Ormat Tech Stock Price, News & Analysis

Ormat Technologies (NYSE: ORA) has secured a $62 million Hybrid Tax Equity partnership with Morgan Stanley Renewables for two energy storage facilities. The partnership covers the Lower Rio 60MW/120MWh storage facility and the Arrowleaf project, which combines 35MW/140MWh storage with 42MW solar capacity. Both projects are expected to be operational by end-2025.

This landmark partnership represents Ormat's first Hybrid Tax Equity arrangement for its Energy Storage portfolio and aims to help the company achieve its goal of monetizing $160 million in tax benefits in 2025. The deal strengthens Ormat's ability to invest in its development pipeline and capitalize on Investment Tax Credits (ITCs) through 2026.

Ormat Technologies (NYSE:ORA) has agreed to acquire the Blue Mountain geothermal power facility in Nevada from Cyrq Energy for $88 million. The facility generates approximately 20MW of net power capacity and has a long-term power purchase agreement with Nevada Power Company, a subsidiary of NV Energy.

The sale aligns with Cyrq Energy's five-year strategic plan, enabling the company to focus on project development and generate greater financial flexibility. Cyrq Energy will continue to operate its other geothermal power plants in Nevada, Utah, and California, including Soda Lake, Patua, Thermo, and Hudson Ranch facilities.

Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy company, has scheduled the release of its first quarter 2025 financial results on Wednesday, May 7, 2025, after market close.

The company will host a conference call to discuss the results on Thursday, May 8, 2025, at 09:00 a.m. ET. U.S. and Canadian participants can dial 1-800-715-9871, while international callers should use +1-646-960-0440 with access code 3818407. The call will include a live webcast available on the company's Investor Relations website. A replay will be accessible via phone and webcast archive.

Ormat Technologies (NYSE: ORA) reported strong financial results for Q4 and full-year 2024, with total revenues increasing 6.1% year-over-year. The company achieved a 3.5% increase in operating income and a 14.3% rise in adjusted EBITDA.

Key highlights include the addition of 253MW of new capacity through organic growth and M&A, with 133MW added to the Electricity segment and 120MW to Energy Storage. The company's Q4 net income rose 14.3% to $40.8 million, while full-year net income slightly decreased by 0.5% to $123.7 million.

Notable developments include:

• Record product segment backlog of $340.0 million
• Energy Storage segment revenues increased 56.7% in Q4 and 30.6% for the full year
• Commenced operations of 35MW Ijen geothermal plant in Indonesia
• Launched 80MW/320MWh Bottleneck Energy Storage facility

For 2025, Ormat guides total revenues between $935-975 million and adjusted EBITDA of $563-593 million. The company remains on track to achieve generating capacity goals of 2.6-2.8 GW by 2028.

Ormat Technologies (NYSE: ORA) has secured two 15-year tolling agreements for Energy Storage facilities in Israel through a tender issued by the Israeli Electricity Authority. The facilities will have a combined capacity of 300MW/1200MWh. The projects will be developed in a 50/50 partnership with Allied Infrastructure , marking Ormat's first major entry into Israel's utility-scale energy storage market.

The partnership is in advanced stages of obtaining interconnection and land use permits before beginning construction. The projects are expected to achieve commercial operation in 2028. The agreements include an option to terminate the initial contract and transition to the merchant market. This strategic move aligns with Ormat's goal to enhance portfolio profitability and stabilize margin performance in its storage business.

Ormat Technologies (NYSE: ORA) has announced the successful start of commercial operations for the 35MW Ijen geothermal power plant in East Java, Indonesia. The facility, jointly owned with PT Medco Power Indonesia through PT Medco Cahaya Geothermal (MCG), represents Ormat's first geothermal plant in East Java, with Ormat holding a 49% equity share (equivalent to 17MW).

The plant, equipped with Ormat Energy Converter (OEC), marks the completion of its first phase, supplying power to the Java grid under a 30-year power purchase agreement. The facility has a total planned capacity of 110 MW and contributes to Indonesia's ambitious goal of adding 7.2 GW of geothermal capacity by 2035.

Ormat Technologies (NYSE: ORA) has signed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to 15 megawatts (MW) of geothermal energy from its Mammoth 2 power plant in California. The agreement, starting in Q1 2027, will replace the existing PPA with Southern California Edison Company.

The new PPA features increased production capacity and higher pricing, reflecting California's tight supply-demand balance for carbon-free electricity. This is driven by state Renewable Portfolio Standards compliance requirements and corporate demand for sustainable energy solutions.

The agreement will support Calpine Energy Solutions' retail portfolio while advancing Ormat's portfolio expansion strategy and long-term revenue generation goals. The energy will be sourced from the Mammoth 2 geothermal facility near Mammoth Lakes, California.

Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy company, has scheduled the release of its fourth quarter and full year 2024 financial results for Wednesday, February 26, 2025, after market close. The company will host a conference call to discuss the results on Thursday, February 27, 2025, at 10:00 a.m. ET.

Participants can join the call using different dial-in numbers: 1-800-715-9871 for United States and Canada, and +1-646-960-0440 for international callers, using access code 9044930. The call will include a live webcast available on the company's Investor Relations website section, with a replay option available one hour after the call's conclusion.