Latest news with #OrmatTechnologies
Yahoo
2 days ago
- Business
- Yahoo
Ormat completes Blue Mountain Nevada geothermal plant acquisition
Ormat Technologies has finalised its acquisition of the Blue Mountain geothermal power plant from Cyrq Energy, increasing its electricity segment generating portfolio to 1,268MW. The $88m deal transfers 100% equity interest in the 20MW facility, which was originally constructed with Ormat's technology. Located in the US state of Nevada, the Blue Mountain facility is currently engaged in a power purchase agreement (PPA) with NV Energy that will terminate in late 2029. In alignment with its strategic expansion plans, Ormat aims to upgrade and expand the existing geothermal plant by an estimated 3.5MW. Further enhancing its renewable energy footprint, Ormat has proposed adding a new 13MW solar installation to supply auxiliary power to the Blue Mountain site. The addition requires permits and PPA approval. Ormat Technologies CEO Doron Blachar stated: 'The acquisition of the Blue Mountain geothermal power plant enhances our portfolio and reinforces our commitment to sustainable base-load energy solutions. 'This acquisition not only immediately increases our generating capacity but also provides the potential for a significant upside in revenue generation through our planned upgrades and the potential addition of a solar facility. We are excited about the opportunities this acquisition brings, and we look forward to continuing our partnership with NV Energy as we deliver reliable and clean energy to the people of Nevada.' In addition to the current acquisition, Ormat Technologies entered a hybrid tax equity partnership worth $62m with Morgan Stanley Renewables in May 2025. The financial collaboration encompasses the Lower Rio energy storage facility, which boasts a capacity of 60MW/120 megawatt hours.. Ormat is engaged in geothermal and recovered energy generation, with plans to speed up long-term growth in the energy storage market. The company's existing total generating portfolio is 1,558MW with a 1,268MW geothermal and solar generation portfolio, and a 290MW global energy storage portfolio in the US, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe. "Ormat completes Blue Mountain Nevada geothermal plant acquisition" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Scoop
3 days ago
- Business
- Scoop
PSNA Congratulates Mercury Energy Abandoning Contract With Israel's Ormat
Palestine Solidarity Network Aotearoa is congratulating Mercury Energy's terminating its contract with Israel's Ormat Technologies to design the Ngatamariki geothermal power station near Taupo. PSNA Co-Chair Maher Nazzal says it appears Mercury has acknowledged the legal jeopardy of Israeli companies operating throughout the world. 'The International Court of Justice last year declared Israel's presence in the Occupied Palestinian Territories is illegal and called on everyone to stop giving 'aid or assistance' to Israel which will help it to maintain its illegal occupation.' 'Mercury's decision is in line the ICJ findings and we welcome it as a victory for the Boycott Divestment and Sanctions campaign to isolate Israel.' 'No New Zealand companies should have any dealings with Israel, either directly or indirectly.' 'Israel is a rogue genocide and apartheid state – a threat and an embarrassment to all of humanity,' Nazal says. 'But the Ormat contract with Mercury is not the only one. We are now renewing our calls on Contact Energy to do the same and cut its links with Ormat Technologies.' 'If Contact doesn't follow Mercury, then I'm sure many electricity consumers will take the Israeli connection in mind and so switch from Contact to Mercury.'
Yahoo
12-06-2025
- Business
- Yahoo
Island nation launches bold initiative to pull power from volcanic rock: 'Breathes new life into the long-held vision'
The Caribbean island of Dominica depends on generators fueled by dirty energy to power the needs of its 66,000 residents and a booming tourism sector. But that's about to change. Dominica is going all-in on clean energy, constructing a 10-megawatt geothermal power plant near the village of Laudat. The BBC reported that the upcoming power plant seeks to turn the island's natural volcanic activity into electricity, reducing reliance on dirty fuel and potentially lowering electricity costs. "We hope to totally eliminate the need for diesel generation for electricity in Dominica by 2030," Dominica's energy minister, Dr. Vince Henderson, told the BBC. The power plant will capture steam from naturally heated underground water reservoirs, warmed by nearby volcanic rock. This steam will be drawn up to the surface, driving turbines to generate electricity. The used steam will then be cooled back into water and pumped underground to begin the cycle again. Aside from powering the island, Dominica plans to export surplus electricity to neighboring islands via undersea cables, positioning itself as a regional leader in sustainable energy. "As a region heavily dependent on imported fossil fuels, the transition to green energy is not optional — it is existential," Dr. Didacus Jules, director general of the Organisation of Eastern Caribbean States Commission, told the BBC. "This development also breathes new life into the long-held vision of a regional energy grid — one that connects our islands through clean, reliable, and affordable energy." The project, a joint effort between the Dominican government and Ormat Technologies, is expected to cost tens of millions of U.S. dollars. Funding will come from a combination of partnerships and international grants, including support from the U.S. and the U.K. NGOs from around the world are also contributing, alongside loans from the World Bank and the Caribbean Development Bank. Do you think more places of worship should embrace clean energy? Yes — it sets a positive example Only if it saves money No opinion Absolutely not Click your choice to see results and speak your mind. It will be the second geothermal power plant in the Caribbean, joining Guadeloupe, which has a 15-megawatt station that has been in operation for three decades. Dominica aims for its facility to be operational by the end of 2025, per the BBC. Geothermal energy relies on the Earth's natural heat, a renewable and continuously replenished resource, to produce electricity. It produces very low pollution output compared to dirty fuel energy coming from gas and oil. Geothermal plants also use less land than many other energy sources. While solar or wind are other clean energy options, geothermal power provides steady, constant energy, making it wholly reliable. "Geothermal is a great, zero-emission electricity that doesn't depend on wind or sun, and operates 24/7," Ormat's chief executive, Doron Blachar, told the BBC. "It brings jobs to a country — both during construction and, more importantly, during the plant's operations — along with new technology and expertise." Though the effort promises to bring clean energy to the island, it doesn't come without concerns — and some environmental compromises. Local environmentalists told the BBC they're worried about the ecological impact of the facility's construction, noting that important vegetation has already been lost and wildlife displaced in the early stages of the project. Other residents expressed fears that the geothermal plants could potentially trigger earthquakes. Ormat, however, stated that such incidents have never occurred in their operations. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
28-05-2025
- Business
- Yahoo
Ormat signs hybrid tax equity partnership with Morgan Stanley Renewables
Geothermal and renewable energy company Ormat Technologies has signed a $62m hybrid tax equity partnership with Morgan Stanley Renewables for two energy storage facilities: the Lower Rio 60MW/120 megawatt hours (MWh) facility in the US state of Texas and the Arrowleaf 35MW/140MWh storage and 42MW solar project in California. Both will be commercially operational by the end of 2025. Ormat Technologies chief executive officer Doron Blachar stated: 'This hybrid tax equity partnership is the first of its kind for our energy storage portfolio and highlights the innovative efforts we are taking to optimise the projects' economics and the company's profitability to ensure that we have the funding we need to support our long-term growth, while simultaneously helping advance our explicit goal of monetising $160 million of tax benefits this year [2025]. 'By continuing to effectively monetise the benefits of ITCs for our growing energy storage project portfolio through 2026, we are strengthening our ability to further invest in our development pipeline and ensure that we remain well-positioned to support the growing demand for energy storage projects.' Ormat was represented in the deal by Sheppard Mullin Richter & Hampton. Morgan Stanley Renewables Inc had representation from Willkie Farr & Gallagher. The company specialises in the ownership, operation, design, manufacture and sale of geothermal and recovered energy generation (REG) power plants. These plants primarily utilise the Ormat energy converter, a unit that transforms low, medium and high-temperature heat into electricity. The company has engineered, manufactured, and constructed power plants with a total gross capacity of 3.4GW, which it either owns or has installed for utilities and developers around the world. Building on its expertise in the geothermal and REG sectors, Ormat has expanded its operations to include energy storage services, solar photovoltaic (PV) systems, and combined energy storage with solar PV. The company's current total generating portfolio stands at 1,538MW. This includes a geothermal and solar generation portfolio of 1,248MW, distributed across Guadeloupe, Guatemala, Honduras, Indonesia and Kenya, and a 290MW energy storage portfolio located in the US. In February 2025, Ormat Technologies secured two 15-year tolling agreements for energy storage facilities in Israel. The projects will be developed in partnership with Allied Infrastructure, a multi-disciplinary specialist contractor. "Ormat signs hybrid tax equity partnership with Morgan Stanley Renewables" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
14-05-2025
- Business
- Yahoo
Letting off steam: How Dominica's volcanoes will boost its green energy
With rainforests, waterfalls, volcanoes and hot springs, the Caribbean island of Dominica's dramatic landscape is a haven for adventure-seeking ecotourists. It attracted 83,966 visitors last year, a 13% rise from 2023, and led by new direct flights from the US, and the opening of more hotels. Nicknamed the "Nature Island", and now recovered from the extensive damage caused by 2017's Hurricane Maria, Dominica's government is set to harness its natural resources to generate clean electricity for its 66,000 residents and tourism sector. To end the country's long reliance on generators fuelled by imported diesel, a geothermal power station is being built in the south of the country. It will access the boiling hot water contained in natural underground reservoirs that are heated by the surrounding volcanic rock. The 10-megawatt plant, under construction near the village of Laudat in the lush Roseau Valley, is on track to become operational by the end of the year. Steam will be drawn up to the surface to drive turbines that will generate electricity. The used steam will then be cooled to the point where it becomes water again, and reinjected back underground for the process to restart. Dominica country profile "We hope to totally eliminate the need for diesel generation for electricity in Dominica by 2030," Dominica's energy minister Dr Vince Henderson tells the BBC. The government also says that the geothermal plant will reduce electricity bills. And it is not just Dominica (not to be confused with the similarly named Dominican Republic), that is set to benefit. Long-term plans include exporting surplus electricity via undersea cables to neighbouring islands. Dr Henderson adds that he hopes the success of the geothermal plant will inspire other Caribbean nations to explore more renewable energy sources. Dominica's geothermal plant will be just the second in the Caribbean. Guadeloupe, an overseas department of France, has had a 15-megawatt station in operation for three decades. The Roseau Valley facility is being created through a public-private partnership between the Dominican government and US-Israeli renewable energy company Ormat Technologies. It is costing tens of millions of US dollars, partially funded by grants and investments from several governments, including the US, UK, Japan and New Zealand. Additional funding has come from various non-governmental organizations from around the world, and loans from the World Bank and the Caribbean Development Bank (CDB). The Dominican government has also ploughed significant resources into the project, which required high upfront costs and a complex exploration process including drilling deep underground to test temperatures. "Finding the resource is the first challenge. Then you need someone like us to build the facility," says Ormat's chief executive Doron Blachar. "Ormat is doing the entire project, from making the plant's elements, shipping them to Dominica, mainly from Israel, and then constructing the power plant." Ormat has been designing and building renewable energy systems for more than five decades, and owns and operates geothermal plants in various countries from the Americas to Africa. "Geothermal is a great, zero-emission electricity that doesn't depend on wind or sun, and operates 24/7," Mr Blachar explains. "It brings jobs to a country, both during construction and, more importantly, during the plant's operations, along with new technology and expertise." Yet despite geothermal's green credentials, Dominica's new plant has raised concerns among some local residents, including environmentalist Atherton Martin who fears for the effects on the ecologically valuable Roseau Valley. "There is no other area like it in the Caribbean," he says, adding that the removal of vegetation during the exploration process "decimated wildlife" including endemic frogs. Other residents told the BBC of some controversy over the amount of money the project was costing. It has certainly been several years in the making with the Dominican government alone said to have invested around $15m (£11.3m). Dr Henderson admits that the project is "not easy" for a country that "faced a big challenge" when it had to substantially repair its electricity network after 2017's Hurricane Maria. But he insists "it will be worth it in the end". Another common fear about geothermal plants is the potential for triggering earthquakes. Ormat says it has never had a such an incident in its many years of operations. Mr Blachar believes the Caribbean could become "a hub" for geothermal technology. Ormat acquired Guadeloupe's plant from the French government in 2017 and is currently expanding it to boost its capacity to 25 megawatts. With support from the CDB and driven by the Organisation of Eastern Caribbean States (OECS) Commission, work is also under way to explore and develop geothermal potential in fellow volcanic island nations Grenada, St Lucia, St Kitts and Nevis, and St Vincent and the Grenadines. Ormat will operate the Dominica plant for 20 years before handing it over to state electricity provider Domlec. Mr Blachar estimates it will employ around 30 local people when it comes on stream later this year. It should initially generate enough power to meet half of Dominica's peak electricity demand, says Fred John, managing director of the government-owned Dominica Geothermal Development Company, which is also involved in the scheme. Authorities are confident the plant will then soon support the entire country, and have enough spare electricity for some to be exported to neighbouring islands. Mr John says that the facility will "serve as a test case for an attractive alternative" to fossil fuels. "The rest of the OECS will benefit from the lessons learned here – both what worked and what didn't," he adds. The OECS recently set a target to reach 30% renewable energy within 10 years, with some countries, including Dominica and St Kitts, aiming for 100% by then. OECS Director General Dr Didacus Jules describes Dominica's geothermal project as a "bold and visionary step". "As a region heavily dependent on imported fossil fuels, the transition to green energy is not optional - it is existential," he tells the BBC. "This development also breathes new life into the long-held vision of a regional energy grid - one that connects our islands through clean, reliable, and affordable energy."
