Ormat to develop 45MW New Zealand geothermal plant

US geothermal energy giant Ormat has won a build, operate and transfer (BOT) contract for a 45MW power plant with a consortium of Maori groups in New Zealand.

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.

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