In September 2011, the Department of Energy issued a $350 million partial loan guarantee under the Financial Institution Partnership Program (FIPP) to finance Ormat Nevada, which consists of three geothermal power plants across northern Nevada. The project is tapping the state’s rich geothermal resources and, when all construction phases are completed, is estimated to increase geothermal power production in Nevada by nearly 25 percent.
Ormat Nevada uses commercial, state-of-the-art Ormat Energy Converter (OEC) modules. Its plants will convert underground heat into electrical energy by utilizing heated fluid – called “brine” – which is extracted from deep within the Earth’s crust. This brine, which is about 330ºF, is used to heat a secondary liquid—in this case pentane—which is vaporized and flows through the turbines to generate electricity.
Ormat Nevada is expected to create 332 jobs during construction and is expected to support 64 permanent jobs.
Ormat Nevada is expected to produce 557,000 MWh of clean energy per year. It is expected to prevent 301,000 metric tons of carbon dioxide emissions annually.
|Owners||Ormat Nevada, Inc. & Ormat Technologies|
|Locations||Jersey Valley, McGinness Hills & Tuscarora, Nevada|
|FINANCIAL SUMMARY||Loan Program||Title XVII|
|Loan Type||Partial Loan Guarantee|
|Loan Amount 1||$350 Million|
|Issuance Date||September 2011|
|ENERGY SUMMARY||Operation Status||Operating|
|Generation Capacity||97 MW|
|Projected Annual Generation 2||557,000 MWh|
|ECONOMIC IMPACT||Permanent U.S. Jobs Supported||64|
|U.S. Construction Jobs Supported 3||332|
|CLIMATE BENEFIT||CO2 Emissions Prevented Annually||301,000 Metric Tons|
All information up-to-date as of June 2017.
1 Approximate amount of the loan facility approved at closing including principal and any capitalized interest.
2 Calculated using the project's and NREL Technology specific capacity factors. For cases in which NREL's capacity factors do not encompass project's specific design and operation, project specific capacity factors are used.3 Estimated at the time of closing.