Wednesday, February 26, 2020

USA, Nevada: Outgoing Ormat CEO Updates on Geothermal Energy Projects

Ormat Technologies, Inc. CEO Isaac Angel on Q4 2019 Results - Earnings Call Transcript (Seeking Alpha)

Isaac Angel, Ormat CEO: "We remain on track with our near-term growth, and we plan between 180 and 200 megawatts of geothermal and solar power plant by the end of 2022 from organic growth.

In mid-2019, we began operation of our first ever geothermal and solar hybrid project, a 7-megawatt AC solar expansion of our Tungsten Mountain geothermal project in Nevada. The electricity generated from the tungsten solar power plant is used to offset to -- the equipment energy use facility, thus increasing the renewable energy delivered by the project.

The Steamboat Hills, a part of our Steamboat complex, we are replacing the old power plant equipment with our new advanced technology equipment that will eventually increase the capacity of the complex by approximately 19 megawatts and reduced maintenance costs. Equipment has been delivered to the site and construction is ongoing. We expect commercial operations to begin in the first half of 2020.

In Heber Complex in California, we are in process of repowering the Heber 1 and Heber 2 power plants. We are replacing the steam turbine and the older equipment with our advanced technology equipment that will add a net capacity of 11 megawatt, following these enhancement, we expect capacity of the Complex to reach 92 megawatt. Permitting, engineering and procurement are on board. Manufacturing, construction of equipment commence in the fourth quarter of 2019, with expected commercial operation in early 2021.

We plan to develop the CD4 30-megawatt air cool geothermal binary power plant near our Mammoth Complex, California. We recently announced the signing of an additional two PPAs, and now we have secured the full capacity expected for this project. These two PPAs were signed with Silicon Valley Clean Energy and Monterey Bay Community Power that will purchase 7 mega each and 14-megawatt power together.

Engineering and procurement for the construction of CD4 projects have started, and we expect this project to come online at the end of 2021. At North Valley in Nevada, following exploration activities, we reduced the expected generation capacity due to recent indication of world free injection limitation."

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