Ormat Technologies, Inc. (NYSE: ORA) announced the commissioning of a 15 megawatts (MW) geothermal power plant in Nevada.
The company said the Jersey Valley geothermal power plant online was the only utility-scale geothermal plant completed in the U.S. in 2010.
Located at the northern end of Dixie Valley, Jersey Valley rests along the Pershing-Lander County, Nevada line. Ormat’s power solutions are utilized in the plant design; this includes the Ormat Energy Converter (OEC), a power generation unit that converts low, medium and high temperature heat into electrical energy. The electricity being produced is sold to NV Energy (NYSE: NVE) under a 20-year power purchase agreement.
The Company’s financial position and financing capabilities enabled Ormat to build this project with equity and corporate debt and plan to refinance it upon completion with DOE guarantee funds. This funding strategy shortened the development time and provided flexibility during construction, Ormat said.
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business.
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