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Ormat Technologies, Inc. to be awarded with 5 new exploration concessions in Chile | Latinamerica

Ormat Technologies, Inc. to be awarded with 5 new exploration concessions in Chile

Ormat Technologies, Inc. (NYSE:ORA) today announced that the Committee on Geothermal Energy Analysis (?The Committee?) recommended the Minister of Energy to award Ormat Andina SA., a subsidiary of Ormat Technologies, Inc., five exploration concessions in Chile.

According to results released on October 19, 2011 by the Chilean Ministry of Energy regarding the latest tender for 20 new areas of geothermal energy exploration concessions in Chile, The Committee, has recommended to award Ormat Andina SA., all five concessions in which the company participated. The said concession areas are respectively called "Aroma", "Quinohuén", "Marimar" "San Jose II" and "Sollipulli." In order to maintain the development rights in these concessions, Ormat has to make certain investment in an exploration program in the next two years. Successful exploration results will be followed by an exploitation license, which is the first step for power plant construction.

Studies indicate Chile has a large untapped geothermal energy potential and is expected to lead geothermal development in the region.

Commenting on the award, 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 U.S.?
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Posted by Gisela Bühl | 2011-10-25