Ormat Technologies Awarded $108 Million Grant Under ARRA

Ormat Technologies, Inc. has been awarded a cash grant for an amount of $108.2 million towards Specified Energy Property under Lieu of the Tax/Credits that is relating to the company’s geothermal power plant in North Brawley under the Section 1603, B Division of the ARRA (American Recovery and Reinvestment Act) of 2009.

The funding received by Ormat Technologies will go towards the company’s continued expansion that includes new projects construction that would become entitled for future fundings under the cash grant program from ITC. Ormat Technologies’ goal has been towards seeking out innovative sources as well as the sources of low-cost funding resources.

Ormat Technologies continuously seeks funding from ARRA programs that help in supporting the development of U.S. geothermal projects. By 2010 end, construction will begin for new projects with a power generation capacity in excess of 100 MW, thus making them eligible towards receiving ITC cash grants. The DoE programs provide great support for the market of renewable energy.