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27 April 2006 - Ormat Technologies is to begin constructing the first phase of the Raft River geothermal power plant in Idaho, US, after the plant's developer, US Geothermal Inc. announced it expected to secure project financing within the next two months.
Ormat was awarded the Engineering, Procurement and Construction contract for the project in December 2005. The fixed price contract will see the company supply equipment and construct a binary cycle geothermal power plant that is capable of delivering a monthly electrical power average of 10 MW.
The energy will be delivered to Idaho Power Company under a 20-year power purchase agreement, which will begin when the plant enters commercial operation in November 2007.
US Geothermal is currently in exclusive negotiations with a leading global investment banking, securities and investment management firm for long term financing of the project.
Discussions are also underway to secure finance for the 20 MW phase two expansion at Raft River. Initial work will include the drilling of new production and injection wells, the first new geothermal power plant wells to be drilled in Idaho in almost 30 years.
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