CARSON CITY, NV - April 19, 2016
of Nevada’s extensive geothermal energy is being tapped after the Governor’s
Office of Energy (GOE) granted a tax incentive for the construction of a
geothermal power plant in Churchill County.
Technologies, Inc. received the incentive for its Tungsten Mountain 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.
completed, the Tungsten Mountain power plant will have a production capacity of
24 megawatts. It will pull heat from five production wells spread across 1,355
acres in Churchill County. The generated power will enter Nevada’s grid through
a 16.5 mile, 230 kilovolt transmission line and, utilizing transmission service
provided by the ON-Line, supply renewable energy to a CA utility.
is exciting to see more of Nevada’s abundant geothermal resources being developed
and utilizing the expanded transmission infrastructure that has enabled more exportation
options to the CA market,” said Angie Dykema, GOE Director. “This project is another example of Nevada’s
commitment to become a major renewable energy producer and exporter in the
power provides valuable ancillary benefits that promote grid reliability such
as baseload capacity, voltage regulation, flexibility reserves and inertia,
allowing for further integration of intermittent renewable resources and requiring
less backup fossil fuel generation
tax incentive granted to Ormat is $11.8 million over 20 years. The total amount
Nevada expects to receive from this project is $113 million, which includes
employee wages, property and school support taxes, and a capital investment worth
$94 million dollars. This represents more than a 10-to-1 return on Nevada’s
investment, far exceeding the loss of revenue from the tax incentive.
Tungsten tax incentive is another great example of how government and industry
are working to bring sustainable jobs and business to Nevada,” said Isaac
Angel, CEO at Ormat. “Incentives such as these are critical in allowing
Nevada to take advantage of its vast renewable resources in today’s highly
competitive renewable energy market while bringing quality jobs and economic
development to rural areas of our home state. To date Ormat has
commissioned over 150 MWs under this tax incentive program creating significant
economic development in Nevada creating a win-win for industry and the State
and we look forward to continuing to develop these clean, reliable and flexible
resources for the benefit of Nevadans and the region in general.”
Tungsten geothermal power plant is expected to create 69 full-time construction
jobs with an average hourly wage of $41.05 and five full-time operational jobs
with an average hourly wage for Nevadans of $30.
GOE decision to approve Ormat’s tax incentive request highlights GOE’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 inter/intrastate transmission.
Governor’s Office of Energy
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 www.energy.nv.gov.
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.