Ormat Technologies (ORA) Lands $65 Million EPC Geothermal Contract

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01:49:02 pm on November 28, 2011

Ormat Technologies (ORA) announced today that it landed a $65 million EPC contract with Cyrq Energy for a geothermal project in New Mexico.  The contract work is scheduled to be released in stages based on progress and development of the well.  In addition Ormat will provide financing for the project not to exceed $66 million.  The project is expected to come online within two years.

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Yoram Bronicki, President and COO of Ormat Technologies, said, "The Lightning Dock project is an opportunity to match Ormat’s execution capabilities with Cyrq Energy’s front-end development that we hope will enable swift project execution.  This project is part of a broader initiative between our two companies to co-develop projects at a fast pace, while adhering to the traditional risk distribution between Owner and Constructor."

Technically, shares of ORA are improving a bit, but still trying to find a bottom after a steep slide over the past year.   In my opinion, they should continue to be avoided for now. 

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