Ormat Launches Commercial Operation Of 80MW/320MWh Bottleneck Energy Storage Facility In California, Supplying SDG&E Under 15-Year Agreement; Project Eligible For 40% Investment Tax Credit
Portfolio Pulse from Benzinga Newsdesk
Ormat Technologies has commenced the commercial operation of its 80MW/320MWh Bottleneck Energy Storage Facility in California. The facility will supply energy to San Diego Gas & Electric (SDG&E) under a 15-year agreement and is eligible for a 40% investment tax credit.
October 28, 2024 | 12:52 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Ormat Technologies has launched its Bottleneck Energy Storage Facility in California, which will supply energy to SDG&E under a 15-year agreement. The project is eligible for a 40% investment tax credit, potentially boosting Ormat's financial performance.
The launch of the Bottleneck Energy Storage Facility represents a significant operational milestone for Ormat Technologies. The 15-year agreement with SDG&E ensures a stable revenue stream, and the 40% investment tax credit enhances the project's financial viability. These factors are likely to positively impact Ormat's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90