Ormat Technologies Proudly Commences Operations of Ijen Geothermal Facility
Ormat Technologies Inc. (NYSE: ORA), a prominent player in the geothermal and renewable energy sector, has proudly announced the launch of commercial operations for its 35 MW Ijen geothermal power plant in East Java, Indonesia. Developed in partnership with PT Medco Power Indonesia, through their subsidiary PT Medco Cahaya Geothermal, Ormat holds a 49% equity share in this pivotal initiative, with Medco Power owning the remaining 51%.
Significant Milestone for Geothermal Energy in Indonesia
This groundbreaking project marks the first geothermal power plant in East Java, aligning with Indonesia's ambitious plan to expand its geothermal capacity by an additional 7.2 GW by 2035. The Ijen facility's initial phase has successfully started operations, supplying 35 MW of clean energy to the Java electrical grid. Eventually, the facility will feature a total capacity of 110 MW, backed by a 30-year power purchase agreement.
Impact on Renewable Energy Goals
Ormat's entry into the Indonesian market with the Ijen plant is a substantial milestone, not just for the company but also for the country's renewable energy goals. As the world pivots towards more sustainable power solutions, Indonesia is setting the tone with its notable geothermal potential. With the government aiming to increase geothermal capabilities, the Ijen facility is well-positioned to contribute to this vision.
Leadership Commitment to Growth and Sustainability
Doron Blachar, the CEO of Ormat Technologies, expressed enthusiasm about this new venture, stating, "The commencement of operations at the Ijen geothermal facility is pivotal in our ongoing growth strategy. With Indonesia’s vast geothermal resources, we are eager to expand our footprint further and support government targets aimed at enhancing geothermal energy deployment. This achievement highlights our development strengths and unwavering commitment to both our immediate and long-term growth objectives within our electricity segment. We are dedicated to aiding Indonesia in its journey towards a net-zero emissions future."
Ormat’s Vision and Global Presence
Founded over five decades ago, Ormat Technologies has positioned itself as an industry leader in geothermal energy. The company is not only involved in geothermal generation but also actively participates in energy storage and solar photovoltaic solutions. With a well-rounded portfolio that includes 1,537 MW of generation capacity globally, Ormat Technologies showcases significant expertise in engineering, manufacturing, and operating geothermal power plants. Their state-of-the-art Ormat Energy Converter (OEC) technology is a key component in converting various heat sources into electricity, further cementing their role in renewable energy transitions.
Contact Information for Interested Parties
For inquiries regarding the Ijen Geothermal Facility, interested parties can contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
Phone: 775-356-9029 (ext. 65726)
Email: slavi@ormat.com
Joseph Caminiti or Josh Carroll
Alpha IR Group
Phone: 312-445-2870
Email: ORA@alpha-ir.com
Frequently Asked Questions
What is the Ijen Geothermal Facility?
The Ijen Geothermal Facility is a 35 MW geothermal power plant located in East Java, Indonesia, developed by Ormat Technologies and PT Medco Power Indonesia.
What is Ormat Technologies' goal in Indonesia?
Ormat aims to expand its geothermal energy footprint and enhance renewable energy capabilities in Indonesia, supporting the country's goals for sustainability.
How does the Ijen facility contribute to Indonesia's energy plan?
The facility supports Indonesia's target of increasing its geothermal capacity by 7.2 GW by 2035, marking a significant step towards renewable energy utilization.
What technology does Ormat use in its geothermal plants?
Ormat utilizes the Ormat Energy Converter (OEC) technology, which efficiently converts various heat sources into electricity.
Who can I contact for more information about Ormat Technologies?
For more information, you can contact Smadar Lavi or representatives from the Alpha IR Group.
