Ormat Technologies, Inc. - ORA STOCK NEWS

Ormat Technologies, Inc. (NYSE: ORA) reported a 15.1% year-over-year increase in total revenues for Q2 2022, totaling $169.1 million. The electricity segment grew 12.9%, while adjusted EBITDA rose 19.1% to $100.7 million. Operating income surged 34.9% to $38.6 million. Despite strong top-line growth, net income fell 13.6% to $11.3 million, impacted by foreign currency losses. The company reiterated its 2022 guidance, expecting revenues between $710 million and $735 million.

Ormat Technologies has launched the Casa Diablo-IV (CD4) geothermal power plant in California, which operates at 30 MW. CD4 will supply 7 MW to Silicon Valley Clean Energy and Central Coast Community Energy through 10-year agreements, and 16 MW to Southern California Public Power Authority over 25 years. This facility is significant as it's the first geothermal plant in the region for 30 years and utilizes Ormat's advanced binary technology to provide renewable energy with zero carbon emissions. With CD4, Ormat's total generating capacity now reaches 1,163 MW.

Ormat Technologies, known for its expertise in geothermal and recovered energy generation, will release its Q2 2022 financial results on August 3, 2022, post-market. A conference call to discuss these results is scheduled for 10:00 a.m. ET on August 4, 2022. Investors can participate by dialing the provided numbers or joining the live webcast through the company's Investor Relations.

Ormat Technologies (NYSE: ORA) announced an upsized private offering of $375 million in 2.50% Green Convertible Senior Notes due 2027. The offering is targeted at qualified institutional buyers and is expected to close on June 27, 2022. The notes will be unsecured, convertible under specific conditions, and will mature on July 15, 2027. Proceeds are estimated at $364.9 million, allocated for share repurchases, repayment of Series 3 Bonds, and funding eligible green projects. A capped call transaction aims to reduce potential stock dilution upon conversion of the notes.

Ormat Technologies (NYSE: ORA) has announced plans to offer $350 million in Green Convertible Senior Notes due 2027. The offering targets qualified institutional buyers and includes an option for initial purchasers to acquire an additional $52.5 million. The unsecured Notes will mature on July 15, 2027, and interest payments will begin January 15, 2023. Proceeds will be allocated for share repurchases, prepayment of bonds, and general corporate purposes, with a focus on financing eligible green projects. The company also intends to enter capped call transactions to mitigate potential dilution.

Ormat Technologies (NYSE: ORA) announced the start of commercial operations at its 5 MW/20 MWh Tierra Buena Battery Energy Storage System in California. This facility will support local energy adequacy for two Community Choice Aggregators, Redwood Coast Energy Authority and Valley Clean Energy, under 10-year agreements. The battery system enhances Ormat's energy storage portfolio to 88 MW/196 MWh. Revenue generation is anticipated to commence in July 2022, as the facility connects to PG&E's distribution circuit.

Ormat Technologies, Inc. (NYSE:ORA) announced the election of Michal Marom and Karin Corfee to its Board of Directors at the annual stockholders' meeting on June 2, 2022. Effective immediately, Marom will chair the Audit Committee, while Corfee brings over 30 years of energy industry experience. Both women enhance the diversity of the Board, now consisting of one-third female members. CEO Doron Blachar expressed confidence in their contributions, which aim to drive Ormat's growth in the renewable energy sector and solidify its leadership in the U.S. energy market.

Ormat Technologies (NYSE:ORA) has signed a 20-year Power Purchase Agreement (PPA) with California Community Power, aimed at enhancing renewable energy projects in California and Nevada. The agreement will start delivering energy in the second quarter of 2024, with the full portfolio expected online by the end of 2026. This move aligns with California's mandate for clean energy, requiring electricity distributors to procure energy sources with an 80% capacity factor and zero on-site emissions. Ormat continues to expand its geothermal and energy storage capabilities to meet growing renewable energy demands.

Ormat Technologies (NYSE:ORA) has entered two Power Purchase Agreements (PPAs) with NV Energy. The first, signed in 2021, commits to 25 MW from the North Valley Geothermal Project. The second PPA, effective this week, allows NV Energy to purchase up to 135 MW from a portfolio of Ormat's geothermal plants. The energy deliveries are expected to begin in Q4 2024, with all projects online by end of 2028. These agreements aim to enhance renewable energy supply in Nevada, supporting the state's sustainability goals and generating over $2.5 billion in economic value.