National Driller July 2005 e-Newsletter
Ormat Technologies Inc.'s subsidiary, Puna Geothermal Venture ("PGV"), has completed the re-drilling of an existing production well at the Puna Geothermal Project (the "Puna Project") located on the Big Island, Hawaii. The well re-drilling increased net generating capacity of the power plant by approximately 4 MW, bringing total net generating capacity to approximately 29 MW.
The re-drilling is part of an approximately $15 million existing enhancement program at Puna under which two additional wells are expected to be drilled. This plan is intended to increase the available geothermal fluid, and enable the plant to generate approximately 30 MW of sustainable power. Completion of this program is expected by the end of the year.
The additional power will be sold to the Hawaii Electric Light Company (HELCO), mainly during peak hours, under an existing power purchase agreement.
Commenting on the results of the drilling, Dita Bronicki, president and chief executive officer of Ormat, says, "In only one year since we acquired the Puna Project, we have been able to increase output by almost 20 percent. We will continue to explore growth opportunities on the Big Island of Hawaii in order to determine if any additional projects relative to the Puna Project could be brought on line once the enhancement of the existing phase is complete."