Ormat signs EPC contract with Cyrq Energy unit
Ormat Nevada has signed a $21.4m engineering, procurement and construction (EPC) contract and a credit agreement with Thermo No. 1 BE-01, a unit of Cyrq Energy, to build an Ormat Energy Converter at Thermo I's existing geothermal project in Utah, US.
According to the company, the project is expected to begin operation by the middle of 2013.
Under the credit deal, the company will provide financing in an aggregate principal amount not to exceed $22.7m to finance the project construction costs under the EPC contract.
Ormat Technologies president and COO Yoram Bronicki said the project will incorporate Ormat's low operating cost design features which have been developed for small or remote installation.
