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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 has completed the acquisition of a 25 MW battery energy storage system in Upton County, Texas, from Con Edison Development. This project, expected to commence operations by the end of 2021, will enhance energy optimization within the ERCOT market. The facility will complement an existing 157 MW solar PV facility, addressing the growing demand for renewable energy solutions amid extreme weather challenges. This acquisition aligns with Ormat's goal to integrate 80 MW to 175 MW of revenue-generating energy storage assets by the end of 2022.
On December 2, 2020, Ormat Technologies announced a proposed settlement in a consolidated derivative litigation case. The settlement includes corporate governance enhancements aimed at improving internal controls over accounting and compliance with financial reporting regulations. The settlement hearing is scheduled for March 22, 2021, where the court will determine the fairness of the settlement. Ormat shareholders who wish to object must submit their objections by February 22, 2021. Shareholders not filing objections will waive their rights concerning the settlement.
Ormat Technologies has expanded its public stock offering by 15%, successfully selling a total of 4,772,500 shares at $74.00 per share, accumulating approximately $340 million in net proceeds. The underwriters exercised their option to purchase an additional 622,500 shares.
CEO Doron Blachar expressed pride in attracting high-quality institutional investments and emphasized the company's commitment to enhancing shareholder value while providing renewable energy solutions. The proceeds will be allocated for corporate purposes, including potential acquisitions.
Ormat Technologies, Inc. (NYSE: ORA) priced its public offering of 4,150,000 shares at $74.00 each, aiming to close on November 23, 2020. The proceeds will support general corporate needs, capital expenditures, and potential acquisitions. Joint book-running managers include J.P. Morgan Securities LLC and BofA Securities, with a 30-day option for underwriters to purchase an additional 622,500 shares. The offering follows a shelf registration statement with the SEC. Ormat is a key player in geothermal energy with over 3,000 MW of power capacity globally.
Ormat Technologies, Inc. (NYSE: ORA) has announced a public offering of 4,150,000 shares of common stock, with an option for underwriters to purchase an additional 622,500 shares. The offering, subject to market conditions, will help fund general corporate purposes and potential acquisitions. J.P. Morgan Securities LLC and BofA Securities are the joint book-running managers of the offering. This move is part of Ormat's strategy to strengthen its position in the geothermal and renewable energy sectors.
Ormat Technologies (NYSE: ORA) has resumed operations at the Puna Geothermal Power Plant in Hawaii, following a two and a half year shutdown due to the Kilauea Volcano eruption. As of November 5, 2020, the plant is supplying 1 to 2 MW of electricity, with plans to increase output to 15 MW by year-end 2020, pending the successful connection of a new production well. The recovery plan includes adding geothermal wells and a new substation, aiming for full operational capacity by mid-2021. This effort supports Hawaii's renewable energy goals, enhancing grid reliability and reducing fossil fuel dependency.
Ormat Technologies (NYSE: ORA) reported its Q3 2020 results, showing a 33.5% increase in operating income to $51.7 million, bolstered by improved cash flow from operations. Total revenues decreased by 6.8% to $158.9 million, affected by a 31.2% decline in product revenues. Notably, a favorable tax settlement in Kenya is expected to positively impact earnings by $6 million. Adjusted EBITDA rose 25.3% to $107.1 million. The company provided an updated guidance for 2020 revenues and Adjusted EBITDA, indicating strong operational execution.
Ormat Technologies (NYSE: ORA) will release its third quarter 2020 financial results on November 3, 2020, after market close. The company has scheduled a conference call for November 4, 2020, at 10 a.m. ET to discuss these results. Participants can join by dialing 1-877-511-6790 or 1-412-902-4141 for international calls. A replay will be available one hour after the call, accessible via specific phone numbers and the company's Investor Relations website. Ormat continues to lead in geothermal energy, with a global capacity of approximately 3,000 MW.
Ormat Technologies (NYSE: ORA) has signed Resource Adequacy Agreements for its 5 MW / 20 MWh Tierra Buena battery storage project in California. The agreements with Redwood Coast Energy Authority and Valley Clean Energy are each for 2.5 MW, totaling 5 MW. Set to begin operations by June 2022, this initiative supports California's mandate for 3.3 GW of resource adequacy by 2023. The project reinforces Ormat's commitment to renewable energy and grid stability as part of California's transition to 100% carbon-free electricity by 2045.
On September 15, 2020, Ormat Technologies (NYSE: ORA) announced the receipt of a $20 million overdue payment from Empresa Nacional de Energia Electrica (ENEE) for its Platanares geothermal power plant in Honduras. CEO Doron Blachar expressed satisfaction with this payment, which was anticipated. Ormat also highlighted its low-cost renewable energy contributions to Honduras and plans to explore a new 20 MW geothermal project. Discussions with ENEE regarding potential changes in existing power purchase agreements (PPAs) are ongoing, with expectations of favorable outcomes due to Ormat's competitive pricing.
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