Ormat Technologies buys Tuscarora geothermal energy project

Reno, Nev., March 11, 2010 – Ormat Technologies unit, Ormat Nevada, completed its purchase interests in the Hot Sulphur Springs II, which includes the Tuscarora project.

The Tuscarora project has the potential to yield a sizable geothermal project, and will be developed in phases with the first phase being 16 MW.

Ormat is beginning construction work on the project this year, we are able to take advantage of government funding options that support renewable energy projects.

As previously announced, the Tuscarora project is in an advanced stage of development. Ormat plans to construct and operate the project, which is expected to become operational in 2012.

Up to 40 MW of electricity from the project has been contracted under a 20-year power purchase agreement with Nevada Power Company, a unit of NV Energy, Inc.

Click here to read about NV Energy’s purchase of geothermal power

Terms of the power purchase agreement are pending customary regulatory approval. The Tuscarora project is located on about 9,800 acres of land in Elko County, Nevada.

 

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