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.

January 19th 2018
Chinese Solar Surge Fuels Overall Global Growth In Clean Energy Investment

World clean energy investment totalled $333.5 billion last year, up 3% from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5 trillion. An extraordinary boom in photovoltaic installations made 2017 a record year for China’s investment in clean energy. This outpaced changes elsewhere, including jumps in investment in Australia and Mexico, and declines in Japan, the U.K. and Germany. The figures up 3% from a revised $324.6 billion in 2016, and only 7% short of the record figure of $360.3 billion, in 2015.

January 22nd 2018
European Parliament Gives A Resounding Vote In Favour Of Clean Energy In Europe

European lawmakers have called for a renewable energy target of 35% for 2030 – rather than the 27% which the European Commission proposed in 2016. The MEPs have now backed measures substantially raising the European Union’s clean-energy ambitions. By 2030, more than one-third of energy consumed in the EU should be from renewable sources such as wind and solar power. The measures are intended to help cut carbon dioxide emissions. The EU is the world’s third-largest emitter of greenhouse gases after China and the United States, releasing about 10% of global emissions. 

January 10th 2018
US: Doubling Of Wind & Solar Capacity Possible By 2020 as Coal & Nuclear Drop

In the latest issue of its “Energy Infrastructure Update” (with data through November 30, 2017), the Federal Energy Regulatory Commission (FERC) notes that proposed net additions to generating capacity by utility-scale wind and solar could total 115,984 megawatts (MW) by December 2020 – effectively doubling their current installed capacity of 115,520 MW.  The numbers were released as FERC prepares for a January 10 meeting to consider U.S. Department of Energy Secretary Rick Perry’s proposal for a bailout of the coal and nuclear industries.


 

   

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