Ormat Reaches Commercial Operation of the Newly Refurbished Mammoth G1 Power Plant
23 Janeiro 2014 - 10:00AM
Ormat Technologies, Inc. (NYSE:ORA) announced today that it
successfully completed the scope of work needed to bring the
Mammoth G1 geothermal power plant in Mono County, California to
full capacity. The 6 MW plant reached commercial operation under
the new power purchase agreement (PPA) with Pacific Gas and
Electric Company (PG&E) that allows for hourly energy
deliveries of up to 7.5 MW and now receives the full commercial
rate defined in the PPA.
The Mammoth G1 plant commenced operation in 1984 under a
Standard Offer Contract No. 4 PPA with Southern California Edison
Company (SCE). In March 2013, Ormat announced the termination of
its PPA with SCE and the signing of a new 20-year PPA – not tied to
natural gas - with PG&E for the full output of the
facility. Refurbishing of the power plant took place in 2013
and was completed less than eight months from the start of
mechanical construction with the plant reaching full power in less
than a month from the end of construction.
"Constructing the Mammoth G1 geothermal power plant and reaching
commercial operation under the new PPA with PG&E is another
example of Ormat's ability to add value to existing operating
assets," said Yoram Bronicki, president and chief operating officer
at Ormat. "By replacing the original equipment with Ormat Energy
Converters, we already see an increase in the power plant's
efficiency and expect increased availability, lower operation and
maintenance costs, and improved EBITDA."
This refurbishing project is the latest in a series of
successful projects where third-party generating equipment was
replaced with Ormat Energy Converters. Other recent examples
include the 2013 repowering of Cyrq Energy's Thermo 1 power plant
in Utah and Ormat's Steamboat 2 and Steamboat 3 power plants in
Nevada in 2008.
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
has over 500 employees in the United States and about 600 overseas.
Ormat's flexible, modular solutions for geothermal power and REG
are ideal for the vast range of resource characteristics. The
company has engineered, manufactured and constructed power plants,
which it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1750 MW of gross capacity.
Ormat's current generating portfolio of 611 MW (net) is spread
globally in the U.S., Guatemala and Kenya.
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.
CONTACT: Ormat Technologies Contact:
Dita Bronicki
CEO
775-356-9029
dbronicki@ormat.com
Investor Relations Contact:
Rob Fink/Brad Nelson
KCSA Strategic Communications
212-896-1206 (Fink)/212-896-1217 (Nelson)
rfink@kcsa.com/bnelson@kcsa.com
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