Welcome to our dedicated page for Ormat Tech news (Ticker: ORA), a resource for investors and traders seeking the latest updates and insights on Ormat Tech stock.
Ormat Technologies, Inc. (NYSE: ORA) is a geothermal and renewable energy company whose news flow reflects its activities in geothermal power, recovered energy generation (REG), solar PV and grid‑connected energy storage. As a vertically integrated player in geothermal and REG, Ormat regularly issues updates on project development, operating milestones and long‑term contract activity across its global portfolio.
News about Ormat often covers the commencement of commercial operations at new facilities, such as the Arrowleaf hybrid solar‑plus‑storage project in California or the Lower Rio battery energy storage system in Texas. The company also reports on long‑term power purchase agreements and tolling agreements, including a 25‑year PPA extension with the Southern California Public Power Authority for the Heber 1 geothermal facility and a 20‑year PPA with Switch for geothermal capacity from the Salt Wells power plant in Nevada.
Investors and analysts following ORA can expect regular announcements on international geothermal concessions and agreements, such as the award of the Telaga Ranu Geothermal Working Area in Indonesia and Geothermal Exploration and Energy Conversion Agreements with PLN. Ormat’s news releases also highlight strategic collaborations to advance next‑generation geothermal technologies, including agreements with Sage Geosystems Inc. and SLB to pilot Pressure Geothermal and enhanced geothermal systems (EGS) at Ormat sites.
In addition, Ormat publishes quarterly and annual earnings results, guidance updates and segment performance details, typically accompanied by conference call announcements. For those tracking ORA stock, this news stream provides insight into the company’s electricity, product and energy storage segments, its contract backlog, and its stated plans to expand its energy storage footprint and geothermal development pipeline.
Ormat Technologies (NYSE: ORA) will release its second quarter 2020 financial results on August 4, 2020, after market close. A conference call to discuss these results is scheduled for August 5, 2020, at 10 a.m. ET. Interested parties can join by dialing 1-877-511-6790 or, for international callers, 1-412-902-4141. A replay of the call will be available shortly after its conclusion, and the webcast will be archived on the Company's Investor Relations page. Ormat continues to be a leader in geothermal energy with a generating portfolio of 933 MW globally.
Ormat Technologies, Inc. (NYSE: ORA) has successfully completed an auction tender, accepting subscriptions for NIS 1.0 billion of senior unsecured bonds, equating to approximately $290 million through a cross-currency swap. The bonds, maturing in June 2031, will bear a fixed interest rate of 3.35%, expected to increase to 4.35% post-swap. Proceeds will fund the $47 million acquisition of the Pomona energy storage facility, repay existing debt, and support growth plans. The bonds are set to list on the Tel Aviv Stock Exchange and are aimed at non-U.S. investors.
Ormat Technologies (NYSE: ORA) has completed enhancements to its Steamboat Hills geothermal power plant in Reno, Nevada, achieving commercial operation on June 6, 2020. The upgrades increased the plant's capacity by approximately 19 MW, bringing the total to 84 MW. This new state-of-the-art equipment is expected to boost efficiency and reduce maintenance costs. The plant continues to supply 28.4 MW of electricity under a long-term power purchase agreement with SCPPA. CEO Isaac Angel noted that the additional capacity will support Los Angeles's transition to clean energy while addressing a decrease in product backlog due to COVID-19.
Ormat Technologies, Inc. (NYSE: ORA) reported Q1 2020 revenues of $192.1 million, down 3.5% from Q1 2019. The electricity segment remained steady at $142.9 million, while product revenues fell by 9.0% to $47.4 million. Gross profit increased 10.3% to $81.8 million, with a total gross margin of 42.6%. Net income rose slightly to $26.0 million, maintaining a diluted EPS of $0.51. The company provided 2020 guidance, anticipating revenues between $710 million and $740 million, citing COVID-19 uncertainty. A quarterly dividend of $0.11 per share was also declared.
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