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

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 (COD) of March 1, 2026, that the Company currently believes can be achieved by the ...