Ormat Commences Commercial Operation of the 5 MW/20 MWh Tierra Buena Battery Energy Storage Facility in California
June 16 2022 - 8:35AM
Ormat Technologies, Inc. (NYSE: ORA) today announced the commercial
operation of the 5 MW/20 MWh Tierra Buena Battery Energy Storage
System (Tierra Buena BESS). The Tierra Buena BESS will provide
local resource adequacy, to two Community Choice Aggregators,
Redwood Coast Energy Authority and Valley Clean Energy, at 2.5 MW
each, under 10-year agreements. 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 Tierra Buena BESS is Ormat’s third operating
BESS facility in California, which increases Ormat’s energy storage
portfolio to 88 MW/196 MWh. The facility will connect to the
adjacent PG&E distribution circuit and is expected to generate
revenues beginning in July 2022.
“We are delighted to begin operation of this
battery energy storage facility at Tierra Buena. Our success in
executing our growth plans in this era, bringing online Tungsten
geothermal phase 2 in April this year and the Tierra Buena energy
storage facility, is a testimony to our best-in-class project
development capabilities,” commented Doron Blachar, Ormat’s Chief
Executive Officer. “We are pleased to leverage our proven
capabilities and provide grid operators with the expertise to
enhance grid performance, stability, and responsiveness while
delivering capacity in a timely and cost-effective manner.”
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 1.1 GW with 1,025 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 & Reporting 775-356-9029 (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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