Highlights for the year and recent developments include:
- Electricity generation increased 7.9% to 4.3 million MWh, driven by contributions from Olkaria III Plant 2, McGinness Hills, Jersey Valley and Tuscarora;
- Completed 58 MW expansion of the Olkaria III geothermal complex in Kenya bringing the complex’s total generating capacity to 110 MW;
- Completed the 16 MW Don A. Campbell geothermal power plant in Nevada;
- Completed the acquisition of the Platanares project in Honduras and released McGinness Hills phase 2 for construction; and,
- Secured Purchase Agreements (PPAs) for Heber 1 in California and for Mammoth G1 and G3 to replace the Standard Offer Contract No. 4 (SO#4), which are tied to natural gas prices, with fixed-price contracts;
Dita Bronicki, chief executive officer of Ormat, stated: “We are very pleased to deliver strong financial results marking our return to earnings growth while making significant progress developing a geographically balanced portfolio of geothermal projects. During 2013 and early 2014, we added 70 MW of new generating capacity from three new geothermal power plants bringing our total portfolio to 626 MW.
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