Ormat Technologies has signed a contract with POLARIS INFRASTRUCTURE to supply a 10 MW geothermal power plant. The new binary plant will extend the existing San Jacinto Geothermal Project owned by Polaris, in Nicaragua.
In the process of securing this contract, Ormat overcame two of its main binary competitors, thus making another step to increase its presence in Latin America as a strategic territory.
As part of the agreement, Ormat will supply geothermal air-cooled Ormat Energy Converters (OEC) to Polaris Infrastructure Inc., a Toronto-based company engaged in the operation, acquisition, and development of renewable energy projects in Latin America, for the San Jacinto facility in Telica, Leon, Republic of Nicaragua.
Doron Blachar, CEO of Ormat Technologies, said, “This contract expands our backlog and provides further evidence of the increase in the demand for our products after the slowdown we have experienced over the last year, mainly related to COVID-19. Demand for clean, renewable energy continues and geothermal remains attractive as a baseload option. As a recognised leader in geothermal we expect to recognise increased interest from partners and operators around the world.”
Marc Murnaghan, Polaris’ CEO commented, “Adding this binary unit will help us expand the capacity of the resource, taking full advantage of the potential energy from the resource. This will enable us to meet the demand of the extended PPA, providing clean, renewable, and affordable electricity to the citizens of Nicaragua and increasing cash flows for the years to come. Ormat has a proven reputation, supplying clean, reliable, cost effective and sustainable electricity for more than 55 years to power grids on five continents.”