Ormat Bagged Approval for PPA Amendments Between Its Puna Geothermal Venture and Hawaiian Electric
Portfolio Pulse from Benzinga Newsdesk
Ormat Technologies, Inc. (NYSE:ORA) received approval from the Hawai'i Public Utilities Commission for two final amendments to the Power Purchase Agreement with Hawaiian Electric. This allows Ormat's subsidiary, Puna Geothermal Venture, to increase its renewable power contribution to Hawai'i Island by up to 8 MW, raising the maximum capacity to 46 MW. The approval was contingent on the completion of an Environmental Impact Statement.
February 12, 2024 | 12:43 pm
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Ormat Technologies, Inc. received HPUC approval for PPA amendments, allowing increased renewable power contribution in Hawai'i.
The approval of the PPA amendments is a significant positive development for Ormat Technologies, as it allows the company to increase its renewable energy contribution, potentially leading to increased revenue and a stronger market position in renewable energy. The completion of the Environmental Impact Statement and the approval process highlight Ormat's commitment to sustainable operations and compliance with regulatory requirements, which could positively influence investor perception and stock price.
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