Ormat Commences Commercial Operation of the 30MW CD4 Geothermal Project
July 18 2022 - 9:25AM
Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, today
announced the commercial operation of the Casa Diablo-IV (“CD4”) 30
MW geothermal power plant. The CD4 facility provides 7 MW of
geothermal power to two Community Choice Aggregators, Silicon
Valley Clean Energy and Central Coast Community Energy, each under
a 10-year power purchase agreement (“PPA”). In addition, the
facility provides 16 MW of geothermal power to the Southern
California Public Power Authority under a 25-year agreement.
CD4 is the first geothermal power plant built
within the California Independent System Operator 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. CD4 is a state-of-the-art, air-cooled binary facility
that provides stable and reliable renewable benefits twenty-four
hours a day, with zero carbon emissions.
“We are pleased to begin operation of CD4. These
three strategic PPAs support Ormat’s long-term plans to grow our
geothermal business in California, while also demonstrating the
value of Ormat’s unique binary technology in providing
zero-emission, renewable energy at affordable prices,” commented
Doron Blachar, Ormat’s Chief Executive Officer. “We look forward to
leveraging our proven capabilities to help deliver clean energy to
our partners and their end-users, while also ensuring grid
reliability. We are thrilled to partner with sustainability-focused
electricity providers to support the power needs of these
California communities while advancing our growth plans. With our
30MW CD4 geothermal power plant and the addition of our 20MW Wister
Solar power plant, which started operation last week, our total
portfolio has reached 1,163MW and we are on track to reach our
goals for 2023.”
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 robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. 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. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. In addition, Ormat is
expanding its activity into energy storage services, solar
Photovoltaic (PV) and solar PV plus energy storage. Ormat’s current
total generating portfolio is 1.2 GW with 1,075 MW of geothermal
and solar generation portfolio that is spread globally in the U.S.,
Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and an 88 MW
energy storage portfolio that is located in the U.S.
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. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect or
anticipate will or may occur in the future, including such matters
as our projections of annual revenues, expenses and debt service
coverage with respect to our debt securities, future capital
expenditures, business strategy, competitive strengths, goals,
development or operation of generation assets, market and industry
developments and the growth of our business and operations, are
forward-looking statements. When used in this press release, the
words “may”, “will”, “could”, “should”, “expects”, “plans”,
“anticipates”, “believes”, “estimates”, “predicts”, “projects”,
“potential”, or “contemplate” or the negative of these terms or
other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected
in or suggested by these forward-looking statements are reasonable,
we may not achieve these plans or objectives. Actual future results
may differ materially from those projected as a result of certain
risks and uncertainties and other risks described under "Risk
Factors" as described in Ormat’s annual report on Form 10-K filed
with the Securities and Exchange Commission (“SEC”) on February 25,
2022, and in Ormat’s subsequent quarterly reports on Form 10-Q and
annual reports on Form 10-K that are filed from time to time with
the SEC.
These forward-looking statements are made only
as of the date hereof, and, except as legally required, 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 Head of IR and ESG
Planning & Reporting775-356-9029 (ext.
65726)slavi@ormat.com |
Investor Relations Agency Contact:Sam Cohen or Joseph CaminitiAlpha
IR Group312-445-2870ORA@alpha-ir.com |
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