RENO, Nev., April 29, 2013 /PRNewswire/ -- Ormat
Technologies, Inc.'s (NYSE: ORA) wholly owned subsidiary entered
into a 20-year Power Purchase Agreement (PPA) with Southern
California Public Power Authority (SCPPA) to deliver electricity
from its Wild Rose geothermal power plant in Mineral County, Nevada. When Wild Rose comes
online at the end of 2013, it will mark the first time renewable
energy will be delivered from Nevada to California using NV Energy's One Nevada
Transmission Line.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
With an estimated average generation capacity of 16 MW (net),
this project together with the other two projects currently under
construction – one in the Imperial Valley, California and another in Kenya – are expected to bring the company's
total generating capacity to approximately 637 MW by the end of
2013. Ormat will sell the power to SCPPA at $99 per megawatt hour with no annual escalation.
SCPPA will resell the power to the Los Angeles Department of Water
and Power (LADWP) and Burbank Water and Power (BWP).
Electricity from Wild Rose geothermal power plant will be
transmitted to LADWP and BWP through NV Energy's transmission
system. NV Energy's system includes the new 500 kV One Nevada
Transmission Line that will connect service areas in both northern
and southern Nevada. The line is
expected to be operational by the end of this year.
"Securing this PPA for Wild Rose is instrumental in diversifying
our growing customer base and improving the profitability of our
U.S. fleet," said Yoram Bronicki,
president and chief operating officer for Ormat. "We look forward
to working with LADWP, the nation's largest municipal utility, and
BWP to provide the residents of California access to a clean and reliable
energy source."
"Given the location of the Wild Rose geothermal plant and the
way it will interconnect with the transmission system, the power
could ultimately serve as a replacement for coal power LADWP
receives from the Intermountain Power Plant in Utah," explained Aram
Benyamin, senior assistant general manager – power at
LADWP. "So when you think about strategy, this could really
open up the northern Nevada
geothermal area and help us achieve our goal to stop using coal by
2025 and allow better integration of renewable resources in our
portfolio."
In addition to providing energy and needed capacity to more than
22,000 California homes, the Wild
Rose geothermal power plant will continue to provide economic
development to Mineral County,
Nevada through employment benefits, taxes and community
contributions.
"This geothermal energy project is a result of a joint effort
between Nevada and California to find mutually beneficial energy
trades," said Nevada Governor
Brian Sandoval. "The project
provides quality jobs for Nevadans and affordable renewable energy
to Californians, which is a win for everyone."
About Ormat Technologies, Inc.
With over four decades of experience, Ormat Technologies, Inc.
is a leading geothermal company and the only vertically integrated
company solely engaged in geothermal and recovered energy
generation (REG). 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. With over
82 U.S. patents, Ormat's power solutions have been refined and
perfected under the most grueling environmental conditions. Ormat's
flexible, modular solutions for geothermal power and REG are ideal
for the vast range of resource characteristics. The company has
engineered and built power plants, which it currently owns or has
supplied to utilities and developers worldwide, totaling
approximately 1600 MW of gross capacity. Ormat's current generating
portfolio of 575 MW (net) includes Brady, Brawley, Heber, Jersey Valley, Mammoth, McGinness
Hills, Ormesa, Puna, Steamboat,
Tuscarora, OREG 1, OREG 2, OREG 3
and OREG 4 in the U.S.; Zunil and Amatitlan in Guatemala; Olkaria III in Kenya; and, Momotombo in Nicaragua.
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. 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
Technologies, Inc.'s Annual Report on Form 10-K filed with
the Securities and Exchange Commission on March 11,
2013.
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:
|
Investor
Relations Contact:
|
Dita
Bronicki
|
Todd
Fromer/Rob Fink
|
CEO
|
KCSA
Strategic Communications
|
775-356-9029
|
212-896-1215 (Fromer)/212-896-1206 (Fink)
|
dbronicki@ormat.com
|
tfromer@kcsa.com / rfink@kcsa.com
|
SOURCE Ormat Technologies, Inc.