ORA - Ormat to build a 50MW geothermal plant in New Zealand
2023-06-20 10:07:20 ET
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Ormat Technologies ( NYSE: ORA ) has signed a new agreement to build a 50MW geothermal power plant in New Zealand, the company said Tuesday.
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The company executed the signing of agreements with Eastland Generation Limited (EGL), a regional infrastructure company and a subsidiary of Eastland Group Limited.
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Ormat will design, build, commission and own the power plant while EGL will operate and maintain the power plant under a separate services arrangement.
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Additionally, EGL will purchase 100% of the plant’s generation under a fixed price PPA.
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The company has also granted EGL a contractual option to purchase the power plant at an agreed purchase price, subject to certain conditions.
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Ormat to build a 50MW geothermal plant in New Zealand