Ormat inks 10-year PPAs for Californian geothermal power facility

The Puna geothermal plant. Source: Ormat. License: All Rights Reserved

January 14 (Renewables Now) - Ormat Technologies Inc (NYSE:ORA) on Monday announced two power purchase agreements (PPAs) tied to 14 MW out of the 30-MW capacity of its geothermal power project in Mammoth Lakes, California.

The PPAs with Silicon Valley Clean Energy and Monterey Bay Community Power are for 7 MW each at a fixed price and both have a term of 10 years. Last year, Ormat signed a PPA with Southern California Public Power Authority for the remaining 16 MW.

The Casa Diablo-IV (CD4) geothermal plant is due to be commissioned by the end of 2021. It will be the first geothermal facility built within the California Independent System Operator (CAISO) balancing authority over the past 30 years. It will also be the first in Ormat's portfolio to sell the power it generates to a community choice aggregator.

The contracts further advance the company's initiative to expand its geothermal operations domestically, Ormat CEO Isaac Angel said.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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