Ormat Technologies Announces Signed Agreements for 330 MW Sarulla Geothermal Power Project In Indonesia

Ormat Technologies

announced today that Sarulla Operations Ltd. (SOL) has signed a Joint Operating Contract (JOC) and Energy Sales Contract (ESC) for the 330 MW Sarulla geothermal power project in Tapanuli Utara, North Sumatra in Indonesia. (Logo: http://photos.prnewswire.com/prnh/20040422/LATH066LOGO) Ormat participation in this project includes two roles. Ormat designed the plant and will supply its Ormat Energy Converters to the power plant. In addition, Ormat, through its subsidiary Ormat International, Inc., holds a 12.75% equity stake in SOL, which owns and operates the Sarulla project.  As a supplier, the company expects to recognize revenues of $254 million related to the equipment sales over the construction period. Other members of the consortium that owns SOL include Medco Energi Internasional Tbk (Medco); Itochu Corporation (Itochu); and Kyushu Electric Power Co. Inc (Kyushu). Under the JOC, PT Pertamina Geothermal Energy (PGE), the concession holder for the project, has provided SOL with the rights to use the geothermal field and under the ESC PT PLN, the state electric utility