Dear Investor,
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September 4,
2008
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Nevada Geothermal Issues Full Notice to Proceed to Ormat for
the Blue Mountain Faulkner 1 Power Plant
VANCOUVER, B.C.,
September 4, 2008, Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP,
OTC-BB: NGLPF) and Ormat Technologies Inc. (NYSE: ORA)
announced today that NGP Blue Mountain 1 LLC (NGP 1) has issued a
Full Notice to Proceed (FNTP) under its fixed-price, date-certain
engineering, procurement and construction (EPC) contract with Ormat
Nevada Inc. to supply and construct the Phase 1 49.5 MW gross 'Faulkner 1'
geothermal power plant at Blue Mountain, Nevada.
Ormat has completed the
engineering and design and started procurement of certain plant components
under Limited Notices to Proceed (LNTP) which have been in place since
February 2008. Site work will commence immediately. Under the
EPC contract, Ormat guarantees to achieve substantial completion no later
than December 31, 2009.
"Ormat is a recognized world leader in the
geothermal industry and with Ormat's expertise in the construction of
binary geothermal power plants, we are supremely confident that NGP's Blue
Mountain 'Faulkner 1' geothermal power plant will be up and running at the
end of December 2009. We appreciate Ormat's cooperation through the
financing process," stated Brian Fairbank, President and CEO of NGP.
"We are happy that NGP was able to
finalize and secure the financing of this project that enables the issuance
of the Full Notice to Proceed to Ormat and are looking forward for a
successful completion of the project as scheduled", said Dita
Bronicki, CEO of Ormat Technologies Inc.
Blue Mountain is located 30 kilometers (20
miles) west of the town of Winnemucca, Nevada. The electric power
generated by Faulkner 1 will be sold to Nevada Power Company under a
20-year Power Purchase Agreement.
About Ormat Technologies
Ormat Technologies, Inc. is a vertically
integrated company primarily engaged in the geothermal and recovered energy
power business. The Company designs, develops, builds, owns and operates
geothermal and recovered energy-based power plants. Additionally, the
Company designs, manufactures and sells geothermal and recovered energy
power units and other power generating equipment, and provides related
services. Ormat products and systems are covered by more than 70 patents.
Ormat currently operates the following geothermal and recovered
energy-based power plants: in the United States - Brady, Heber, Mammoth,
Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in
Kenya - Olkaria; and in Nicaragua - Momotombo.
About Nevada Geothermal Power
Nevada Geothermal Power Inc. is a renewable
energy company developing geothermal projects in the United States to
provide electrical energy that is clean, efficient and sustainable. NGP
owns a 100% leasehold interest in four properties: Blue Mountain that is
expected to commence power generation late 2009, Pumpernickel, Black
Warrior, all located in Nevada and Crump Geyser in Oregon. These
properties are at different levels of exploration and development. NGP
estimates a potential of approximately 150 MW to over 200 MW from the
current leaseholds.
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Nevada Geothermal Power Inc.:
Brian D. Fairbank, P. Eng.
President & CEO
Investor Inquiries
Shelley Kirk
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X118
Toll Free: 866-688-0808 X118
Ormat Technologies Contact:
Dita Bronicki
CEO
+1-775-356-9029
dbronicki@ormat.com
Investor Relations Contact:
Todd Fromer/ Marybeth Csaby
KCSA Strategic Communications
212-896-1214 (Todd) / 212-896-1236 (Marybeth)
tfromer@kcsa.com/mcsaby@kcsa.com
This Press Release contains certain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. We have tried, whenever possible, to
identify these forward-looking statements using words such as
"anticipates," "believes," "estimates,"
"expects," "plans," "intends,"
"potential," and similar expressions. These statements reflect
our current belief and are based upon currently available information.
Accordingly, such forward-looking statements involve known and unknown
risks, uncertainties and other factors which could cause the Company's
actual results, performance or achievements to differ materially from those
expressed in or implied by such statements. We undertake no obligation to
update or advise in the event of any change, addition, or alteration to the
information catered in this Press Release including such forward-looking
statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
Ormat's Safe Harbor Statement
Information provided in this press release may
contain statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform Act
of 1995. These forward-looking statements generally relate to Ormat's
plans, objectives and expectations for future operations and are based upon
its management's current estimates and projections of future results or
trends. Actual future results may differ materially from those projected as
a result of certain risks and uncertainties. For a discussion of such risks
and uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities
and Exchange Commission on March 5, 2008.
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