48 MW McGinness Hills Phase 3 Geothermal Power Plant in Nevada Begins Commercial Operation, Increasing Complex Capacity to 13...
December 20 2018 - 11:10AM
Ormat Technologies Inc. (NYSE: ORA) today announced that the third
phase of its McGinness Hills geothermal complex located in Lander
County, Nevada has begun commercial operation. The 48-megawatt (net
capacity) power plant started selling electricity to Southern
California Public Power Authority (SCPPA) under the Ormat Northern
Nevada Geothermal Portfolio Power Purchase Agreement. SCPPA resells
the entire output of the plant to the Los Angeles Department of
Water and Power (LADWP). The third phase is expected to generate
approximately $30 million in average annual revenue.
The third phase is utilizing the new generation
of Ormat turbines that allow the power plant to generate an average
net output of 48 MW from two Ormat Energy Converters (OECs) instead
of three OECs, as would have been the case in the past. The
improved design will increase the efficiency, capacity, and
availability of the power plant. Additionally, Ormat expects the
economies of scale at the McGinness Hills complex will further
contribute to the complex performance.
Isaac Angel, CEO of Ormat Technologies said, “As
a vertically integrated company, we have the unique advantage of
controlling the entire value chain of geothermal development and
during the past months we have made significant efforts to bring
this additional phase of 48 MW in our McGinness Hills complex to
commercial operation. The third phase of McGinness Hills, together
with the projects we added during 2018, will result in a record 115
MW of incremental generation, increasing our portfolio to 910 MW.
This growth will provide a meaningful contribution to our results
in 2019 and beyond.”
“We are very pleased that Ormat Technologies has
begun commercial operation of the third of 10 geothermal facilities
that will bring renewable power to Los Angeles, helping to create a
clean energy future for our city and significantly reducing
greenhouse gas emissions,” 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.
Once completed these geothermal projects will contribute about 5.5
percent toward our renewable energy supply.”
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 530 employees in the United States and 770
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 910 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, a Philadelphia-based company with nearly a decade
of expertise and leadership in energy storage, demand response and
energy management.
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/A filed with the Securities and Exchange Commission (“SEC”) on
June 19, 2018 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: |
Investor Relations
Agency Contact: |
Smadar Lavi |
Rob Fink |
VP Corporate Finance
and Head of Investor Relations |
Hayden - IR |
775-356-9029 (ext.
65726) |
646-415-8972 |
slavi@ormat.com |
rob@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