Welcome to our dedicated page for Ormat Tech news (Ticker: ORA), a resource for investors and traders seeking the latest updates and insights on Ormat Tech stock.
Ormat Technologies develops, owns, and operates geothermal, solar PV, recovered energy, and battery energy storage assets, while also designing and selling equipment for geothermal and recovered energy power plants. News about ORA commonly covers quarterly results, power purchase agreements, commercial operations at storage facilities, geothermal development, Enhanced Geothermal Systems strategy, and capital actions such as convertible senior notes.
The company’s updates also reference the Ormat Energy Converter, recovered energy generation projects, energy storage services, and renewable power portfolios in the United States and international geothermal markets.
Ormat Technologies (NYSE: ORA) announced an upsized private offering of $375 million in 2.50% Green Convertible Senior Notes due 2027. The offering is targeted at qualified institutional buyers and is expected to close on June 27, 2022. The notes will be unsecured, convertible under specific conditions, and will mature on July 15, 2027. Proceeds are estimated at $364.9 million, allocated for share repurchases, repayment of Series 3 Bonds, and funding eligible green projects. A capped call transaction aims to reduce potential stock dilution upon conversion of the notes.
Ormat Technologies (NYSE: ORA) has announced plans to offer $350 million in Green Convertible Senior Notes due 2027. The offering targets qualified institutional buyers and includes an option for initial purchasers to acquire an additional $52.5 million. The unsecured Notes will mature on July 15, 2027, and interest payments will begin January 15, 2023. Proceeds will be allocated for share repurchases, prepayment of bonds, and general corporate purposes, with a focus on financing eligible green projects. The company also intends to enter capped call transactions to mitigate potential dilution.
Ormat Technologies (NYSE: ORA) announced the start of commercial operations at its 5 MW/20 MWh Tierra Buena Battery Energy Storage System in California. This facility will support local energy adequacy for two Community Choice Aggregators, Redwood Coast Energy Authority and Valley Clean Energy, under 10-year agreements. The battery system enhances Ormat's energy storage portfolio to 88 MW/196 MWh. Revenue generation is anticipated to commence in July 2022, as the facility connects to PG&E's distribution circuit.
Ormat Technologies, Inc. (NYSE:ORA) announced the election of Michal Marom and Karin Corfee to its Board of Directors at the annual stockholders' meeting on June 2, 2022. Effective immediately, Marom will chair the Audit Committee, while Corfee brings over 30 years of energy industry experience. Both women enhance the diversity of the Board, now consisting of one-third female members. CEO Doron Blachar expressed confidence in their contributions, which aim to drive Ormat's growth in the renewable energy sector and solidify its leadership in the U.S. energy market.
Ormat Technologies (NYSE:ORA) has signed a 20-year Power Purchase Agreement (PPA) with California Community Power, aimed at enhancing renewable energy projects in California and Nevada. The agreement will start delivering energy in the second quarter of 2024, with the full portfolio expected online by the end of 2026. This move aligns with California's mandate for clean energy, requiring electricity distributors to procure energy sources with an 80% capacity factor and zero on-site emissions. Ormat continues to expand its geothermal and energy storage capabilities to meet growing renewable energy demands.
Ormat Technologies (NYSE:ORA) has entered two Power Purchase Agreements (PPAs) with NV Energy. The first, signed in 2021, commits to 25 MW from the North Valley Geothermal Project. The second PPA, effective this week, allows NV Energy to purchase up to 135 MW from a portfolio of Ormat's geothermal plants. The energy deliveries are expected to begin in Q4 2024, with all projects online by end of 2028. These agreements aim to enhance renewable energy supply in Nevada, supporting the state's sustainability goals and generating over $2.5 billion in economic value.
Ormat Technologies (NYSE: ORA) reported strong first quarter results for 2022, with total revenues increasing 10.4% year-over-year to $183.7 million. The electricity segment led growth, showing a 12.1% rise in revenues, while net income attributable to stockholders grew 20.8% to $18.4 million. Adjusted EBITDA increased 8.7% to $107.9 million. Despite a significant drop in energy storage revenues of 48.5%, product segment revenues surged 69.2%. The company remains optimistic, aiming for annual adjusted EBITDA of $500 million by year-end 2022.
Ormat Technologies (NYSE: ORA) announced a 15-year power purchase agreement (PPA) with Peninsula Clean Energy, effective January 1, 2023. The agreement involves the sale of 26 MW of renewable energy from Ormat's Heber 2 geothermal facility in California, which is the first to meet California's new CPUC MTR guidelines. This PPA supports Peninsula Clean Energy's goal of providing 100% renewable electricity by 2025. Ormat's CEO emphasized the importance of renewable energy for the region, aligning with state requirements for zero-emission energy sources.
Ormat Technologies Inc. (NYSE: ORA) announced plans to release its Q1 2022 financial results on May 2, 2022, after market close. A conference call to discuss these results will occur on May 3, 2022, at 8:30 a.m. ET. Ormat is recognized for its expertise in geothermal energy, energy storage, and solar power generation. With over 3,200 MW of gross capacity, the company aims to strengthen its position in the U.S. energy storage market. Investors can access the call details and the subsequent replay through the company’s Investor Relations website.
Ormat Technologies (NYSE: ORA) will host its investor day event on March 30, 2022, starting at 9:00 a.m. ET in New York City. The executive leadership team will present the company’s long-term strategy, multi-year growth framework, and financial objectives. Following the presentations, a Q&A session will take place. A live webcast and accompanying slides will be accessible on that day, with a replay available afterward on the Ormat Investor Relations website.