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Ormat Technologies (NYSE: ORA) delivers renewable energy solutions through geothermal power, recovered energy generation, and grid-scale storage systems. This news hub provides investors and industry professionals with essential updates on operational milestones, financial performance, and technological advancements.
Access authoritative coverage of ORA's electricity generation projects, equipment innovations, and energy storage deployments. Our curated news collection features earnings announcements, regulatory filings, partnership developments, and project commissioning updates – all critical for evaluating the company's market position.
Key focus areas include geothermal plant expansions, energy converter technology enhancements, and storage system optimizations. Track ORA's progress in vertical integration strategies and international market penetration through verified press releases and objective analysis.
Bookmark this page for streamlined access to ORA's evolving renewable energy initiatives. Regular updates ensure you maintain current awareness of operational developments impacting long-term value creation in the clean energy sector.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy company, has scheduled the release of its first quarter 2025 financial results on Wednesday, May 7, 2025, after market close.
The company will host a conference call to discuss the results on Thursday, May 8, 2025, at 09:00 a.m. ET. U.S. and Canadian participants can dial 1-800-715-9871, while international callers should use +1-646-960-0440 with access code 3818407. The call will include a live webcast available on the company's Investor Relations website. A replay will be accessible via phone and webcast archive.
Ormat Technologies (NYSE: ORA) reported strong financial results for Q4 and full-year 2024, with total revenues increasing 6.1% year-over-year. The company achieved a 3.5% increase in operating income and a 14.3% rise in adjusted EBITDA.
Key highlights include the addition of 253MW of new capacity through organic growth and M&A, with 133MW added to the Electricity segment and 120MW to Energy Storage. The company's Q4 net income rose 14.3% to $40.8 million, while full-year net income slightly decreased by 0.5% to $123.7 million.
Notable developments include:
- Record product segment backlog of $340.0 million
- Energy Storage segment revenues increased 56.7% in Q4 and 30.6% for the full year
- Commenced operations of 35MW Ijen geothermal plant in Indonesia
- Launched 80MW/320MWh Bottleneck Energy Storage facility
For 2025, Ormat guides total revenues between $935-975 million and adjusted EBITDA of $563-593 million. The company remains on track to achieve generating capacity goals of 2.6-2.8 GW by 2028.
Ormat Technologies (NYSE: ORA) has secured two 15-year tolling agreements for Energy Storage facilities in Israel through a tender issued by the Israeli Electricity Authority. The facilities will have a combined capacity of 300MW/1200MWh. The projects will be developed in a 50/50 partnership with Allied Infrastructure , marking Ormat's first major entry into Israel's utility-scale energy storage market.
The partnership is in advanced stages of obtaining interconnection and land use permits before beginning construction. The projects are expected to achieve commercial operation in 2028. The agreements include an option to terminate the initial contract and transition to the merchant market. This strategic move aligns with Ormat's goal to enhance portfolio profitability and stabilize margin performance in its storage business.
Ormat Technologies (NYSE: ORA) has announced the successful start of commercial operations for the 35MW Ijen geothermal power plant in East Java, Indonesia. The facility, jointly owned with PT Medco Power Indonesia through PT Medco Cahaya Geothermal (MCG), represents Ormat's first geothermal plant in East Java, with Ormat holding a 49% equity share (equivalent to 17MW).
The plant, equipped with Ormat Energy Converter (OEC), marks the completion of its first phase, supplying power to the Java grid under a 30-year power purchase agreement. The facility has a total planned capacity of 110 MW and contributes to Indonesia's ambitious goal of adding 7.2 GW of geothermal capacity by 2035.
Ormat Technologies (NYSE: ORA) has signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15 megawatts (MW) of geothermal energy from its Mammoth 2 power plant in California. The agreement, starting in Q1 2027, will replace the existing PPA with Southern California Edison Company.
The new PPA features increased production capacity and higher pricing, reflecting California's tight supply-demand balance for carbon-free electricity. This is driven by state Renewable Portfolio Standards compliance requirements and corporate demand for sustainable energy solutions.
The agreement will support Calpine Energy Solutions' retail portfolio while advancing Ormat's portfolio expansion strategy and long-term revenue generation goals. The energy will be sourced from the Mammoth 2 geothermal facility near Mammoth Lakes, California.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy company, has scheduled the release of its fourth quarter and full year 2024 financial results for Wednesday, February 26, 2025, after market close. The company will host a conference call to discuss the results on Thursday, February 27, 2025, at 10:00 a.m. ET.
Participants can join the call using different dial-in numbers: 1-800-715-9871 for United States and Canada, and +1-646-960-0440 for international callers, using access code 9044930. The call will include a live webcast available on the company's Investor Relations website section, with a replay option available one hour after the call's conclusion.
Ormat Technologies (NYSE: ORA) has announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market. The project, eligible for a 30% Investment Tax Credit, increases Ormat's total capacity in the PJM market to 120MW/120MWh.
With this addition, Ormat now operates 290MW/658MWh of energy storage projects and is progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market and is expected to qualify for a 30% Investment Tax Credit.
With this addition, Ormat's total capacity in the PJM market reaches 120MW/120MWh. The company now operates 290MW/658MWh of energy storage projects overall, progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) has acquired 1,678 acres in Utah through a Bureau of Land Management (BLM) Auction. The strategic land acquisition will enable the development of two new power plants near the company's Cove Fort facility. The first plant, Cove Fort 2, is scheduled to begin exploration in 2025 with expected commercial operations in 2027, while Cove Fort North will be developed later. CEO Doron Blachar expressed confidence in the high probability of success for these parcels, which align with the company's growth plans in the U.S. The expansion aims to meet Utah's growing sustainable energy demands and strengthen Ormat's position in geothermal energy production.
Ormat Technologies (NYSE: ORA) announced the pricing of a secondary offering of 3,700,000 shares of common stock on behalf of ORIX at $76.20 per share. The offering is expected to close on December 13, 2024. Goldman Sachs & Co. , acting as the sole book-running manager and underwriter, has a 30-day option to purchase up to an additional 555,000 shares. Ormat will not receive any proceeds from this sale.
Ormat is a leading geothermal company with over five decades of experience, operating a 1,500MW generating portfolio consisting of 1,230MW geothermal and solar generation across multiple countries and a 270MW energy storage portfolio in the U.S.
