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RENO, Nev. - Ormat Technologies Inc. said Tuesday that Contact Energy Ltd. is paying it $42 million to build a geothermal plant in the center of New Zealand's North Island.
| ORA | 44.56 |  -1.4 |
The New Zealand electricity provider signed a supply contract with an Ormat unit and a construction contract with another Ormat unit for the plant, which will be built in the Tauhara geothermal field.
The capacity of the plant was not disclosed.
Construction is expected to be completed within 23 months from the contract date.
The deals increase Ormat's geothermal products backlog by $58 million for the second quarter and $134 million since the beginning of the year, including $50 million that is still subject to notice to proceed.
Shares fell 75 cents to $48.43 in midday trading.
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