Ormat Expands Energy Storage Presence, Acquires a Shovel-Ready Project in Upton County, Texas
16 Dezembro 2020 - 8:30AM
Ormat Technologies, Inc. (NYSE: ORA) today announced that it has
completed the acquisition of a shovel-ready energy storage asset in
Upton County, Texas. Ormat acquired the asset from Con Edison
Development. Ormat’s wholly owned subsidiary, Viridity Energy
Solutions Inc., will design, build, own and operate a 25 MW battery
energy storage system (BESS) project at the site. The project is
co-located with an operational 157 MW solar PV generating facility
that is owned and operated by CED Upton County Solar, LLC. Ormat is
targeting commercial operation of the BESS before the end of 2021.
The BESS facility will provide much needed ancillary services
and energy optimization to the wholesale markets managed by the
Electricity Reliability Council of Texas (ERCOT). Texas is
currently experiencing growth in renewable energy deployment and
fast-acting energy storage resources are expected to play an
increasing role in allowing ERCOT to absorb such intermittent
generators, while also coping with increased frequency of extreme
weather events.
Doron Blachar, Chief Executive Officer of Ormat Technologies,
commented, “This represents our second energy storage project in
Texas, following the success of our Rabbit Hill BESS project which
has been operating with high availability within the ERCOT market
since April of this year. We are delighted to have been able to
partner with Con Edison Development, a leading renewable energy
developer and independent power producer, and hope to extend this
collaboration further in the future. With this second project,
Ormat strengthens its position as one of the early movers in the
ERCOT energy storage market. Ormat is well-positioned to grow its
energy storage footprint, and this acquisition reinforces our
target to add between 80 MW to 175 MW revenue-generating energy
storage assets by year end 2022 and is in-line with our stated
strategy to build, own and operate energy storage assets in
strategic high growth markets including Texas.”
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. Ormat 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. Ormat has engineered, manufactured and constructed
power plants, which it either currently owns or has installed for
utilities and developers worldwide, totaling approximately 3,200 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.
Ormat Technologies Contact:Smadar LaviVP Corporate Finance and Head
of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
Investor Relations Agency Contact:Rob FinkFNK
IR646-809-4048rob@fnkir.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