Fourth Plant at Complex to Come On Line in Second Half of 2016 and Will Bring Its Capacity to 134 MW
RENO, Nev., Dec. 4, 2014 -- Ormat Technologies, Inc.
Power Purchase Agreement ("PPA") with Kenya Power and Lighting Company
Limited (KPLC), paving the way for the expansion of the Olkaria complex.
Under the terms of the PPA, Ormat expects to increase the generating
capacity of the complex by 24 MW, bringing the complex's total capacity to
134 MW. The fourth plant is expected to come on line in the second half of
2016 and to sell electricity under a 20 years PPA with KPLC.
"Ormat's Olkaria geothermal complex provides clean, reliable and firm power
to over 200,000 Kenyan households, increasing the complex by an additional
24 MW will further benefit the Kenyan people. We see Kenya, with its
progressive renewable energy policy, as an important market for us and where
we will continue to explore additional projects," said Ormat CEO Isaac
Angel. "The synergies that derive from adding units to the existing complex
allow smaller plants to be a cost effective and provide the additional power
that the country needs in record speeds."
About Ormat Technologies, Inc.
With over four decades of experience, Ormat Technologies, Inc. is a leading
geothermal company and the only vertically integrated company solely engaged
in geothermal and recovered energy generation (REG). The company owns,
operates, designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter - a power generation unit that
converts low-, medium- and high-temperature heat into electricity. With over
77 U.S. patents, Ormat's power solutions have been refined and perfected
under the most grueling environmental conditions. Ormat has 480 employees in
the United States and about 640 overseas. Ormat's flexible, modular
solutions for geothermal power and REG are ideal for the vast range of
resource characteristics. The company has engineered, manufactured and
constructed power plants, which it currently owns or has installed to
utilities and developers worldwide, totaling over 1,900 MW of gross
capacity. Ormat's current generating portfolio of 626 MW (net) is spread
globally in the U.S., Guatemala and Kenya.