Mar 15 2010
Ormat Nevada Inc., a 100% subsidiary of Ormat Technologies, has the completed the acquisition of its membership interests in the Hot Sulphur Springs II LLC. The acquisition also includes the Tuscarora geothermal project.
Ormat Technologies’ Chief Executive Officer, Dita Bronicki, said the Tuscarora geothermal project has high potential and will be developed in a phased manner. The first phase of the geothermal project will have a capacity of 16 MW. Since the project construction work is slated to begin this year, the company can take advantage of funding options provided by the government for renewable energy projects.
The development of the Tuscarora project is in advanced stage as announced earlier. The project is intended to be constructed and operated by Ormat. The project, which is located in Elko County on about 9,800 acres of land, is expected to commence operations in 2012. A 20-year contract for purchase of up to 40 MW of power generated from the project has been signed with NV Energy’s subsidiary, Nevada Power Company. Regulatory approval is yet to be obtained for the power purchase agreement.
Source: http://www.ormat.com