Olkaria III Geothermal Complex in Kenya Reaches 110 MW with Commercial Operation of Plant 3

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Web Site: Olkaria III Geothermal Complex in Kenya Reaches 110 MW with Commercial Operation of Plant 3

Abstract

Press Release from Ormat Technologies, Inc.:

Geothermal project completed nearly three months ahead of schedule
(RENO, Nev.) February 4, 2014 Ormat Technologies, Inc. (NYSE: ORA) announced today it successfully completed construction and reached commercial operation of Plant 3 in the Olkaria III geothermal power plant complex almost three months ahead of schedule. With Plant 3 online, the complex’s total generation capacity has increased to 110 MW. The power generated by the Olkaria III complex, located in Naivasha, Kenya, is sold under a 20-year power purchase agreement (PPA) with Kenya Power and Lighting Company Limited (KPLC). The Olkaria III complex was financed with a $310 million debt facility provided by the Overseas Private Investment Corporation (OPIC). In November 2013, Ormat drew down the remaining $45 million available under the project finance debt facility for the completion of Plant 3.

“Olkaria III is a prime example of our multi-stage approach to project development generating higher investment returns and reducing risk. In less than one year, we’ve completed construction of two additional plants and, over the course of five years, more than doubled the facility’s generating capacity. Due to our operational expertise and innovative technology, we’ve accomplished that growth ahead of schedule resulting in a significant increase in revenues,” said Dita Bronicki, chief executive officer of Ormat. “As we complete this project, we remain committed to support the growing power needs of Kenya with this indigenous, reliable and environmentally friendly source of electricity. Kenya is an important market for our future growth due to its high geothermal potential and we are focusing our efforts on increasing our operation in Kenya.”

Authors 
Ormat Technologies and Inc.








Published 
Ormat Technologies, Inc., 02/04/2014





DOI 
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Online 
Internet link for Olkaria III Geothermal Complex in Kenya Reaches 110 MW with Commercial Operation of Plant 3

Citation

Ormat Technologies, Inc.. Olkaria III Geothermal Complex in Kenya Reaches 110 MW with Commercial Operation of Plant 3 [Internet]. 02/04/2014. Reno, Nevada. Ormat Technologies, Inc.. [cited 2014/05/12]. Available from: http://www.ormat.com/news/latest-items/olkaria-iii-geothermal-complex-kenya-reaches-110-mw-commercial-operation-plant-3