Ormat Signs 10-Year PPAs With Silicon Valley Clean Energy and Monterey Bay Community Power for Its CD4 Geothermal Power Plant...
January 13 2020 - 11:01AM
Ormat Technologies, Inc. (NYSE: ORA) today announced the signing of
two similar Power Purchase Agreements (PPA) with Silicon Valley
Clean Energy (SVCE) and Monterey Bay Community Power (MBCP). Under
the PPAs, SVCE and MBCP will each purchase 7MW (for a total of 14
MW) of power generated by the expected 30MW Casa Diablo-IV (CD4)
geothermal project located in Mammoth Lakes, California. The PPAs
are for a term of 10 years and have a fixed MWh price, which
includes energy, capacity, environmental attributes, and all other
ancillary benefits. The remaining 16 MW of generating capacity will
be sold under an additional PPA with Southern California Public
Power Authority, which was signed in early 2019.
The CD4 power plant is expected to be on-line by
the end of 2021, will be the first geothermal power plant built
within the California Independent System Operator (CAISO) balancing
authority in the last 30 years and will be the first in Ormat’s
portfolio that will sell its output to a Community Choice
Aggregator.
“With these new PPAs in place, we will be
offloading the full planned production capacity of the CD4 plant,
further advancing Ormat’s initiative to grow our geothermal
business domestically,” said Isaac Angel, CEO of Ormat
Technologies. “We are hopeful that the contracts with Silicon
Valley Clean Energy and Monterey Bay Community Power will be the
first of many such contracts with rapidly growing communities in
California. These two forward-thinking electricity providers are
joining together to purchase electricity on behalf of their
members, and we are excited to help deliver clean, renewable energy
to advance that effort.”
“Monterey Bay Community Power looks forward to
making more renewable energy available in partnership with Silicon
Valley Clean Energy,” said Tom Habashi, CEO of Monterey Bay
Community Power. “Ormat Technologies is a great fit because their
California project helps us and our community support renewable
geothermal electricity that is available for customers 24 hours a
day, with zero carbon emissions.”
“Partnering with Monterey Bay Community Power
and Ormat Technologies is an outstanding collaboration that secures
more clean power for our communities and advances the state’s clean
energy goals,” said Girish Balachandran, CEO of Silicon Valley
Clean Energy. “As more communities encourage electrification to
meet their emission reduction targets, this partnership provides a
new, baseload renewable supply that continues to move us toward the
decarbonized grid of the future.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (“REG”), with the objective of becoming a leading
global provider of renewable energy. The Company owns, operates,
designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter – a power generation
unit that converts low-, medium- and high-temperature heat into
electricity. With 77 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 584 employees in the United States and 762
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for vast range of resource characteristics. The
Company has engineered, manufactured and constructed power plants,
which it currently owns or has installed to utilities and
developers worldwide, totaling over 2,900 MW of gross capacity.
Ormat’s current 917 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
Ormat expanded its operations to provide energy storage and energy
management solutions, by leveraging its core capabilities and
global presence as well as through its Viridity Energy Solutions
Inc. subsidiary.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may
contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for
future operations and are based upon its management's current
estimates and projections of future results or trends. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties.
For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
1, 2019 and from time to time, in Ormat’s quarterly reports on Form
10-Q that are filed with the SEC.
These forward-looking statements are made only
as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Ormat Technologies Contact:Smadar LaviVP Corporate Finance and Head
of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
Investor Relations Agency Contact:Rob FinkFNK
IR646-809-4048rob@fnkir.com |
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