Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. subsidiary, a Philadelphia-based company with nearly a decade of expertise and leadership in energy storage, demand response and energy management. Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. Ormat’s current 910 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,900 MW of gross capacity. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for vast range of resource characteristics. Ormat has 584 employees in the United States and 762 overseas. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. 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. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with the objective of becoming a leading global provider of renewable energy. With over five decades of experience, Ormat Technologies, Inc. This power purchase agreement with Ormat for CD4 demonstrates Colton’s commitment to a green economy with affordable energy prices for our citizen’s while committing to zero emission sustainable resources.” CD4 will provide almost 25 percent of Colton’s annual energy supplies. “CD4 will be a long-term, renewable resource with no greenhouse gas emissions and will provide resource adequacy capacity and energy at an affordable price to Colton’s ratepayers. “The Colton Electric Department looks forward to taking delivery of energy from a geothermal facility as the cornerstone of our renewable resources,” said, Colton Mayor, Frank Navarro. We are delighted to be chosen again by SCPPA and greatly appreciate their confidence in Ormat.” CD4 Project is a new state-of-the-art air-cooled binary geothermal facility that is renewable and will have no CO2 emissions, will provide resource adequacy and ancillary benefits. CD4 will allow the City of Colton to meet its clean energy standards while also ensuring grid reliability. Isaac Angel, CEO of Ormat Technologies said, “This strategic PPA supports Ormat’s long-term plans to grow our geothermal business domestically. Ormat intends to sell the balance of 14MW to other offtakers or at the spot market. The PPA is for a term of 25 years and has a fixed price of $68 per MWh. The 16MW of energy deliveries under the PPA will begin no later than the end of 2021 with an extension option. The CD4 power plant will be the first geothermal power plant built within the California Independent System Operator (CAISO) balancing authority in the last 30 years. SCPPA will resell the output to the City of Colton. Under the PPA, SCPPA will purchase 16MW of power generated by the expected 30MW Casa Diablo-IV (CD4) geothermal project located in Mammoth Lakes, California. (NYSE: ORA) today announced the signing of a Power Purchase Agreement (PPA) between a subsidiary of the Company and Southern California Public Power Authority (SCPPA). RENO, Nev., Ma(GLOBE NEWSWIRE) - Ormat Technologies Inc.
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