Ormat Signs 15-Year Power Purchase Agreement With Clean Power Alliance for Heber South Geothermal Facility
Ormat Technologies has signed a 15-year power purchase agreement (PPA) with Clean Power Alliance (CPA), effective January 1, 2022. CPA will purchase 14 MW of renewable energy from Ormat’s Heber South Geothermal facility, aiding in CPA's greenhouse gas emission reduction goals and enhancing reliability for over one million customers. This agreement replaces a prior PPA with SCPPA and opens doors for future contracts. CEO Doron Blachar highlighted the security provided by this long-term agreement, supporting California's renewable energy regulations.
- Signed a long-term 15-year PPA with CPA for 14 MW of renewable energy.
- The agreement enhances CPA's reliability and supports its emission reduction targets.
- Potential for additional future agreements with CPA as it pursues renewable energy goals.
- None.
First PPA With Clean Power Alliance (CPA), With Potential for Additional Agreements in the Future
RENO, Nev., May 12, 2021 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA) announced that it has signed a 15-year power purchase agreement (PPA) with the Clean Power Alliance (CPA), which is the fifth largest electricity provider in California and the single largest provider of
The PPA replaces the original PPA with Southern California Public Power Authority (SCPPA), which had a shorter remaining duration and was subject to an early termination option. This is Ormat’s first contract with CPA, creating the potential for additional agreements in the future as CPA pursues aggressive goals to provide renewable energy to southern California.
Doron Blachar, CEO of Ormat Technologies, said, “This agreement establishes a mutually productive relationship with CPA, a recognized leader in the renewable sector, and gives Ormat additional security through a longer-term PPA than our prior agreement. Ormat will add 14 MW of renewable energy to CPA’s already diverse energy portfolio, enabling CPA to power 19,400 homes and bringing CPA closer to meeting its regulatory obligations under SB 100 and SB 350, which requires that
“Partnering with Ormat Technologies is a great fit for Clean Power Alliance as the Southern California Heber South facility will allow us to provide renewable geothermal electricity to our customers when the sun isn’t shining or the wind isn’t blowing,” said Ted Bardacke Executive Director of Clean Power Alliance. “This is a win for the environment and a win for grid reliability.”
ABOUT CLEAN POWER ALLIANCE
Founded in 2017, Clean Power Alliance is the locally operated electricity provider for 30 cities across Los Angeles County and Ventura County as well as the unincorporated areas of both counties. CPA is the fifth largest electricity provider in California and the single largest provider of
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 932 MW of geothermal and Solar generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe and its 83 MW energy storage portfolio is located in the U.S.
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 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 |
FAQ
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