Ormat Technologies Reports on Damage Caused by Fire at Heber 1 Geothermal Power Plant
28 Fevereiro 2022 - 10:59AM
Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, today
announced that its 40 MW Heber 1 geothermal power plant, located in
California, reported an outage following a fire on Friday, February
25th at approximately 11:45 pm PST that caused damage primarily to
the steam turbine-generator area. The Heber 1 power plant is part
of the 81 MW Heber complex and sells its electricity under a
long-term contract with the Southern California Public Power
Authority.
An initial assessment of the damage caused to
the power plant indicates that approximately 15 MW generated by the
binary units may be back in operation in a few days. The Company
estimates that the 25 MW outage will reduce its monthly revenues by
approximately $1.5 million and is still evaluating the work
required to repair the remaining 25 MW.
Ormat holds business interruption insurance
subject to a 45-day deductible period in addition to property
damage insurance with customary deductibles. At this point, the
Company expects that the impact on its Adjusted EBITDA for the year
will not be significant, subject to receiving all insurance
proceeds in a timely manner.
“Thanks to the dedicated staff on site who
immediately took appropriate measures in accordance with our
emergency response plan, there were no injuries reported. We would
also like to thank the Imperial Valley County Fire department for
their quick and efficient response to the incident.” said Doron
Blachar, Ormat’s Chief Executive Officer.
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 with a 1,012
MW geothermal and Solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and an 83 MW energy storage portfolio that is located
in the U.S.
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. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect or
anticipate will or may occur in the future, including such matters
as our projections of annual revenues, expenses and debt service
coverage with respect to our debt securities, future capital
expenditures, business strategy, competitive strengths, goals,
development or operation of generation assets, market and industry
developments and the growth of our business and operations, are
forward-looking statements. When used in this press release, the
words “may”, “will”, “could”, “should”, “expects”, “plans”,
“anticipates”, “believes”, “estimates”, “predicts”, “projects”,
“potential”, or “contemplate” or the negative of these terms or
other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected
in or suggested by these forward-looking statements are reasonable,
we may not achieve these plans or objectives. Actual future results
may differ materially from those projected as a result of certain
risks and uncertainties, and other risks described under "Risk
Factors" in Ormat’s annual report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”) on February 25, 2022,
and in Ormat’s annual reports on Form 10-K and quarterly reports on
Form 10-Q that are filed from time to time with the SEC.
These forward-looking statements are made only
as of the date hereof, and, except as legally required, 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 Head of IR and ESG
Planning & Reporting 775-356-9029 (ext.
65726)slavi@ormat.com |
Investor Relations Agency Contact:Sam Cohen or Joseph CaminitiAlpha
IR Group312-445-2870ORA@alpha-ir.com |
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