Operational and business developments for the full year:
- Commenced commercial operation of three new power plants with an aggregate capacity of over 90 MW. All three plants were constructed and started operating ahead of planned schedule, including:
- Plant 4 in Olkaria III in Kenya, expanding complex capacity to nearly 140 MW in January 2016;
- Phase 2 of Don A. Campbell geothermal power plant in Nevada came on line in September 2015. The complex annual generating capacity increased to approximately 41 MW following the commencement of Phase 2; and
- Phase 2 of the McGinness Hills geothermal power plant in Nevada came on line February 2015 and increased the complex’s generating capacity to approximately 83 MW;
- Heber 1 geothermal power plant started selling power under a new PPA with an average fixed energy price of $85.62, reducing our portfolio exposure to natural gas price fluctuations to approximately 90 MW;
- Commenced construction of the 35 MW Platanares geothermal project in Honduras;
- Signed MOU to acquire 85% of the Bouillante geothermal power plant in the Island of Guadeloupe;
- Signed a strategic collaboration agreement with Toshiba Corporation to develop opportunities in the areas of geothermal power generation systems and related equipment;
- Closed and received $162.3 million cash from Northleaf Capital Partners for a 36.75% equity investment in certain power plants;
- Closed $42 million loan agreement for the Amatitlan power plant in Guatemala;
- Signed an approximate $100.0 million EPC contract in Chile; and
- Completed a share exchange transaction with Ormat Industries Ltd.
“We have a plan to add 160 to 190 megawatts by the end of 2018 by bringing new plants online, expanding existing plants as well as adding capacity from the recent acquisition,” said Isaac Angel, Chief Executive Officer. “As part of this expansion plan, we recently began development efforts in two sites in Nevada. These two projects, Tungsten Mountain and Dixie Meadows, are each expected to generate 25 to 35 MW once they come online in 2017 or 2018. We have drilled several exploration wells at both sites, and while drilling activity is ongoing, we are making progress towards securing PPAs. We believe that these projects may qualify for production tax credits.”
