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Ormat wins five geothermal exploration concessions in Chile

25 Oct 2011

US geothermal developer Ormat Technologies has been awarded five exploration concessions in Chile allowing it to study potential geothermal sites.

The company now has to make investigation investments over the next two years in order to maintain development rights in the areas. Successful results will be followed by an exploitation licence, the first step towards construction of a power plant.

Research has indicated that Chile has large geothermal potential and is expected to lead the development of this technology in South America.

Dita Bronicki, CEO of Ormat, said, ‘To be awarded with five-out-of-five exploration concessions reinforces Ormat’s position as a leader in the geothermal industry as well as demonstrates our experience as a vertically integrated technology provider with a strong commitment to the development of green-field geothermal projects throughout the world. While we know not all exploration sites result in commercial projects, we are happy to increase our potential development in Chile. These concessions add to Ormat’s diverse portfolio of interests and developments in Latin America and worldwide, which include activities as owner and operator of power plants in Nicaragua, Guatemala, Kenya and the US.’

In September, Ormat signed documentation for a 20-year loan with John Hancock Life Insurance worth $350m that it will use for the construction of three geothermal plants in Nevada.

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