Ormat Signs a 25-Year PPA With SCPPA for Its Casa Diablo-IV Geothermal Power Plant in California

Ormat Technologies Inc. announced the signing of a Power Purchase Agreement (PPA) between a subsidiary of the Company and Southern California Public Power Authority (SCPPA). Under the PPA, SCPPA will purchase 16 MW of power generated by the expected 30 MW Casa Diablo-IV (CD4) geothermal project located in Mammoth Lakes, California. SCPPA will resell the output to the City of Colton.

The CD4 power plant will be the first geothermal power plant built within the California Independent System Operator (CAISO) balancing authority in the last 30 years. The 16 MW of energy deliveries under the PPA will begin no later than the end of 2021 with an extension option. The PPA is for a term of 25 years and has a fixed price of $68 per MWh. Ormat intends to sell the balance of 14MW to other offtakers or at the spot market.