Ormat Expanding Geothermal Operations In Pacific NW

Ormat Technologies Inc. has announced it will buy U.S. Geothermal Inc. for approximately $110 million. U.S. Geothermal is currently operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada, and Raft River Idaho. U.S. Geothermal total net output for the three geothermal power plants is 45 MW. U.S. Geothermal is also developing new geothermal projects at the Geysers in California, San Emidio in Nevada; and El Ceibillo in Guatemala.

Ormat Technologies, Inc. is engaged in the geothermal and recovered energy power business. The company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Ormat Technologies also owns and operates recovered energy-based or waste-hear power plants. Ormat Technologies’ CEO, Isaac Angel stated: “This acquisition (U.S. Geothermal Inc.) significantly broadens and diversifies our operations in the United States, expanding our presence into Idaho and Oregon and giving us additional opportunities as we evaluate U.S. Geothermal’s development pipeline.”

U.S. Geological Survey believes that the states of Nevada, Oregon and Idaho has significant untapped geothermal potential. Ormat Technologies is a global leader in the development of geothermal energy. In my opinion, the acquisition of U.S. Geothermal Inc. is encouraging news, as Ormat Technologies has the expertise and capital to develop new geothermal projects in the Pacific Northwest. I only hope that the legislators of the states in the Pacific Northwest encourage Ormat Technologies to aggressively pursue the development of new geothermal power projects, which can ultimately replace fossil fuel.

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