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| This will be the first time renewable energy will be delivered from Nevada to California using NV Energy's One Nevada Transmission Line (Courtesy NV Energy) |
Ormat Technologies, Inc.'s wholly owned subsidiary entered into a 20-year Power Purchase Agreement (PPA) with Southern California Public Power Authority (SCPPA) to deliver electricity from its 16 MWe Wild Rose geothermal power plant in Mineral County, Nevada. When Wild Rose comes online at the end of 2013, it will mark the first time renewable energy will be delivered from Nevada to California using NV Energy's One Nevada Transmission Line.
Ormat will sell the power to SCPPA at $99 per megawatt hour with no annual escalation. SCPPA will resell the power to the Los Angeles Department of Water and Power (LADWP) and Burbank Water and Power (BWP). Electricity from Wild Rose geothermal power plant will be transmitted to LADWP and BWP through NV Energy's transmission system. NV Energy's system includes the new 500 kV One Nevada Transmission Line that will connect service areas in both northern and southern Nevada. The line is expected to be operational by the end of this year.
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