Ormat Technologies Signs PPA With Electricité De France For A New Geothermal Power Plant In Guadeloupe
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Ormat Technologies, Inc. (NYSE:ORA) has signed a 30-year Power Purchase Agreement (PPA) with Electricité de France for a new 10MW geothermal power plant in Guadeloupe, adding to its existing 15MW Bouillante plant. The project, owning a 63.75% equity interest by Ormat, is expected to be operational by end of 2025, enhancing Ormat's total Caribbean geothermal capacity to 35MW. This development, featuring state-of-the-art sea water-cooled binary system technology, underscores Ormat's commitment to sustainable energy and its strategic relationship with EDF.
March 04, 2024 | 1:21 pm
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Ormat Technologies, Inc. (ORA) signs a 30-year PPA with EDF for a new 10MW geothermal power plant in Guadeloupe, enhancing its Caribbean capacity to 35MW by 2025.
The signing of a new PPA with EDF for a geothermal power plant in Guadeloupe is a significant development for Ormat Technologies. This agreement not only expands Ormat's renewable energy portfolio but also strengthens its position in the Caribbean market. The use of state-of-the-art technology and the strategic partnership with EDF are likely to be viewed positively by investors, potentially leading to a positive short-term impact on ORA's stock price. The project's alignment with sustainable and low carbon energy solutions further enhances Ormat's corporate responsibility profile.
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