Ormat Announces Commercial Operation Of McGinness Hills Geothermal Power Plant
Ormat Technologies, Inc. (NYSE: ORA) announced today that its McGinness Hills geothermal power plant located in Lander County, Nevada met the requirements for commercial operation under the OFC 2 Senior Secured Notes.
The 30-megawatt (net capacity) power plant has been in full operation since June 15, 2012, selling the renewable electricity to NV Energy under a 20-year power purchase agreement at approximately half of the full energy price. Full energy prices are expected to be paid upon NV Energy's approval of the Commercial Operation Date (COD). With the addition of McGinness Hills, Ormat's total portfolio generating capacity grows to 586 MW.
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