Ormat Technologies, Inc. today announced that it has secured geothermal rights for approximately 35,000 acres of land to explore geothermal energy in the vicinity of Anchorage, Alaska’s largest city, for a total purchase price of approximately $3.3 million.

Ormat won 15 of the 16 tracts offered for lease on Mount Spurr, a snowcapped 11,070-foot (3,374 meters) volcano, 75 miles (120 km) west of Anchorage. Mount Spurr is in an active volcanic region. This increases the likelihood of finding a large geothermal field, compared to the more mature geological structures of Nevada and California.

Commenting on the Company’s recent news, Lucien Bronicki, Chairman and Chief Technology Officer, stated, “Alaska is a new frontier in the geothermal arena with many technological and logistical challenges. Our global experience, particularly in Hawaii, and the support of the local Government along with the collaboration of other local stakeholders, will turn this challenge into an opportunity.”

Mr. Bronicki continued, “Alaska has a special significance to Ormat that dates as far back as 1975 when we supplied 100 remote gate valve power systems used for protection of the environment along the TransAlaska pipeline which have been operating continuously for more than 30 years. Even the first geothermal unit developed by Ormat was for the University of Fairbanks for 130 deg Fahrenheit water at the Manley Hot Spring. We have been a friend to Alaska for many years now and we are up to the challenge of creating the State’s first large-scale geothermal power plant.”