News

Ormat expects to add up to 180 MW in geothermal capacity by end of 2018

Dora 2 geothermal power plant, Turkey (source: Ormat)
Alexander Richter Alexander Richter 11 Nov 2016

Ormat continues its international growth, with 42 MW in geothermal power generation capacity added in 2016 and up to 180 MW to be added until 2018.

In a presentation to investors and analysts following the release of its third quarter financial results for 2016, Ormat Technologies’ CEO Issaac Angel also provided an overview of expected growth of the company.

The company is continuing on its path on organic growth, but also looks at acquisition targets.

In July 2016, Ormat added 10 MW of geothermal electricity generating capacity through its acquisition of the Bouillante geothermal power plant in Guadeloupe in the Caribbean. It has increased the the output of the plant to 13 MW and expects to add an additional 5 MW during 2017.

In January 2016, the company added 29 MW to its Olkaria III, Plant 4 in Kenya.

With its participation in the 330 MW Sarulla geothermal project, the company expects to add 14 MW to its overall portfolio (this with the current 110 MW Phase 1 of the project and a share of Ormat in the project of 12.75%).

Ormat also expects to start operation of its 35 MW Platanares geothermal power plant in Honduras and the 24 MW geothermal plant in Tungston, Nevada in the U.S..

In 2018, Ormat expects the start of operation of its 15-20 MW Dixie Meadows plant in the U.S. and the start of operation of Phases 2 and 3 of the 330 MW Sarulla project in Indonesia. The latter would add 28 MW to Ormat’s overall geothermal power generation capacity.

Overall, Ormat is positive and sees ongoing support for new geothermal development, naming the course for 100% renewable energy by the City of Los Angeles in California, a new 100-250 MW geothermal RFI by the Department of Energy in the U.S. in California, and seven new leases acquired by Ormat in Nevada in Utah (this adds to five privately owned leases acquired by Ormat in 2016).

 

Ormat_earningscall_Q3_2016

Source: Ormat Q3 2016 Earnings Call Presentation (pdf)