Ormat Technologies buys Alaskan geothermal rights

Ormat Technologies Inc., which builds and operates geothermal power plants, said Thursday it paid $3.3 million for geothermal energy exploration rights on about 35,000 acres in a volcanic region in Alaska.

Ormat said the leased land, which is owned by the state of Alaska, is on the southern flank of the 11,070-foot Mount Spurr about 75 miles west of Anchorage. The company won 15 of 16 tracts offered in the lease sale conducted by Alaska's Department of Natural Resources.

Based in Reno, Nev., Ormat Technologies develops and operates power plants in the United States, Guatemala, Kenya and Nicaragua. Its shares fell 17 cents to $40.43 in Thursday afternoon trading.