Ormat Announces Closing of the Pomona Energy Storage Facility Acquisition in California
21 Julho 2020 - 7:30AM
Ormat Technologies, Inc.1 (NYSE: ORA), today announced that its
Ormat Nevada Inc. affiliate has closed on the transaction to
acquire the 20 MW / 80 MWh Pomona energy storage facility in
California from AltaGas Power Holdings (U.S.) Inc. (TSE: ALA) for a
total consideration of $47 million, net of working capital
adjustment and other adjustments totaling approximately $3.1
million. The Pomona energy storage facility has been in commercial
operation since December 31, 2016 under a 10-year energy storage
resource adequacy agreement with Southern California Edison
Company. It also participates in the energy and ancillary services
markets run by the California Independent System Operator
The Pomona energy storage facility is one of the
largest battery storage assets in operation in the region and our
first battery storage asset in operation in California, increasing
our existing operating portfolio to 73MW/136MWh and adding to our
battery storage assets in New Jersey, New England and Texas.
“Ormat continues to expand its presence and
capabilities in the energy storage market, one of the most rapidly
growing parts of the energy sector,” commented Doron Blachar, Chief
Executive Officer. “This acquisition is an important addition to
our energy storage segment, and it strengthens our activity in the
California market, which is the largest and most
attractive market in the US for renewables in general and for
energy storage in particular. The facility should improve our
storage segment profitability and assist us in meeting our overall
goals in this segment. Energy storage resources play a key role in
achieving California’s goal to have 100% of its electricity come
from carbon-free resources by 2045, by replacing natural gas
generators and facilitating massive absorption of renewable energy
resources. As such, storage is a key part of the energy
transformation, and Ormat continues to utilize its expertise,
resources, and access to capital to build presence within the
energy storage sector, in key target markets, including California,
and continues its evolution into a leader in renewable energy.”
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 68 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 578 employees in the United States and 830
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 approximately 3,000 MW of gross
capacity. Ormat’s current 933 MW generating portfolio is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe. Ormat leveraged its core capabilities and global
presence, together with the energy storage expertise of its
subsidiary, Viridity Energy Solutions Inc., to expand its
operations to provide energy storage and energy management
solutions.
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
2, 2020 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.
1 Ormat Technologies, Inc. is also referred to herein as the
“Company”, “Ormat”, “we” or “us”
Ormat Technologies Contact: |
Investor Relations Agency Contact: |
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Smadar Lavi |
Rob Fink |
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VP Corporate Finance and Head of Investor Relations |
FNK IR |
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775-356-9029 (ext. 65726) |
646-809-4048 |
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slavi@ormat.com |
rob@fnkir.com |
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