Ormat which produces geothermal power plants signed new contracts in New Zealand and Indonesia

Ormat, which deals with the construction and operation of geothermal power plants, signed new contracts for the construction of such power plants in New Zealand and Indonesia for 100 million dollars.
The first contract is with Contact Energy and is a design, procurement and construction (EPC) contract for a new geothermal power plant with a maximum capacity of up to 59 megawatts in New Zealand. This is the third EPC contract signed by Ormat with Contact Energy and the 16th geothermal power plant built by Ormat in New Zealand.
The second contract is for the supply of 6 megawatts with Sarulla Operations Ltd in Indonesia. Ormat will upgrade the turbine assemblies as part of the restoration work being carried out to improve the performance of the power plant.
Doron Belsher, CEO of Ormat: "The signing of these two contracts increases the backlog of our products sector to about 150 million dollars, the highest since 2020, and they are expected to contribute significantly to the revenues and profit of the products sector. After the prolonged impact that the corona epidemic had on our product sector, we are happy to see that our customers are making progress in developing new projects and we expect this trend to continue.
The signing of the new contracts with customers with whom several projects were signed in the past testifies to our long-term relationship with our customers and our proven technology, which is suitable for a wide variety of geothermal reservoirs, and allows maximum flexibility and efficiency. We expect to finish these projects during 2023 and 2024."