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
the
initial
14
years
Ormat
will
provide
TGL
with
an
unspecified
income
stream
from
the
project,
which
is
still
subject
to
regulatory
approval.
Like
Ormat’s…
