RENO, Nev., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc.¹ (NYSE: ORA) today announced that it has signed a Long-Term Resource Adequacy agreement with Pacific Gas and Electric Company (PG&E) for its 20MW/40MWh Pomona-2 facility that is currently under construction.

The Pomona 2 project will be located adjacent to and will utilize existing infrastructure from the operating Pomona 1 facility. Under the 10-year agreement, the Pomona-2 facility will provide 10MW of Resource Adequacy to PG&E and will also participate in the energy and ancillary services markets run by the California Independent System Operator (CAISO).

Ormat will undertake engineering, procurement and construction (EPC) of this project, leveraging its core EPC capabilities and expects the project to begin commercial operation by October 2022. The Pomona-2 facility will add 20MW/40MWh to Ormat’s current 83MW/176MWh operating energy storage portfolio and supports Ormat’s plans to add between 200-300MW of additional energy storage projects by the end of 2023.

The Long-Term Resource Adequacy agreement with PG&E was recently filed with the Public Utilities Commission (PUC) for approval.

“This agreement is a result of the California Public Utility Commission (CPUC) directive, in response to the August 2020 blackouts, that requires the three major investor-owned utilities in California to procure 1,000MW in incremental capacity by the Summer of 2022 to ensure reliable electric service in the event of an extreme weather event,” commented Doron Blachar, Ormat’s Chief Executive Officer. “Ormat has demonstrated the ability to secure and deploy batteries quickly, enabling customers to meet these aggressive timelines in a cost-effective and reliable way.”

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. 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. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1.1 GW that comprises of 1,015 MW of geothermal and Solar generating portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe and 83 MW energy storage portfolio that is located in the U.S.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release contains statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to expected revenue and EBITDA contributions from the acquired assets, the achievement of synergies, Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties.

For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021, and from time to time, in Ormat’s quarterly reports on Form 10-Q that are filed with the SEC.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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1} Ormat Technologies, Inc. is also referred to herein as the “Company”, “Ormat”, “we” or “us”