Ormat to develop geothermal project in Honduras

Ormat Technologies Inc. (NYSE: ORA) has announced that an Ormat subsidiary will acquire a geothermal project from Geotermica Platanares that is being developed in Honduras.

The project comprises of the rights to a field where exploration work has been conducted in the past and a Power Purchase Agreement (PPA) for up to 35 MW with the national utility of Honduras, ENEE.

Upon fulfillment of certain conditions precedent and the closing of the transaction, Ormat will become the owner of all project assets, including wells, land, the PPA and necessary permits to develop a geothermal project. Once the well field is fully appraised and the power plant is constructed, Ormat will hold the assets under a Build, Operate and Transfer (BOT) structure for approximately 15 years.

The Platanares project is the first geothermal project in Honduras and is regulated by Honduran law to promote the generation of electric energy by renewable resources, which was enacted in October 2007. Under this law, the project benefits from a joint payment guarantee of the government of Honduras and ENEE for power produced and from an income tax exemption during the first 10 years of operation.

Read more Latin America news

Sponsored by FLSmidth

Related Articles

Mexico's Ready to Do Business in the Wind Sector

The Mexican government announced in late 2014 that it is going to implement a new energy policy that would open up the electricity market for oil and gas.

Profiling Geothermal Energy in North America

North America holds diverse geologic conditions, economic and political contexts, and geothermal experiences.

Follow Power Engineering on Twitter
Latest News
Alamo Solar power project in California

E.ON Solar completes PV project in California

E.ON Solar, a unit of E.ON SE, completed the 20-MW Alamo Solar project in California.

East Kentucky Power Cooperative

East Kentucky Power Cooperative wants to buy lease on 594-MW Bluegrass plant

East Kentucky Power Cooperative applied July 24 with the Kentucky Public Service Commission f...
American Wind Energy Association AWEA 2Q report

AWEA reports U.S. wind industry installed 1,661 MW in the second quarter

The domestic wind industry in the United States installed 1,661 MW in the second quarter of t...
Deepwater offshore wind project Associated Press

Construction begins on nation's first offshore wind farm

Construction has begun off Rhode Island's coast on the nation's first offshore wind farm.

IMP begins construction on first solar facility

American Electric Power’s (AEP) Indiana Michigan Power (IMP) will soon begin construction on ...

Canadian Solar finishes much of 100-MW Ontario power project

Canadian Solar (Nasdaq: CSIQ), said that its subsidiary, Canadian Solar Solutions Inc., subst...

ENEC installs nuclear reactor training simulator

The Emirates Nuclear Energy Corp. (ENEC) installed a second APR-1400 nuclear reactor training...

Hillary Clinton calls for dramatic increase in renewable power

In a proposal released Sunday evening, Hillary Clinton announced that if she is elected presi...

Power Engineering Current Issue

02/01/2015
Volume 119, Issue 2
1502PE-cover
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Power Industry Wire News

NW Natural Board of Directors Names David H. Anderson President

NW Natural Board of Directors Names David H. Anderson President

Abakan Acquires 100% Ownership of MesoCoat

Abakan Acquires 100% Ownership of MesoCoat

AlliedBarton Security Services to Host Seminar on Creating a Comprehensive Workplace Violence Preparedness Program

AlliedBarton Security Services to Host Seminar on Creating a Comprehensive Workplace Vi...

Perma-Fix Announces That Its Subsidiary, Perma-Fix Medical S.A., Has Completed Its Strategic Partnership and Investment From Digirad Corporation

Perma-Fix Announces That Its Subsidiary, Perma-Fix Medical S.A., Has Completed Its Stra...

Cabot Oil & Gas Swings Into Second-Quarter Loss on Natural Gas Prices, Maintains $900 Million Capex for 2015, an Industrial Info News Alert

Cabot Oil & Gas Swings Into Second-Quarter Loss on Natural Gas Prices, Maintains $900 M...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>