Ormat Technologies Signs Two PPAs With NV Energy for Up to 160 MW of Geothermal Capacity
19 Mai 2022 - 3:00PM
Ormat Technologies, Inc. (NYSE:ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, today
announced the execution of two Power Purchase Agreements (PPAs)
between two of its subsidiaries and NV Energy. Under the first PPA,
signed in 2021, NV Energy will purchase 25 MW of power over 25
years generated by the North Valley Geothermal Project, a new
facility expected to come online by early 2023. Additionally, NV
Energy will purchase up to 135 MW of power generated by a portfolio
of the Company's new and existing geothermal power plants under a
PPA signed this week. Both PPAs are subject to the Nevada Public
Utility Commission’s approval.
Energy deliveries under the portfolio PPA are
expected to start in the fourth quarter of 2024 and the entire
portfolio is expected to be online by the end of 2028. The
portfolio PPA has a contract capacity of 120 MW, with a minimum
capacity of 105 MW and maximum potential capacity of 135 MW. The
portfolio PPA is for a term of 25 years from the end of the final
development period, ending December 31, 2053. The portfolio PPA
covers facilities in northern Nevada, and is comprised of both new
projects currently under construction or in development as well as
existing facilities. These Nevada projects will supply renewable
energy to NV Energy and help it meet its renewable energy targets
while supporting increasing customer demand for round the clock
clean energy. Not only will these PPAs drive the development of
more clean energy to serve Nevadans, but they will also support
continued partnership with the International Brotherhood for
Electric Workers Local 401.
Doron Blachar, CEO of Ormat Technologies said,
“We are thrilled to execute both contracts with NV Energy,
including a first of its kind energy portfolio PPA in the state of
Nevada. These PPAs will enable both the development of multiple new
projects as well as the sustainable operation of several of our
existing geothermal power plants. NV Energy and Ormat are natural
partners in promoting clean, renewable energy, and NV Energy’s
commitment to a diversified portfolio of renewable energy with
geothermal resources will help Nevada reach its ambitious carbon
reduction goals and ensure grid reliability for customers in the
northern Nevada region. Through our partnership, we expect to
generate over $2.5B in overall economic value for the state and
create significant job opportunities for its residents over the
next 31 years.”
”We are proud to support the development of
Nevada’s geothermal resources and to be bringing more clean energy
to our customers,” said Dave Ulozas, NV Energy Senior Vice
President of Generation. These projects will help us achieve our
sustainability goals while providing safe, reliable energy.”
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 83 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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