Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) has won a Kenyan government BOT (build, operate, transfer) tender to build a power station in the Menengai geothermal field at Nakuru in the rift valley, west of Nairobi.
Kenya government company Geothermal Development Company (GDC) was founded in 2008 to develop geothermal power the Rift Valley, which is estimated to have potential of 10,000 megawatts at 14 possible sites. The Menengai field is planned as a 400-megawatt project. On the basis of the project's first successful well, GDC selected Ormat to build the power station.
Ormat already owns and operates the Olkaria III geothermal power plant, which will have a capacity of 84-megawatt when the current expansion is completed. Ormat Ormat also provided the first combined heat and power geothermal plant to a private greenhouse specializing in flower export from Kenya.
Ormat Technologies' share price rose 0.1% in early trading on the NYSE to $17.40, giving a market cap of $792 million, and Ormat Industries' share price fell 0.4% to NIS 16.01, giving a market cap of NIS 1.9 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2012
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