Ormat Technologies Signs 7-Year Deals for Two Energy Storage Facilities in Texas

MT Newswires Live08-15

Ormat Technologies (ORA) said Thursday that it has signed two seven-year tolling agreements with Equilibrium Energy for the Lower Rio and Bird Dog energy storage facilities in Texas.

The geothermal company said it expects operations to begin at the Lower Rio project in Q2 of 2025, while the Bird Dog facility is expected to come online in Q4 of 2025.

Both projects are eligible to receive a 40% investment tax credit under the Inflation Reduction Act.

Ormat said that because the tolling agreements will provide fixed revenue from the facilities, the company is able to begin construction on its Louisa project, also in Texas, which is expected to be operational by the end of 2026.

Price: 73.34, Change: +0.62, Percent Change: +0.85

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