ORA - Ormat Tech starts commercial operation of two new battery storage plants

2023-06-26 09:58:32 ET

Ormat Technologies ( NYSE: ORA ) said Monday it has begun commercial operations for two new battery storage facilities in Texas and New Jersey, adding 43 MW of cumulative capacity.

The 23 MW Upton project in Texas will provide energy and ancillary services to ERCOT and support the electric grid in times of scarcity. and the 20 MW Andover BESS project in New Jersey will provide ancillary services to PJM.

The storage assets are part of four facilities with a total capacity of 62 MW planned for H1 2023.

Ormat ( ORA ) "will now be able to maximize the economic advantages of these storage assets as they become eligible for Investment Tax Credits for the first time, [which] allows us to claim ~30% of the asset value in tax credits, reducing our capital needs and enhancing earnings," CEO Doron Blachar said.

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