Ormat Goes Solar: Taps ET Solar For 10.8 MW Project
Despite being a global leader in geothermal power, Ormat (ORA :NASDAQ) is developing their first solar power plant near its geothermal plant in Imperial Power Plant in California.
Instead of tapping local favorites SunPower (SPWR :NASDAQ) or First Solar (FSLR :NASDAQ), Ormat chose ET Solar Group, the U.S. subsidiary of ET Solar based in Nanjing, China.
The Imperial Irrigation District, through a 20-year power purchase agreement, will purchase the power created by the 36,868 ET Solar 1000-Volt rated solar modules.
Overall the decision to develop a utility-scale solar plant makes perfect sense for Ormat as the sunny climate in Imperial Valley is perfect for solar power generation. But choosing ET Solar over First Solar and SunPower? Let’s hope for Ormat’s sake that there is a strategic partnership brewing here that will ultimately send some business their way.
Shares of Ormat were up 0.96 percent while shares of SunPower and First Solar were down 1.51 percent and 1.91 percent respectively.