In 2013, Ormat signed a Build, Operate, and Transfer (BOT) contract for the Geotérmica Platanares geothermal project in Honduras with Electricidad de Cortes S.A. (ELCOSA), a privately owned Honduran energy company, for approximately 15 years from commercial operation date (COD). In December 2015, Ormat concluded the drilling activity as well as extensive tests that support the decision to construct a 35 MW project, which is larger than initially estimated.
Geotérmica Platanares will sell its power, mainly under 30-year power purchase agreements with the national utility of Honduras, Empresa Nacional de Energia Electrica (ENEE). The project expects to reach commercial operation by the end of 2017 and generate average annual revenue of approximately $33 million.
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