RENO, Nev., July 06, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced that its wholly owned subsidiary Ormat Nevada Inc. recently requested the Bureau of Land Management (BLM) to begin a supplemental National Environmental Policy Act (NEPA) review for the Company’s Dixie Meadows Geothermal Project.
Ormat has determined that its resources are more efficiently dedicated to Endangered Species Act (ESA) consultation within the context of additional review under NEPA. Previously, Ormat had been defending litigation on the existing Project NEPA approval, while simultaneously undergoing ESA consultation with the US Fish and Wildlife Service (USFWS) for the Dixie Valley Toad.
The science assessed in the original NEPA review supports the BLM’s conclusion that geothermal development will not affect the Dixie Meadows hot springs or the area’s Dixie Valley Toad. Ormat’s geothermal plants utilize cutting-edge binary technology that re-inject 100% of the geothermal fluids back into the production zone for reheating in order to produce renewable, emissions-free clean energy. Unlike older, less advanced technology, these plants do not consume groundwater. Nonetheless, additional NEPA review will ensure a full public review and renewed consideration of the measures available to avoid, minimize, or mitigate any potential environmental impacts.
Doron Blachar, CEO of Ormat Technologies, stated, “Consistent with Ormat’s track record of environmental stewardship, we are confident that additional NEPA review will support responsible development of Dixie Meadows, and will ensure Ormat is taking the necessary steps to mitigate any environmental impact. Ormat looks forward to developing its geothermal leases in cooperation with federal, state, and local agencies, and also with input from interested stakeholders, so that the Project can help mitigate the greatest environmental threat of all – climate change.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures, and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured, and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, PV solar and energy storage plus PV solar. Ormat’s current total generating portfolio is 1,257 MW, comprised of a 1,107 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 150 MW energy storage portfolio located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts, and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023, and in Ormat’s subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K that are filed from time to time with the SEC.
These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
|Ormat Technologies Contact:|
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
|Investor Relations Agency Contact:|
Alec Steinberg or Joseph Caminiti
Alpha IR Group