Ormat Technologies Signs 15-Year Agreement with City of Riverside for 80MW Shirk Battery Storage System

Ormat Technologies, Inc.has signed a 15-year Resource Adequacy Purchase and Sale Agreement (RA Agreement) with the City of Riverside for the 80MW/320MWh Shirk Battery Energy Storage System (BESS) in Visalia, California.

The Shirk project, expected to be eligible for a 40% Investment Tax Credit, underscores Ormat’s commitment to expanding its Energy Storage segment in California’s key energy market. This agreement marks Ormat’s first storage contract with the City of Riverside and the City’s first long-term RA Agreement. The RA Agreement includes a guaranteed commercial operation date (COD) of March 1, 2026, which Ormat aims to achieve by the end of 2025.

“We are pleased to announce this long-term capacity agreement for our Shirk Energy Storage facility with the City of Riverside,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “The Shirk project shows the continued progress that Ormat has been making towards aligning our strategic growth focus to capitalize on key target markets in the U.S., such as California, while also transitioning our Energy Storage business to become a higher-growth segment with a balance of contracted revenues. We look forward to supporting not only the City of Riverside but also other communities throughout California with our premium renewable power generation and energy storage solutions as the state continues to advance towards its clean energy goals.”

“The City of Riverside is pleased to be partnering with Ormat Technologies on this Shirk Energy Storage project,” said Dr. Scott Lesch, Assistant General Manager for Riverside Public Utilities – Power Resources Division. “This Shirk BESS will help the City meet its long-term RA needs in a cost-effective manner, while simultaneously providing for additional battery energy storage deployment within the CAISO balancing authority.”