Ormat signs $100 million pact to sell power

Thursday, July 1, 2004 | 11:11 a.m.

Ormat Industries Ltd., an Israeli company that builds and runs geothermal power plants, said it signed a 20-year, $100 million agreement to supply additional power to Nevada's Sierra Pacific Power Co.

Sierra Pacific, a unit of the state's largest utility, will buy 20.5 megawatts of electricity starting in 2006 from a geothermal station Ormat will expand and upgrade, the Yavneh, Israel-based company said in a statement.

The company's Ormat Technologies Inc. unit, based in Sparks, owns and operates geothermal plants in 19 countries. The company raised $190 million in February to finance buying and upgrading more geothermal generating plants, which use heat from the earth to produce electricity.

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