Ormat has 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 , … Read the rest
Raser just announced an updated geothermal strategy. At this point, assuming they can secure adequate funding, the company expects to add 40 megawatts of electricity from geothermal power per year over the next three years. By the end of 2012, they will have 130 megawatts.
Raser has also made some improvements to their plant design. Specifically, they will now use larger binary cycle generators in their plants,instead of using many smaller generators. The company expects … Read the rest
Raser Technologies (RZ) has entered into a term sheet with Southern California Public Power Authority to provide 110 MW of geothermal power to some SCPPA municipalities. The SCPPA would pay an up front cost, then additional monthly payments to Raser at a reduced cost. A term sheet isn’t a contract and non binding, so either party may end discussions at any time. Financials have not been disclosed either, so this isn’t news that has any … Read the rest
The geothermal Hatch plant (previously named the Thermo plant), named after Utah Senator Orrin Hatch has begun delivering geothermal power to Anaheim. Raser Technologies (RZ) leases the large geothermal resource in Beaver County, UT which is expected to deliver 10 – 11MW of geothermal power, enough to light up 9000 homes in Anaheim. The city of Anaheim has signed a 20 year power purchase agreement to receive clean electricity from the Hatch plant. Independent … Read the rest
Raser Technologies Inc. is preparing to send geothermal power to the city of Anaheim as early as next week. The power will come from Raser’s Thermo plant in Utah. The plant has already been supplying some power, approximately 3.5 MW, to the city of Anaheim, and next week the company will begin to increase the amount of power that it sends.
Steven Brown, Raser’s executive VP, commented on the news:
… Read the rest“We are very pleased with
Ormat Technologies (ORA) which designs, develops and operates geothermal and recovered energy power plants beat earnings estimates this morning, posting an EPS of .26/share (analysts expected .25) which was 4% over the year ago quarter. Revenues were strong in the quarter at 95.5 (an increase of 35% over last year) which also beat analyst estimates of $84 million.
Dita Bronicki, CEO of Ormat, stated: “It was a good year and quarter for Ormat, as reflected … Read the rest