Ormat Technologies, Inc. today announced financial results for the third quarter of 2013. Operational highlights and recent developments:
- Increased electricity generation by 5.0% to 985,531 MWh, driven by new capacity coming on line at Olkaria III Plant 2 in Kenya, and increased generation at the McGuiness Hills plant;
- Successfully completed the world's largest binary geothermal plant, the 100 MW Ngatamariki in New Zealand, under a $142.0 million EPC contract;
- Secured a 10-year Power Purchase Agreement (PPA) with the Southern California Public Power Authority to supply power from the Heber 1 geothermal plant in California beginning December 16, 2015. The new PPA replaces the Standard Offer Contract No. 4 (SO#4), which is tied to natural gas prices, with fixed-price contract at a higher rate;
- Entered into a joint development agreement with eBay to develop a 5 MW recovered energy generation power plant in Utah to supply cleaner electricity to eBay's new data center; and
- Signed an agreement for a greenfield development of the Hu'u Dompu geothermal prospect in Indonesia.