Ormat Technologies Inc., (ORA) has signed a Power Purchase Agreement (PPA) with Southern California Public Power Authority (SCPPA) for the purchase of renewable energy from its new geothermal project, the Gould Plant, located within the Heber Geothermal Facilities Complex.
The PPA is for 10 MW, energy only, which will be sold at a fixed price of $57.50/MWh with an annual escalation of 1.5% and includes the value for the energy as well as the Environmental Attributes. In addition, 30% of the Production Tax Credits, if and when available, will be shared with the power purchasers.
The Gould Plant will supply 10 MW (net) of clean and sustainable geothermal energy, under the above mentioned Heber PPA to the following SCPPA member cities: Anaheim, Glendale, Pasadena, and Banning.
The product carries Environmental Attributes, known as Recovered Energy Credit (RECs), which will assist the SCPPA member cities to comply with their respective Renewable Portfolio Standard (RPS) requirements.
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