Ormat Technologies, Inc. Signs Long-Term Resource Adequacy Agreement with Pacific Gas and Electric Company
August 10, 2021 at 10:08 am EDT
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Ormat Technologies, Inc. announced that it has signed a Long-Term Resource Adequacy agreement with Pacific Gas and Electric Company (PG&E) for its 20MW/40MWh Pomona-2 facility that is currently under construction. The Pomona 2 project will be located adjacent to and will utilize existing infrastructure from the operating Pomona 1 facility. Under the 10-year agreement, the Pomona-2 facility will provide 10MW of Resource Adequacy to PG&E and will also participate in the energy and ancillary services markets run by the California Independent System Operator (CAISO). Ormat will undertake engineering, procurement and construction (EPC) of this project, leveraging its core EPC capabilities and expects the project to begin commercial operation by October 2022. The Pomona-2 facility will add 20MW/40MWh to Ormat’s current 83MW/176MWh operating energy storage portfolio and supports Ormat’s plans to add between 200-300MW of additional energy storage projects by the end of 2023. The Long-Term Resource Adequacy agreement with PG&E was recently filed with the Public Utilities Commission (PUC) for approval.
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.