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The development, in partnership with Allied Infrastructure, signifies Ormats entry to the Israeli utility-scale energy storage market. Ormat Technologies has secured two 15-year tolling agreements for energy storage facilities in Israel in a significant entry to the country’s utility-scale energy storage market. The projects will be developed in partnership with Allied Infrastructure, a multi-disciplinary specialist contractor. The facilities will have a combined capacity of 300MW/1200 megawatt hours under the tolling agreements. Ormat Technologies CEO Doron Blachar stated: “We are delighted to announce the award of these two tolling agreements, marking another key strategic milestone for our growing energy storage business. “These long-term agreements highlight our team’s ability to advance and execute Ormat’s energy storage portfolio expansion strategy. The tolling agreements for these two assets will further enhance the company’s portfolio profitability and add stability to margin performance, each a key element of our growth strategy in our storage business.” The ownership of the projects will be shared equally between Allied Infrastructure and Ormat. |
