Ormat Signs Power Purchase Agreement With SCPPA

Renewable Energy Today,  Dec 16, 2005  

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Ormat Technologies, Inc. recently announced the signing of a new power purchase agreement with Southern California Public Power Authority (SCPPA) for the purchase of renewable energy from its new geothermal plant located within the Heber Geothermal Facilities Complex in Imperial Valley, CA.

According to Ormat, the Gould Plant will supply 10 megawatts (MW) of geothermal power under the agreement to the SCPPA member cities of Anaheim, Glendale, Pasadena and Banning.

Ormat noted that the product carries recovered energy credits that will assist SCPPA member cities in complying with their respective Renewable Portfolio Standard requirements. The 10 MW, which will be sold at a fixed price of $57.50 per megawatt-hour with an annual escalation of 1.5 percent, includes the value for the energy as well as the environmental attributes. Additionally, 30 percent of the production tax credits, if and when available, will be shared with the power purchasers.

Contact: Dita Bronicki, Ormat, phone 775-356-9029, e-mail dbronicki@ormat.com.

(EIN STAFF: 12/13)

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