Ormat Technologies will close financing on the recently acquired 14.75 MW Bouillante geothermal power plant in order to expand capacity. Previously owned by Geothermie Bouillante SA the plant currently generates approximately 10 MW of power and an expansion will provide up to 45 MW of additional capacity.
The project is a result of an agreement signed with Sageos holdings, a subsidiary of Bureau de Recherches Géologiques et Minières. Ormat and Caisse des Dépôts et Consignations (CDC) together acquired approximately 80% interest in GB – 75% to Ormat and 25% to CDC; Ormat and CDC will gradually increase their combined interest to 85% and Sageos will hold the balance. Ormat has paid about €16.7 million and is committed to further invest €7.5 million in the next two years, which will increase its interest to 63.75%. The cash will be used mainly for the enhancement of the power plant, modifications that will develop its capacity to 45 MW by 2021. The plant is expected to generate about €20million of annual revenues.