Ormat Tech Stock Price, News & Analysis

Ormat Technologies (NYSE: ORA) and PT Archi Indonesia Tbk have formed a Joint Venture named PT Toka Tindung Geothermal to explore geothermal energy in North Sulawesi. Ormat holds a 75% stake, and Archi owns 25%. The JV aims to develop geothermal power at the Toka Tindung gold mine, aligning with Indonesia's renewable energy goals. This marks Ormat's third JV in Indonesia, enhancing its global growth strategy in the geothermal sector. Ormat plans to execute exploration and field development drilling programs, contributing to sustainable energy solutions.

Ormat Technologies (NYSE: ORA) has secured a contract with Polaris Infrastructure (TSX: PIF) to supply a 10 MW geothermal air-cooled Ormat Energy Converter (OEC) for the San Jacinto facility in Nicaragua. This contract follows a slowdown due to COVID-19, indicating a growing demand for their products. The project involves 11 months for design, manufacture, and delivery, which is expected to enhance capacity and provide affordable electricity in Nicaragua. Ormat aims to expand its energy storage market presence while leveraging 55 years of experience in geothermal energy.

Ormat Technologies has announced the expansion of its Pomona Complex with a new 20MW/40MWh facility, Pomona-2, under a 10-year agreement with PG&E to ensure resource adequacy. The project, leveraging existing infrastructure from Pomona-1, is expected to commence commercial operations by October 2022. This expansion contributes to Ormat's goal of adding 200-300MW of energy storage by the end of 2023. The agreement aligns with California's directive to address capacity shortfalls due to extreme weather.

Ormat Technologies, Inc. (NYSE: ORA) reported a 16% decline in total revenues for Q2 2021, totaling $146.9 million, reflecting performance issues in the Product segment and temporary setbacks in Electricity. Despite growth in Energy Storage revenues (up 123.8%), net income dropped by 43.5% to $13 million, or $0.23 per diluted share. The company increased its revenue guidance for 2021 to between $650 million and $685 million, bolstered by a 59% increase in Product backlog to $59 million. The expansion of geothermal assets contributes to long-term growth goals of over 1.5 GW total capacity by 2023.

Ormat Technologies (NYSE: ORA) has finalized its acquisition of TG Geothermal Portfolio for $171 million, which includes $206 million in assumed debt. This acquisition enhances Ormat's geothermal capacity in Nevada, adding two operating plants with 67.5 MW capacity and rights to Coyote Canyon, a promising greenfield project. The company anticipates generating $55 million in revenue and approximately $37 million in EBITDA from these assets in 2022. Moreover, the acquisition strengthens Ormat's presence in renewable energy and expands its transmission capabilities to California.

Ormat Technologies (NYSE: ORA) will announce its Q2 2021 financial results on August 4, 2021, post-market. A conference call is scheduled for August 5, 2021, at 10 a.m. ET. Participants can dial 1-877-511-6790 (U.S.) or 1-412-902-4141 (international) to join. A replay will be available shortly after the call. Ormat, with over 50 years of experience, is a leader in geothermal energy and energy storage, boasting a global generating capacity of approximately 3,200 MW.

Ormat Technologies (NYSE: ORA) has secured a contract with Star Energy Geothermal Salak to extend the Salak geothermal field in Indonesia, marking a positive sign for market recovery post-COVID. The new 14 MW geothermal power plant will utilize air-cooled Ormat Energy Converters, allowing for 100% geothermal fluid reinjection. Revenue is expected to be recorded in 2021 and 2022. CEO Doron Blachar emphasizes the growing demand for clean energy and plans to pursue further contracts globally as the pandemic's impact wanes.

Ormat Technologies (NYSE: ORA) has completed the expansion of its McGinness Hills Phase 3 geothermal power plant in Eastern Nevada, boosting its net capacity to approximately 69 MW and the entire complex to 160 MW. The additional 21.25 MW will be supplied under a long-term agreement to the Los Angeles Department of Water and Power (LADWP), helping them achieve a renewable energy goal of 80% by 2030. The expansion demonstrates Ormat's commitment to maximizing output and efficiency in renewable energy production, providing power for around 12,000 homes and offsetting approximately 120,000 tons of CO2.

Ormat Technologies (NYSE: ORA) has announced a $171 million agreement to acquire two geothermal power plants in Nevada from TG Geothermal Portfolio, LLC. The assets include a combined net capacity of 67.5 MW and an underutilized transmission line. The acquisition aims to bolster Ormat's electricity segment growth, with expectations of generating $55 million in revenue and approximately $37 million in EBITDA in 2022. The transaction is set to close in the second half of 2021, pending regulatory approvals. Ormat's management anticipates enhancing the efficiency and productivity of these assets significantly.