Ormat Technologies Announces Major EPC Contract With Contact Energy for 101MW Geothermal Plant in New Zealand
Ormat Technologies (NYSE: ORA) has reached an understanding with Contact Energy for a $200 million EPC contract to develop the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The project, expected to be completed by mid-2027, marks Ormat's fourth large project in New Zealand and will replace the 1950's-built Wairakei geothermal power station. The company expects its year-end Product Segment backlog to exceed $300 million, with bulk revenues from this contract recognized during 2026-2027. Contact Energy is also planning Te Mihi Stage 3, expected online by mid-2031.
Ormat Technologies (NYSE: ORA) ha raggiunto un accordo con Contact Energy per un contratto EPC del valore di 200 milioni di dollari per sviluppare la centrale geotermica Te Mihi Stage 2 da 101MW in Nuova Zelanda. Il progetto, previsto per essere completato entro la metà del 2027, rappresenta il quarto grande progetto di Ormat in Nuova Zelanda e sostituirà la centrale geotermica Wairakei, costruita negli anni '50. L'azienda prevede che il backlog del segmenti di prodotto alla fine dell'anno supererà i 300 milioni di dollari, con i ricavi principali da questo contratto riconosciuti nel 2026-2027. Contact Energy sta anche pianificando il Te Mihi Stage 3, previsto online entro la metà del 2031.
Ormat Technologies (NYSE: ORA) ha alcanzado un acuerdo con Contact Energy para un contrato EPC de 200 millones de dólares para desarrollar la central geotérmica Te Mihi Stage 2 de 101MW en Nueva Zelanda. El proyecto, que se espera esté completado para mediados de 2027, marca el cuarto gran proyecto de Ormat en Nueva Zelanda y reemplazará la central geotérmica Wairakei, construida en la década de 1950. La empresa espera que su backlog de segmentos de productos a fin de año supere los 300 millones de dólares, con ingresos importantes de este contrato reconocidos durante 2026-2027. Contact Energy también está planeando Te Mihi Stage 3, que se espera esté en línea para mediados de 2031.
Ormat Technologies (NYSE: ORA)는 Contact Energy와 뉴질랜드에서 Te Mihi Stage 2 101MW 지열 발전소를 개발하기 위해 2억 달러 규모의 EPC 계약을 체결했습니다. 이 프로젝트는 2027년 중반까지 완료될 것으로 예상되며, Ormat의 뉴질랜드에서의 네 번째 대형 프로젝트가 될 것이며, 1950년대에 건설된 Wairakei 지열 발전소를 대체할 것입니다. 회사는 연말 제품 세그먼트 백로그가 3억 달러를 초과할 것으로 예상하며, 이 계약에서 발생하는 주요 수익은 2026-2027년 동안 인식될 것입니다. Contact Energy는 또한 2031년 중반까지 가동될 Te Mihi Stage 3를 계획하고 있습니다.
Ormat Technologies (NYSE: ORA) a conclu un accord avec Contact Energy pour un contrat EPC de 200 millions de dollars visant à développer la centrale géothermique Te Mihi Stage 2 de 101MW en Nouvelle-Zélande. Ce projet, qui devrait être achevé d'ici mi-2027, représente le quatrième grand projet d'Ormat en Nouvelle-Zélande et remplacera la centrale géothermique Wairakei, construite dans les années 1950. L'entreprise s'attend à ce que son backlog de segment de produits à la fin de l'année dépasse les 300 millions de dollars, avec des revenus significatifs de ce contrat reconnus durant 2026-2027. Contact Energy prévoit également le Te Mihi Stage 3, qui devrait être mis en ligne d'ici mi-2031.
Ormat Technologies (NYSE: ORA) hat ein Verständnis mit Contact Energy über einen EPC-Vertrag im Wert von 200 Millionen US-Dollar zur Entwicklung des Geothermiekraftwerks Te Mihi Stage 2 mit 101 MW in Neuseeland erreicht. Das Projekt, das voraussichtlich bis Mitte 2027 abgeschlossen sein wird, stellt Ormats viertes großes Projekt in Neuseeland dar und soll das in den 1950er Jahren errichtete Geothermiekraftwerk Wairakei ersetzen. Das Unternehmen erwartet, dass der Produktsegment-Backlog zum Jahresende 300 Millionen US-Dollar überschreiten wird, und dass die Haupteinnahmen aus diesem Vertrag im Zeitraum 2026-2027 erfasst werden. Contact Energy plant auch die Te Mihi Stage 3, die bis Mitte 2031 online gehen soll.
- Secured major $200 million EPC contract for 101MW geothermal plant
- Product Segment backlog expected to exceed $300 million by year-end
- Revenue recognition planned for 2026-2027
- Potential additional business from Te Mihi Stage 3 development
- Revenue impact delayed until 2026-2027
Insights
This
The agreement's strategic value extends beyond immediate financials - it positions Ormat for potential follow-on work with Contact Energy's planned Te Mihi Stage 3 development. The company's expanding presence in high-enthalpy geothermal projects demonstrates technological leadership and market differentiation. This contract, representing about
This contract highlights the accelerating transition to geothermal power in developed markets. The replacement of the 1950s-era Wairakei station with modern binary technology showcases the evolution of geothermal energy efficiency and environmental performance. New Zealand's commitment to zero emissions is driving substantial infrastructure investment, with geothermal playing a important role.
The 101MW capacity addition is significant for the region's power grid stability and demonstrates growing confidence in Ormat's binary technology for high-enthalpy resources. This technology advantage is particularly valuable as more countries seek to decarbonize their power generation while maintaining reliable baseload capacity.
Expect Year End 2024 Product Segment Backlog to Exceed
RENO, Nev., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal and renewable energy technology company, today announced that it has reached an understanding with Contact Energy to sign an Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The EPC contract, valued at approximately
This significant agreement marks Ormat’s fourth large project in New Zealand currently under development and is expected to replace, in stages, the 1950’s-built Wairakei geothermal power station. This agreement highlights Ormat’s advantages in developing binary technology, which is also suitable for high enthalpy geothermal reservoirs. Subject to final investment decision, Contact Energy, is also planning a second phase of development, Te Mihi Stage 3, which is expected to come online by mid-2031.
Doron Blachar, Chief Executive Officer of Ormat Technologies, commented: “We are thrilled to partner with Contact Energy on this landmark geothermal project. The Te Mihi Stage 2 project is a testament to Ormat’s commitment to delivering cutting-edge geothermal solutions that drive the transition to clean energy. We expect that our year-end Product Segment backlog, once the contract is signed, will exceed
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,500MW with a 1,230MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 270MW energy storage portfolio that is located in the U.S.
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| Ormat Technologies Contact: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) slavi@ormat.com | Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com |
FAQ
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