Ormat Technologies, Inc. Signs Fifteen Year Power Purchase Agreement with Clean Power Alliance for Heber South Geothermal Facility
May 12, 2021 at 06:45 am EDT
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Ormat Technologies Inc. announced that it has signed a 15-year power purchase agreement with the Clean Power Alliance and the single provider of 100% renewable energy to customers in the nation. Under terms of the agreement, effective January 1, 2022, CPA will purchase 14 MW of clean, renewable energy from Ormat’s Heber South Geothermal facility located in Imperial Valley, CA. The CPA Board of Directors approved the PPA during its May 6 meeting. This 14 MW of baseload geothermal power is expected to advance CPA’s greenhouse gas emission reduction goals while enhancing overall reliability for CPA’s more than one million southern California customer accounts. 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.
Ormat Technologies, Inc. is a geothermal company that is 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. It owns or has installed for utilities and developers worldwide, totaling approximately 3,200 megawatts (MW) of gross capacity. Its segments include Electricity Segment, Product Segment and Energy Storage Segment. Electricity segment develops, builds, owns, and operates geothermal and solar Photovoltaic (PV). Product segment designs, manufactures, and sells equipment for geothermal and recovered energy-based electricity generation. Energy Storage segment owns and operates a grid connected In Front of the Meter (IFM) Battery Energy Storage System (BESS) facilities. Its portfolio includes 1,385 MW with 1,215 MW geothermal and solar generation.