Ormat Technologies, Inc. Signs Power Purchase Agreement with SCPPA Supply of Energy from the New Gould Plant
13 Dezembro 2005 - 7:32AM
PR Newswire (US)
SPARKS, Nev., Dec. 13 /PRNewswire-FirstCall/ -- Ormat Technologies
Inc., (NYSE:ORA) today announced that the Power Purchase Agreement
(PPA) with Southern California Public Power Authority (SCPPA) for
the purchase of renewable energy from its new geothermal project,
the Gould Plant, located within the Heber Geothermal Facilities
Complex has been signed and is now effective. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) As
announced in a press release dated May 6, 2005, the PPA is for 10
MW, energy only, which will be sold at a fixed price of $57.50/MWh
with an annual escalation of 1.5% and includes the value for the
energy as well as the Environmental Attributes. In addition, 30% of
the Production Tax Credits, if and when available, will be shared
with the power purchasers. The Gould Plant will supply 10 MW (net)
of clean and sustainable geothermal energy, under the above
mentioned Heber PPA to the following SCPPA member cities: Anaheim,
Glendale, Pasadena, and Banning. The product carries Environmental
Attributes, known as Recovered Energy Credit (RECs), which will
assist the SCPPA member cities to comply with their respective
Renewable Portfolio Standard (RPS) requirements. About Ormat
Technologies Ormat Technologies, Inc. is a vertically integrated
company primarily engaged in the geothermal and recovered energy
power business. The Company designs, develops, builds, owns and
operates geothermal power plants. It also designs, develops and
builds, and plans to own and operate, recovered energy-based power
plants. Additionally, the Company designs, manufactures and sells
geothermal and recovered energy power units and other power
generating equipment, and provides related services. Ormat products
and systems are covered by more than 70 patents. Ormat currently
has operations in the United States, Israel, the Philippines,
Guatemala, Kenya, and Nicaragua. 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. 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. Actual future results may differ materially from
those projected as a result of certain risks and uncertainties. For
a discussion of such risks and uncertainties, see "Risk Factors" as
described in Ormat's Annual Report on Form 10-K/A filed with the
Securities and Exchange Commission on April 12, 2005. These
forward-looking statements are made only as of the date hereof, and
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: Dita Bronicki CEO and
President +1-775-356-9029 Investor Relations Contact: Jeff
Corbin/Todd Fromer KCSA Worldwide 212-896-1214/212-8961215 /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
DATASOURCE: ORMAT Technologies Inc. CONTACT: Dita Bronicki, CEO and
President of Ormat Technologies, +1-775-356-9029, ; or Investor
Relations: Jeff Corbin, +1-212-896-1214, , or Todd Fromer,
+1-212-896-1215, , both of KCSA Worldwide
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