ORA - Ormat Technologies signs long-term PPA with San Diego Community Power

2023-07-05 09:19:27 ET

Ormat Technologies ( NYSE: ORA ) and San Diego Community Power said Wednesday they signed a 20-year power purchase agreement to provide energy generated by the Arrowleaf solar and storage facility in Imperial County, California.

Ormat ( ORA ) said the solar component of the project will contribute 42 MW of clean energy to the grid, enough to power 31.5K homes, and the project's storage component will provide 35 MW/140 MWh of capacity, enough to provide four hours of electricity during peak consumption periods when solar is not operating; operations are expected to begin in H1 2025.

"This agreement represents a great outcome for SDCP and Ormat and will bring significant value from a solar plus storage facility that will strategically utilize the existing interconnection infrastructure that was established for our nearby Brawley geothermal power plant," Ormat ( ORA ) CEO Doron Blachar said.

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