Ormat Starts Solar Project in U.S. With Agreement to Sell Power

Ormat Technologies Inc. (ORA) said it signed a power purchase agreement allowing it to sell electricity from a 10-megawatt solar facility in California, its first photovoltaic project in the U.S.

The plant will be located near the Heber geothermal complex in Imperial Valley and will sell the power for 20 years to the Imperial Irrigation District. Construction will start within 18 months, according to a statement from Ormat on PRNewswire.

The geothermal power provider said it’s boosting its focus on solar energy because it’s able to generate electricity from PV projects without many tax incentives.

“While Ormat’s roots in solar energy go back more than 40 years, we have recently reinitiated our development efforts in solar projects,” said Yoram Bronicki, president and chief operating officer of Ormat Technologies.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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