Ormat secures tolling agreements for 1.2 GWh of
Tolling agreements are growing in importance in the battery energy storage space, offering a certainty of revenue which in turn
To this end, the Israeli network operator Nega Company ran a tender in July 2024 which attracted offers from 11 bidders for the construction and operation of 29 high-voltage energy storage projects, totaling approximately 4 GW with each project offering a storage capacity for at least four hours.
Based at Bar-Ilan but to be run in conjunction with the Technion-Israel Institute of Technology in the northern city of Haifa, the body will oversee the development, training, and commercialization of energy storage technologies.
“These energy storage contracts mark the Company's first owned project in Israel, and we look forward to continuing to work with Allied as Ormat's capabilities and assets will now help drive Israel's efforts to achieve its renewable energy and energy continuity goals,” said Doron Blachar, CEO of Ormat Technologies.
Under such deals, the offtaker guarantees a fixed payment in return for complete trading control of the battery. Israel is aiming to achieve a 40% share of renewables in the country's power mix by 2030.
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