Blog Exposure - Ormat Technologies Bags $50 Million EPC Contract for New Zealand's Ngawha Geothermal Project
LONDON, UK / ACCESSWIRE / December 15, 2017 / Active-Investors issued a free report on Ormat Technologies, Inc. (NYSE: ORA), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=ORA as the Company's latest news hit the wire. On December 13, 2017, the Company announced that its subsidiary has bagged an Engineering, Procurement, and Construction, (EPC) contract from Top Energy Ltd for its Ngawha Extension Geothermal Project in New Zealand. The EPC contract is valued approximately $50 million. Sign up now for our free research reports at:
www.active-investors.com/registration-sg
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ormat Technologies most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=ORA
Scope of the Contract
As per the terms of the EPC contract, the Company will be providing air-cooled Ormat Energy Converters for the Ngawha geothermal extension project. Ormat expects to complete the project in Q1 2021.
Ormat has a long history with Top Energy, especially with regards to the Ngawha project. Ormat had been awarded the first EPC contract for supplying the original 10MW power station, which was commissioned in June 1998. Ormat then bagged the second EPC contract when this project was expanded to 25MW in 2008. The current EPC contract is Ormat's third contract with Top Energy for the Ngawha project.
Commenting on the receipt of the EPC contract, Isaac Angel, CEO of Ormat Technologies, stated:
“This is the continuation of a long and mutually productive, two-decade-long relationship between Ormat and TOP ENERGY. This third significant contract demonstrates our full and long-term commitment to our clients as well as an evidence to our technology superiority over the project lifespan, designed to accommodate a wide range of geothermal reservoirs, while maintaining maximum flexibility and efficiency. We anticipate final notice to proceed in the second half of 2018 and expect this contract to have a significant contribution to our 2019 and 2020 product segment revenues, providing longer-term visibility for this segment.”
About the Ngawha Geothermal Expansion Project
Top Energy's Ngawha Geothermal Power Station is in the Ngawha geothermal field in New Zealand, outside the Taupo Volcanic Zone and is spread in an area of approximately 20 and 40 square km. This is the only high-temperature geothermal resource in New Zealand. Top Energy built the first geothermal power station in 1998. The second expansion of the plant was completed in 2008. The power station has a 25MW power generation capacity and the power generated from this station is fed into Top Energy's network and then connected to New Zealand's National Grid via Top Energy's sub-station near Kaikohe, North Island.
Top Energy is now planning to expand the geothermal electricity generation capacity at its existing Ngawha power station by constructing two new 25MW power stations, and this was named as the Ngawha Geothermal Expansion Project. The first new power station is expected to be commissioned in 2023. Top Energy expects a capital outlay of at least $250 million for these two new power stations. Top Energy has recently awarded contracts for the building of the first of the new power stations, which will increase the Ngawha power station's capacity by 28MW. The project to build the new power station is expected to cost $176 million and is expected to be completed in 2021. Once the project is completed the total power generation from the Ngawha project will be 53MW.
Regarding the expansion project, Russell Shaw, CEO of Top Energy, said:
“Our reliance on the National Grid which transports power from the south, will be substantially reduced. Ultimately, expansion of the Ngawha power station could secure the region's energy independence, with clear benefits for local consumers by providing a renewable and lower cost source of generation and power.”
About Ormat Technologies, Inc.
Reno, Nevada-based Ormat is a leading global geothermal company which offers renewable power and energy solutions to its customers. The Company's expertise lies in providing clean, reliable energy solutions provided from geothermal, recovered energy as well as energy management and storage solutions and has over 72 US patents. The Company owns, operates, designs, manufactures, and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured, and constructed power plants across the world totaling over 2,000 MW of gross capacity. At present, the Company's power generation portfolio is for projects with over 710 MW capacity located across, US, Guadeloupe, Guatemala, and Kenya. It is supported by a team of 450 employees in US and over 600 employees worldwide.
Stock Performance Snapshot
December 14, 2017 - At Thursday's closing bell, Ormat Technologies' stock fell 2.31%, ending the trading session at $61.45.
Volume traded for the day: 227.91 thousand shares, which was above the 3-month average volume of 170.65 thousand shares.
Stock performance in the last three-month – up 6.57%; previous six-month period – up 1.19%; past twelve-month period – up 21.51%; and year-to-date - up 14.60%
After yesterday's close, Ormat Technologies' market cap was at $3.09 billion.
Price to Earnings (P/E) ratio was at 26.37.
The stock has a dividend yield of 0.52%.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
