A subsidiary of Ormat Technologies has executed a build, operate and transfer (BOT) agreement with Tikitere Geothermal Power (TGL) for the Tikitere geothermal area near Rotorua, New Zealand after a competitive bidding process.
TGL is a joint venture vehicle for the various Maori trusts that own and administer the land. The wells for the project will be zoned on the land owned by the Paehinahina Mourea Trust.
Director of TGL, Jim Gray said, ‘Following the competitive bidding process we ran to find the most suitable project partner, we are pleased to be joining forces with Ormat on this project, the true value of which goes far beyond economic and commercial success.’
For the project, the companies plan to deploy Ormat’s generating units which have already been proven in twelve other geothermal projects in New Zealand.
The plant will convert the heat of both geothermal steam and the brine from geothermal wells into electrical power. It also plans to utilise Ormat’s 100 per cent reinjection technology to sustain the reservoir with virtually no environmental impact.
Lucien Bronicki, chairman of the board and chief technology officer of Ormat Technologies, said, ‘As the first BOT project for Ormat in New Zealand, this will diversify Ormat’s portfolio that today includes operations in the US, Guatemala, Nicaragua and Kenya. Upon completion, it will expand our existing portfolio by approximately eight per cent.’
Ormat has more than forty years of experience in geothermal and recovered-energy generation. The company is publicly traded on the New York Stock Exchange.
Copyright © 2011 NewNet
You must be logged in to post a comment.