Ormat Technologies (ORA) Terminates Power Purchase Agreement with NV Energy (NVE)
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Ormat Technologies, Inc. (NYSE: ORA) signed a termination agreement with respect to the power purchase agreement (PPA) and joint operating agreement with NV Energy (NYSE: NVE) for the Carson Lake geothermal project in Churchill County, Nev.
The PPA was signed August 18, 2006, but permitting delays have prevented substantial progress on the project site and on transmission until late this year and had a significant impact on the development plan and the economics of the project. As part of the termination arrangements, Ormat will pay NV Energy a termination fee of approximately $1.7 million that will be recorded as an expense in the fourth quarter 2011 financial statements. The Company will continue work on the project.
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The PPA was signed August 18, 2006, but permitting delays have prevented substantial progress on the project site and on transmission until late this year and had a significant impact on the development plan and the economics of the project. As part of the termination arrangements, Ormat will pay NV Energy a termination fee of approximately $1.7 million that will be recorded as an expense in the fourth quarter 2011 financial statements. The Company will continue work on the project.
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