Ormat Technologies Acquires Blue Mountain Geothermal Power Plant

Ormat Technologies, Inc., a leading provider of renewable energy solutions, has finalized the acquisition of the Blue Mountain geothermal power plant from Cyrq Energy for $88 million. The 20MW power plant, located in Nevada and built with Ormat technology, will undergo upgrades to increase its capacity by approximately 3.5MW. The expansion plans also include the proposed addition of a 13MW solar facility to support the plant's auxiliaries, pending permit and PPA approval. This strategic move aligns with Ormat's generation capacity growth strategy, enhancing its portfolio and reinforcing its commitment to sustainable base-load energy solutions.

Key Takeaways:

• Ormat Technologies, Inc. has acquired the Blue Mountain geothermal power plant from Cyrq Energy for $88 million, a 100% equity interest in the 20MW power plant.
• The Blue Mountain geothermal power plant is located in Nevada and was originally built with Ormat technology, currently delivering power under a PPA with NV Energy (NVE), set to expire at the end of 2029.
• As part of the Company's generation capacity growth strategy, Ormat plans to upgrade the power plant and increase its capacity by approximately 3.5MW.
• Ormat's strategic expansion plans also include the proposed addition of a 13MW solar facility to support the power plant's auxiliaries, pending permit and PPA approval.
• The transaction was funded through bank debt.
• Doron Blachar, Chief Executive Officer of Ormat Technologies, emphasized the acquisition's benefits, highlighting its potential for increased revenue generation through upgrades and the addition of a solar facility.
• The acquisition reinforces Ormat's commitment to sustainable base-load energy solutions and enhances its portfolio.

Statistics:

• $88 million: The amount paid by Ormat Technologies for 100% equity interest in the 20MW Blue Mountain geothermal power plant.
• 3.5MW: The approximate increase in capacity Ormat plans to achieve through upgrades to the Blue Mountain geothermal power plant.
• 13MW: The proposed capacity of the solar facility to be added in support of the power plant's auxiliaries.
• 100%: The equity interest in the 20MW power plant acquired by Ormat Technologies.

Sources:

• Ormat Technologies, Inc. [ormat.com]