Wednesday, August 8, 2018

USA, Nevada: Ormat Plans to Add Additional 16 MW to Steamboat Hills Geothermal Power Plant

Ormat Technologies, Inc.' CEO Isaac Angel on Q2 2018 Results - Earnings Call Transcript (Seeking Alpha)

"This was certainly an eventful quarter for Ormat and I'm proud of the way to we responded to a significant challenge and delivered another solid quarter. Our performance, overcoming a volcanic eruption, which forced the shutdown of our Puna plant in Hawaii is additional evidence of the strength of our Electricity segment."

"As you can see in the table, we removed Puna enhancement from our plans as the project is currently on hold and we added an enhancement project for Steamboat Hills power plant where we expect to add additional 16 megawatts to the existing power plant before the end of 2020. Steamboat Hills and its additional capacity will sell its power under the SCPPA portfolio PPA."

"As I explained in our last conference call, the majority of our sales in 2018 are to Turkey, and we have a significant backlog in Turkey. But looking forward, the geographies are changing and we are looking into new wins, which are already in the backlog and which we have in our pipeline, which are not included in the backlog yet, are coming from other geographies in Far East and in the states, which somehow are mitigating -- maybe the word mitigating is not the right word. It may be changing the percentage of our Turkish numbers."

Ormat will be exhibiting at the GRC Annual Meeting & Expo from 14-17 October in Reno, Nevada, USA. In addition there will be a fieldtrip to the Steamboat Hills geothermal field from the meeting.