Nevada Geothermal, Ormat to develop Oregon resource

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Nevada Geothermal Power Inc. (Vancouver, B.C.) and Ormat Nevada Inc., a subsidiary of Ormat Technologies Inc. (Reno, NV), have signed an agreement under which the two companies will jointly develop, construct, own, and operate one or more geothermal power plants at the Crump Geyser Project Area in Lake County, Oregon. The agreement calls for the formation of a limited liability company, Crump Geothermal Co. LLC, to be owned on a 50-50 basis, to undertake the project. The companies plan to drill at least one development well for the initial 30 MW power plant and place the plant in service before the end of 2013 in order to qualify for a Treasury Cash Grant under Section 1603 of the American Recovery and Reinvestment Act (ARRA). Ormat will fund 100% of the initial development activities in the amount of $15 million and will pay Nevada Geothermal Power $2.5 million in installments over a three-year period.

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