Ormat Signs 10 MW Long Term Resource Adequacy Agreement With Pacific Gas and Electric Company
10 Agosto 2021 - 11:08AM
Ormat Technologies, Inc.1 (NYSE: ORA) today announced that it has
signed a Long-Term Resource Adequacy agreement with Pacific Gas and
Electric Company (PG&E) for its 20MW/40MWh Pomona-2 facility
that is currently under construction.
The Pomona 2 project will be located adjacent to
and will utilize existing infrastructure from the operating Pomona
1 facility. Under the 10-year agreement, the Pomona-2 facility will
provide 10MW of Resource Adequacy to PG&E and will also
participate in the energy and ancillary services markets run by the
California Independent System Operator (CAISO).
Ormat will undertake engineering, procurement
and construction (EPC) of this project, leveraging its core EPC
capabilities and expects the project to begin commercial operation
by October 2022. The Pomona-2 facility will add 20MW/40MWh to
Ormat’s current 83MW/176MWh operating energy storage portfolio and
supports Ormat’s plans to add between 200-300MW of additional
energy storage projects by the end of 2023.
The Long-Term Resource Adequacy agreement with
PG&E was recently filed with the Public Utilities Commission
(PUC) for approval.
“This agreement is a result of the California
Public Utility Commission (CPUC) directive, in response to the
August 2020 blackouts, that requires the three major investor-owned
utilities in California to procure 1,000MW in incremental capacity
by the Summer of 2022 to ensure reliable electric service in the
event of an extreme weather event,” commented Doron Blachar,
Ormat’s Chief Executive Officer. “Ormat has demonstrated the
ability to secure and deploy batteries quickly, enabling customers
to meet these aggressive timelines in a cost-effective and reliable
way.”
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 robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. 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. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into energy storage
services, solar Photovoltaic (PV) and energy storage plus Solar PV.
Ormat’s current total generating portfolio is 1.1 GW that comprises
of 1,015 MW of geothermal and Solar generating portfolio that is
spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras,
and Guadeloupe and 83 MW energy storage portfolio that is located
in the U.S.
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 expected revenue and EBITDA contributions from
the acquired assets, the achievement of synergies, 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
February 26, 2021, 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 Lavi VP Corporate Finance and
Head of Investor Relations 775-356-9029 (ext. 65726)
slavi@ormat.com |
Investor Relations Agency Contact: Rob Fink FNK IR 646-809-4048
rob@fnkir.com |
____________________1 Ormat Technologies, Inc.
is also referred to herein as the “Company”, “Ormat”, “we” or
“us”
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