Ormat Technologies (ORA) announced the successful commencement of commercial operations at its Lower Rio energy storage facility. This 60MW/120MWh Battery Energy Storage System, BESS, located in Texas, will provide energy and ancillary services under a seven-year tolling agreement. Ormat also recently signed a Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc. to monetize the 40% Investment Tax Credit for which the Lower Rio project is eligible. The transaction resulted in approximately $25.0 million in proceeds, advancing our goal of monetizing $160 million of tax benefits this year. This milestone represents Ormat’s continued commitment to strategically growing its Energy Storage segment in key U.S. markets. With the addition of the Lower Rio facility, Ormat’s total capacity in the U.S. now stands at 350MW/778MWh.
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