Monday, October 31, 2011

Ormat wins five geothermal exploration concessions in Chile

The Chilean Committee on Geothermal Energy Analysis has recommended that Chile’s Energy Ministry award five geothermal energy exploration concessions to Ormat Technologies, Inc. Ormat will own the licenses through its Chilean subsidiary, Ormat Andina SA.

The Geothermal Committee recommended awarding Ormat Andina SA all five of the concessions it bid for, as part of a tender for 20 new areas of geothermal energy exploration. The concessions are called "Aroma", "Quinohuen", "Marimar" "San Jose II", and "Sollipulli." Ormat is required to invest in an exploration program at the concessions over 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.

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.

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