Ormat Technologies signs purchase agreements with NV Energy

Ormat Technologies, Inc. has announced the execution of two power purchase agreements (PPAs) between two of its subsidiaries and NV Energy.

Under the first PPA, NV Energy will purchase 25 MW of power over 25 years generated by the North Valley Geothermal project, a new facility expected to come online by early 2023. Additionally, NV Energy will purchase up to 135 MW of power generated by a portfolio of the company’s new and existing geothermal power plants. Both PPAs are subject to the Nevada Public Utility Commission’s approval.

Energy deliveries under the portfolio PPA are expected to start in the fourth quarter of 2024 and the entire portfolio is expected to be online by the end of 2028.

The portfolio PPA is for a term of 25 years from the end of the final development period, ending December 31, 2053. The portfolio covers facilities in Northern Nevada, and is comprised of both new projects currently under construction or in development as well as existing facilities.

These Nevada projects will supply renewable energy to NV Energy and help it meet its renewable energy targets while supporting increasing customer demand for round the clock clean energy, drive the development of more clean energy to serve Nevadans, and support continued partnership with the International Brotherhood for Electric Workers Local 401.

For more information, visit www.ormat.com