Ormat Commends the Extension of Geothermal Tax Credits
23 Dezembro 2019 - 6:35PM
Ormat Technologies, Inc. (NYSE: ORA) today commended passage of the
United States federal appropriations bill that retroactively
revived and extended the full Production Tax Credit (PTC) for
geothermal facilities. The PTC provides a credit for each
kilowatt-hour of energy produced by the taxpayer from qualified
renewable energy facilities. The PTC for geothermal
facilities that expired at the end of 2017 was retroactively
revived and extended through 2020, continuing U.S. support for the
geothermal industry. This support contributes to the ongoing
creation of new jobs in the geothermal industry as well as the
nation’s energy independence.
On December 17, 2019, the United States House of
Representatives passed the tax extenders package, allowing
geothermal projects that begin construction before the end of 2020
to claim PTCs when the project is later placed in service, or to
elect to receive in lieu of such PTCs, an Investment Tax Credit
(ITC). On December 19, 2019, the United States Senate passed this
bill and it was signed into law by President Donald Trump on
December 20, 2019.
“Geothermal energy remains a key element of our
country’s energy portfolio, enabling higher renewable penetration
and greenhouse gas reductions,” said Isaac Angel, Ormat’s Chief
Executive Officer. “We commend the extension of the PTC available
for geothermal, which helps level the playing field with other
technologies and provides predictable market signals for project
development. This, in turn, helps leverage private investment to
create new Jobs and drive economic benefits across the
country.”
A copy of the law can be found at the following
link:
https://www.congress.gov/bill/116th-congress/house-bill/1865
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 77 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 584 employees in the United States and 762
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for 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 2,900 MW of gross capacity.
Ormat’s current 917 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
Ormat expanded its operations to provide energy storage and energy
management solutions, by leveraging its core capabilities and
global presence as well as through its Viridity Energy Solutions
Inc. subsidiary.
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’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
1, 2019 and from time to time, in Ormat’s quarterly reports on Form
10-Q that are filed with the SEC.
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 Agency Contact: |
|
|
Smadar Lavi |
Rob Fink |
|
|
VP Corporate Finance and Head of Investor Relations |
FNK IR |
|
|
775-356-9029 (ext. 65726) |
646-809-4048 |
|
|
slavi@ormat.com |
rob@fnkir.com |
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