CARSON CITY, NV - March 25, 2015
of Nevada’s extensive geothermal energy is being tapped after the Governor’s
Office of Energy (GOE) granted a tax incentive for construction of a geothermal
power plant in Mineral County.
Technologies, Inc. received the incentive for its Don A. Campbell Phase II geothermal
power plant after meeting State and local statutes requiring that the project
provide employment for Nevadans, a living wage with comprehensive health
benefits, and a major capital investment in the State.
The power plant is one of five renewable energy projects
currently under construction in Nevada. These five will eventually join 16
renewable projects that have benefited from GOE tax incentives and are
currently operating in the Silver State. The 1,573 MW (nameplate capacity) of
these power plants are helping to position Nevada as a major renewable energy
producer and exporter in the West.
construction of this power plant is a result of Nevada’s commitment to the
development and exportation of renewable energy,” said Paul Thomsen, GOE
Director. “The streamlined permitting and enhanced incentives are allowing
projects like this to move forward, create jobs, and show energy developers
that Nevada is a great place to do business.”
completed, the power plant will be capable of generating up to 19 MW (net) on a
yearly average basis, above the Power Purchase Agreement nominal target of 16.2
MW, which will be sold to Southern California Public Power Authority under a 20
to Ormat’s tax incentive application, the Don A. Campbell Phase II geothermal
power plant is expected to create 76 full-time construction jobs with an
average hourly wage of $41 and five full-time operational jobs with an average hourly
wage of $26.
tax incentive granted to Ormat is $10 million over 20 years. The total amount
Nevada expects to receive from this project is $76 million, which includes employee
wages, property and school support taxes, and a capital investment worth $59 million
dollars. This represents more than a 7-to-1 return on Nevada’s investment, far
exceeding the loss of revenue from the tax incentive.
“This tax incentive is another great example of how government and industry are working
bring sustainable jobs and business to Nevada,” said Bob Sullivan, Executive Vice President of Sales, Marketing and Business Development at Ormat. “Incentives such as these are key in allowing Ormat to be successful in the highly
competitive California renewable energy market while bringing quality jobs and economic development to rural areas of our
home state. Nevada is blessed with considerable geothermal resources, and we look forward to continuing developing these
clean, reliable and flexible resources for the benefit of Nevadans and the
region in general.”
GOE decision to approve Ormat’s tax incentive request highlights the GOE
staff’s ability to facilitate cooperation among stakeholders, lead initiatives
to stimulate economic development, and attract energy related business ventures
that include site development, generation and production, and the transmission and transportation of energy.
About the Governor's Office of Energy
The Governor’s Office of Energy oversees energy programs required through statute and those that help to meet the mission of the office, which is to ensure the wise development of Nevada’s energy resources in harmony with local community economic needs and Nevada natural resources. For more information about GOE, please visit energy.nv.gov.
About Ormat Technologies, Inc.
over five decades of experience, Ormat Technologies, Inc. is a leading
geothermal company and the only vertically integrated company solely engaged in
geothermal and recovered energy generation (REG). The company owns, operates,
designs, manufactures and sells geothermal and REG power plants primarily based
on the Ormat Energy Converter - a power generation unit that converts low-,
medium- and high-temperature heat into electricity. With 69 U.S. patents,
Ormat’s power solutions have been refined and perfected under the most grueling
environmental conditions. Ormat has 470 employees in the United States and over
600 overseas. Ormat’s flexible, modular solutions for geothermal power and REG
are ideal for the vast range of resource characteristics. The company has engineered,
manufactured and constructed power plants, which it currently owns or has
installed to utilities and developers worldwide, totaling over 1,900 MW of
gross capacity. Ormat’s current 647 MW generating portfolio is spread globally
in the U.S., Guatemala and Kenya. For more information about Ormat, please visit www. ormat.com.