Ormat Technologies, Inc (NYSE: ORA) and San Diego Community Power
(SDCP) today announced the signing of an agreement that will bring
clean, renewable, and affordable energy to the nearly 1 million
customers of SDCP.
Ormat, a leading renewable energy company, and
SDCP, California’s second largest community choice aggregator,
signed a power purchase agreement for the Arrowleaf Solar and
Storage Facility demonstrating their collective commitments to
delivering clean and reliable energy solutions.
“We are excited to partner with San Diego
Community Power on the Arrowleaf Solar and Storage Facility,” said
Doron Blachar, CEO of Ormat Technologies. “This agreement
represents a great outcome for SDCP and Ormat and will bring
significant value from a solar plus storage facility that will
strategically utilize the existing interconnection infrastructure
that was established for our nearby Brawley geothermal power plant.
As a result, Ormat can leverage prior investments to seamlessly
integrate the solar and storage components into the grid,
optimizing the overall energy generation and distribution
system.”
The Arrowleaf Solar and Storage Facility is
located in Imperial County, California, adjacent to Ormat’s
operational Brawley geothermal facility and within the Imperial
Irrigation District (IID) service territory. Under the terms of the
20-year contract, Ormat will provide SDCP with sustainable
electricity generated by the Arrowleaf Solar and Storage Facility
at predictable rates for customers.
“San Diego Community Power’s mission is to
provide clean, reliable, and affordable energy to our customers
across the region,” said San Diego City Councilmember Joe LaCava,
Chair of San Diego Community Power. “The Arrowleaf Solar and
Storage project will be a critical component to ensure that, not
only are we meeting our ambitious renewable goals, but we are
creating quality construction jobs that support the energy
transition in our communities.”
The solar component of the project will
contribute 42 MW of clean energy to the grid – enough to power
approximately 31,500 homes. The project’s storage component will
provide 35 MW/140 MWh of capacity, which is enough to provide 4
hours of electricity during peak consumption periods when solar is
not operating.
“We are proud to contribute to and facilitate
SDCP's mission,” continued Blachar. “Ormat remains dedicated to
developing innovative renewable energy solutions, supporting the
goals of its customers and partners, and further demonstrating our
leading capabilities in the fields of geothermal power production
and energy storage services."
The battery technology that will be used for the
Arrowleaf storage facility has been successfully procured from a
leading global supplier at an attractive purchase price and is
expected to reduce the overall costs to develop the storage assets
and further enhance the return profile of Ormat’s growth investment
in the complex. Operations are expected to commence in the first
half of 2025.
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, PV solar and energy storage plus PV solar. Ormat’s
current total generating portfolio is 1,257 MW, comprised of a
1,107 MW geothermal and solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and a 150 MW energy storage portfolio 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 24,
2023, 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.
ABOUT SDCP
San Diego Community Power (SDCP) is a local
electricity provider that will serve your community by bringing you
cleaner energy at competitive rates. We put our communities first,
helping you take a giant step toward a more sustainable energy
future while prioritizing equity and supporting local, good-paying
jobs. We are a locally managed, not-for-profit, public agency that
focuses on what families need and want most when it comes to their
energy. Every single dollar that comes into SDCP gets reinvested to
benefit local residents and businesses in our region. Learn more at
www.sdcommunitypower.org.
CONTACTS
Ormat Technologies
Contact: Smadar
LaviVP Head of IR and ESG Planning & Reporting 775-356-9029
(ext. 65726)slavi@ormat.comAlec Steinberg or
Joseph CaminitiAlpha IR
Group312-445-2870ORA@alpha-ir.com |
San Diego Community Power Contact:Jill
MonroeSenior Manager, Marketing &
Communications619-813-0679jmonroe@sdcommuitypower.org |
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