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Ormat Technologies, Inc. (NYSE: ORA) is a premier geothermal and recovered energy generation company with over 50 years of experience in the renewable energy sector. As the only vertically integrated company in this field, Ormat is dedicated to becoming a leading global provider of renewable energy solutions. The company is engaged in three primary business segments:
- Electricity Segment: Ormat develops, builds, owns, and operates geothermal, solar PV, and recovered energy-based power plants in the United States and internationally. It sells the electricity generated from these plants, contributing significantly to renewable energy adoption worldwide.
- Product Segment: This segment involves designing, manufacturing, and selling equipment for geothermal and recovered energy-based electricity generation. Ormat also provides services related to the engineering, procurement, and construction (EPC) of these power plants. Their proprietary Ormat Energy Converter (OEC) technology is a key component of their product offerings.
- Energy Storage Segment: Ormat owns and operates grid-connected storage systems that provide capacity, energy, and ancillary services directly to the electric grid, enhancing grid reliability and efficiency.
Ormat has a robust portfolio of 69 U.S. patents, reflecting its commitment to innovation and technological advancement. The company has engineered, manufactured, and constructed power plants that it either owns or has installed for utilities and developers worldwide. Their flexible and modular solutions are tailored to a wide range of geothermal and recovered energy resource characteristics, making them a versatile player in the renewable energy market.
Recent developments include the expansion of Ormat’s presence in the Caribbean through a geothermal project in Dominica. The company’s latest financial reports show significant growth, with a record quarterly revenue of $183.9 million in the Electricity segment and a 56.7% increase in the Product segment's adjusted EBITDA. These achievements underscore Ormat’s successful execution of its growth strategy, driving double-digit net income and adjusted EBITDA expansion.
Ormat employs around 470 people in the United States and over 600 overseas, highlighting its global footprint and capacity for international project execution. The company’s blend of operational expertise, innovative technology, and strategic growth initiatives positions it as a formidable force in the renewable energy landscape.
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.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy technology company, announced a secondary offering of 3,700,000 shares of common stock on behalf of ORIX . Goldman Sachs & Co. , serving as the sole book-running manager and underwriter, will have a 30-day option to purchase up to an additional 555,000 shares from ORIX. Ormat will not receive any proceeds from this offering as it is not selling any shares. The offering is being made through an automatically effective shelf registration statement on Form S-3 filed with the SEC on December 11, 2024.
Ormat Technologies (NYSE: ORA) has reached an understanding with Contact Energy for a $200 million EPC contract to develop the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The project, expected to be completed by mid-2027, marks Ormat's fourth large project in New Zealand and will replace the 1950's-built Wairakei geothermal power station. The company expects its year-end Product Segment backlog to exceed $300 million, with bulk revenues from this contract recognized during 2026-2027. Contact Energy is also planning Te Mihi Stage 3, expected online by mid-2031.
Ormat Technologies (NYSE: ORA) has successfully completed the transfer of investment tax credits (ITCs) from its 80MW/320MWh Bottleneck Project to a third party. The transaction, executed under the Inflation Reduction Act, generated gross proceeds at $0.93 per dollar, resulting in net proceeds of approximately $46.7 million after fees. This deal, combined with $14 million in Production Tax Credits (PTCs) monetized in Q3 2024, contributes to the company's goal of collecting up to $152 million in cash tax benefits this year. The proceeds will be used to fund growth capital expenditure while maintaining a strong balance sheet.
Ormat Technologies (NYSE: ORA) reported Q3 2024 financial results with total revenues of $211.8M, up 1.8% year-over-year. The company's Adjusted EBITDA grew 16.3% to $137.7M, driven by growth across all segments and newly acquired Enel assets. Net income decreased to $22.1M from $35.5M in Q3 2023. The company narrowed its 2024 revenue guidance to $875M-$893M and increased Adjusted EBITDA guidance to $540M-$555M. Notable achievements include the commercial operation of its largest 80MW/320MWh Bottleneck storage project and new energy storage contracts in Texas.
Ormat Technologies (NYSE: ORA) has released its 2023 Sustainability Report, highlighting significant ESG achievements. The company's operations helped avoid 2,212,508 metric tons of CO2e emissions compared to local grids. Key accomplishments include establishing an ESG Board Committee, achieving a 28% reduction in GHG emissions intensity from 2019 baseline, and a 17% absolute reduction. The company also completed Scope 3 emissions mapping and contributed $1.3 million to global community development projects.
The report, structured according to GRI standards and SASB recommendations, provides detailed insights into Ormat's environmental, social, and governance initiatives, demonstrating their commitment to sustainable renewable energy and global climate action.
Ormat Technologies (NYSE: ORA) has commenced commercial operations of its largest energy storage facility, the Bottleneck project, in California's Central Valley. The 80MW/320MWh Battery Energy Storage System will provide services to San Diego Gas & Electric under a 15-year Power Purchase Agreement signed in 2022. The project qualifies for a 40% Investment Tax Credit, which the company plans to monetize by year-end. With this addition, Ormat now operates 270MW/638MWh of storage projects and has six more under construction totaling 355MW/920MWh, progressing toward its 2028 portfolio capacity target of 950MW-1050MW/2.5GWh-2.9GWh.
Ormat Technologies Inc. (NYSE: ORA) has successfully acquired multiple land parcels in Nevada's Annual Bureau of Land Management (BLM) Auction. These lease acquisitions will support Ormat's ongoing exploration and expansion efforts in the state, strengthening its commitment to advancing renewable energy solutions and meeting Nevada's increasing demand for sustainable energy.
The newly leased parcels offer significant potential for geothermal energy production, including:
- A new greenfield prospect
- An expansion opportunity for an existing operational asset
- Several additional parcels enhancing Ormat's land position on an existing greenfield prospect
CEO Doron Blachar expressed confidence in the high success rate of the acquired parcels, which will support Ormat's growth in the U.S. The company aims to explore and develop these resources to their fullest potential, providing reliable and eco-friendly energy to Nevada residents.
Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, has announced its plans to release third quarter 2024 financial results on Wednesday, November 6, 2024, after market close. The company will host a conference call to discuss these results on Thursday, November 7, 2024, at 10:00 a.m. ET.
To participate in the call, investors can dial +1-646-960-0440 approximately 15 minutes before the scheduled start time, using the access code 2705841. The call will also be accompanied by a live webcast hosted on the Investor Relations section of Ormat's website. A replay of the call will be available one hour after its conclusion by dialing +1-647-362-9199 with the same access code.
Ormat Technologies (NYSE: ORA) has signed its first tolling agreements in Texas for two 60MW/120MWh energy storage facilities. The seven-year agreements with Equilibrium Energy cover the Lower Rio and Bird Dog projects, expected to come online in Q2 2025 and Q4 2025, respectively. Both projects qualify for a 40% investment tax credit under the Inflation Reduction Act.
These agreements, securing fixed revenues, have enabled Ormat to start construction on the previously announced 100MW/200MWh Louisa project, set to be operational by the end of 2026. Together with Ormat's existing 33MW/33MWh merchant storage operation, the company will own and operate 253MW/473MWh of energy storage capacity in Texas by the end of 2026.
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