Ormat's Puna Geothermal Venture and Hawaiian Electric Announce Amended Power Purchase Agreement

RENO, Nev., Jan. 06, 2020 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. 1 (NYSE: ORA) today announced that its subsidiary, Puna Geothermal Venture (PGV), and Hawaiian Electric’s Hawaii Electric Light subsidiary have reached an agreement on an amended and restated power purchase agreement (PPA) for dispatchable geothermal power sold from Ormat’s Puna complex, located on the Big Island of Hawai’i.

“Ormat’s reconstruction efforts to bring the 38MW complex back to operation are underway, and we continue our geothermal field recovery work.

We expect to be able to sell the electricity produced at PGV as soon as we receive the relevant permits required from local authorities,” commented Isaac Angel, Ormat’s Chief Executive Officer.

“We are proud to partner with Hawaiian Electric and enable Hawai’i’s commitment to clean energy and reducing greenhouse gas emissions.

“We appreciate the willingness of the Ormat team to work with us on an amended contract that benefits customers and accelerates our transition to 100 percent renewable energy.”

The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,900 MW of gross capacity.

Powered by Blogger.