Ormat’s lease announcement
Via Yahoo News:
RENO, Nev., Aug. 15 /PRNewswire-FirstCall/ — Ormat Technologies, Inc. (NYSE: ORA – News) today announced that it has won a bid for approximately 68,900 acres of geothermal leases in Nevada, that were auctioned by the Bureau of Land Management (“BLM”) for the total amount of approximately $8.2 million.
Dita Bronicki, President and Chief Executive Officer of Ormat Technologies, said: “This auction is an implementation of the new BLM rule which includes a requirement that geothermal resources be offered through a competitive lease process. Our successful bid secures lease agreements for seven new sites in Nevada, which will support our growth plans in the years to come, however, there is no assurance that all of the leases will be found suitable for commercial projects.”
The only comment we’ll make here is that Ormat’s holdings may be compressed into 7 “leases” logically based on the way the land parcels are arrayed, but they successfully won 22 individual parcels. We know, we watched them bid and win. The total $ spent does match our record of the event so it must simply be a point of view that there were 7 logical areas that the parcels grouped into.
