Ormat Technologies says that one of its subsidiary has bagged a near $50m Engineering, Procurement and Construction, (EPC) contract, with Top Energy for Ngawha extension geothermal project in Ngawha, New Zealand.
The project is expected to be completed in the first quarter of 2021.
Under the EPC contract, Ormat will provide its air-cooled Ormat Energy Converters for the Ngawha geothermal extension project. This is the third EPC contract Ormat has signed with Top Energy. The first one was for the Ngawha I power plant in 1998 and the second for Ngawha II power plant in 2008.
Isaac Angel, CEO of Ormat Technologies said, “This is the continuation of a long and mutually productive, two-decade-long relationship between Ormat and TOP ENERGY. This third significant contract demonstrates our full and long-term commitment to our clients as well as an evidence to our technology superiority over the project life span, designed to accommodate a wide range of geothermal reservoirs, while maintaining maximum flexibility and efficiency. We anticipate final notice to proceed in the second half of 2018 and expect this contract to have a significant contribution to our 2019 and 2020 product segment revenues, providing longer-term visibility for this segment.”