Ormat Technologies, Inc. Completes Well Re-drilling at Puna Geothermal Project in Hawaii
June 30, 2005
SPARKS, Nevada, June 30, 2005 – Ormat Technologies, Inc. (NYSE: ORA) today announced that Ormat subsidiary, Puna Geothermal Venture ("PGV"), completed the re-drilling of an existing production well at the Puna Geothermal Project (the "Puna Project") located on the Big Island, Hawaii. The well re-drilling increased net generating capacity of the power plant by approximately 4 MW, bringing total net generating capacity to approximately 29 MW.
The re-drilling is part of an approximately $15 million existing enhancement program at Puna under which two additional wells are expected to be drilled. This plan is intended to increase the available geothermal fluid, and enable the plant to generate approximately 30 MW of sustainable power. Completion of this program is expected by the end of the year.
The additional power will be sold to the Hawaii Electric Light Company (HELCO), mainly during peak hours, under an existing power purchase agreement.