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Ormat Unit Signs Indonesia Project Agreement

The Medco-Ormat-Itochu Consortium, which consists of Medco Energi Internasional Tbk; Ormat International, Inc., a subsidiary of Ormat Technologies, Inc.; and the Itochu Corporation, have signed a Heads of Agreement (“HoA”) for the Sarulla Geothermal Project. In addition to members of the Consortium, Mr. Eddie Widiono, President Director of state-owned Indonesian power company PT Perusahaan Listrik Negara (“PLN”), and Mr. Ari H. Soemarno, President & CEO of Pertamina, also signed the agreement. The signing was witnessed by The President of the Republic of Indonesia H.E. Mr. Susilo Bambang Yudhoyono and the Prime Minister of Japan, H.E. Mr. Shinzo Abe during the Japan-Indonesia Business Forum. The Consortium received a Letter of Intent from PLN on July 25, 2006 following a tender process and, having reached preliminary agreements, expects that it will soon formalize the Deed of Assignment (“DoA”), and amendments of the Energy Sales Contract (“ESC”) with PLN and Joint Operating Contract (“JOC”) with Pertamina. The HoA sets forth the milestones achieved in the contract negotiations and the parties’ undertaking to expedite the contracts finalization and formalization, including all relevant approval procedures. The Sarulla Geothermal Project, located in Tapanuli Utara, North Sumatra, represents the largest single-contract geothermal project to date in the […]

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LDK Solar Secures Wafer Supply Agreement

LDK Solar has signed a contract to supply multicrystalline solar wafers to Taiwan-based Chuan-Yi Investment Corporation. Under terms of the agreement, LDK Solar will deliver multicrystalline solar wafers to Chuan-Yi valued at approximately US$516 million over a three-year period. We are very excited to have the opportunity to add Chuan-Yi to our growing list of global customers, stated Xiaofeng Peng, Chairman and CEO. This agreement advances our strategy of broadening our customer base and demonstrates our position as a leading manufacturer of solar wafers.We look forward to supporting the long-term growth and success of Chuan-Yi. We are delighted to secure such a significant amount of high-quality solar-grade silicon wafers from LDK, commented Jin-Jiang Yeh, Chairman of Chuan-Yi. This contract enhances Chuan-Yi’s ability to promote the combined applications of solar power and LED. We look forward to building an enduring relationship with LDK in support of our future growth. Website: http://www.ldksolar.com     

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1872 Mining Law Threatens National Parks

A report released by the Environmental Working Group shows an 80 percent increase in uranium, gold and other mining claims in 12 western states over the past five years, including an explosion of uranium claims near the edge of Grand Canyon National Park. According to the report, “Mining Law Threatens Grand Canyon, Other National Treasures”, mining interests and speculators have staked 815 claims within five miles of Grand Canyon National Park, 805 of them since January 2003. Across the West, more than 50,000 claims were staked from last September to this May alone. The proliferation of claims in Colorado and Utah has been especially staggering, with a more than 200 percent jump overall since 2003. High prices for uranium and other metals sparked by growing worldwide demand has helped fuel the surge in claims, but the source of the threat is an antiquated federal statute that remains fundamentally unchanged since it was signed by Ulysses S. Grant in 1872. The law provides special status to mining on many public lands, almost always giving it priority over every other form of recreation and conservation. “The global economy has created a modern day land rush in the American West, while our outdated […]

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