The US subsidiary of the Israeli company lands the largest geothermal deal in New Zealand, with Maoris.
Geothermal heats up in New Zealand: Ormat has told the Israeli business newspaper Globes that it has developed its biggest deal yet in the geothermal industry – one which uses heat from the earth’s crust to generate power. Our kiwi friends in New Zealand have just ordered an Ormat power plant for $130 million USD. It will be called the Ngatamariki geothermal project.
The contract was signed with the geothermal company, Mighty River Power and the construction phase will take about 2 years. The Maori run, Maori Trust group has a stake in the project. According to Globes, the government owned Mighty River Power is one of the most experienced geothermal operators in the world.
The completion of this power plant will bring the total installed capacity of Ormat’s technology in New Zealand to approximately 350 megawatts in 14 plants.
Ormat Technologies chairman and CTO Lucien Bronicki said: “New Zealand is one of the early pioneers in geothermal energy development. For the past forty years, it has been the country with the most consistent policy of support for geothermal energy and has developed advanced expertise in drilling, geophysics, reservoir engineering, as well as operations.
“New Zealand consulting firms assisted many developing countries such as the Philippines, Kenya and Indonesia in geothermal development. Because of their extensive knowledge, New Zealand companies recognized very early, some 25 years ago, the value of Ormat’s technology and experience in optimizing resource utilization.”
On the announcement, Ormat’s shares price rose 1.7% in New York yesterday to $20.95. Its shares on the Tel Aviv Stock Exchange (TASE) rose by more than 8 percent.
Read more on Ormat:
Ormat Technologies Secures US Funds For Geothermal Plants
Ormat Set to Release Alaska’s Geothermal Energy Potential
Ormat Subsidiary Joins Geothermal Rush to Supply Chile’s New Renewable Energy Program