Ormat Technologies Signs 20-Year Power Purchase Agreement With CC Power for Up to 125 MW of Geothermal Capacity
01 Junho 2022 - 8:48AM
Ormat Technologies, Inc. (NYSE:ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, today
announced the execution of a Power Purchase Agreement (PPA) with
California Community Power (CC Power), a Joint Powers Agency
consisting of numerous California Community Choice Aggregators
(CCAs).
Energy deliveries under the portfolio PPA are
expected to start in the second quarter of 2024, with the
expectation that the entire portfolio covered under the new PPA
will be online by the end of 2026. The portfolio PPA covers a term
of 20 years and is comprised entirely of new projects currently
under construction or in development in Nevada and California.
This PPA marks the successful contract
negotiation following Ormat’s response to CC Power’s 2021 Request
for Offers for Firm Clean Resources. This RFO was issued
immediately following the California Public Utilities Commission
(CPUC) requirement that electricity distributors procure long
lead-time clean energy resources to address mid-term reliability.
This decision has mandated the procurement of new generation with
at least an 80% capacity factor with zero on-site emissions.
“Ormat is thrilled to execute this portfolio PPA
with CC Power and its members. This collaboration is another
example of the benefits of geothermal as a reliable source of
sustainable baseload energy,” said Doron Blachar, CEO of Ormat
Technologies. “In addition to the latest two PPAs we recently
signed with NV Energy, this twenty-year PPA will enable Ormat to
continue executing upon our multi-year growth trajectory. We are
very pleased to help the western states meet their renewable energy
goals and believe geothermal offers a reliable alternative to
baseload needs as the United States moves towards a more
sustainable future.”
Per Geof Syphers, the Chair of CC Power,
“Developing reliable baseload power is critical for California’s
power reliability. The state’s CCAs are doing this with renewable
geothermal power. What this partnership with Ormat confirms is that
California has the ability to make progress quickly, especially
with CCAs driving the procurement of clean energy and storage.”
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. In addition, Ormat is
expanding its activity into energy storage services, solar
Photovoltaic (PV) and solar PV plus energy storage. Ormat’s current
total generating portfolio is 1.1 GW with 1,025 MW of 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.
ABOUT CALIFORNIA COMMUNITY
POWER
California Community Power is a Joint Powers
Agency comprised of ten California Community Choice Aggregators
(CCAs) including: Central Coast Community Energy, CleanPowerSF,
East Bay Community Energy, Peninsula Clean Energy, Redwood Coast
Energy Authority, San José Clean Energy, Silicon Valley Clean
Energy, Sonoma Clean Power and Valley Clean Energy. The agency
allows its member CCAs to combine their buying power to procure
new, cost-effective clean energy and reliability resources to
continue advancing local and state climate goals. California
Community Power members represent over 3 million customers across
more than 145 municipalities spanning from Humboldt County to Santa
Barbara County. Learn more at cacommunitypower.org.
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. 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" as described 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 subsequent quarterly reports on Form 10-Q and
annual reports on Form 10-K 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 & Reporting775-356-9029 (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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