OME Inks Two New Power Purchase Agreements (PPA)s

     Open Mountain Energy LLC (OME), a subsidiary of Kaishan Group, which owns, develops, and operates geothermal energy projects in the US, recently signed two Power Purchase Agreements (PPA)s with Marin Clean Energy (MCE) and Peninsula Clean Energy (PCE) recpectively.

     The PPA between OME and MCE is for 7 MW (net) delivered from OME’s Bottle Rock geothermal project (the Project) in Lake County, California, which OME acquired in September 2022. The contract term is for 21 years with the power plant expected to commercially operate by mid-2024.

     The PPA between OME and PCE is for 6 MW (net) delivered from OME’s Whitegrass No.2 geothermal project (the Project) in Lyon County, Neveda. The contract term is for 20 years with the power plant expected to commercially operate by the end of 2024. Whitegrass No.1 (Wabuska) Facility (3MW, existing) is also operated by OME whose power is sold to Southern California Public Power Authority (SCPPA) through similar long-term PPA.

     Marin Clean Energy (MCE) is a Joint Powers Authority based in California. Peninsula Clean Energy (PCE), an investment-grade, community-controlled, not-for-profit Community Choice Aggregation Agency, serves a population of 810,000 with more than 3,600 GWh of power. The two PPAs were negotiated and agreed to following OME’s response to the Request for Offers for Firm Clean Resources, which mandates California Public Utilities to procure zero onsite-emission resources with a capacity factor of 80%+, not weather-dependent. Geothermal tends to be one of the few applicable renewable options.

     Open Mountain Energy is a subsidiary of Kaishan Group. Kaishan Group is a geothermal independent power producer and an equipment supplier of modular power plants, with plants in operation and/or development in Indonesia, US, Hungary, Turkey and Kenya. In the US, its    Wabuska (Whitegrass No.1) project has been in operation for over four years, and its 12.5 MW Star Peak project started operation in August 2022; the Fish Lake project started drilling in August. Counting the two PPAs, OME currently long-term PPAs portfolio of around 45MW with Californian offtakers.

     Currently OME team continues to secure more long-term PPAs for the reservoir capacity of the existing 4 projects that it is developing. In parallel, new business opportunities are also being looked into.