Ormat Signs 20-Year PPA for 30 MW of Geothermal Power

Ormat Technologies, Inc. today announced that one of its subsidiaries has signed a 20-year power purchase agreement (PPA) with Nevada Power Company, a subsidiary of Sierra Pacific Resources, for the sale of energy produced from the Grass Valley Geothermal Power Plant to be built in Lander County in northern Nevada.

The PPA is subject to the approval of the Public Utilities Commission of Nevada and is projected to come on line in late 2010.

This new plant is expected to increase the total output supplied from Ormat to Sierra Pacific Resources by between 18 and 30 megawatts (MW).

This agreement is the thirteenth PPA between Ormat and Sierra Pacific Resources, and the seventh executed since the enactment of Nevada’s aggressive renewable portfolio standard (RPS) legislation in 2001. The RPS legislation requires 15 percent of all electricity generated in Nevada to be derived from new renewable energy sources by the end of 2012.

Three power plants are already in commercial operation and sell electricity under these new PPAs and a fourth power plant is expected to declare commercial operation by the beginning of 2008. These new PPAs will help Sierra Pacific meet the upcoming commitment that requires 12% of energy from renewable sources by the end of 2009.
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