Ormat Technologies, Inc., Reno, Nevada, (NYSE: ORA) today announced that it has completed the acquisition of a shovel-ready energy storage asset in Upton County, Texas. Ormat acquired the asset from Con Edison Development, Inc., New York. Ormat’s wholly owned subsidiary, Viridity Energy Solutions Inc., Philadelphia, United States, will design, build, own and operate a 25 MW battery energy storage system (BESS) project at the site. The project is co-located with an operational 157 MW solar PV generating facility that is owned and operated by CED Upton County Solar, LLC. Ormat is targeting commercial operation of the BESS before the end of 2021.
The BESS facility will provide much needed ancillary services and energy optimization to the wholesale markets managed by the Electricity Reliability Council of Texas (ERCOT). Texas is currently experiencing growth in renewable energy deployment and fast-acting energy storage resources are expected to play an increasing role in allowing ERCOT to absorb such intermittent generators, while also coping with increased frequency of extreme weather events.
Doron Blachar, Chief Executive Officer of Ormat Technologies, commented, “This represents our second energy storage project in Texas, following the success of our Rabbit Hill BESS project which has been operating with high availability within the ERCOT market since April of this year. We are delighted to have been able to partner with Con Edison Development, a leading renewable energy developer and independent power producer, and hope to extend this collaboration further in the future. With this second project, Ormat strengthens its position as one of the early movers in the ERCOT energy storage market. Ormat is well-positioned to grow its energy storage footprint, and this acquisition reinforces our target to add between 80 MW to 175 MW revenue-generating energy storage assets by year end 2022 and is in-line with our stated strategy to build, own and operate energy storage assets in strategic high growth markets including Texas.”
About Ormat Technologies
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with the objective of becoming a leading global provider of renewable energy. Ormat owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 68 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 578 employees in the United States and 830 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for vast range of resource characteristics. Ormat has engineered, manufactured and constructed power plants, which it either currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat’s current 933 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Ormat leveraged its core capabilities and global presence, together with the energy storage expertise of its subsidiary, Viridity Energy Solutions Inc., to expand its operations to provide energy storage and energy management solutions.