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Ormat Technologies Unveils 15-Year Power Purchase Agreement California's Largest Electricity Provider

05/12/2021 03:25

07:16 AM EDT, 05/12/2021 (MT Newswires) -- Ormat Technologies (ORA) said Wednesday it has signed a 15-year power purchase agreement with the Clean Power Alliance, its first contract with the fifth largest electricity provider in California.

Ormat said CPA, the single largest provider of 100% renewable energy in the US, will purchase 14 megawatts of geothermal renewable energy from its facility in Imperial Valley.

Financial details of the deal weren't disclosed.

The company said the original power purchase agreement, with Southern California Public Power Authority, had a "shorter remaining duration and was subject to an early termination option."

The CPA board approved the agreement May 6.

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