RENO, Nev., June 20, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (Ormat), a leading geothermal, energy storage, photovoltaic (PV), solar and recovered energy power company, today announced the signing of agreements with Eastland Generation Limited (EGL) to build a 50MW power plant in New Zealand. EGL is a subsidiary of Eastland Group Limited and a regional infrastructure company. This agreement strengthens Ormat’s presence in the thriving New Zealand market and supports the country’s growing electricity needs while advancing its greenhouse gas emissions reduction efforts.

Under the terms of the agreement, Ormat will design, build, commission and own the power plant. EGL will operate and maintain the power plant under a separate services arrangement and also purchase 100% of the plant’s generation under a fixed price Power Purchase Agreement (PPA).As part of the development agreement with EGL, Ormat has granted EGL a contractual option to purchase the power plant at an agreed purchase price, subject to certain conditions.

Under this agreement, Ormat will leverage its extensive expertise and leading geothermal capabilities to design and construct a state-of-the-art geothermal power plant. The project will utilize a proven geothermal resource that has already successfully undergone field development, which will ensure its readiness for efficient operations.

Doron Blachar, Ormat’s Chief Executive Officer, commented, "We are thrilled to enter into a partnership with EGL to embark on the development of a 50MW power plant in New Zealand. The New Zealand market is of great importance to Ormat, as we are witnessing increased demand and attractive rising energy rates in the region - attributes that align directly with our strategic portfolio and generation capacity expansion goals. As a leading geothermal operator with equipment manufacturing and EPC expertise, we are well-positioned to contribute to the growth of New Zealand’s energy sector while helping drive the transition to clean, sustainable power generation."

Ormat's collaboration with EGL demonstrate its commitment to expanding its footprint in key markets and its dedication to providing clean, reliable, and affordable energy solutions.

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures, and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured, and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, PV solar and energy storage plus PV solar. Ormat’s current total generating portfolio is 1,214 MW, comprised of a 1,107 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 107 MW energy storage portfolio located in the U.S.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts, and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023, and in Ormat’s subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K that are filed from time to time with the SEC.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.