Ormat to Expand Olkaria III Geothermal Complex in Kenya by 24 MW
Fourth plant at complex to come on line in second half of 2016 and will bring its capacity to 134 MW
Ormat Technologies, Inc. (NYSE: ORA) announced today its subsidiary has signed an amended and restated Power Purchase Agreement (“PPA”) with Kenya Power and Lighting Company Limited (KPLC), paving the way for the expansion of the Olkaria complex.
Under the terms of the PPA, Ormat expects to increase the generating capacity of the complex by 24 MW, bringing the complex’s total capacity to 134 MW. The fourth plant is expected to come on line in the second half of 2016 and to sell electricity under a 20 years PPA with KPLC.
“Ormat’s Olkaria geothermal complex provides clean, reliable and firm power to over 200,000 Kenyan households, increasing the complex by an additional 24 MW will further benefit the Kenyan people. We see Kenya, with its progressive renewable energy policy, as an important market for us and where we will continue to explore additional projects”, said Ormat CEO Isaac Angel. “The synergies that derive from adding units to the existing complex allow smaller plants to be a cost effective and provide the additional power that the country needs in record speeds”.