ORA - Ormat Technologies signs 15-year power purchase agreement with Peninsula Clean Energy

Renewable energy company Ormat Technologies (NYSE:ORA) on Thursday signed a 15-year power purchase agreement (PPA) with Peninsula Clean Energy, a provider of more than 3,500 gigawatt hours of electricity to San Mateo County and the City of Los Banos in California. As per the deal, Peninsula Clean Energy will purchase 26 megawatt of renewable energy from Ormat’s Heber 2 geothermal facility located in Imperial Valley. The agreement has been approved by Peninsula Clean Energy’s board, and is effective January 1, 2023. “The clean and reliable geothermal energy from Heber 2 will play a key role in meeting our sector-leading goal of achieving 24/7 renewable power for our customers by 2025,” said Peninsula Clean Energy CEO Jan Pepper. ORA stock earlier closed 1.4% higher at $84.91.

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Ormat Technologies signs 15-year power purchase agreement with Peninsula Clean Energy