Ormat will undertake all exploration and development activities in the Tikitere geothermal field near Rotorua, on New Zealand’s north island.
If the project is deemed commercially viable, Ormat will supply the necessary equipment and build the power plant.
In return, Ormat will own and operate the project for 14 years before transferring full ownership to Tikitere Geothermal Power (TGL), a joint-venture investment vehicle for various Maori trusts.
During
