Articles from Ormat Technologies, Inc.

STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

New Tolling Agreements Advance Ormat’s Strategic Transition Towards a More Stable, Profitable Portfolio

RENO, Nev., Feb. 10, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading geothermal and renewable energy company, today announced the successful commencement of commercial operations (COD) for the 35MW Ijen geothermal power plant. The power plant is jointly owned with PT Medco Power Indonesia (“Medco Power”), through their subsidiary company, PT Medco Cahaya Geothermal (“MCG”). Ormat’s share of the facility is 17MW. This is the first geothermal power plant in East Java, Indonesia, contributing to Indonesia’s plan for an additional 7.2 GW of geothermal capacity by 2035.

New Geothermal PPA Advances Ormat’s Portfolio Expansion Strategy and Long-Term Revenue and EBITDA Generation

RENO, Nev., Jan. 21, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal and renewable energy company, today announced that it plans to publish its fourth quarter and full year 2024 financial results in a press release that will be issued on Wednesday, February 26, 2025, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on Thursday, February 27, 2025.

RENO, Nev., Dec. 30, 2024 (GLOBE NEWSWIRE) -- In a release issued earlier today by Ormat Technologies Inc. (NYSE: ORA), please note the original headline read "20MW/120MWH" when it should have read "20MW/20MWH." This error was introduced by GlobeNewswire. The corrected release follows:

RENO, Nev., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy technology company, announced today the successful commencement of commercial operations for its Montague energy storage facility. This 20MW/20MWh Battery Energy Storage System (BESS), located in New Jersey, will provide ancillary services on the merchant market to PJM.

RENO, Nev., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading geothermal and renewable energy company, today announced it has successfully secured 1,678 acres in Utah’s Bureau of Land Management (BLM) Auction. These lease acquisitions will significantly support Ormat's ongoing operations and development projects in the state, further strengthening the company's commitment to advancing renewable energy solutions and meeting Utah’s increasing demand for sustainable energy.

RENO, Nev., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading geothermal and renewable energy technology company, announced today the pricing of an underwritten secondary offering of 3,700,000 shares of its common stock on behalf of ORIX Corporation. The offering is expected to close on December 13, 2024, subject to customary closing conditions. Ormat is not offering any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares being offered by the selling stockholder.

Expect Year End 2024 Product Segment Backlog to Exceed $300 Million

RENO, Nev., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced the successful deal to transfer investment tax credits (ITCs) from the 80MW/320MWh Bottleneck Project to third party. This transaction, which was facilitated under the Inflation Reduction Act (IRA), represents a significant achievement in our goal to collect up to $152 million in cash tax benefits this year.

REVENUE AND ADJUSTED EBITDA GROWTH HIGHLIGHT CONTINUED PROGRESS TOWARDS ACHIEVING GROWTH TARGETS

RENO, Nev., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced the release of its annual Sustainability Report, providing an overview of the Company’s environmental, social, and governance (ESG) performance in 2023.

RENO, Nev., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, announces the successful commencement of commercial operations for its largest energy storage facility, the Bottleneck project. This 80MW/320MWh Battery Energy Storage System (BESS), located in the Central Valley of California, will provide energy, capacity, and ancillary services to San Diego Gas & Electric (SDG&E) under a 15-year Power Purchase Agreement (also known as a Tolling Agreement) signed in 2022.

RENO, Nev., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced it has successfully secured multiple land parcels in Nevada’s Annual Bureau of Land Management (BLM) Auction. These lease acquisitions will significantly support Ormat's ongoing exploration and expansion efforts in the state, further strengthening the company's commitment to advancing renewable energy solutions and meeting Nevada's increasing demand for sustainable energy.

RENO, Nev., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced that it plans to publish its third quarter financial results in a press release that will be issued on Wednesday, November 6, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on Thursday, November 7, 2024.

RENO, Nev., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced the signing of two seven-year tolling agreements with Equilibrium Energy for the Lower Rio 60MW/120MWh and Bird Dog 60MW/120MWh Energy Storage facilities in Texas. This marks Ormat’s first tolling agreements signed in the ERCOT market.

Consistent Improvement Across All Operating Segments Highlights Committement Toward Continued Profitable Growth

AGREEMENT SUPPORTS ORMAT’S GROWTH TRAJECTORY AND ADVANCES THE ONGOING TRANSITION TO A MORE STABLE, PROFITABLE ENERGY STORAGE PORTFOLIO

RENO, Nev., July 08, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced that it plans to publish its second quarter financial results in a press release that will be issued on Tuesday, August 6, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 9:00 a.m. ET on, August 7, 2024.

RENO, Nev., June 04, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, announced today that it will host an Investor and Analyst Day in New York City at the New York Stock Exchange (NYSE) on Thursday, June 20, 2024.

Significant Expansion of Profitability and Earnings, Supported by All Three Operating Segments

RENO, Nev., April 09, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced that it plans to publish its first quarter financial results in a press release that will be issued on Wednesday, May 8, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on, May 9, 2024.

Agreement Supports Ormat’s Capacity Growth Targets and Strategically Expands Its Presence in the Region

DELIVERED A 77.8% INCREASE IN ANNUAL DILUTED EPS AND A 25.0% INCREASE IN ANNUAL ADJUSTED DILUTED EPS COMPARED TO PRIOR YEAR

Amended and restated PPA secures fixed energy rate, PPA extension and project expansion

RENO, Nev., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced that it plans to publish its fourth quarter and full year 2023 financial results in a press release that will be issued on Wednesday, February 21, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on, February 22, 2024.

RENO, Nev., Jan. 04, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, announces that it has closed the previously announced acquisition of a portfolio of geothermal and solar assets from Enel Green Power North America (EGPNA), a subsidiary of Enel SpA (ENEL.MI, LLC). Under the agreement, Ormat paid $271 million for 100% of the equity interest in the portfolio assets.

Agreement Supports SDCP’s Mission to Bring Clean, Reliable Energy to Its Customers

Development Project in Dominica Expands Ormat’s Presence in the Caribbean

RENO, Nev., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, announced today that it has entered into a purchase agreement with Enel Green Power North America (EGPNA), a subsidiary of Enel SpA (ENEL.MI), to acquire a 150 MW portfolio, which includes two contracted operating geothermal power plants and one triple hybrid geothermal, solar PV (20MW nameplate) and solar thermal power plant with a total generation of approximately 43 MW, two Solar assets with a total nameplate capacity of 40 MW, and two greenfield development assets, for a total of $271 million. The acquisition of these US-based operating geothermal and solar assets supports Ormat’s strategic portfolio expansion goals. The acquisition is expected to close by the first quarter of 2024, subject to regulatory approvals and customary closing conditions.

Company Continues Its Commitment to Corporate Responsibility and Sustainability

RENO, Nev., Oct. 10, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced that it plans to publish its third quarter 2023 financial results in a press release that will be issued on Wednesday, November 08, 2023, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on, November 9, 2023.

Demonstrating Continued Momentum in the Region

RENO, Nev., Sept. 18, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced that it has secured a new multi-year contract in partnership with Gotion High-Tech to supply batteries in support of Ormat’s upcoming Energy Storage projects. Under this supply contract, Gotion will provide Ormat with batteries at a capacity of up to 750MWh, with a variable pricing structure, partly linked to Lithium Carbonate prices. In addition to the signed agreement, the companies are discussing additional supply contracts and expansions to the existing signed agreement to provide Ormat with U.S. domestic manufactured batteries from Gotion’s planned battery plant in Manteno, Illinois which will allow Ormat to benefit from higher Investment Tax Credits.

RENO, Nev., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced that it will ring the opening bell at the New York Stock Exchange on Wednesday, September 6th as the Company celebrates entering its 20th year of listing on the exchange. CEO, Doron Blachar, along with colleagues and management members, will be at the Stock Exchange to commemorate this important milestone in the Company’s history.

STRATEGIC PORTFOLIO GROWTH AND CAPACITY ADDITIONS DRIVE SUBSTANTIAL INCREASE IN NET INCOME

RENO, Nev., July 06, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced that it plans to publish its second quarter 2023 financial results in a press release that will be issued on Wednesday, August 2, 2023, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on Thursday, August 3, 2023.

RENO, Nev., July 06, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced that its wholly owned subsidiary Ormat Nevada Inc. recently requested the Bureau of Land Management (BLM) to begin a supplemental National Environmental Policy Act (NEPA) review for the Company’s Dixie Meadows Geothermal Project.

RENO, Nev., July 05, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc (NYSE: ORA) and San Diego Community Power (SDCP) today announced the signing of an agreement that will bring clean, renewable, and affordable energy to the nearly 1 million customers of SDCP.

Ormat Commenced Commercial Operation of Eight Assets Under Both the Energy Storage and Electricity Segments and Met Its Growth Target for the First Half of 2023

RENO, Nev., June 20, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (Ormat), a leading geothermal, energy storage, photovoltaic (PV), solar and recovered energy power company, today announced the signing of agreements with Eastland Generation Limited (EGL) to build a 50MW power plant in New Zealand. EGL is a subsidiary of Eastland Group Limited and a regional infrastructure company. This agreement strengthens Ormat’s presence in the thriving New Zealand market and supports the country’s growing electricity needs while advancing its greenhouse gas emissions reduction efforts.

RENO, Nev., May 30, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies (NYSE: ORA), a leading geothermal, energy storage, photovoltaic (PV) solar and recovered energy power company, today announced the successful resumption of operations at the Heber 1 power plant in California. This achievement comes after the plant temporarily shut down due to a fire incident that occurred in February 2022. This significant milestone is a testament to Ormat's operational execution and its commitment to providing reliable and sustainable energy solutions to communities in California.

Continued Growth in Electricity Segment and Benefits From Inflation Reduction Act Drove Significant Expansion in Earnings and Adjusted EBITDA

RENO, Nev., April 10, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading geothermal, energy storage, solar PV and recovered energy power company, today announced that it plans to publish its first quarter 2023 financial results in a press release that will be issued on Tuesday, May 09, 2023, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 09:00 a.m. ET on Wednesday, May 10, 2023.

RENO, Nev., March 14, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat”), a leading geothermal, energy storage, solar PV and recovered energy power company, announced today that it has priced its previously announced underwritten public offering of 3,600,000 shares of its common stock. The offering is expected to close on March 16, 2023, subject to the satisfaction of customary closing conditions.

RENO, Nev., March 14, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat”), a leading geothermal, energy storage, solar PV and recovered energy power company, announced today the launch of an underwritten public offering of 3,600,000 shares of its common stock. The underwriter will have a 30-day option to purchase up to an additional 540,000 shares of its common stock.

2023 Outlook Reflects Highest Total Revenue Ever and Record Adjusted EBITDA Growth

RENO, Nev., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading geothermal, energy storage, solar PV and recovered energy power company, today announced that it plans to publish its fourth quarter and full year 2022 financial results in a press release that will be issued on Wednesday, February 22, 2023, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on Thursday, February 23, 2023.

RENO, Nev., Jan. 12, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) - Ormat Technologies (NYSE: ORA) and PT Medco Power Indonesia (“Medco Power”) through their subsidiary company, PT Medco Cahaya Geothermal (“MCG”), signed a Financing Agreement with PT Sarana Multi Infrastruktur (Persero) (“SMI”) for development of Ijen Geothermal Power Plant. The signing was witnessed by Harris Yahya, Geothermal Director of the Ministry of Energy and Mineral Resources, Adi Lumakso Director of Generation Management of PT PLN (Persero), Hilmi Panigoro President Director of MedcoEnergi, Doron Blachar CEO of Ormat, Eka Satria President Director of Medco Power and Edwin Syahruzad President Director of SMI.

RENO, Nev., Nov. 16, 2022 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat”), a leading geothermal, energy storage, solar PV and recovered energy power company, announced today the pricing of an upsized underwritten secondary offering of 3,750,000 shares of its common stock on behalf of ORIX Corporation at a price of $90.00 per share. The offering is expected to close on November 21, 2022, subject to customary closing conditions. Ormat is not offering any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares being offered by the selling stockholder.

RENO, Nev., Nov. 16, 2022 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat”), a leading geothermal, energy storage, solar PV and recovered energy power company, announced today the commencement of an underwritten secondary offering of an aggregate of 3,500,000 shares of its common stock on behalf of ORIX Corporation. Ormat is not offering any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares being offered by the selling stockholder.

New Power Plants and Strong Energy Prices Drive Significant Top Line and Operating Income Expansion

Call Will Be Webcast Simultaneously