Ormat Technologies, Inc. reports developments for a vertically integrated geothermal and renewable energy company that owns, operates, designs, manufactures and sells geothermal and recovered energy generation power plants based on Ormat Energy Converter technology. News commonly covers segment results in Electricity, Product and Energy Storage, power purchase agreements, commercial operation of storage and hybrid solar-plus-storage assets, and portfolio activity in U.S. and international geothermal markets.
Recurring updates also include Enhanced Geothermal Systems initiatives with SLB and Sage Geosystems, new geothermal development areas, convertible-note financing, tax-equity funding, dividends, guidance and project-specific items such as CD4, Shirk, Hoku, Salt Wells and Nevada portfolio PPAs.
Ormat Technologies (NYSE: ORA) signed a Financing Agreement with PT Sarana Multi Infrastruktur and PT Medco Power Indonesia to develop the Ijen Geothermal Power Plant in East Java. The project will generate 34 MW, scheduled for completion in 2025. Medco Power holds a 51% stake while Ormat holds 49%. This partnership supports Indonesia's shift to renewable energy, contributing to the country's climate change goals. Ormat aims to expand its footprint in Indonesia, reinforcing its position in geothermal power and energy storage.
Ormat Technologies (NYSE: ORA) announced the pricing of an upsized secondary offering of 3,750,000 shares of common stock at $90.00 per share on behalf of ORIX Corporation. The offering is set to close on November 21, 2022, subject to customary conditions. Ormat is not selling any shares nor will it receive proceeds from this offering. BofA Securities and J.P. Morgan are acting as joint book-running managers. Underwriters have a 30-day option for an additional 562,500 shares.
Ormat Technologies (NYSE: ORA) announced a secondary offering of 3,500,000 shares of common stock on behalf of ORIX Corporation. Ormat will not sell any shares or receive proceeds from the offering. BofA Securities and J.P. Morgan act as joint book-running managers, with a 30-day option for underwriters to purchase an additional 525,000 shares. The offering is made under a shelf registration statement filed with the SEC, and participation is forthcoming based on the related prospectus. This move highlights Ormat's strategic positioning in the renewable energy sector.
Ormat Technologies, Inc. (NYSE: ORA) reported a 10.7% YoY increase in total revenues for Q3 2022, reaching $175.9 million, bolstered by growth in its Electricity segment, which rose 7.1%.
Operating income also saw an 8.1% increase to $38.9 million, while net income climbed 21.5% to $18.1 million. Despite a decrease in gross profit margin to 34.7%, driven by previous insurance proceeds, the outlook remains positive with a 150% increase in backlog and a secured $100 million contract in New Zealand and Indonesia. Guidance for total revenues in 2022 is between $720 million and $735 million.
Ormat Technologies (NYSE: ORA) will publish its Q3 2022 financial results on November 2, 2022, after market close. A conference call to discuss the results is scheduled for November 3, 2022, at 9:00 a.m. ET. Interested participants can join by calling designated numbers for the U.S., Canada, or internationally. The webcast will be available on the company's Investor Relations website. Ormat Technologies is recognized for its expertise in geothermal and energy storage, owning and operating approximately 3,200 MW of gross capacity across several countries.
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Ormat Technologies has announced significant new contracts in geothermal energy, including a 59MW EPC contract with Contact Energy in New Zealand and a 6MW supply deal with Sarulla Operations Ltd. in Indonesia. These contracts will contribute approximately $100 million in expected revenue and increase Ormat's product segment backlog to $150 million, the highest since 2020. The projects are set for delivery and construction in 2023 and 2024.
Ormat Technologies, Inc. (NYSE: ORA) reported a 15.1% year-over-year increase in total revenues for Q2 2022, totaling $169.1 million. The electricity segment grew 12.9%, while adjusted EBITDA rose 19.1% to $100.7 million. Operating income surged 34.9% to $38.6 million. Despite strong top-line growth, net income fell 13.6% to $11.3 million, impacted by foreign currency losses. The company reiterated its 2022 guidance, expecting revenues between $710 million and $735 million.
Ormat Technologies has launched the Casa Diablo-IV (CD4) geothermal power plant in California, which operates at 30 MW. CD4 will supply 7 MW to Silicon Valley Clean Energy and Central Coast Community Energy through 10-year agreements, and 16 MW to Southern California Public Power Authority over 25 years. This facility is significant as it's the first geothermal plant in the region for 30 years and utilizes Ormat's advanced binary technology to provide renewable energy with zero carbon emissions. With CD4, Ormat's total generating capacity now reaches 1,163 MW.
Ormat Technologies, known for its expertise in geothermal and recovered energy generation, will release its Q2 2022 financial results on August 3, 2022, post-market. A conference call to discuss these results is scheduled for 10:00 a.m. ET on August 4, 2022. Investors can participate by dialing the provided numbers or joining the live webcast through the company's Investor Relations.