March 12, 2010 (FinancialWire) — Geothermal power company Ormat Technologies (NYSE: ORA) said that its wholly owned subsidiary, Ormat Nevada Inc., has completed its acquisition of membership interests in the Hot Sulphur Springs II LLC, which includes the Tuscarora project.

Dita Bronicki, CEO of Ormat Technologies, said, “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 plans to construct and operate the Tuscarora project, which the company expects to become operational in 2012. Up to 40 megawatts of electricity from the project has been contracted under a 20-year power purchase agreement with Nevada Power, a subsidiary of NV Energy, Inc.

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

Nevada-based Ormat Technologies is primarily engaged in the geothermal and recovered energy power business. The company designs, develops, owns and operates geothermal and recovered energy-based power plants. Its current generating portfolio includes geothermal and recovered energy-based power plants in the United States, Guatemala and Nicaragua.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.