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.

October 16th 2017
Uganda Inaugurates Breakthrough Tororo PV Plant. A Future Model For Africa?

Production has commenced at the Tororo PV power plant; which, with 16 GWh of renewable energy generated annually, will cater for the energy requirements of 35,838 people and help reduce CO2 emissions by 7,200 tons. Overall, $19.6 million was invested to build the 10 MWp plant, with the engagement of several major organisations including KfW and FMO Development Banks, the World Bank and the EU. Attilio Pacifici, EU Ambassador said, “One of the key objectives of this plan is to encourage private sector participation in higher risk investments and we’re happy to demonstrate that Uganda is well positioned to be successful and a good model for replication.”

October 10th 2017
EDF Completes Blythe Installation Of Potent New Turbines, Powering 34,000 Homes

The Blyth Offshore Demonstrator project will produce enough low-carbon electricity to power approximately 34,000 UK households, using 8.0MW wind turbines with a power mode uprating them to 8.3MW. It will save around 57,600 tonnes of CO2 emissions each year and is the first offshore wind project to connect using 66kv rated cables. It’s also the first time that a “float and submerge” gravity-based foundation (GBF) has been used for offshore wind turbines. Each GBF is made up of more than 1,800m3 of concrete and weighs over 15,000 tonnes when fully installed on the seabed, and the structures have a total height of around 60 metres from the base to the access platform.

September 15th 2017
Ministerial Meeting Gathers in Italy To Scale-Up Geothermal Energy Worldwide 

Leaders and ministers from more than 25 governments will meet in Florence, Italy on 11 September, to accelerate the global adoption of geothermal energy. The Global Geothermal Alliance (GGA) meeting is the largest such ministerial gathering dedicated to geothermal energy development. Geothermal energy today accounts for just 0.3 percent of globally installed renewable energy capacity. However – once start-up costs are met – it is one of the lowest-cost and most reliable renewable energy sources available. The global potential for geothermal is estimated to be in the region of 200 GW.


 

   

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