Currently, Blue Mountain delivers power to NV Energy as part of a PPA that is set to expire at the end of 2029. (Source: Shutterstock)
Geothermal energy producer Ormat Technologies on June 18 said it has completed the previously announced acquisition of the Blue Mountain geothermal power plant in an $88 million deal with Cyrq Energy.
Located in Nevada, the 20-megawatt (MW) geothermal plant will increase Ormat’s electricity segment generating portfolio to nearly 1.3 gigawatts.
“This acquisition not only immediately increases our generating capacity but also provides the potential for a significant upside in revenue generation through our planned upgrades and the potential addition of a solar facility,” Ormat Technologies Doron Blachar said in a news release.”
The company said it plans to increase capacity at Blue Mountain by approximately 3.5 MW and add a 13-MW solar facility to support the power plant's auxiliaries, if it secures a permit and approval of a renewed power purchase agreement (PPA). Currently, Blue Mountain delivers power to NV Energy as part of a PPA that is set to expire at the end of 2029, according to the release.
The transaction was funded through bank debt, the company said.
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