Ormat Technologies, Inc. announced today that the second phase of its McGinness Hills geothermal power plant located in Lander County, Nevada has begun commercial operation.
Since February 1, 2015, the complex sells electricity under the amended Power Purchase Agreement with NV Energy at a new energy rate of $85.58/MWh with a 1 percent annual escalator through December 2032.
The second phase broke ground on March 2014 following resource confirmation and excellent performance of the first phase of McGinness Hills, which had been operational since June 2012. During the construction, the project has generated hundreds of direct and indirect jobs in the United States. The support and cooperation of the utility, state, county and federal agencies is credited for the project coming on line and ahead of schedule.
The project received favorable project financing terms from the Department of Energy's loan guarantee program under section 1705 and a $140 million loan was drawn under the OFC 2 Senior Secured Notes in August 2014.
"Ormat continues to expand its generating capacity and enable the increased use of green, renewable energy," commented Isaac Angel, Ormat's CEO. "In less than three years we doubled the generating capacity of the McGinness Hills complex adding firm capacity to NV Energy's customer-benefitting renewable energy resources. Implementing our phased development approach enables us to bring on line the second phase rapidly as well as to take advantage of economies of scale in the McGinness Hills complex, and we expect it will further improve our financial performances."
Source: http://www.ormat.com/