Ormat Technologies, Inc. announced the execution of a Power Purchase Agreement with California Community Power, a Joint Powers Agency consisting of numerous California Community Choice Aggregators. Energy deliveries under the portfolio PPA are expected to start in the second quarter of 2024, with the expectation that the entire portfolio covered under the new PPA will be online by the end of 2026. The portfolio PPA covers a term of 20 years and is comprised entirely of new projects currently under construction or in development in Nevada and California.

This PPA marks the successful contract negotiation following Ormat's response to CC Power's 2021 Request for Offers for Firm Clean Resources. This RFO was issued immediately following the California Public Utilities Commission requirement that electricity distributors procure long lead-time clean energy resources to address mid-term reliability. This decision has mandated the procurement of new generation with at least an 80% capacity factor with zero on-site emissions.