Ormat Secures 15-Year Resource Adequacy Purchase and Sale Agreement With the City of Riverside for the 80MW/320MWh Shirk Energy Storage Facility

Project Overview - The Shirk project is expected to be eligible for a 40% Investment Tax Credit, highlighting Ormat's strategic growth in the Energy Storage segment in California [1] - The project represents Ormat's first storage contract with the City of Riverside and the City's first long-term Resource Adequacy (RA) Agreement [1] - The RA Agreement includes a guaranteed commercial operation date (COD) of March 1, 2026, with potential achievement by the end of 2025, showcasing Ormat's execution capabilities [1] Company Background - Ormat Technologies is a leading geothermal company with over five decades of experience, vertically integrated in geothermal and recovered energy generation (REG) [2] - The company has a total generating portfolio of 1,415MW, including 1,225MW of geothermal and solar generation globally and 190MW of energy storage in the U S [2] - Ormat leverages its core capabilities in geothermal and REG to expand into energy storage services, solar PV, and energy storage plus solar PV [2] Market and Strategic Focus - The Shirk project aligns with Ormat's strategic growth focus on key U S markets like California, transitioning its Energy Storage business to a higher-growth segment [6] - The project supports the City of Riverside's long-term Resource Adequacy needs cost-effectively while advancing battery energy storage deployment within the CAISO balancing authority [2][6] Project Details - The Shirk Battery Energy Storage System (BESS) has a capacity of 80MW/320MWh and is located in Visalia, California [5] - The 15-year Resource Adequacy Purchase and Sale Agreement (RA Agreement) with the City of Riverside underscores Ormat's commitment to renewable energy solutions [5][6]