The acquisition is expected to be completed at the end of the second quarter or in the third quarter and is subject to approval from the U.S. antitrust authority, Ormat said in a statement to the Tel Aviv Stock Exchange. The Puna plant, which began commercial activity in 1993, uses technology and equipment supplied by Ormat. The plant has capacity to produce 30 megawatts of energy, which it sells to Hawaii Electric Light Co in a long-term agreement running until 2027. Puna, which supplies about 20 percent of the electricity needs of the Island of Hawaii, has annual sales of $20 million. Ormat plans to invest $22 million in the 18 months following the acquisition to increase production by 6.5 megawatts by 2006, which could increase annual revenues to $24 million. The company also estimates that the geothermal energy source for the plant has the potential to support another power plant with a 20-megawatt capacity. Powered by natural heat from the earth through production wells, Puna is located about 20 miles south of Hilo on the Island of Hawaii. PIN//Reuters