Ormat Technologies awarded $200M EPC contract from Contact Energy

Ormat Technologies (ORA) announced that it has reached an understanding with Contact Energy to sign an Engineering, Procurement, and Construction, or EPC, contract for the development of the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The EPC contract, valued at approximately $200M, is expected to be signed following the approval received today by Contact Energy’s Board of Directors. Te Mihi Stage 2 geothermal power plant is expected to be completed by mid-2027. This agreement marks Ormat’s fourth large project in New Zealand currently under development and is expected to replace, in stages, the 1950’s-built Wairakei geothermal power station.