Ormat Signs Power Purchase Agreement With Great River Energy

Ormat Technologies has announced that one of its wholly owned subsidiaries has executed a new 20-year power purchase agreement with Great River Energy for electricity to be produced by a new Ormat recovered energy generation facility.

The new recovered energy generation (REG) facility will have a net capacity of 5.3MW and will convert the recovered waste heat from the exhaust of an existing gas turbine into electricity. The turbine is located at a compressor station along the Northern Border natural gas pipeline and Ormat has already secured the rights to the waste heat for the new facility.

Ormat expects the plant to be commissioned in 2009 or early 2010. With the addition of this new REG facility, Ormat will own a total of nine units with an installed capacity of nearly 50MW along the Northern Border pipeline which are currently under operation and under various stages of construction.

Dita Bronicki, CEO of Ormat Technologies, said: “We are encouraged by the increased attention to energy efficiency and the confidence in our REG technology. Using clean solutions such as Ormat’s REG units is a win-win strategy all around, providing both parties with one of the cleanest, fastest and most cost-efficient ways to generate power while reducing carbon emissions.

“While each of our REG power plants along the Northern Border pipeline is only about 5MW, when combining the opportunities along this one pipeline alone, we are generating power equivalent to the capacity of one of our 50MW geothermal power plants.”