Ormat Technologies, Inc. - ORA STOCK NEWS

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.

Ormat Technologies (NYSE: ORA) reported strong Q2 2024 financial results, with total revenues increasing 9.3% year-over-year to $213.0 million. The company saw growth across all three operating segments:

- Electricity segment revenues up 7% to $166.2 million
- Product segment revenues up 13.1% to $37.8 million
- Energy Storage segment revenues up 48.1% to $8.9 million

Profitability improved significantly, with operating income up 45% to $35.1 million and adjusted EBITDA up 25% to $126.1 million. Ormat raised its full-year 2024 EBITDA guidance, now expecting $520-$550 million. The company aims to increase its generating portfolio to 2.1-2.3 GW by end of 2026, capitalizing on growing demand for renewable energy solutions.

Ormat Technologies (NYSE: ORA) has signed a 15-year Resource Adequacy Purchase and Sale Agreement with the City of Riverside for the 80MW/320MWh Shirk Battery Energy Storage System in Visalia, California. This agreement marks Ormat's first storage contract with Riverside and the city's first long-term RA Agreement. The project, expected to be eligible for a 40% Investment Tax Credit, has a guaranteed commercial operation date of March 1, 2026, which Ormat believes can be achieved by the end of 2025.

This agreement aligns with Ormat's strategic growth focus on key U.S. markets like California and supports the transition of its Energy Storage business to a higher-growth segment with balanced contracted revenues. The Shirk project demonstrates Ormat's commitment to expanding its Energy Storage segment and enhancing its execution capabilities in the renewable energy sector.