Ormat Technologies Signs PPA With Electricité De France For A New Geothermal Power Plant In Guadeloupe

Author: Benzinga Newsdesk | March 04, 2024 09:21am

Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, announced today that it has signed a 30-year Power Purchase Agreement (PPA) with Electricité de France (EDF) for the development of a new 10MW geothermal power plant on the Island of Guadeloupe, in which we own a 63.75% equity interest. The new plant development will be added to Ormat's existing 15MW Bouillante geothermal power plant. The project's field development is completed with resource secured and is expected to be operational by the end of 2025.

 

The new power plant will be a sea water-cooled binary system using state-of-the-art Ormat Energy Converters (OEC). The system will be positioned approximately 100 meters above sea level and will incorporate an intermediate cooling loop, which will optimize energy efficiency. This milestone reflects Ormat's commitment to pushing the boundaries of clean energy development and cutting-edge clean energy technology, while continuing to set the stage for a more sustainable future through the ongoing energy transition.

Doron Blachar, CEO of Ormat Technologies, affirms, "This landmark agreement is the second agreement with EDF, reflecting the strength and value creation of our existing relationship. With the addition of the new Bouillante power plant in Guadeloupe and the recent signing of the new 10MW power plant to be built in Dominica, our total geothermal capacity in the Caribbean region will be 35 MW by the end of 2025. Further, this long-term agreement to expand generation capacity and supply clean, renewable, and reliable power to the island demonstrates our steadfast commitment to sustainable low carbon energy solutions. Not only are we transforming the energy landscape, but we're also enhancing the quality of life for residents in the geographies in which we operate."

Posted In: ORA