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

Legislature considers bill to tighten utility regulation

Bills that supporters say would tighten the rules governing the panel that sets Florida's ele...

Judge upholds sale of coal-fired power plant stake

A judge affirmed a Kentucky Public Service Commission ruling that approved a utility’s plan t...

Dominion Virginia Power to close coal ash ponds in state

Dominion Virginia Power is closing all its coal ash ponds in the state to comply with new sta...

Hearing examiner rejects utility's plan to raise rates

A state hearing examiner on Friday rejected a plan by New Mexico's largest electric provider ...

Nuclear decommissioning research center at Fukushima now open

A research center built to promote the decommissioning of the Fukushima Daiichi nuclear power...

Six coal units in PJM deactivated between April 1 and April 16

Five coal-fired units in Ohio of FirstEnergy (NYSE: FE) have been deactivated so far in April...

MATS dubbed ‘one of the most draconian environmental regulations ever’

The Environmental Protection Agency (EPA) Mercury and Air Toxics Standards (MATS) have now ta...

NRC OKs rule for packaging, transport of radioactive materials

The U.S. Nuclear Regulatory Commission (NRC) approved a final rule for the packaging and tran...

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

amp Trillium to Open Dalton, Georgia's First CNG Station This Summer

amp Trillium to Open Dalton, Georgia's First CNG Station This Summer

Aved Electro-Mechanical Box Build Is Optimized for Design and Manufacturability

Aved Electro-Mechanical Box Build Is Optimized for Design and Manufacturability

Nexamp Acquires Hancock Solar Project From EOS Ventures

Nexamp Acquires Hancock Solar Project From EOS Ventures

Dynapower Expands Energy Storage Capacity at Headquarters Micro-Grid by Adding 375 kW/250 kWh of Microvast Batteries

Dynapower Expands Energy Storage Capacity at Headquarters Micro-Grid by Adding 375 kW/2...

Trelleborg Partners With Landing String Solutions LLC in World's First Landing String Buoyancy Design

Trelleborg Partners With Landing String Solutions LLC in World's First Landing String B...

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 >>