Nevada Power and Ormat Make Geothermal Deal

Nevada Power Company, a wholly owned subsidiary of Sierra Pacific Resources, announced that it has entered into a joint ownership agreement (JOA) with Ormat Nevada Inc., a wholly owned subsidiary of Ormat Technologies Inc., for the co-development of the Carson Lake geothermal energy project near Fallon, Nevada.

A 24-megawatt (MW) power purchase agreement for the Carson Lake project was originally awarded as part of Nevada Power Company’s 2005 renewable energy RFP. Under the new agreement the project’s final size will be based on the results of drilling now underway by Ormat and is expected to be more than 30 MW. Financial terms of the agreement were not disclosed.

“Development of renewable energy projects is a key element of our strategy and this marks a major step forward in our commitment to directly invest in such projects,” said Michael Yackira, Sierra Pacific Resources’ president and CEO. “Ormat has a proven track record as a top geothermal developer and we are very pleased to be able to reach an agreement with them to co-develop and expand the Carson Lake project.”

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