Ormat Technologies, Solar Millennium give up bid for 120 MW solar project

(ADPnews) - Oct 21, 2010 - US geothermal company Ormat Technologies Inc (NYSE:ORA) announced today that its Israeli subsidiary Ormat Systems Ltd and German solar thermal company Solar Millennium AG (ETR:S2M) agreed to not bid for the development of a 120 MW solar thermal project in Israel.

In mid-September, Ormat Systems and Solar Millennium signed a memorandum of understanding (MoU) to jointly bid for the development, construction and operation of the solar facility in Ashalim, Israel, where also the tender will take place.

The two companies eventually decided not to bid after examination of the tender requirements and the deadline constraints needed to provide a commercial offer.

However, Ormat will continue to explore solar power opportunities and expand in the sector, the company added.

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