Ormat Signs Power Purchase Agreement for Second Phase of Don A. Campbell Geothermal Plant in Nevada
24 Março 2015 - 6:00PM
Ormat Technologies, Inc. (NYSE:ORA) announced today that its
subsidiary entered into a 20-year Power Purchase Agreement (PPA)
with Southern California Public Power Authority (SCPPA) for
interstate delivery of electricity from the second phase of Don A.
Campbell in Mineral County, Nevada.
Under the terms of the PPA with SCPPA, the second phase of the
Don A. Campbell project will receive a rate of $81.25 per megawatt
hour with no annual escalation. SCPPA will resell the power to Los
Angeles Department of Water and Power (LADWP). As with the existing
Don A. Campbell geothermal plant, electricity from the new project
will be transmitted to the LADWP grid via NV Energy's statewide
transmission system, including the One Nevada Transmission Line
that connects service areas in both northern and southern
Nevada.
Ormat recently announced the release of the project for
construction, and expects it to generate up to 19 MW (net) on a
yearly average basis, above the PPA nominal target of 16.2 MW.
Commercial operation is expected in the first quarter of 2016.
Northleaf Capital Partners, Ormat's new joint venture investor,
will purchase approximately 40% interest in the project which will
be added to the existing ORPD joint venture once the project is
completed and commissioned.
"This PPA marks our fourth PPA with SCPPA and we are delighted
by our continued relationship with LADWP, the nation's largest
municipal utility," says Isaac Angel, Chief Executive Officer of
Ormat. "We look forward to providing California access to another
cost-effective and reliable renewable energy resource."
"We are very pleased to partner once again with Ormat
Technologies and SCPPA on the second phase of the Don A. Campbell
Geothermal Power Plant, which will provide a long-term reliable
renewable power supply for Los Angeles. Geothermal power is
critical to reaching our goal of 33% renewable energy by 2020,
while transitioning away from coal power," LADWP General Manager
Marcie Edwards said.
About Ormat Technologies, Inc.
With five 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 69 U.S.
patents, Ormat's power solutions have been refined and perfected
under the most grueling environmental conditions. Ormat has 470
employees in the United States and over 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 installed to utilities and developers
worldwide, totaling over 1,900 MW of gross capacity. Ormat's
current 647 MW generating portfolio is spread globally in the U.S.,
Guatemala and Kenya.
Ormat's Safe Harbor Statement
Information provided in this press release contains 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 the share exchange,
the related restructuring of the Ormat corporate group and the
anticipated consequences of the transaction and are based upon its
management's current expectations. These forward looking statements
include, among others, the benefits that Ormat Technologies
believes the transaction will create, including those related to
expected cost savings, enhanced liquidity, synergies, corporate
visibility and identity. Actual future results may differ
materially from those projected as a result of certain risks and
uncertainties.
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:
Investor Relations Agency Contact:
Smadar Lavi
Investor Relations
775-356-9029
slavi@ormat.com
Miri Segal/Brett Maas
MS/Hayden - IR
917-607-8654/646-536-7331
msegal@ms-ir.com / brett@haydenir.com
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