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, Inc. (NYSE: ORA) is a geothermal and renewable energy company whose news flow reflects its activities in geothermal power, recovered energy generation (REG), solar PV and grid‑connected energy storage. As a vertically integrated player in geothermal and REG, Ormat regularly issues updates on project development, operating milestones and long‑term contract activity across its global portfolio.
News about Ormat often covers the commencement of commercial operations at new facilities, such as the Arrowleaf hybrid solar‑plus‑storage project in California or the Lower Rio battery energy storage system in Texas. The company also reports on long‑term power purchase agreements and tolling agreements, including a 25‑year PPA extension with the Southern California Public Power Authority for the Heber 1 geothermal facility and a 20‑year PPA with Switch for geothermal capacity from the Salt Wells power plant in Nevada.
Investors and analysts following ORA can expect regular announcements on international geothermal concessions and agreements, such as the award of the Telaga Ranu Geothermal Working Area in Indonesia and Geothermal Exploration and Energy Conversion Agreements with PLN. Ormat’s news releases also highlight strategic collaborations to advance next‑generation geothermal technologies, including agreements with Sage Geosystems Inc. and SLB to pilot Pressure Geothermal and enhanced geothermal systems (EGS) at Ormat sites.
In addition, Ormat publishes quarterly and annual earnings results, guidance updates and segment performance details, typically accompanied by conference call announcements. For those tracking ORA stock, this news stream provides insight into the company’s electricity, product and energy storage segments, its contract backlog, and its stated plans to expand its energy storage footprint and geothermal development pipeline.
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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.
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.