Ormat Technologies Signs 15-Year Power Purchase Agreement With Peninsula Clean Energy for Heber 2 Geothermal Facility
14 April 2022 - 10:36PM
Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, announced
today that it has signed a 15-year power purchase agreement (PPA)
with Peninsula Clean Energy, a Community Choice Aggregator that
provides more than 3,500 gigawatt hours of electricity to San Mateo
County and the City of Los Banos. Under the terms of the agreement
approved by Peninsula Clean Energy’s Board of Directors, effective
January 1, 2023, the CCA will purchase 26 MW of clean, renewable
energy from Ormat’s Heber 2 geothermal facility located in Imperial
Valley, CA.
This PPA marks the successful completion of
Ormat’s first ever solicitation for bids, with a request for bids
(RFB) on the Heber 2 facility issued in July of 2021. The RFB was
published immediately after the California Public Utilities
Commission (CPUC) issued their Mid-Term Reliability (MTR) Decision,
requiring the procurement of 1,000 MW of weather invariant,
zero-emission, 80% capacity generation by all California load
serving entities by 2026. Power from the Heber 2 facility complies
with MTR guidelines, making it the first geothermal PPA to meet the
new CPUC requirements.
“We at Ormat are very pleased with the success
of our bid solicitation and business development efforts, as we
increase the utilization of electricity from renewable sources for
the region. We’re pleased to establish a relationship with
Peninsula Clean Energy and help bring them closer to meeting their
goal of delivering 100 percent renewable electricity by 2025,” said
Doron Blachar, CEO of Ormat Technologies.
“The clean and reliable geothermal energy from
Heber 2 will play a key role in meeting our sector-leading goal of
achieving 24/7 renewable power for our customers by 2025,”
Peninsula Clean Energy CEO Jan Pepper said. “This binary,
water-cooled geothermal facility will provide us with baseload
emission-free generation all year round, and provides a great
complement to our growing solar and wind portfolio.”
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 total generating portfolio is 1.1 GW with a 1,012
MW geothermal and Solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and an 83 MW energy storage portfolio that is located
in the U.S.
ORMAT’S SAFE HARBOR
STATEMENTInformation 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" 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 annual reports on Form 10-K and quarterly reports on
Form 10-Q 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 |
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Investor Relations Agency Contact:Sam Cohen or Joseph CaminitiAlpha
IR Group312-445-2870ORA@alpha-ir.com |
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