Ormat (ORA) Secures 20 YR Geothermal Energy Deal With Nevada Power

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10:47:07 am on November 9, 2009

Ormat Technologies (ORA) is announcing this morning that one of its subsidiaries has secured a 20-year power purchase agreement with Nevada Power Company to purchase 30MW from the McGinness Hills Geothermal project, which is currently under construction and expected to come online in about two years.

Once the McGinness project is completed and running at full speed, Ormat will provide roughly 135MW of geothermal power to Nevada Power, which will get the utility into compliance with renewable energy requirements. 

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