Ormat Technologies Inc. announced the completion of the expansion of its McGinness Hills Phase 3 geothermal power plant in Eastern Nevada. The expansion increases the power plant net capacity to approximately 69 MW, bringing the entire McGinness Hills complex capacity to a total of approximately 160 MW. The McGinness Hills Phase 3 power plant continues to sell its electricity under the current 25-year long term portfolio power purchase agreement with Southern California Public Power Authority (SCPPA) to provide 100% of the geothermal power from the expansion project to the Los Angeles Department of Water and Power (LADWP). LADWP has been receiving 48 MW of McGinness Hills 3 geothermal power plant since December 15, 2018. The recently completed McGinness Hills Phase 3 Expansion project on May 5, 2021 will provide an additional 21.25 MW to LADWP. These two projects, coupled with the four other Ormat geothermal projects totaling 57.4 MW, brings LADWP's total Northern Nevada geothermal portfolio with Ormat to 126.65 MW.
Ormat Technologies, Inc. is primarily engaged in the geothermal energy power business. The Company owns and operates 28 geothermal, renewable energy certificate (REG) and solar sites globally with an aggregate generating capacity of 1,385 megawatts. The Company operates through three segments. Electricity segment develops, builds, owns and operates geothermal, solar Photovoltaic (PV) and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sells the electricity they generate. Product Segment designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provides services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. Energy Storage Segment owns and operates grid connected In Front of the Meter (IFM) BESS facilities, which provide capacity, energy and ancillary services directly to the electric grid.