Ormat Technologies, Inc. - ORA STOCK NEWS

Ormat Technologies has announced the expansion of its Pomona Complex with a new 20MW/40MWh facility, Pomona-2, under a 10-year agreement with PG&E to ensure resource adequacy. The project, leveraging existing infrastructure from Pomona-1, is expected to commence commercial operations by October 2022. This expansion contributes to Ormat's goal of adding 200-300MW of energy storage by the end of 2023. The agreement aligns with California's directive to address capacity shortfalls due to extreme weather.

Ormat Technologies, Inc. (NYSE: ORA) reported a 16% decline in total revenues for Q2 2021, totaling $146.9 million, reflecting performance issues in the Product segment and temporary setbacks in Electricity. Despite growth in Energy Storage revenues (up 123.8%), net income dropped by 43.5% to $13 million, or $0.23 per diluted share. The company increased its revenue guidance for 2021 to between $650 million and $685 million, bolstered by a 59% increase in Product backlog to $59 million. The expansion of geothermal assets contributes to long-term growth goals of over 1.5 GW total capacity by 2023.

Ormat Technologies (NYSE: ORA) has finalized its acquisition of TG Geothermal Portfolio for $171 million, which includes $206 million in assumed debt. This acquisition enhances Ormat's geothermal capacity in Nevada, adding two operating plants with 67.5 MW capacity and rights to Coyote Canyon, a promising greenfield project. The company anticipates generating $55 million in revenue and approximately $37 million in EBITDA from these assets in 2022. Moreover, the acquisition strengthens Ormat's presence in renewable energy and expands its transmission capabilities to California.

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.