Ormat Technologies announced the signing of a 15-year Resource Adequacy Purchase and Sale Agreement, RA Agreement, with the City of Riverside for the 80MW/320MWh Shirk Battery Energy Storage System, BESS, located in Visalia, California. The Shirk project, which is currently expected to be eligible for a 40% Investment Tax Credit, represents Ormat’s continued commitment to strategically growing its Energy Storage segment in the key California energy market. The agreement is Ormat’s first storage contract with the City of Riverside and is the City’s first long-term RA Agreement. Critically, included in the RA Agreement is a guaranteed commercial operation date of March 1, 2026, that the Company currently believes can be achieved by the end of 2025. This highlights Ormat’s enhanced and differentiated execution capabilities as the Company continues to build its pipeline of energy storage projects and transitions to a more stable and profitable portfolio.
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