Ormat anticipates an 11-month design, manufacture, and delivery of the OEC unit.

Doron Blachar, CEO of Ormat Technologies, said: "This contract expands our backlog and provides further evidence of the increase in the demand for our products after the slowdown we have experienced over the last year, mainly related to COVID.

"Demand for clean, renewable energy continues and geothermal remains attractive as a baseload option. As a recognised leader in geothermal we expect to recognise increased interest from partners and operators around the world."

Marc Murnaghan, Polaris' CEO added: "Adding this binary unit will help us expand the capacity of the resource, taking full advantage of the potential energy from the resource. This will enable us to meet the demand of the extended PPA, providing clean, renewable, and affordable electricity to the citizens of Nicaragua and increasing cash flows for the years to come.

"Ormat has a proven reputation, supplying clean, reliable, cost-effective and sustainable electricity for more than 55 years to power grids on five continents."