We generate electricity from 100% renewable sources – hydro, geothermal, and soon wind. We also sell electricity to our customers through our retail brands – Mercury and GLOBUG.
We’re listed on the New Zealand Stock Exchange and the Australian Stock Exchange with foreign exempt listed status. We’re listed on both exchanges with the ticker symbol ‘MCY’. The New Zealand Government (the Crown) holds a legislated 51% shareholding in the Company.
Mercury NZ Limited is a New Zealand electricity generation and electricity retailing company. All of the company's electricity generation is renewable.
Mercury operates 17 power stations. In total the company has 1777 MW of generating capacity – composed of 1077 MW hydroelectric, 467 MW geothermal and 233 MW wind.
Mercury is the most widely-owned business in New Zealand with core strengths in harnessing renewable energy and innovating for our customers. We're thinking boldly about the future and how we can use energy in wonderful ways to inspire Kiwis, creating a brighter future for our country and growing value for our owners.
Mercury NZ Limited is listed on the New Zealand Stock Exchange and Australian Stock Exchange with the ticker symbol ‘MCY’. The New Zealand Government (Crown) holds a legislated 51% shareholding in the Company.
At Ormat Technologies, Inc. (NYSE: ORA), we’re always on; delivering renewable power and energy solutions to our customers around the clock and around the world.
Clean, reliable energy solutions provided from geothermal, recovered energy, as well as energy management and storage solutions, is our expertise, commitment and focus.
Built on ingenuity and proven experience, Ormat is recognized globally for developing state-of-the-art, environmentally sound power solutions.
We design, build and supply power generating equipment for our customers’ geothermal and recovered energy power plants in 30 countries. We understand our customers’ operating challenges, because we are operators too. As a geothermal industry leader, we’ve gained global expertise in exploring, developing, designing, manufacturing, building, owning and operating geothermal power plants in Kenya, Guadalupe, Guatemala, Honduras and the United States.
Our vertically integrated structure enables us to leverage our renewable energy expertise, our core capabilities, and our global experience to supply and develop geothermal, recovered energy, and energy management and storage solutions.
Ormat was established in 1965 by the Bronicki family, who shared a bold vision to export breakthrough technology in the renewable energy sector.
At that time, Ormat was primarily known as a pioneer of proprietary turbine designs, capable of generating electricity from low enthalpy energy resources. In its early years, Ormat focused exclusively on manufacturing power generation equipment
In the 1970s, Ormat expanded its technology and expertise in the Remote Power Unit (RPU) sector, providing RPUs for clients requiring reliable power generation in remote operating conditions. One of Ormat’s first RPU clients was the Trans-Alaska Pipeline project.
In the 1980s and throughout the 1990s, Ormat focused its growing renewable energy expertise on the geothermal industry. We developed Wabuska, a 2 MW geothermal power plant in Nevada, USA; our very first geothermal facility. This was followed in rapid succession by a series of major geothermal power plant acquisitions and developments, largely concentrated in Nevada and California, USA, which vaulted Ormat into the position of that country’s second largest geothermal power producer. The Integrated Two-Level Unit (ITLU) was a vital development in maximizing the thermodynamic efficiencies of lower-temperature resources. The patented ITLU design revolutionized the industry and, to this day, separates Ormat from the rest.
In 1982, Ormat developed the Solar Pond Power Plant – an experimental project to pilot the development of solar energy production.
Throughout the 1980s, Ormat developed its state-of-the-art Recovered Energy Generation (REG) power plant solutions, which utilize waste heat to create power, fully exploiting the energy potential found in different industrial processes, or gas compressor stations – converting unused heat into clean, emission-free, fuel-free electricity.
The 1990s were focused on positioning ourselves as a developer of geothermal power plants through technological advancement and continued supply of equipment worldwide. The first development was the 50 MW Leyte Optimization project in the Philippines under a BOT for 10 years starting in 1998. The inception of the Olkaria III complex with the 8 MW early generation in Kenya was the first stage in what is now a 140 MW complex.
In the 2000s we continued to grow in geothermal through the acquisition of geothermal assets in the US, increasing the total plants sold and reaching a total of 1300 MW in plants sold in 2010.
In 2004, Ormat completed an initial public offering on the New York Stock Exchange (ORA). Headquartered in Reno, Nevada, this transition to a public company enabled continued growth, expansion of our capabilities and the opportunity to participate in a wider variety of global power projects.
In 2006, Ormat entered Turkey, delivering our first geothermal power plant, the DORA 1, with a capacity of 7.4 MW. Turkey is one of the world’s fastest growing geothermal energy markets and our presence here has grown significantly, with 900 MW of capacity across over 40 geothermal power plants now operating in the country. This is more than half of Turkey’s total geothermal operating capacity.
Ormat’s leadership in the Recovered Energy Generation business expanded with the completion of the OREG project along the US Northern Border natural gas pipeline. From 2006 through 2009, Ormat built and installed a series of REG power plants that convert waste heat from gas turbine compressors into electricity, delivering 53 MW of generating capacity.
In 2013, the world’s largest single binary geothermal power plant – the Ngatamariki in New Zealand – began commercial operations. Ormat provided the engineering, procurement and construction for the 100 MW geothermal project that delivers sustainable energy to power 80,000 homes annually.
In 2017, Honduras’ first utility-scale geothermal facility – the 35 MW Platanares power plant – was commissioned for commercial operation. Honduran President Juan Orlando Hernández participated in the official opening ceremonies in September and reiterated the country’s goal of generating 80 percent of its energy from renewable sources by 2032.
In May 2018, Ormat announced that NIL 2, the third unit of the Sarulla geothermal power plant in North Sumatra, Indonesia, began commercial operation, bringing the three-facility complex to its full capacity of 330 MW. This places Sarulla among the world’s largest geothermal power plants. Each of the three 110 MW units uses both steam and brine from the geothermal resource to optimize power plant efficiency. The facility’s other two units began operating in March and October 2017 respectively.
Kenya’s Olkaria III complex is a prime example of Ormat’s strategic, well-coordinated approach to maximizing the value of geothermal resources. In 2018, Ormat commissioned the latest addition to this geothermal power plant, vaulting its capacity to 150 MW. The complex’s first 8 MW facility started up in 2000 and over 18 years, Ormat continued to expand Olkaria III, adding new plants and building capacity.
Through every decade, Ormat has continued to make major strides forward in the geothermal energy and recovered energy industries. In the past several years, we’ve continued pursuing innovation in energy management, storage and demand response solutions; fields where we again show our strength as a vertically integrated solution provider.
Since Ormat began, our strong values have guided and shaped the way we work, our relationships with employees, clients, communities and other stakeholders, and the level of professionalism and spirit of innovation that accompanies every renewable power product and service we offer.
As a developer, operator and manufacturer of geothermal energy and recovered energy equipment, Ormat understands customer needs and creates field-proven solutions. Albert Einstein said, “The only source of knowledge is experience.” Our vast experience and constant feedback through both in-house and industry operations and applications has given us a full tool belt that our competitors don’t have.
Renewable energy and a vision for a cleaner, sustainable future have taken us this far – and we believe that our vision, capabilities and expertise will enable Ormat to flourish for generations.
ORMAT IS AN EARTH-FIRST COMPANY
Ormat has been generating power in a sustainable manner from the start, offering different types of power generating solutions all of which are green solutions - geothermal, solar, recovered energy generation, or storage – which deliver peace of mind and make a difference worldwide.
Green Power Plants
In geothermal we apply the world’s most advanced technologies to harness the power contained in the geothermal fluids that flow in the molten interior of the earth’s crust. We convert earth-bound energy from heat to electrical energy, while preserving the integrity and prolonging the life cycles of the geothermal reservoirs we drill. Geothermal energy provides base load electricity 24/7. It’s highly reliable, flexible, produces no NOx emissions and virtually no CO2 emissions.
Recovered energy generation is another critical part of our sustainable energy portfolio – a sector that provides vital, self-generating power, which produces electricity with zero emissions and without added fuel consumption.
All of these energy options do not involve the production or burning of fossil fuels and encourage a future where fossil fuels are no longer necessary. We are working to ensure that Ormat remains at the forefront of the renewable energy sector, because we see a fossil-free future on the horizon.
Climeon is a Swedish product company within energy technology. The company’s unique technology for geothermal heat power - Heat Power - makes a large untapped energy resource available and provides sustainable electricity around the clock all year round. Heat Power is a cheap and renewable energy source with the potential of replacing much of the energy that comes from coal, nuclear, oil and gas, today.
Climeon is active within two subdivisions of the market for the baseload energy source heat power: geothermal heat power and industrial heat power. Geothermal heat power utilizes heat from within the earth as an energy source whereas industrial heat power utilizes heat that is generated as a by-product in industrial processes.
THE TECHNOLOGY
The Climeon module is based on ORC technology, which in short means using a hot source – high pressure – and a cold source – low pressure – to drive a flow that generates electricity.
Each module consists of:
- Evaporator that transfers heat to the internal working fluid
- Turbine-generator package for conversion of thermal energy to electricity
- Cooling system that transfers heat out of the module to the cooling water circuit
Climeon is a clean-tech vendor, providing a technology that uses the energy in waste heat from industries and low-temperature geothermal heat to generate electricity. The company received its first order in 2015 and has since then established a global customer base within maritime and industrial waste heat recovery and geothermal heat power. The product is protected by patents and offers market-leading performance within its areas of application.
Waste heat and geothermal energy (below 120°C) jointly comprise a vast energy source that is largely untapped today due to limitations of existing technologies. Climeon's product is one of the first waste heat recovery system which is able to utilize this previously unexploited source of energy to efficiently produce electricity.
We take an active stand to combat climate change. We have strict requirements on our own sustainability, social responsibility, environmental work and take an ethical stand towards our vendors and collaboration partners. Sustainability is a key factor in our development process of new products and services, and fully integrated in our organization. We will actively work to prevent the social damaging in connection to our organization. Climeon should have a transparent organizational structure that lives up to the national and international standards for ESG and operational management.
Calpine is one of America’s largest generators of electricity. We are also among the cleanest. We achieve this because our fleet predominantly consists of modern, efficient power plants that run on clean-burning natural gas. In addition, Calpine is the nation’s largest operator of renewable geothermal power plants and highly efficient cogeneration plants. As our nation implements environmental regulations, Calpine’s clean footprint provides us with a distinct competitive advantage. Over the last 18 months, several widely respected reports[1] have been completed and released that point to the fact that penetration of renewables and energy storage will increase dramatically and, when combined with electrification, will drive decarbonization. The studies have determined that cost-effective pathways to deep decarbonization require that modern natural gas power plants continue to operate for decades to come. Although the use of carbon capture and sequestration and possibly the increased combustion of hydrogen in these plants can help with carbon emission levels, these plants and the combustion of some natural gas will continue to be necessary, albeit at much lower capacity factors than today.
Over time, as renewables continue to penetrate, our gas units will run less and less—and our company’s carbon emissions will fall dramatically. But when there is a Nor’easter in New England, a low hydro year in California, or a cold, dark week in Texas, our plants will be key to making an ultra-low carbon, electrified economy work for all Americans. And specifically for Californians, our Geysers geothermal assets will continue to produce virtually GHG-free electricity at the same dependable rate 24 hours per day, 7 days per week, year after year.
Calpine was founded nearly 40 years ago on principles of sustainability, and we remain committed to them today. To us, sustainability is broad in scope, covering safety, diversity and inclusion, corporate governance, risk management, and, of course, the environment. Our commitment to sustainability is not in response to the latest trends, but is woven throughout our past and present and will be a driver for the future.
We are a purpose-driven company—we aim to be the premier integrated, competitive power company that consistently delivers results for our customers, shareholders, employees and communities. Our assets and our employees are critical to enabling our country and our customers to navigate the energy transition to a lower carbon future. We believe that competitive markets and a commitment to environmental stewardship can deliver a brighter energy future for all Americans. And, we plan to do our part.
From our inception, we’ve been focused on environmental stewardship. Calpine’s founders in 1984 wanted to modernize California’s aging fleet of coal plants and bring clean, reliable power to the state of California. Over the following 20 years, Calpine rose to that challenge and the added challenge
of the California energy crisis, building 15 natural gas-fired power plants and managing California’s largest geothermal energy resource to ensure that the natural resource will last for decades.
Today with the energy transition, the commitment continues. Many state and now federal policies have been and continue to be introduced with the aim of reducing economy-wide GHG emissions. Some of these policies are focused more narrowly—like on power generation or transportation—while others are truly economy wide. It has become widely recognized that one of the most important tools in pursuit of decarbonization is electrification of many other sectors of the economy such as transportation, industry and home heating. Electrification of the economy means growth in power demand and increases the importance of electric reliability
Located north of San Francisco in the Mayacamas Mountains, The Geysers is the single largest geothermal electrical operation in the world. Because geothermal power plants do not burn fossil fuel, they have an inherent environmental advantage.
A geothermal resource occurs when water deep below the earth’s surface is heated by exposure to hot, permeable rock, resulting in dry steam or hot water. At The Geysers, dry or superheated steam is produced.
Steam production wells, some deeper than two miles, are drilled to tap this naturally occurring steam. (Click here to view a video about geothermal steam wells.) Once the steam reaches the surface, it is piped overland to a network of interconnected power plants, where it spins conventional steam turbines that drive generators to produce clean, reliable electricity. The spent steam leaving the turbines is condensed and cycled through the cooling towers. Also, treated wastewater from local municipalities is injected underground to help replenish the geothermal reservoir.
Polaris Infrastructure Inc. is Canadian-based and publicly traded company engaged in the acquisition, development and operation of renewable energy projects in Latin America. Polaris Infrastructure operates several energy projects in Central and South America. These include both Geothermal and Hydroelectric energy projects.
Currently the Company operates a 72 MW geothermal project located in Nicaragua. The Company closed on the acquisition of run-of-river (“ROR”) hydro assets (both operational and under construction) in Peru on October 30th, 2018.
Total current Peruvian operating capacity is 33 MW and a portfolio of early stage development projects expected to aggregate to approximately 189MW.
As a renewable energy company, we are aware of our role in creating a sustainable future for all. Therefore, we are dedicated to ensuring that our business operations are founded on a commitment to promoting a sustainable environment, looking for a balance between generating value for our shareholders, minimizing the environmental impact of our operations, empowering our employees, and making a positive contribution in the communities where we work.
It starts at the core of our business as we are dedicated to producing clean, reliable and renewable energy. We are committed to protecting the environment, making responsible use of natural resources and adequately managing its environmental impacts.
We are also driven to providing a fair, respectful and healthy workplace that promotes high ethical standards. We promote equal opportunities and an environment free from discrimination. Our code of conduct ensures that company operations are carried out with the highest ethical standards, maintaining maximum transparency with all of our stakeholders.
Polaris Infrastructure Inc. (TSX: PIF) (“Polaris Infrastructure” or the “Company”), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to report its financial and operating results for the three- and ninemonths period ended September 30, 2021. This earnings release should be read in conjunction with Polaris Infrastructure’s consolidated financial statements and management’s discussion and analysis, which are available on the Company’s website at www.polarisinfrastructure.com and have been posted on SEDAR at www.sedar.com.
The dollar figures below are denominated in US Dollars unless noted otherwise.
HIGHLIGHTS
• Quarterly consolidated energy production of 149,320 MWh (net) for the three-month period ended September 30, 2021, of which 120,838 MWh (net) was contributed by the Company’s geothermal facility in Nicaragua, the San Jacinto facility (“San Jacinto”), and an aggregate of 28,482 MWh (net) was contributed by the Company’s hydroelectric facilities in Peru, being the Canchayllo facility (“Canchayllo”), the El Carmen facility (“El Carmen”) and the 8 de Agosto facility (“8 de Agosto”).
• The Company generated $14.8 million in revenue from energy sales for the three months ended September 30, 2021, lower compared to the same period in 2020. This was the third quarter under the amended power purchase agreement’s (“PPA”) price in respect of San Jacinto, which was the largest contributor to the decline in revenue. The lower PPA price was part of the broader negotiation with the
Government of Nicaragua which included an extension of the concession period and inclusion of the additional binary unit.
• Net earnings attributable to owners was $2.2 million or $0.11 per share – basic for the three months ended September 30, 2021, compared to net earnings of $1.3 million or $0.08 per share – basic in 2020.
Net earnings increased due to other gains recorded during the period relating to disposal of non-core North American assets compared to other losses in 2020 partly offset by lower revenue. Adjusted EBITDA(1) was $10.9 million for the three months ended September 30, 2021, compared to Adjusted EBITDA(1) of $13.0 million in the same period in 2020.
• For the nine months ended September 30, 2021, the Company generated $33.9 million in net cash flow from operating activities and $25.4 million in operating cash flow(1), ending with a strong cash position of $104.6 million(2).
• During the third quarter, the Company signed a definitive supply agreement with Ormat Systems Limited, a wholly owned subsidiary of Ormat Technologies Inc. (NYSE: ORA), to purchase equipment for the construction, commissioning and operation of an additional geothermal binary power plant at San Jacinto with a goal of initial operations by early Q1 2023. The Company also engaged the services of STEAM Group, an Italian company with expertise in geothermal development projects, to act as the owner engineer during the construction and commissioning phases.
We generate electricity from 100% renewable sources – hydro, geothermal, and soon wind. We also sell electricity to our customers through our retail brands – Mercury and GLOBUG.
We’re listed on the New Zealand Stock Exchange and the Australian Stock Exchange with foreign exempt listed status. We’re listed on both exchanges with the ticker symbol ‘MCY’. The New Zealand Government (the Crown) holds a legislated 51% shareholding in the Company.
At Ormat Technologies, Inc. (NYSE: ORA), we’re always on; delivering renewable power and energy solutions to our customers around the clock and around the world.
Clean, reliable energy solutions provided from geothermal, recovered energy, as well as energy management and storage solutions, is our expertise, commitment and focus.
Built on ingenuity and proven experience, Ormat is recognized globally for developing state-of-the-art, environmentally sound power solutions.
We design, build and supply power generating equipment for our customers’ geothermal and recovered energy power plants in 30 countries. We understand our customers’ operating challenges, because we are operators too. As a geothermal industry leader, we’ve gained global expertise in exploring, developing, designing, manufacturing, building, owning and operating geothermal power plants in Kenya, Guadalupe, Guatemala, Honduras and the United States.
Our vertically integrated structure enables us to leverage our renewable energy expertise, our core capabilities, and our global experience to supply and develop geothermal, recovered energy, and energy management and storage solutions.
Climeon is a Swedish product company within energy technology. The company’s unique technology for geothermal heat power - Heat Power - makes a large untapped energy resource available and provides sustainable electricity around the clock all year round. Heat Power is a cheap and renewable energy source with the potential of replacing much of the energy that comes from coal, nuclear, oil and gas, today.
Climeon is active within two subdivisions of the market for the baseload energy source heat power: geothermal heat power and industrial heat power. Geothermal heat power utilizes heat from within the earth as an energy source whereas industrial heat power utilizes heat that is generated as a by-product in industrial processes.
Calpine is one of America’s largest generators of electricity. We are also among the cleanest. We achieve this because our fleet predominantly consists of modern, efficient power plants that run on clean-burning natural gas. In addition, Calpine is the nation’s largest operator of renewable geothermal power plants and highly efficient cogeneration plants. As our nation implements environmental regulations, Calpine’s clean footprint provides us with a distinct competitive advantage. Over the last 18 months, several widely respected reports[1] have been completed and released that point to the fact that penetration of renewables and energy storage will increase dramatically and, when combined with electrification, will drive decarbonization. The studies have determined that cost-effective pathways to deep decarbonization require that modern natural gas power plants continue to operate for decades to come. Although the use of carbon capture and sequestration and possibly the increased combustion of hydrogen in these plants can help with carbon emission levels, these plants and the combustion of some natural gas will continue to be necessary, albeit at much lower capacity factors than today.
Over time, as renewables continue to penetrate, our gas units will run less and less—and our company’s carbon emissions will fall dramatically. But when there is a Nor’easter in New England, a low hydro year in California, or a cold, dark week in Texas, our plants will be key to making an ultra-low carbon, electrified economy work for all Americans. And specifically for Californians, our Geysers geothermal assets will continue to produce virtually GHG-free electricity at the same dependable rate 24 hours per day, 7 days per week, year after year.
Polaris Infrastructure Inc. is Canadian-based and publicly traded company engaged in the acquisition, development and operation of renewable energy projects in Latin America. Polaris Infrastructure operates several energy projects in Central and South America. These include both Geothermal and Hydroelectric energy projects.
Currently the Company operates a 72 MW geothermal project located in Nicaragua. The Company closed on the acquisition of run-of-river (“ROR”) hydro assets (both operational and under construction) in Peru on October 30th, 2018.
Total current Peruvian operating capacity is 33 MW and a portfolio of early stage development projects expected to aggregate to approximately 189MW.
