Ormat to finance construction of giant geothermal power plant in Indonesia
USA, Nevada: Ormat Technologies, an Israeli holding company based in the United States, announced it has signed an agreement to finance $ 1.17 billion with an Indonesian group to built a giant geothermal power plant Sarulla in North Sumatra.
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USA, Nevada: Ormat Technologies, an Israeli holding company based in the United States, announced it has signed an agreement to finance $ 1.17 billion with an Indonesian group to built a giant geothermal power plant Sarulla in North Sumatra.
The contract to build the plant was signed in 2007. Funding should be completed in the second quarter of 2014, while construction should begin in 2016. According to Ormat, the plant should be operational after 18 months.
Ormat will provide power transformers worth $ 254 million, reports The Times of Israel.
The CEO of Ormat Technologies, Dita Bronicki,stated on the agreement that the company would “continue its efforts to raise the funding and, ultimately, provide clean and reliable energy to the Indonesian market.”
The Sarulla project is managed by a consortium which includes the Indonesian power company Medco, the Japanese conglomerate Itochu and the Indonesian subsidiary of Japanese company Kyushu Electric Power and Ormat.
Ormat, founded 40 years ago, has recently completed construction of the largest geothermal plant in the world in New Zealand.
Source: The Times of Israel
Image: Wairakei Geothermal Power Station by QFSE Media (Creative Commons Licence)
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