Ormat wins commitment for $350 million DOE loan guarantee

Reno, Nev., June 9, 2011 – Ormat Nevada Inc. won an offer of a conditional commitment from the DOE that would provide a partial guarantee for up to a $350 million loan to support a geothermal power project expected to generate up to 121 MW of power from three Nevada based facilities built in two phases.

The three facilities McGinness Hills, Jersey Valley and Tuscarora will provide clean and baseload power through 20-year power purchase agreements with Nevada Power Co., a unit of NV Energy.

The facilities use Ormat‘s OEC technology, which are commercially proven and installed in about 1,370 MW of geothermal power plants and other electricity generating systems around the world.

The OEC employs a binary organic Rankine cycle, with hot water drawn from wells deep below the Earth’s surface. The water’s thermal energy is used to heat a secondary fluid that is vaporized and then forced through a turbine to generate electricity.

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