8 December 2015 2015 01:01 AM GMT

Ormat Technologies Inks Deal to Acquire Stake in French Geothermal Firm

Ormat Technologies has signed an agreement to acquire 85% of Geothermie Bouillante SA, geothermal project developer for US$56 million.

GB owns and operates a 14.75-megawatt geothermal power plant and owns two exploration licenses with a total additional potential capacity of up to 30MW, all located in Guadeloupe Island, a French territory in the Caribbean.

Ormat’s total consideration will be paid in instalments in accordance with the specific milestones, including production milestones, expected to be achieved in the next few years. Teh deal is expected to close by May 2016.

GB has two Power Purchase Agreements (PPAs) with Electricite de France, the French electric utility. A new 15-year PPA with EDF with improved energy rates is expected to enter into force in January 1, 2016 and replace the current PPAs.

Ormat said it is confident that with its technology and expertise it can optimize the use of the resource and existing facilities and recover its current approximate production of 10 MW to its designed production of 14.75MW by mid-2017. Additionally, Ormat plans modifications to the existing equipment as well as to further develop the asset, with a potential of reaching a total of 45 MW in phased development, by 2021.

December 13th 2017
EDF Commissions 179 MW At Two Solar Power Plants In Nevada

Policy makers led by US Senator Harry Reid were present at a celebration formally recognising Switch Stations 1 and 2 solar power plants, with a combined generation capacity of 179 MWac, as fully commissioned and in commercial operation. Senator Reid stated “Less than a decade ago, Nevada’s solar energy landscape was nonexistent, but this commissioning helps fulfil the vision I had to make our state the leader in renewable energy development. A technology giant like Switch committing to using 100% renewable energy is truly visionary and grows our clean energy economy by creating hundreds of good-paying construction jobs here.”

December 12th 2017
Global Trade In Biofuels Featured At International Renewable Mobility Conference

A significant proportion of global energy use, is in transportation. Action is crucially needed to bring about an energy turnaround in this sector and it’s a topic that has moved higher up the political agenda again since Dieselgate, and with growing calls for a rapid introduction of electromobility. In Germany, the Working Group on Energy Balances (AG Energiebilanzen) has calculated the final energy consumption of 728 TWh by the transport sector in 2016. Data from the German Environment Agency (UBA) reveals that over 90 percent of fuel deployed is derived from mineral oil. World-leading experts meeting in a parallel forum at the 15th International Conference on Renewable Mobility will analyse biofuel trading worldwide, examining various perspectives on requirements, the current state of play and forecasts.

December 6th 2017
Renewables Provide 17.8% Of Total US Electricity. Solar Now 2.0% And Wind 6.0%

According to the latest issue of the U.S. Energy Information Administration’s (EIA) “Electric Power Monthly” report, U.S. electrical generation from renewable energy sources (i.e., biomass, geothermal, hydropower, solar – inc. distributed solar, wind) rose by 14.69% during the first three-quarters of 2017 compared to the same period in 2016. Simultaneously, electrical generation by fossil fuels and nuclear power combined declined by 5.41%. Nuclear power and coal both dropped by 1.5%, natural gas (including “other” gas) was down by 10.7%, and oil (i.e., petroleum liquids and petroleum coke) plunged by 17.1%.


 

   

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