editor of Progressive Investor and CEO of SustainableBusiness.com. Known for her wide-ranging, deep knowledge of sustainable business, she speaks and writes on topics related to green business, green jobs and green investing. She writes the "Investing in Clean... More
My company:
SustainableBusiness.com
My blog:
sustainablebusiness.com
  • Ormat to Double Size of Kenya Power Plant 0 comments
    Feb 22, 2010 11:28 AM | about stocks: ORA
    Ormat Technologies (NYSE: ORA), the leader in geothermal jobs, announced that it will expand a geothermal power plant in Kenya from its current size of 48 megawatts (NYSE:MW) up to 100 MW.

    The company has signed a letter of intent with Kenya Power & Lighting Co. Ltd (KPLC) for expansion of the Olkaria III power plant by up to 52 MW within the framework of the existing power purchase agreement (NYSEARCA:PPA).

    The expansion is to be developed in two phases. Phase I comprising of 36 MW within 3.5 years from finalizing the amendment to the existing PPA with an option for phase II comprising of  16 MW within 4.5 years from commercial operation of phase I. The amendment to the existing PPA is subject to applicable governmental approvals and the consent of the lenders that provided the financing to the existing power plant.

    The Olkaria III plant is located in Naivasha, Kenya and is comprised of two phases. The first phase of approximately 13 MW commenced commercial operations in August 2000 and the second phase of approximately 35 MW commenced operation in January 2009. The development and construction of the existing plant was funded by the Company’s own equity and upon commercial operation of the second phase, the Company has refinanced its investment through senior secured project finance loan from a group of European Development Finance Institutions arranged by Deutsche Investitions- und Entwicklungsgesellschaft mbH (NYSE:DEG).

    “Kenya is a proven and significant resource for geothermal energy, and it is our belief that the proposed expansion will provide Kenya with much needed renewable, dependable and cost-effective electricity,” Dita Bronicki, CEO of Ormat Technologies, said.

    Earlier this month Ormat announced technical difficulties that are limiting the output of a new geothermal power plant in California.

    Website: www.ormat.com



    Disclosure: no positions
    Stocks: ORA
Back To SustainableBusiness' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.