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Ormat Technologies (NYSE: ORA) delivers renewable energy solutions through geothermal power, recovered energy generation, and grid-scale storage systems. This news hub provides investors and industry professionals with essential updates on operational milestones, financial performance, and technological advancements.
Access authoritative coverage of ORA's electricity generation projects, equipment innovations, and energy storage deployments. Our curated news collection features earnings announcements, regulatory filings, partnership developments, and project commissioning updates – all critical for evaluating the company's market position.
Key focus areas include geothermal plant expansions, energy converter technology enhancements, and storage system optimizations. Track ORA's progress in vertical integration strategies and international market penetration through verified press releases and objective analysis.
Bookmark this page for streamlined access to ORA's evolving renewable energy initiatives. Regular updates ensure you maintain current awareness of operational developments impacting long-term value creation in the clean energy sector.
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.
Ormat Technologies (NYSE: ORA) has announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market. The project, eligible for a 30% Investment Tax Credit, increases Ormat's total capacity in the PJM market to 120MW/120MWh.
With this addition, Ormat now operates 290MW/658MWh of energy storage projects and is progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) announced the successful launch of commercial operations at its Montague energy storage facility in New Jersey. The 20MW/20MWh Battery Energy Storage System (BESS) will provide ancillary services to the PJM merchant market and is expected to qualify for a 30% Investment Tax Credit.
With this addition, Ormat's total capacity in the PJM market reaches 120MW/120MWh. The company now operates 290MW/658MWh of energy storage projects overall, progressing toward its 2028 target of 950MW-1050MW/2.5GWh-2.9GWh energy storage portfolio capacity.
Ormat Technologies (NYSE: ORA) has acquired 1,678 acres in Utah through a Bureau of Land Management (BLM) Auction. The strategic land acquisition will enable the development of two new power plants near the company's Cove Fort facility. The first plant, Cove Fort 2, is scheduled to begin exploration in 2025 with expected commercial operations in 2027, while Cove Fort North will be developed later. CEO Doron Blachar expressed confidence in the high probability of success for these parcels, which align with the company's growth plans in the U.S. The expansion aims to meet Utah's growing sustainable energy demands and strengthen Ormat's position in geothermal energy production.
Ormat Technologies (NYSE: ORA) announced the pricing of a secondary offering of 3,700,000 shares of common stock on behalf of ORIX at $76.20 per share. The offering is expected to close on December 13, 2024. Goldman Sachs & Co. , acting as the sole book-running manager and underwriter, has a 30-day option to purchase up to an additional 555,000 shares. Ormat will not receive any proceeds from this sale.
Ormat is a leading geothermal company with over five decades of experience, operating a 1,500MW generating portfolio consisting of 1,230MW geothermal and solar generation across multiple countries and a 270MW energy storage portfolio in the U.S.
Ormat Technologies (NYSE: ORA), a leading geothermal and renewable energy technology company, announced a secondary offering of 3,700,000 shares of common stock on behalf of ORIX . Goldman Sachs & Co. , serving as the sole book-running manager and underwriter, will have a 30-day option to purchase up to an additional 555,000 shares from ORIX. Ormat will not receive any proceeds from this offering as it is not selling any shares. The offering is being made through an automatically effective shelf registration statement on Form S-3 filed with the SEC on December 11, 2024.
Ormat Technologies (NYSE: ORA) has reached an understanding with Contact Energy for a $200 million EPC contract to develop the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The project, expected to be completed by mid-2027, marks Ormat's fourth large project in New Zealand and will replace the 1950's-built Wairakei geothermal power station. The company expects its year-end Product Segment backlog to exceed $300 million, with bulk revenues from this contract recognized during 2026-2027. Contact Energy is also planning Te Mihi Stage 3, expected online by mid-2031.
Ormat Technologies (NYSE: ORA) has successfully completed the transfer of investment tax credits (ITCs) from its 80MW/320MWh Bottleneck Project to a third party. The transaction, executed under the Inflation Reduction Act, generated gross proceeds at $0.93 per dollar, resulting in net proceeds of approximately $46.7 million after fees. This deal, combined with $14 million in Production Tax Credits (PTCs) monetized in Q3 2024, contributes to the company's goal of collecting up to $152 million in cash tax benefits this year. The proceeds will be used to fund growth capital expenditure while maintaining a strong balance sheet.
Ormat Technologies (NYSE: ORA) reported Q3 2024 financial results with total revenues of $211.8M, up 1.8% year-over-year. The company's Adjusted EBITDA grew 16.3% to $137.7M, driven by growth across all segments and newly acquired Enel assets. Net income decreased to $22.1M from $35.5M in Q3 2023. The company narrowed its 2024 revenue guidance to $875M-$893M and increased Adjusted EBITDA guidance to $540M-$555M. Notable achievements include the commercial operation of its largest 80MW/320MWh Bottleneck storage project and new energy storage contracts in Texas.
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