The majority owner of the geothermal power plant idled by lava on Hawaii island recently reported that it is stuck with an initial $3 million revenue loss but expects further losses will be covered by insurance.
Ormat Technologies Inc., the Nevada-based firm heading Puna Geothermal Venture, also said it has already received $7.2 million in insurance proceeds for a drilling rig destroyed by lava.
Insurance held by Ormat covers lost profit and property damage up to $100 million but excludes the first 30 days of lost revenue, the company said.
Doron Blachar, Ormat’s chief financial officer, said on a conference call that it would take at least 18 months of work to restore PGV to operating condition.
