trending Market Intelligence /marketintelligence/en/news-insights/trending/pbUyGh58RAFFQ7JlFUdGiA2 content esgSubNav
In This List

Ormat completes 3rd phase at Nev. geothermal facility

Blog

Global Capital Markets & SPAC Activity – H1 2021

Blog

Over 150 state-level energy-related measures enacted during Q2'21

Blog

Insight Weekly: Earnings learnings; Duke Energy hits back; PE activity surges

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow


Ormat completes 3rd phase at Nev. geothermal facility

Ormat Technologies Inc. announced Dec. 20 that the third phase of its McGinness Hills 3 geothermal power complex in Lander County, Nev., entered commercial operation.

The third phase uses new turbines that generate an average of 48 MW from two Ormat Energy Converters, rather than three, which would have been the case in the past, the company said in a news release.

The plant has started selling electricity to Southern California Public Power Authorityunder a power purchase agreement, Ormat said. SCPPA resells the output to the Los Angeles Department of Water and Power.

"As a vertically integrated company, we have the unique advantage of controlling the entire value chain of geothermal development and during the past months we have made significant efforts to bring this additional phase of 48 MW in our McGinness Hills complex to commercial operation," Ormat CEO Isaac Angel said. "The third phase of McGinness Hills, together with the projects we added during 2018, will result in a record 115 MW of incremental generation, increasing our portfolio to 910 MW. This growth will provide a meaningful contribution to our results in 2019 and beyond."

The third phase is expected to generate approximately $30 million in average annual revenue. According to S&P Global Market Intelligence, the latest phase adds to the 96 MW already being produced at the McGinness Hills facility.