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| Isaac Angel, CEO of Ormat spoke at the GRC Annual Meeting |
During the quarter our Don A. Campbell Phase 2 plant reached commercial operation, just 10 months after we broke ground and six months ahead of schedule, doubling the generating capacity of the geothermal complex. This expansion, along with the contribution of our McGinness Hills power plant, drove a 10% increase in power generation. We continue to improve construction lead time and expect an earlier completion of plant 4 at the Olkaria 3 complex, which was initially expected in mid-2016 and currently planned to be completed in the first quarter of 2016.”
“We recently announced our collaboration agreement with Toshiba, the world’s leading supplier of geothermal steam turbines, to develop strategic opportunities for collaboration in the areas of geothermal power generation systems and related equipment,” continued Mr. Angel. “We view this agreement as the next major step in our stated goal to expand our presence in the geothermal space and ultimately target the larger renewable energy market. This collaboration will expand our addressable market, create incremental growth opportunities and further strengthen our leadership position.”
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