Ormat Technologies Announces $62 Million Hybrid Tax Equity Partnership for Two Energy Storage Facilities
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) ha ottenuto una partnership ibrida di Tax Equity da 62 milioni di dollari con Morgan Stanley Renewables per due impianti di accumulo energetico. La collaborazione riguarda il Lower Rio, un impianto di accumulo da 60MW/120MWh, e il progetto Arrowleaf, che combina 35MW/140MWh di accumulo con una capacità solare di 42MW. Entrambi i progetti dovrebbero essere operativi entro la fine del 2025.
Questa partnership storica rappresenta il primo accordo di Tax Equity ibrido di Ormat per il suo portafoglio di accumulo energetico e mira a supportare l'azienda nel raggiungimento dell'obiettivo di monetizzare 160 milioni di dollari in benefici fiscali nel 2025. L'accordo rafforza la capacità di Ormat di investire nel proprio pipeline di sviluppo e di sfruttare i Crediti d'Imposta per gli Investimenti (ITC) fino al 2026.
Ormat Technologies (NYSE: ORA) ha asegurado una asociación híbrida de Tax Equity por 62 millones de dólares con Morgan Stanley Renewables para dos instalaciones de almacenamiento de energía. La asociación cubre la instalación de almacenamiento Lower Rio de 60MW/120MWh y el proyecto Arrowleaf, que combina 35MW/140MWh de almacenamiento con una capacidad solar de 42MW. Se espera que ambos proyectos estén operativos para finales de 2025.
Esta asociación histórica representa el primer acuerdo híbrido de Tax Equity de Ormat para su cartera de almacenamiento de energía y tiene como objetivo ayudar a la empresa a alcanzar su meta de monetizar 160 millones de dólares en beneficios fiscales en 2025. El acuerdo fortalece la capacidad de Ormat para invertir en su cartera de desarrollo y aprovechar los Créditos Fiscales por Inversión (ITC) hasta 2026.
Ormat Technologies (NYSE: ORA)가 Morgan Stanley Renewables와 함께 두 개의 에너지 저장 시설에 대해 6200만 달러 규모의 하이브리드 세금 지분 파트너십을 체결했습니다. 이 파트너십은 Lower Rio 60MW/120MWh 저장 시설과 35MW/140MWh 저장 용량과 42MW 태양광 용량을 결합한 Arrowleaf 프로젝트를 포함합니다. 두 프로젝트 모두 2025년 말까지 가동될 예정입니다.
이 획기적인 파트너십은 Ormat의 에너지 저장 포트폴리오에 대한 첫 번째 하이브리드 세금 지분 계약이며, 회사가 2025년에 1억 6천만 달러의 세금 혜택을 현금화하는 목표를 달성하는 데 도움을 주기 위해 마련되었습니다. 이 거래는 Ormat가 개발 파이프라인에 투자하고 2026년까지 투자 세액 공제(ITC)를 활용할 수 있는 능력을 강화합니다.
Ormat Technologies (NYSE : ORA) a conclu un partenariat hybride de Tax Equity de 62 millions de dollars avec Morgan Stanley Renewables pour deux installations de stockage d'énergie. Ce partenariat concerne la centrale de stockage Lower Rio de 60MW/120MWh et le projet Arrowleaf, qui combine un stockage de 35MW/140MWh avec une capacité solaire de 42MW. Les deux projets devraient être opérationnels d'ici la fin 2025.
Ce partenariat historique représente le premier accord hybride de Tax Equity d'Ormat pour son portefeuille de stockage d'énergie et vise à aider l'entreprise à atteindre son objectif de monétiser 160 millions de dollars d'avantages fiscaux en 2025. Cet accord renforce la capacité d'Ormat à investir dans son pipeline de développement et à profiter des crédits d'impôt à l'investissement (ITC) jusqu'en 2026.
Ormat Technologies (NYSE: ORA) hat eine 62 Millionen US-Dollar Hybrid-Tax-Equity-Partnerschaft mit Morgan Stanley Renewables für zwei Energiespeicheranlagen abgeschlossen. Die Partnerschaft umfasst die Lower Rio 60MW/120MWh Speicheranlage und das Arrowleaf-Projekt, das 35MW/140MWh Speicher mit 42MW Solarleistung kombiniert. Beide Projekte sollen bis Ende 2025 betriebsbereit sein.
Diese wegweisende Partnerschaft stellt Ormats erste Hybrid-Tax-Equity-Vereinbarung für sein Energiespeicherportfolio dar und soll dem Unternehmen helfen, sein Ziel zu erreichen, im Jahr 2025 Steuervorteile in Höhe von 160 Millionen US-Dollar zu monetarisieren. Der Deal stärkt Ormats Fähigkeit, in seine Entwicklungspipeline zu investieren und bis 2026 von Investment Tax Credits (ITCs) zu profitieren.
- Secured $62 million in tax equity funding for energy storage projects
- Partnership helps monetize $160 million in tax benefits for 2025
- Strengthens ability to invest in development pipeline through 2026
- Adds significant energy storage capacity with 95MW/260MWh total storage and 42MW solar
- None.
RENO, Nev., May 27, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced the signing of a
“This Hybrid Tax Equity partnership is the first of its kind for our Energy Storage portfolio and highlights the innovative efforts we are taking to optimize the projects’ economics and the Company’s profitability to ensure that we have the funding we need to support our long-term growth, while simultaneously helping advance our explicit goal of monetizing
Ormat was represented in the transaction by Sheppard Mullin Richter & Hampton, LLP and Morgan Stanley Renewables Inc. was represented in the transaction by Willkie Farr & Gallagher LLP.
ABOUT ORMAT TECHNOLOGIES
With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.
These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
| Ormat Technologies Contact: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) slavi@ormat.com | Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com |
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