- Increased electricity generation by 12.9% to 1.1 million MWh, driven by new capacity coming on line at Olkaria III Plant 2 in Kenya and McGinness Hills in Nevada.
- Exceeded the expected capacity in both McGinness Hills and Olkaria III complex which are contributing additional 6 MW, bringing the total generating capacity to 595 MW.
- Accelerated the handover of the 22 MW Momotombo power plant in Nicaragua that was scheduled for mid- 2014.
- Signed the Sarulla project agreements and secured our role as a supplier for approximately $254 million of equipment;
- Signed a 20-year PPA with Southern California Public Power Authority (SCPPA) for our 16 MW Wild Rose project in Nevada
Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "In the electricity segment, our focus on prudently expanding generation capacity is paying off as reflected in the results. The addition of Olkaria combined with the impact of McGinness Hills, which commenced operations in July 2012, drove a 12.9% year-over-year increase in generation capacity in the quarter. As we increase capacity, we are also improving operational efficiencies at our plants attaining a gross margin of 33.1%.”
GRC Company member Ormat Technologies will be at booth #301 at the GEA Expo run in conjunction with the GRC Annual Meeting, Sept. 29-Oct. 2 at the MGM Grand, Las Vegas, Nevada.
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