Ormat Technologies, Inc. (NYSE:ORA), announced today that following the announcement of September 13 ,2010, its subsidiary, Ormat Systems Ltd. (“Ormat”), in accordance with its business partner Solar Millennium AG, has resolved not to submit a bid for the Solar Thermal tender at Ashalim, Israel. This mutually agreed decision is a result of both companies examination of the tender requirements and the deadline constraints needed to provide a commercial offer.
Ashalim is part of Israel’s solar power transformation. A 250 MW solar park in Ashalim has been in the planning stages for over five years, but it is not expected to produce power before 2013. In 2008 construction began on three solar power plants near the settlement; two thermal and one photovoltaic.
Ormat continues to explore viable solar opportunities to leverage its technological expertise and further expand into the solar energy market.
Ormat offers unique renewable power solutions based on the ORMATÂ® ENERGY CONVERTER (OEC), a power generation unit which converts low, medium and high temperature heat into electrical energy.
With over 70 patents worldwide, the OEC is a state-of-the-art implementation of Organic Rankine Cycle technology which according to the company has been refined and perfected through more than 30 years of use under the most challenging conditions. Ormatâ€™s flexible, modular solutions for Geothermal Power, Recovered Energy, and Remote Power generation are all based on the OEC, which is specifically designed for customized power plant options.
Geothermal plant in Guatamala
About Ormat TechnologiesOrmat Technologies, Inc. is the only vertically-integrated company 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. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 MW of gross capacity. Ormatâ€™s current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States – Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala – Zunil and Amatitlan; in Kenya â€“ Olkaria III; and, in Nicaragua – Momotombo.
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