Ormat Technologies signs 20-year contract in US
YNET
May 25, 2007
New geothermal plant to be constructed by Israeli company at geothermal site
in rural Nevada
Israel Money
Ormat Technologies, Inc announced Thursday that one of its subsidiaries had
signed a 20-year Power Purchase Agreement (PPA) with Nevada Power Company, a
subsidiary of Sierra Pacific Resources, for the sale of energy produced from
the Grass Valley Geothermal Power Plant to be built in Lander County in
northern Nevada.
The PPA is subject to the approval of the Public Utilities Commission of
Nevada and is projected to come on line in late 2010.
This new plant is expected to increase the total output supplied from Ormat
to Sierra Pacific Resources by between 18 and 30 megawatts (MWs).
This agreement is the 13th PPA between Ormat and Sierra Pacific Resources,
and the seventh executed since the enactment of Nevada's aggressive renewable
portfolio standard (RPS) legislation in 2001.
Dita Bronicki, CEO of Ormat said, "This new agreement characterizes Ormat's
successful collaboration with Sierra Pacific to develop Nevada's vast
geothermal potential, through an aggressive RPS program."
Ormat Technologies, Inc. is a vertically-integrated company primarily
engaged in the geothermal and recovered energy power business. The Company designs,
develops, builds, owns and operates geothermal power plants. Ormat is a
pioneer in Organic Rankine Cycle (ORC) technology and a leader in the manufacture of
ORC power equipment.