Ormat (ORA) Unit Inks PPA For California Geothermal Complex
Zacks Investment Research | Nov 30, 2016 10:17PM ET
Ormat Technologies, Inc. (NYSE:ORA) announced that one of its affiliate has signed a 25-year power purchase agreement (PPA) with Southern California Public Power Authority (SCPPA) for power generated by the Ormesa geothermal complex in Imperial Valley, CA.
Details of the Deal
The SCPPA will buy energy from Ormesa at the rate of $77.25 per megawatt-hour (MWh) with no annual escalation. The capacity of the contract is 35 megawatts (MW), with a maximum generation equivalent to a net capacity of about 43 MW.
The term of the agreement will be effective from Nov 30, 2017 and replace Ormesa's current 30-year Standard Offer Contract No. 4 with Southern California Edison, a subsidiary of Edison International (NYSE:EIX) , which is set to expire on Nov 29, 2017.
SCPPA will resell around 86% of the complex's output to the Los Angeles Department of Water and Power (LADWP) and the remaining 14% to the Imperial Irrigation District (IID).
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