Ormat Technologies, Inc. - ORA STOCK NEWS

Ormat Technologies (NYSE: ORA) will announce its Q2 2021 financial results on August 4, 2021, post-market. A conference call is scheduled for August 5, 2021, at 10 a.m. ET. Participants can dial 1-877-511-6790 (U.S.) or 1-412-902-4141 (international) to join. A replay will be available shortly after the call. Ormat, with over 50 years of experience, is a leader in geothermal energy and energy storage, boasting a global generating capacity of approximately 3,200 MW.

Ormat Technologies (NYSE: ORA) has secured a contract with Star Energy Geothermal Salak to extend the Salak geothermal field in Indonesia, marking a positive sign for market recovery post-COVID. The new 14 MW geothermal power plant will utilize air-cooled Ormat Energy Converters, allowing for 100% geothermal fluid reinjection. Revenue is expected to be recorded in 2021 and 2022. CEO Doron Blachar emphasizes the growing demand for clean energy and plans to pursue further contracts globally as the pandemic's impact wanes.

Ormat Technologies (NYSE: ORA) has completed the expansion of its McGinness Hills Phase 3 geothermal power plant in Eastern Nevada, boosting its net capacity to approximately 69 MW and the entire complex to 160 MW. The additional 21.25 MW will be supplied under a long-term agreement to the Los Angeles Department of Water and Power (LADWP), helping them achieve a renewable energy goal of 80% by 2030. The expansion demonstrates Ormat's commitment to maximizing output and efficiency in renewable energy production, providing power for around 12,000 homes and offsetting approximately 120,000 tons of CO2.

Ormat Technologies (NYSE: ORA) has announced a $171 million agreement to acquire two geothermal power plants in Nevada from TG Geothermal Portfolio, LLC. The assets include a combined net capacity of 67.5 MW and an underutilized transmission line. The acquisition aims to bolster Ormat's electricity segment growth, with expectations of generating $55 million in revenue and approximately $37 million in EBITDA in 2022. The transaction is set to close in the second half of 2021, pending regulatory approvals. Ormat's management anticipates enhancing the efficiency and productivity of these assets significantly.

Ormat Technologies has signed a 15-year power purchase agreement (PPA) with Clean Power Alliance (CPA), effective January 1, 2022. CPA will purchase 14 MW of renewable energy from Ormat’s Heber South Geothermal facility, aiding in CPA's greenhouse gas emission reduction goals and enhancing reliability for over one million customers. This agreement replaces a prior PPA with SCPPA and opens doors for future contracts. CEO Doron Blachar highlighted the security provided by this long-term agreement, supporting California's renewable energy regulations.

Ormat Technologies, Inc. (NYSE: ORA) reported Q1 2021 earnings with total revenues of $166.4 million, marking a 13.4% decline from $192.1 million in Q1 2020. The Electricity segment saw a slight increase, while the Product segment's revenues plummeted 81.8% to $8.6 million. Notably, the Energy Storage segment surged 589.1% to a record $12.7 million. Net income dropped 41.4% to $15.3 million, with adjusted net income at $24.1 million. The company maintains its full-year revenue guidance of $645-$680 million and adjusted EBITDA guidance of $400-$410 million, driven by growth in Electricity and Energy Storage segments.

Ormat Technologies Inc. (NYSE: ORA) will release its Q1 2021 financial results on May 5, 2021, after market close. A conference call is scheduled for May 6, 2021, at 9 a.m. ET to discuss these results. Investors can participate by dialing in or accessing the live webcast through the Company's Investor Relations section. Ormat, a leader in geothermal energy with over 3,200 MW of gross capacity globally, aims to accelerate growth in energy storage and solar markets.

Ormat Technologies (NYSE: ORA) has commenced commercial operations of the 10 MW/40 MWh Vallecito Battery Energy Storage System (BESS) in California. Under a 20-year agreement with Southern California Edison (SCE), Vallecito BESS will enhance local resource adequacy and provide ancillary services. This facility marks Ormat's second BESS in California, with further projects in various stages of development. Ormat aims to support California's transition to 100% emissions-free energy by 2045, leveraging its expertise in energy storage alongside its geothermal and recovered energy generation initiatives.

Orange Business Services has been named a preferred partner by GÉANT for the Open Clouds for Research Environments (OCRE) project, aimed at boosting cloud adoption within European research. This partnership will allow Orange to market public cloud services to National Research Education Networks (NREN) and over 8,000 institutions, benefiting around 50 million users. The project focuses on enhancing security and collaboration through Orange's Flexible Engine platform, which is also set to integrate with the GAIA-X ecosystem, promoting a unified European data infrastructure.