Ormat Technologies will provide two energy converters for Enel Green Power's Cove Fort geothermal power plant.
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) has signed a $61.4 million engineering, procurement and construction (EPC) contract with Enel Green Power North America. Ormat unit Ormat Nevada Inc. will provide two air-cooled Ormat energy converters for Enel's Cove Fort geothermal power plant project in southern Utah.
This development will incorporate Ormat's low-operating-cost design and our consistent project completion standards," said Yoram Bronicki, president and COO of Ormat. "We've had great success in deploying similar equipment to a myriad of projects worldwide and we intend to continue reinforcing this track record in established and new markets."
Ormat Industries' share price rose 2.4% by mid-afternoon on the TASE to NIS 18.91, giving a market cap of NIS 2.2 billion, after Ormat Technologies' share price rose 0.6% in New York on Friday to $19.26, giving a market cap of $875 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 16, 2012
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