The company will be the project’s beneficiary for an initial period of 14 years following commercial operation and then the entire ownership interest in the project will be transferred to TGL, which will receive an income stream during the BOT period.
Construction of the power plant with a capacity of about 45MW will begin following the receipt of local permits, as well as satisfactory feasibility results following exploration and development activities to be carried out by Ormat.
The field from which the energy will be drawn is owned by the Tiki Tere Trust, Paehinahina Mourea and Tiki Tere A (Aggregated) and the Manupirua Ahu Whenua Trust.
The wells will be sited on land owned by the Paehinahina Mourea Trust.
Ormat is primarily engaged in the geothermal and recovered energy power business.
