RENO, Nev., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) announced today that it successfully completed the scope of work needed to bring the Mammoth G1 geothermal power plant in Mono County, California to full capacity. The 6 MW plant reached commercial operation under the new power purchase agreement (PPA) with Pacific Gas and Electric Company (PG&E) that allows for hourly energy deliveries of up to 7.5 MW and now receives the full commercial rate defined in the PPA.
The Mammoth G1 plant commenced operation in 1984 under a Standard Offer Contract No. 4 PPA with Southern California Edison Company (SCE). In March 2013, Ormat announced the termination of its PPA with SCE and the signing of a new 20-year PPA – not tied to natural gas - with PG&E for the full output of the facility. Refurbishing of the power plant took place in 2013 and was completed less than eight months from the start of mechanical construction with the plant reaching full power in less than a month from the end of construction.
"Constructing the Mammoth G1 geothermal power plant and reaching commercial operation under the new PPA with PG&E is another example of Ormat's ability to add value to existing operating assets," said Yoram Bronicki, president and chief operating officer at Ormat. "By replacing the original equipment with Ormat Energy Converters, we already see an increase in the power plant's efficiency and expect increased availability, lower operation and maintenance costs, and improved EBITDA."
This refurbishing project is the latest in a series of successful projects where third-party generating equipment was replaced with Ormat Energy Converters. Other recent examples include the 2013 repowering of Cyrq Energy's Thermo 1 power plant in Utah and Ormat's Steamboat 2 and Steamboat 3 power plants in Nevada in 2008.
About Ormat Technologies, Inc.
With over four decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (REG). 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 over 82 U.S. patents, Ormat's power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has over 500 employees in the United States and about 600 overseas. Ormat's flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1750 MW of gross capacity. Ormat's current generating portfolio of 611 MW (net) is spread globally in the U.S., Guatemala and Kenya.
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 Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2013.
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.
CONTACT: Ormat Technologies Contact: Dita Bronicki CEO 775-356-9029 email@example.com Investor Relations Contact: Rob Fink/Brad Nelson KCSA Strategic Communications 212-896-1206 (Fink)/212-896-1217 (Nelson) firstname.lastname@example.orgemail@example.com
Source:Ormat Technologies, Inc.