Ormat Commences Commercial Operation of the 10 MW/ 40 MWh Vallecito Battery Energy Storage Facility in California
April 01 2021 - 6:30AM
Ormat Technologies, Inc.1 (NYSE: ORA) today announced the
commercial operation of the 10 MW/40 MWh Vallecito Battery Energy
Storage System (Vallecito BESS). The Vallecito BESS provides local
resource adequacy to Southern California Edison (SCE) under a
20-year energy storage resource adequacy agreement. In addition,
the facility will provide ancillary services and energy
optimization through participation in merchant markets run by the
California Independent System Operator (CAISO).
The Vallecito BESS is Ormat’s second operating
BESS facility in California with one more project under
construction and multiple other projects in various stages of
development.
“The Vallecito BESS facility will provide
resiliency to the Goleta area and it will also help enhance the
overall reliability of the grid as California transitions to 100%
emissions-free renewable energy,” said William Walsh, SCE vice
president of Energy Procurement & Management.
“We brought together best-in-class products,
services and engineering talent to deliver a battery energy storage
system that provides much needed local capacity, ancillary services
and energy optimization to the region's power grid,” commented
Doron Blachar, Ormat’s Chief Executive Officer. “Vallecito
represents our seventh operating BESS facility in the US and
underscores our strategy to develop, own and operate energy storage
facilities in several key US markets, including California, New
Jersey (part of the PJM Interconnect), Texas and Vermont (part of
the ISO New England). Ormat is committed to be an active
participant in California’s effort to achieve its goal of 100%
carbon-free electricity by 2045 through massive deployment of
renewable energy and energy storage resources. We are pleased to
expand our decades-long relationship with SCE with this latest
resource, and look forward to continuing to leverage our proven
development and operations capabilities to provide load serving
entities and grid operators with the expertise to enhance grid
performance, stability and responsiveness – while delivering
capacity where it is needed the most.”
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 plan to accelerate long-term
growth in the energy segment market to establish 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
to utilities and developers worldwide, totaling approximately 3,200
MW of gross capacity. Ormat leveraged its core capabilities in the
geothermal and REG industries and its global presence to expand the
Company activity into the energy storage services, solar
Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current
932 MW of geothermal and Solar generating portfolio is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe and its 83 MW energy storage portfolio 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. 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
February 26, 2021 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
IR646-415-8972rob@FNKIR.com |
_______________________________1 Ormat Technologies, Inc. is
also referred to herein as the “Company”, “Ormat”, “we” or “us”
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