Ormat (ORA) Acquires Geothermal Development In Nevada
Ormat just announced that its wholly-owned subsidiary, Ormat Nevada Inc, has acquired HSS II LLC. Financial details were not disclosed, but the purchase includes the Hot Sulphur Springs Geothermal Project in NE Nevada. The project is almost fully developed and has a successful well. Nevada Power Company has signed a 20 year power purchase agreement to buy the power that the Hot Sulphur Springs Geothermal Project produces once it is complete.
In a press release, Dita Bronicki, CEO of Ormat Technologies, commented:
“Upon closing, this acquisition will increase the number of projects that we expect will commence construction by 2010 and will therefore be eligible to benefit from the stimulus provisions targeted for renewable energy projects under the American Recovery and Reinvestment Act (ARRA).”
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