Ormat Technologies Signs 25-year Power Purchase Agreement for the Ormesa Geothermal Complex in California
29 Novembro 2016 - 10:00AM
Ormat Technologies, Inc. (NYSE:ORA) today announced that its
subsidiary entered into a 25-year Power Purchase Agreement (PPA)
with Southern California Public Power Authority (SCPPA) to deliver
electricity from its Ormesa geothermal complex in Imperial Valley,
California beginning November 30, 2017.
The SCPPA PPA will supersede Ormesa’s current
30-year Standard Offer Contract No. 4 (SO#4) with Southern
California Edison that has a variable energy rate tied primarily to
volatile natural gas prices and that will expire on November 29,
2017. Under the terms of the PPA, energy from the Ormesa complex
will be sold to SCPPA at a rate of $77.25 per megawatt hour with no
annual escalation. Contract capacity is 35 MW, with a maximum
generation equivalent to a net capacity of about 43 MW. SCPPA will
resell about 86% of this power complex’s output to the Los Angeles
Department of Water and Power (LADWP) and the remaining 14% to the
Imperial Irrigation District (IID).
Isaac Angel, CEO of Ormat Technologies said,
“Geothermal power is a superior resource, offering customers firm
and flexible power with no integration costs. We are delighted to
be chosen again by SCPPA, LADWP and IID, who continue to recognize
the value of cost-effective and reliable geothermal energy to meet
their renewable energy goals. As for Ormat’s portfolio, this new
PPA will eliminate our exposure to natural gas from the Ormesa
complex and reduce our entire exposure to natural gas to
approximately 50 MW, which are less than 10% of our portfolio. As a
result of the new PPA, we expect to see an improvement in Ormesa’s
operating profit and EBITDA of approximately $8.5 million in 2018
compared to Ormesa’s expected operating profit and EBITDA in
2016.”
“Geothermal power will greatly assist LADWP in
reaching our goal of 33% renewable energy by 2020 while
transitioning away from coal power,” said Michael Webster, LADWP
Executive Director of Power System Engineering and Technical
Services. “The Ormesa geothermal complex’s energy will generate
clean energy for homes in Los Angeles while we work to create a
more sustainable energy future for all Angelenos.”
“As California moves aggressively towards a
clean energy future, renewable resources from the Imperial Valley
should continue to play a key role in meeting these goals,” said
Norma Galindo, president, IID board of directors. “This
facility is just one example of the prominent geothermal resources
unique to this region that can be further developed and their
energy exported to neighboring communities.”
About Ormat Technologies
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (REG), with the objective of becoming a leading
global provider of renewable energy. 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 72 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 450 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 2,000 MW of
gross capacity. Ormat’s current 710 MW generating portfolio is
spread globally in the U.S., Guadeloupe, Guatemala and Kenya.
Ormat’s Safe Harbor
StatementInformation 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,
specifically, the statements related to 2018 estimated EBITDA.
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 February 26, 2016.
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:
Smadar Lavi
Investor Relations
775-356-9029 (ext. 65726)
slavi@ormat.com
Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
rob@haydenir.com / brett@haydenir.com
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024