Ormat finalizes acquisition of 20 MW Pomona energy storage facility in California

Ormat Technologies, Inc. has closed on the transaction to acquire the 20 MW / 80 MWh Pomona energy storage facility in California from AltaGas Power Holdings (U.S.) for a total consideration of US$47 million, net of working capital adjustment and other adjustments totaling approximately US$3.1 million. The Pomona energy storage facility has been in commercial operation since December 31, 2016 and under a 10-year energy storage resource adequacy agreement with Southern California Edison Company. It also participates in the energy and ancillary services markets run by the California Independent System Operator.

The Pomona energy storage facility is one of the largest battery storage assets in operation in the region.