ORA - Ormat inks 20-year deal with CC Power for up to 125 MW of geothermal capacity

Ormat Technologies (NYSE:ORA) said on Wednesday it executed a 20-year power purchase agreement with California Community Power for up to 125 MW for geothermal capacity. Ormat (ORA) said energy deliveries under the portfolio PPA are expected to start in Q2 2024 from new projects currently under construction or in development in Nevada and California. The PPA marks the successful contract negotiation following Ormat's (ORA) response to CC Power's 2021 Request for Offers for Firm Clean Resources, which followed the California Public Utilities Commission requirement that electricity distributors procure long lead-time clean energy resources to address mid-term reliability. "In addition to the latest two PPAs we recently signed with NV Energy, this 20-year PPA will enable Ormat to continue executing upon our multi-year growth trajectory," CEO Doron Blachar said. Ormat Technologies (ORA) recently reported better than expected Q1 earnings on revenues of $183M.

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Ormat inks 20-year deal with CC Power for up to 125 MW of geothermal capacity