Ormat Technologies wins geothermal concession in Indonesia

Ormat Technologies Inc. (NYSE: ORA) has been awarded the Telaga Ranu Geothermal Working Area by Indonesia's Ministry of Energy and Mineral Resources following a competitive tender process involving four qualified bidders.

The concession is located in Halmahera, North Maluku, within Indonesia's highest approved feed-in tariff zone. The project has the potential to support up to 40MW of baseload geothermal energy, according to PT PLN's Electricity Supply Plan. Development is planned by the end of 2030 to help replace diesel-based power generation with renewable energy.

"The award of the Telaga Ranu geothermal concession represents a significant step in strengthening our development pipeline and highlights our confidence in Indonesia's long-term geothermal potential," said Doron Blachar, Chief Executive Officer of Ormat Technologies Inc.

The company stated this site could add up to 40MW to its exploration pipeline, bringing the total to approximately 200MW, in addition to the 59MW associated with its operating asset in the region.

Ormat Technologies operates a geothermal and renewable energy business with over five decades of experience. The company's current total generating portfolio is 1,695MW, with a 1,310MW geothermal and solar generation portfolio spread across the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 385MW energy storage portfolio located in the U.S.

The information was disclosed in a press release statement from the company.

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