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RENO, Nev., Aug. 05, 2019 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA) announced today that it commenced commercial operation of the company’s first-ever geothermal and solar hybrid project, a 7MW AC solar expansion of its Tungsten Mountain geothermal project in Churchill County, Nevada. The Tungsten Solar expansion commenced commercial operation in July 2019.
The electricity generated from the Tungsten Solar power plant will be used to offset the equipment’s energy use at the Tungsten geothermal facility, thus increasing the renewable energy delivered by the project under the Southern California Public Power Authority (SCPPA) portfolio contract.
SCPPA and Los Angeles Department of Water and Power (LADWP) had the vision to enable this development through their innovative portfolio contract, which sought to maximize the output of their renewable facilities, furthering the transition away from coal power while maintaining a reliable power supply for Los Angeles.
“Our first hybrid project provides a roadmap for future expansions, as Ormat continues to transition from a leader in geothermal energy to a leader in the broader renewable energy sector,” said Isaac Angel, Ormat’s CEO. “We leveraged our expertise to expand the capacity at minimal cost, providing consumers with additional renewable energy.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with the objective of becoming a leading global provider of renewable energy. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 77 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 584 employees in the United States and 762 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for vast range of resource characteristics. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,900 MW of gross capacity. Ormat’s current 917 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Ormat expanded its operations to provide Solar, energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties.
For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) March 1, 2019 and from time to time, in Ormat’s quarterly reports on Form 10-Q that are filed with the SEC.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
|Ormat Technologies Contact:
VP Corporate Finance and Head of Investor Relations
775-356-9029 (ext. 65726)
|Investor Relations Agency Contact:
ORMAT TECHNOLOGIES, INC.
6225 Neil Road Reno, Nevada • +1-775-356-9029 • firstname.lastname@example.org