Ormat signs 20-year California power purchasing deal

The company's 16-megawatt Wild Rose geothermal power plant will come online later this year.

Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) has signed a 20-year Power Purchase Agreement (PPA) with Southern California Public Power Authority (SCPPA) to deliver electricity from the company's Wild Rose geothermal power plant in Nevada. The 16-megawatt power plant will come online late this year.

Ormat will sell the power to SCPPA at $99 per megawatt hour with no annual increase. SCPPA will resell the power to the Los Angeles Department of Water and Power and Burbank Water and Power.

Ormat added when the Wild Rose power plant and two other plants under construction in California's Imperial Valley and in Kenya come on line, the company's total generating capacity will reach 637 megawatts by the end of 2013.

Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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