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Ormat Technologies signs a 10-year contract with Calpine Energy Solutions for 15 MW of geothermal energy

Ormat Technologies and Calpine Energy Solutions enter into an agreement to supply 15 MW of clean geothermal energy starting in 2027, highlighting the growing demand for renewable electricity in California.

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Ormat Technologies Inc. (NYSE: ORA), a key player in the renewable energy sector, has signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions, one of North America’s leading energy suppliers. The contract involves supplying 15 megawatts (MW) of geothermal energy from the Mammoth 2 facility, located near Mammoth Lakes, California. Deliveries are scheduled to begin in the first quarter of 2027, replacing the existing agreement with Southern California Edison Company (SCE).

This new agreement marks a significant milestone for Ormat, with increased production capacity and improved economic terms compared to the previous contract. The development reflects California’s delicate supply-demand balance for carbon-differentiated electricity, driven by Renewable Portfolio Standard (RPS) compliance requirements and the rising demand from corporations for clean energy sources.

A strategic partnership to meet energy needs

Calpine Energy Solutions is committed to diversifying its energy portfolio by collaborating with suppliers focused on renewable technologies. Sean Fallmer, President of Calpine Energy Solutions, stated that this partnership would allow their clients to access customized energy solutions aligned with their cost, risk, and carbon reduction goals.

The flexibility and reliability offered by geothermal energy, combined with Ormat’s expertise, represent a significant step forward in supporting companies’ energy strategies and sustainability objectives.

Ormat: a long-term growth vision

Doron Blachar, CEO of Ormat Technologies, emphasized that this agreement aligns with the company’s strategy to increase its production capacity in the electricity segment. Through this PPA, Ormat strengthens its leadership in the geothermal sector while addressing the growing demand for renewable energy in California.

By extending its reach with strategic partners like Calpine, Ormat aims to capitalize on long-term opportunities while delivering reliable, emission-free energy solutions.

Geothermal energy, often regarded as a stable and constant renewable resource, plays a crucial role in decarbonizing the energy sector. With demand rapidly increasing, agreements like the one signed with Calpine are essential to meeting future market needs while ensuring sustainable profitability for industry players.

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