Ormat Technologies (ORA) Subsidiary Awarded Supply Agreement for Large Contract
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Ormat Technologies, Inc. (NYSE: ORA) announced that Ormat Nevada Inc., its wholly owned subsidiary, was selected to supply a $61.2 million engineering, procurement and construction (EPC) contract through a competitive bid process.
Under the expected EPC contract, which is currently under negotiation, Ormat will provide two air-cooled Ormat Energy Converters for a geothermal power plant project in North America. The project is expected to be completed by the end of 2013. Until the signature of the full EPC contract the parties have entered into an interim agreement in the amount of approximately $9 million for a limited scope of work to ensure timely completion of the project.
Under the expected EPC contract, which is currently under negotiation, Ormat will provide two air-cooled Ormat Energy Converters for a geothermal power plant project in North America. The project is expected to be completed by the end of 2013. Until the signature of the full EPC contract the parties have entered into an interim agreement in the amount of approximately $9 million for a limited scope of work to ensure timely completion of the project.
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