In a press release, Ormat Technologies announced that following payment of an outstanding amount by a customer in Honduras, the management of Ormat now intends to expedite the development of an additional 20 MW geothermal power plant in Honduras.
Empresa Nacional de Energia Electrica, (ENEE), Ormat’s customer for its Platanares geothermal power plant in Honduras, has paid the $20 million overdue payment that was outstanding from prior years.
“While expected as we discussed in August, we are pleased to have received all prior years outstanding payment from ENEE,” commented Doron Blachar, Chief Executive Officer. “Ormat provides one of the lowest cost renewable base load electricity to the population of Honduras, and we look forward to continuing our strong relationship with ENEE to develop prospects for additional geothermal power capacity in Honduras.”
Ormat is continuing to explore a new 20 MW geothermal prospect in the center of Honduras and currently intends to expedite its efforts to support the demand for renewable energy and base load electricity in Honduras.
ENEE has initiated discussions with several IPPs, including Ormat, on potential changes in their existing PPAs. However, Ormat’s Platanares geothermal power plant has one of the lowest rates of renewable energy in the country, and Ormat expects this fact to have positive implications for Ormat’s discussions with ENEE.