Ormat Technologies: Power Purchase Agreement
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RENO, Nevada - Ormat Technologies, Inc.'s (ORA) wholly owned subsidiary entered into a 20-year Power Purchase Agreement (PPA) with Southern California Public Power Authority (SCPPA) to deliver electricity from its Wild Rose geothermal power plant in Mineral County, Nevada. When Wild Rose comes online at the end of 2013, it will mark the first time renewable energy will be delivered from Nevada to California using NV Energy's One Nevada Transmission Line.
With an estimated average generation capacity of 16 MW (net), this project together with the other two projects currently under construction – one in the Imperial Valley, California and another in Kenya – are expected to bring the company's total generating capacity to approximately 637 MW by the end of 2013. Ormat will sell the power to SCPPA at $99 per megawatt hour with no annual escalation. SCPPA will resell the power to the Los Angeles Department of Water and Power (LADWP) and Burbank Water and Power (BWP). Electricity from Wild Rose geothermal power plant will be transmitted to LADWP and BWP through NV Energy's transmission system. NV Energy's system includes the new 500 kV One Nevada Transmission Line that will connect service areas in both northern and southern Nevada. The line is expected to be operational by the end of this year.
"Securing this PPA for Wild Rose is instrumental in diversifying our growing customer base and improving the profitability of our U.S. fleet," said Yoram Bronicki, president and chief operating officer for Ormat. "We look forward to working with LADWP, the nation's largest municipal utility, and BWP to provide the residents of California access to a clean and reliable energy source."
"Given the location of the Wild Rose geothermal plant and the way it will interconnect with the transmission system, the power could ultimately serve as a replacement for coal power LADWP receives from the Intermountain Power Plant in Utah," explained Aram Benyamin, senior assistant general manager – power at LADWP. "So when you think about strategy, this could really open up the northern Nevada geothermal area and help us achieve our goal to stop using coal by 2025 and allow better integration of renewable resources in our portfolio."
In addition to providing energy and needed capacity to more than 22,000 California homes, the Wild Rose geothermal power plant will continue to provide economic development to Mineral County, Nevada through employment benefits, taxes and community contributions.
"This geothermal energy project is a result of a joint effort between Nevada and California to find mutually beneficial energy trades," said Nevada Governor Brian Sandoval. "The project provides quality jobs for Nevadans and affordable renewable energy to Californians, which is a win for everyone."
About Ormat Technologies, Inc.
With over four decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (REG). 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 over 82 U.S. patents, Ormat's power solutions have been refined and perfected under the most grueling environmental conditions. Ormat's flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered and built power plants, which it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1600 MW of gross capacity. Ormat's current generating portfolio of 575 MW (net) includes Brady, Brawley, Heber, Jersey Valley, Mammoth, McGinness Hills, Ormesa, Puna, Steamboat, Tuscarora, OREG 1, OREG 2, OREG 3 and OREG 4 in the U.S.; Zunil and Amatitlan in Guatemala; Olkaria III in Kenya; and, Momotombo in Nicaragua.
Ormat Technologies Contact:
Investor Relations Contact:
Todd Fromer/Rob Fink
KCSA Strategic Communications
212-896-1215 (Fromer)/212-896-1206 (Fink)
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