UPDATE 1-Ormat Technologies' unit to buy HSS II

Tue Feb 9, 2010 6:31pm EST

* Says its unit will buy whole of HSS II * Says deal includes geothermal project

Feb 9 (Reuters) - Ormat Technologies Inc (ORA.N) said its unit Ormat Nevada Inc agreed to acquire whole of HSS II LLC, and said it plans to construct and operate a geothermal plant on the site which is expected to become operational in 2012. The geothermal power plant operator said the deal includes the Hot Sulphur Springs Geothermal Project in the northern Independence Valley of northeast Nevada. Under the project, Nevada Power will purchase up to about 40 megawatts (MW) of electricity from the project, which will be developed in stages.

The company expects to close the acquisition by the first quarter of 2010.

Shares of the Reno, Nevada-based company closed at $34.23 Tuesday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore ; Editing by Jarshad Kakkrakandy)

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