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Ormat begins commercial operation of the 30 MW CD4 geothermal project

By on July 18, 2022 0

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RENO, Nev., July 18 10, 2022 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE:ORA), a leading geothermal, energy storage, solar PV and recovered energy company, today announced the commercial operation of the Casa Diablo-IV (“CD4”) 30 MW geothermal power plant. The CD4 facility provides 7MW of geothermal energy to two community choice aggregators, Silicon Valley Clean Energy and Central Coast Community Energy, each under a 10-year Power Purchase Agreement (“PPA”) . Additionally, the facility provides 16 MW of geothermal power to the Southern California Public Power Authority under a 25-year agreement.

CD4 is the first geothermal power plant built within the California Independent System Operator balancing authority in the past 30 years and will be the first in Ormat’s portfolio to sell its output to a community-based aggregator of choice. CD4 is a state-of-the-art, air-cooled binary plant that provides stable and reliable 24-hour renewable benefits with zero carbon emissions.

“We are delighted to begin mining CD4. These three strategic PPAs support Ormat’s long-term plans to grow our geothermal business in California, while demonstrating the value of Ormat’s unique binary technology to deliver zero-emissions renewable energy at affordable prices,” said commented Doron Blachar, CEO of Ormat. “We look forward to leveraging our proven capabilities to help deliver clean energy to our partners and their end users, while ensuring grid reliability. We are excited to partner with sustainability-focused electricity providers to meet the electricity needs of these California communities while advancing our growth plans. With our 30 MW CD4 geothermal plant and the addition of our 20 MW Wister Solar plant, which started operations last week, our total portfolio has reached 1,163 MW and we are on track to meet our targets for 2023.”

ABOUT ORMAT TECHNOLOGIES

With more than five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy (“REG”) generation, with solid plans to accelerate the long-term growth in the energy storage market. and establish a leadership position in the US energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants mainly based on the Ormat energy converter – a power generation unit that converts low, medium and high temperature heat into electricity. The Company has designed, manufactured and constructed power plants that it owns or has installed for utilities and developers around the world, totaling approximately 3,200 MW of gross capacity. In addition, Ormat is expanding its business into energy storage, solar photovoltaic (PV) and solar PV plus energy storage services. Ormat’s current total generation portfolio is 1.2 GW with 1,075 MW of geothermal and solar generation portfolio spread across the world in the United States, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe , and an 88 MW energy storage portfolio located in the United States.

ORMAT SAFE HARBOR DECLARATION

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections regarding future events which are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements , other than historical statements made, included in this press release that address activities, events or developments that we expect or expect to occur or may occur in the future, including matters such as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive forces, objectives, development or operation of the assets of production, market and industry developments and the growth of our business and o statements, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate “, “predicts”, “projects”, “potential” or “envisage” or the negative form of these terms or other comparable terms are intended to identify forward-looking statements, although not all forward-looking statements contain such words. or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based on its management’s current estimates and projections regarding future results or trends. Although we believe that our plans and objectives reflected or implied by these forward-looking statements are reasonable, we may not achieve such plans or objectives. Actual future results may differ materially from those projected due to certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 25, 2022, and in subsequent quarterly reports of Ormat on Form 10-Q and Annual Reports on Form 10-K which are filed from time to time with the SEC.

These forward-looking statements are made only as of the date hereof and, except as required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Ormat Technologies Contact:Smadar LaviVP Head of IR and ESG Planning & Reporting775-356-9029 (ext. 65726)[email protected] Investor Relations Agency Contact: Sam Cohen or Joseph CaminitiAlpha IR Group312-445-2870[email protected]

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Source: Ormat Technologies, Inc.