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Mar 15, 2011Ormat Signs Power Purchase Agreement with NV Energy
Ormat Signs Power Purchase Agreement with NV Energy Under 20-Year Agreement, Northern Nevada Geothermal Power Plant to Supply 30MW
(RENO, Nev.) March 15, 2011 – Ormat Technologies, Inc. (NYSE: ORA) announced today that it signed a 20-year power purchase agreement (PPA) with NV Energy to purchase 30 MW of clean, renewable energy generated from the Dixie Meadows geothermal project. Ormat is currently in the exploration phase of the Dixie Meadows development project, which is located in Churchill County, Nev. The PPA has been submitted for approval to the Public Utilities Commission of Nevada.
Upon successful development, the Dixie Meadows geothermal project will further increase the 127 MW that Ormat is currently operating in the state and approximately 90 MW that are in construction. If the Dixie Meadows project reaches completion by the end of 2013, it would also be eligible for an ITC cash grant.
“This is another step in our long cooperation with NV Energy to provide clean and reliable renewable energy to northern Nevada,” said Yoram Bronicki, president and chief operating officer of Ormat. “The exploration efforts in Dixie Meadows are an investment in the development of the rural areas in the state and a successful project will have a positive economic impact through its contract life.”
Michael Yackira, president and chief executive officer of NV Energy, said “We are pleased to be working with Ormat on this project and to be taking another step forward in utilizing Nevada’s abundant geothermal resources for the benefit of our customers and for the environment.”
For further information contact Ormat
