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Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, announced today at the United Nations Climate Change Conference (COP28) the signing of a groundbreaking 25-year Power Purchase Agreement (PPA) with Dominica Electricity Services Ltd. (DOMLEC) for the development of a state-of-the-art 10 MW binary geothermal power plant in the Caribbean country of Dominica. The project is expected to be operational by the end of 2025.
This agreement follows the Government of the Commonwealth of Dominica's successful development of the geothermal reservoir in the Roseau Valley. At the end of the agreement term, ownership of the power plant will be transferred to the Government of the Commonwealth of Dominica. Ormat intends to finance the development through the issuance of concessional long-term debt with a below market interest rate. This project not only strengthens the Company's global presence, but also supports its long-term growth plans.
Located on an island adjacent to Ormat's existing Bouillante power plant in Guadeloupe, the new geothermal facility will allow Ormat to benefit from operational synergies that will reduce manpower costs and strengthen the economic potential of the expected Dominica geothermal project. Looking ahead, Ormat plans to expand its Bouillante power plant and, with the development in Dominica, will bring total generating capacity in the Caribbean to approximately 35 MW. The company also aims to extend its proprietary technology to neighboring islands, displacing fossil fuels in the region's electricity generation.
Doron Blachar, CEO of Ormat Technologies, stated, "This landmark agreement demonstrates our commitment to pioneering sustainable energy solutions. Not only is Ormat ensuring a cleaner and more resilient future for Dominica, its energy sources, and its economy, but we're also contributing to a positive impact on the quality of life of its residents. Our partnership with DOMLEC and the Government of the Commonwealth of Dominica is a testimony to our shared vision for a greener and more sustainable tomorrow. We extend our sincere gratitude to DOMLEC and the Government of the Commonwealth of Dominica for their collaborative efforts in making this groundbreaking project a reality."
Posted In: ORA
