Power generated from the facility is sold to NV Energy, under the amended power purchase agreement, at a new energy rate of $85.58/MWh with a 1% annual increase through December 2032.
The Department of Energy has funded the project, as part of loan guarantee program under section 1705 and a $140m loan was drawn under the OFC 2 Senior Secured Notes in August 2014.
Ormat CEO Isaac Angel said: "Ormat continues to expand its generating capacity and enable the increased use of green, renewable energy.
"In less than three years we doubled the generating capacity of the McGinness Hills complex adding firm capacity to NV Energy’s customer-benefitting renewable energy resources.
"Implementing our phased development approach enables us to bring on line the second phase rapidly as well as to take advantage of economies of scale in the McGinness Hills complex, and we expect it will further improve our financial performances."
