RENO, NV, June 1, 2022 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA), the leading company in geothermal energy, energy storage, solar photovoltaic, and energy recovery, announced the implementation of a Power Purchase Agreement (PPA) with California Community Power (CC Power), a joint powers agency consisting of Several California Community Choice Assemblers (CCAs).
Power deliveries under the portfolio PPA are expected to begin in the second quarter of 2024, with the entire portfolio covered under the new PPA expected to be online by the end of 2026. The PPA portfolio covers a term of 20 years and consists entirely of Of the new projects currently under construction or under development in Nevada and California.
This PPA represents the success of contract negotiations following Ormat’s response to CC Power’s 2021 request for proposals for the company’s clean resources. This RFO was issued immediately after the California Public Utilities Commission (CPUC) requested that electricity distributors purchase clean energy resources that take too long to process for medium-term reliability. This decision dictated the purchase of a new generation with a power factor of at least 80% with zero emissions on site.
“Ormat is pleased to implement this PPA wallet with CC Power and its members. Doron Blachard, CEO of Ormat Technologies, said this collaboration is another example of the benefits of geothermal energy as a reliable source of sustainable primary energy. In addition to our two most recent PPAs with NV Energy, this twenty-year PPA will enable Ormat to continue execution on its multi-year growth path. We are pleased to help Western countries achieve their renewable energy goals and believe that geothermal energy provides a reliable alternative to primary load needs as the United States moves toward a more sustainable future.”
According to Geof Syphers, President of CC Power, “Developing reliable base-load power is critical to California’s energy reliability. CCA State is doing this using renewable geothermal energy. What this partnership with Ormat underscores is that California has the potential to make rapid progress. , particularly with the lead in clean energy procurement for clean energy procurement and storage.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated geothermal and recovered energy generation (“REG”) company, with strong plans to accelerate long-term growth in the energy storage market and to establish a leading position in the energy storage market in the United States. The company owns, operates, designs, manufactures and sells geothermal and REG plants that are primarily based on the Ormat transducer – the power generation unit that converts low, medium and high heat into electricity. The Company has designed, manufactured and built power plants it currently owns or has installed for utilities and developers worldwide, with a combined total capacity of approximately 3,200 MW. In addition, Ormat is expanding its activity in energy storage services, solar photovoltaic (PV) and solar PV as well as energy storage. Ormat’s current total power generation portfolio is 1.1 GW with 1,025 MW of geothermal and solar generation portfolio deployed globally in the US, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe, and an 83 MW energy storage portfolio located in the US
About Community Authority in California
California Community Power is a joint authority agency consisting of ten California Community Choice Consortiums (CCAs) including: Central Coast Community Energy, CleanPowerSF, East Bay Community Energy, Peninsula Clean Energy, Red Coast Energy Authority, San Jose Clean Energy, Silicon Valley Clean Energy, Sonoma Clean Energy and Valley Clean Energy. The agency allows CCA members to combine their purchasing power to purchase new, cost-effective, clean energy and reliable resources to continue advancing local and state climate goals. California Community Power members represent more than 3 million customers across more than 145 municipalities stretching from Humboldt County to Santa Barbara County. Learn more at cacommunitypower.org.
Urmat safe harbor statement
Information in this press release may contain statements regarding 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 historical facts, are included in this press release. which addresses activities, events, or developments that we expect or expect to occur or may occur in the future, including such matters as our projections of annual revenues, expenses, and debt service coverage in relation to our and future debt securities. Capital expenditures, business strategy, competitive strengths, objectives, 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,” “expect,” “plan,” “expect,” “believe,” “estimate,” “expect,” Projects”, “potential”, “envisioned” or negative of these or other similar terms 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 on its management’s current estimates and expectations of future results or trends. Although we believe that our plans and objectives that are reflected or suggested by these forward-looking statements are reasonable, we may not achieve those plans or objectives. Actual future results may differ materially from those projected as a result of certain risks, 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 Subsequent Ormat quarterly reports on Form 10-Q and annual reports on Form 10-K filed from time to time with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date herein, and except as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
|Ormat Technologies Contact:
Vice President for Planning and Reporting IR and ESG
775-356-9029 (ext. 65726)
|Investor Relations Agency Contact:
Sam Cohen or Joseph Camenti
Alpha IR group
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