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Ormat: USD 29 million deal in Canada
Subsidiary of Ormat in North America signs contracts to build three power stations for Canadian electricity company
Tani Goldestein
Ormat Technologies, a subsidiary of Ormat in North America, has signed three contracts with a private Canadian electricity supplier worth USD 29 million.
According to the agreement, Ormat will build three new power stations which will produce electricity from residual heat produced as a bi-product of industrial processes.
The power plants are designed to produce five megawatts each and are scheduled to begin operating at the end of 2007 or the beginning of 2008.
Ormat Technologies is traded at the New York Stock Exchange and is a subsidiary of the Israeli Yavne-based Ormat Company. Ormat provides experience in the development, manufacturing and marketing of innovative power systems such as environmentally friendly energy converters, recovered energy generation, biomass and solar energy, and geothermal energy derived from volcanic activity.
The company was established and is managed by Lucien and Yehudit Bronicki and is traded at the Tel Aviv Stock Exchange. Ormat gained a profit of USD 7.9 million in the first quarter of 2006.
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