June 30, 2010 (FinancialWire) — Ormat Technologies, Inc. (NYSE: ORA) said that its subsidiary Ormat International, Inc., and JFE Engineering Corp., a subsidiary of JFE Holdings, Inc., of Japan, have executed a cooperation agreement for implementing geothermal power plant projects in Japan on an engineering procurement and construction basis utilizing Ormat's proprietary binary cycle Ormat Energy Converters and Geothermal Combined Cycle units.

Under the deal, Ormat will supply the power generation equipment and related engineering while JFEE will undertake the construction of the power plants and the related balance of plant, infrastructure and field surface facilities.

JFEE will also provide local maintenance services as may be required by clients.

The first commercial binary power plant in Japan was the Ormat 2 MW OEC supplied to the Kyushu geothermal facility at Hatchobaru.

The Ministry of Economy, Trade and Industry of Japan said it plans to implement policies to stimulate growth in the country's geothermal installed capacity in the next 10 years, by an additional 600 MW. Geothermal energy is part of Japan's Renewable Portfolio Standard.

Ormat said it believes that a significant part of this potential is suited to The company’s technology.  

Ormat is represented in Japan by Itochu Corp. Itochu and Ormat are partners in geothermal projects in Indonesia and were partners in a geothermal BOT project in the Philippines.

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 around the world. Japan-based JFE Engineering is the engineering arm of JFE Group.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com/ss/html/hpcompany.html). Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

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 other 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” (at 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 from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [altrntvtnr] [nrgyygrn] [flflflflfl] [grrnnwsnr] [prtnrshpsphs] [ntrntnlcmpnsbsnss] [jpnsnpj] [pcfcrmcfc] [ntrntnlcmpnsbsnss] [btnwswntb]

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.