Ormat Signs 15-Year Power Purchase Agreement With Clean Power Alliance for Heber South Geothermal Facility
May 12 2021 - 6:45AM
Ormat Technologies Inc. (NYSE: ORA) announced that it has signed a
15-year power purchase agreement (PPA) with the Clean Power
Alliance (CPA), which is the fifth largest electricity provider in
California and the single largest provider of 100% renewable energy
to customers in the nation. Under terms of the agreement, effective
January 1, 2022, CPA will purchase 14 MW of clean, renewable energy
from Ormat’s Heber South Geothermal facility located in Imperial
Valley, CA. The CPA Board of Directors approved the PPA during its
May 6 meeting. This 14 MW of baseload geothermal power is expected
to advance CPA’s greenhouse gas emission reduction goals while
enhancing overall reliability for CPA’s more than one million
southern California customer accounts.
The PPA replaces the original PPA with Southern
California Public Power Authority (SCPPA), which had a shorter
remaining duration and was subject to an early termination option.
This is Ormat’s first contract with CPA, creating the potential for
additional agreements in the future as CPA pursues aggressive goals
to provide renewable energy to southern California.
Doron Blachar, CEO of Ormat Technologies, said,
“This agreement establishes a mutually productive relationship with
CPA, a recognized leader in the renewable sector, and gives Ormat
additional security through a longer-term PPA than our prior
agreement. Ormat will add 14 MW of renewable energy to CPA’s
already diverse energy portfolio, enabling CPA to power 19,400
homes and bringing CPA closer to meeting its regulatory obligations
under SB 100 and SB 350, which requires that 65% of Renewables
Portfolio Standard (RPS) procurement be sourced from long-term
contracts beginning in 2021.”
“Partnering with Ormat Technologies is a great
fit for Clean Power Alliance as the Southern California Heber South
facility will allow us to provide renewable geothermal electricity
to our customers when the sun isn’t shining or the wind isn’t
blowing,” said Ted Bardacke Executive Director of Clean Power
Alliance. “This is a win for the environment and a win for grid
reliability.”
ABOUT CLEAN POWER ALLIANCE
Founded in 2017, Clean Power Alliance is the
locally operated electricity provider for 30 cities across Los
Angeles County and Ventura County as well as the unincorporated
areas of both counties. CPA is the fifth largest electricity
provider in California and the single largest provider of 100%
renewable energy to customers in the nation. CPA serves
approximately three million customers via one million customer
accounts, providing clean renewable energy at competitive rates.
For more information visit cleanpoweralliance.org.
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. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into 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
IR646-809-4048rob@fnkir.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