24 MW Tungsten Mountain Geothermal Power Plant in Nevada Begins Commercial Operation
December 21 2017 - 8:30AM
Ormat Technologies Inc. (NYSE:ORA) today announced that the 24 MW
Tungsten Mountain geothermal power plant located in Churchill
County, Nevada, began commercial operation on December 1, 2017.
Tungsten Mountain will sell its power under the 26-year Ormat
Northern Nevada Geothermal Portfolio Power Purchase Agreement (PPA)
with the Southern California Public Power Authority (SCPPA), which
was announced in June 2017. SCPPA resells the entire output of the
plant to the Los Angeles Department of Water and Power (LADWP). The
power plant is expected to generate approximately $15 million in
average annual revenue.
The Tungsten Mountain geothermal power plant
utilizes Ormat’s latest turbine design, and is the largest Ormat
Energy Converter (OEC) ever installed. Utilizing the new
generation of Ormat turbines will allow the Tungsten Mountain
project to generate an average net output of 24 MW from a single
OEC instead of two OECs, as would have been required before this
new design became available. This reduced the CapEx invested in
manufacturing and constructing the power plant, and is expected to
significantly reduce the power plant’s operating costs. The new and
innovative turbine design will increase the OEC efficiency,
capacity, and availability.
Isaac Angel, CEO of Ormat Technologies said,
“Commercial operation of the Tungsten Mountain project brings our
operating portfolio to a total of 800 MW, demonstrating
double-digit growth of our portfolio since the beginning of the
year. This growth will provide a meaningful contribution to our
results in 2018 and beyond. The innovative Tungsten Mountain
geothermal power plant is the first power plant to sell power under
the portfolio PPA with SCPPA that we announced earlier this year.
The Tungsten Mountain power plant is a greenfield project that was
built at a record pace, demonstrating again Ormat’s competitive
advantage as the only vertically integrated company in the
geothermal industry. Our unique capabilities of both developing
resources and utilizing proprietary technology enables us to
deliver on time and on budget, while constantly improving our
technology to maximize efficiencies.”
“We are very pleased that Ormat Technologies has
begun commercial operation of the first of multiple geothermal
facilities that will bring renewable power to Los Angeles, helping
to create a clean energy future for our city,” said Reiko Kerr,
Senior Assistant General Manager – Power System Engineering,
Planning, and Technical Services. “Since geothermal energy is a
renewable resource that is available all the time—unlike variable
wind and solar energy—it offers flexibility and the ability to
dispatch for use whenever it’s needed. That helps LADWP to make the
transition away from coal power while maintaining a reliable power
supply for Los Angeles.”
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 73 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 530 employees in the United States and 720
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for the 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 2,200 MW of gross capacity.
Ormat is the largest US-based geothermal operator with its current
800 MW generating portfolio spread globally in the U.S., Guatemala,
Guadeloupe, Honduras, Indonesia and Kenya. Ormat also intends to
expand its operations and provide energy management and energy
storage solutions, by leveraging its core capabilities and global
presence.
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
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 1, 2017.
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 Investor Relations 775-356-9029 (ext.
65726)slavi@ormat.com
Investor Relations Agency Contact:Rob FinkHayden
- IR646-415-8972rob@haydenir.com
Ormat Technologies (NYSE:ORA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ormat Technologies (NYSE:ORA)
Historical Stock Chart
From Aug 2023 to Aug 2024