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) has resumed operations at the Puna Geothermal Power Plant in Hawaii, following a two and a half year shutdown due to the Kilauea Volcano eruption. As of November 5, 2020, the plant is supplying 1 to 2 MW of electricity, with plans to increase output to 15 MW by year-end 2020, pending the successful connection of a new production well. The recovery plan includes adding geothermal wells and a new substation, aiming for full operational capacity by mid-2021. This effort supports Hawaii's renewable energy goals, enhancing grid reliability and reducing fossil fuel dependency.
Ormat Technologies (NYSE: ORA) reported its Q3 2020 results, showing a 33.5% increase in operating income to $51.7 million, bolstered by improved cash flow from operations. Total revenues decreased by 6.8% to $158.9 million, affected by a 31.2% decline in product revenues. Notably, a favorable tax settlement in Kenya is expected to positively impact earnings by $6 million. Adjusted EBITDA rose 25.3% to $107.1 million. The company provided an updated guidance for 2020 revenues and Adjusted EBITDA, indicating strong operational execution.
Ormat Technologies (NYSE: ORA) will release its third quarter 2020 financial results on November 3, 2020, after market close. The company has scheduled a conference call for November 4, 2020, at 10 a.m. ET to discuss these results. Participants can join by dialing 1-877-511-6790 or 1-412-902-4141 for international calls. A replay will be available one hour after the call, accessible via specific phone numbers and the company's Investor Relations website. Ormat continues to lead in geothermal energy, with a global capacity of approximately 3,000 MW.
Ormat Technologies (NYSE: ORA) has signed Resource Adequacy Agreements for its 5 MW / 20 MWh Tierra Buena battery storage project in California. The agreements with Redwood Coast Energy Authority and Valley Clean Energy are each for 2.5 MW, totaling 5 MW. Set to begin operations by June 2022, this initiative supports California's mandate for 3.3 GW of resource adequacy by 2023. The project reinforces Ormat's commitment to renewable energy and grid stability as part of California's transition to 100% carbon-free electricity by 2045.
On September 15, 2020, Ormat Technologies (NYSE: ORA) announced the receipt of a $20 million overdue payment from Empresa Nacional de Energia Electrica (ENEE) for its Platanares geothermal power plant in Honduras. CEO Doron Blachar expressed satisfaction with this payment, which was anticipated. Ormat also highlighted its low-cost renewable energy contributions to Honduras and plans to explore a new 20 MW geothermal project. Discussions with ENEE regarding potential changes in existing power purchase agreements (PPAs) are ongoing, with expectations of favorable outcomes due to Ormat's competitive pricing.
Ormat Technologies, Inc. (NYSE: ORA) reported Q2 2020 revenues of $174.9 million, a decrease of 5.0% from Q2 2019, with notable declines in the Product and Energy Storage segments. Electricity segment revenue held steady at $128.7 million, reflecting a gross margin improvement to 44.1%. Net income fell to $23.0 million or $0.45 per diluted share, down from $33.9 million in Q2 2019. The company is enhancing liquidity with over $400 million raised in long-term debt and is focused on expanding its geothermal portfolio. Guidance for 2020 revenues is narrowed to between $710 million and $725 million.
Ormat Technologies (NYSE: ORA) has acquired the 20 MW / 80 MWh Pomona energy storage facility in California from AltaGas Power Holdings for $47 million. This facility, operational since 2016, enhances Ormat's portfolio to 73MW/136MWh and positions the company to capitalize on California's burgeoning energy storage market. The acquisition aims to improve profitability in the energy storage segment and support California's 2045 goal of 100% carbon-free electricity. Ormat continues its strategy to lead in renewable energy, utilizing its resources and expertise in key markets.
Ormat Technologies (NYSE: ORA) will release its second quarter 2020 financial results on August 4, 2020, after market close. A conference call to discuss these results is scheduled for August 5, 2020, at 10 a.m. ET. Interested parties can join by dialing 1-877-511-6790 or, for international callers, 1-412-902-4141. A replay of the call will be available shortly after its conclusion, and the webcast will be archived on the Company's Investor Relations page. Ormat continues to be a leader in geothermal energy with a generating portfolio of 933 MW globally.
Ormat Technologies, Inc. (NYSE: ORA) has successfully completed an auction tender, accepting subscriptions for NIS 1.0 billion of senior unsecured bonds, equating to approximately $290 million through a cross-currency swap. The bonds, maturing in June 2031, will bear a fixed interest rate of 3.35%, expected to increase to 4.35% post-swap. Proceeds will fund the $47 million acquisition of the Pomona energy storage facility, repay existing debt, and support growth plans. The bonds are set to list on the Tel Aviv Stock Exchange and are aimed at non-U.S. investors.
Ormat Technologies (NYSE: ORA) has completed enhancements to its Steamboat Hills geothermal power plant in Reno, Nevada, achieving commercial operation on June 6, 2020. The upgrades increased the plant's capacity by approximately 19 MW, bringing the total to 84 MW. This new state-of-the-art equipment is expected to boost efficiency and reduce maintenance costs. The plant continues to supply 28.4 MW of electricity under a long-term power purchase agreement with SCPPA. CEO Isaac Angel noted that the additional capacity will support Los Angeles's transition to clean energy while addressing a decrease in product backlog due to COVID-19.