Ormat Technologies, Inc announced Thursday that one of its subsidiaries had signed a 20-year Power Purchase Agreement (PPA) with Nevada Power Company, a subsidiary of Sierra Pacific Resources, for the sale of energy produced from the Grass Valley Geothermal Power Plant to be built in Lander County in northern Nevada.
The PPA is subject to the approval of the Public Utilities Commission of Nevada and is projected to come on line in late 2010.
This new plant is expected to increase the total output supplied from Ormat to Sierra Pacific Resources by between 18 and 30 megawatts (MWs).
This agreement is the 13th PPA between Ormat and Sierra Pacific Resources, and the seventh executed since the enactment of Nevada's aggressive renewable portfolio standard (RPS) legislation in 2001.
Dita Bronicki, CEO of Ormat said, "This new agreement characterizes Ormat's successful collaboration with Sierra Pacific to develop Nevada's vast geothermal potential, through an aggressive RPS program."
Ormat Technologies, Inc. is a vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal power plants. Ormat is a pioneer in Organic Rankine Cycle (ORC) technology and a leader in the manufacture of ORC power equipment.