Ormat Technologies

Ormat Technologies Signs PPA for a New Geothermal Power Plant in Guadeloupe

Retrieved on: 
Monday, March 4, 2024
EDF, Quality of life, Ormat Technologies, OEC, PPA, Carbon, Renewable energy

The new plant development will be added to Ormat’s existing 15MW Bouillante geothermal power plant.

Key Points: 
  • The new plant development will be added to Ormat’s existing 15MW Bouillante geothermal power plant.
  • The project’s field development is completed with resource secured and is expected to be operational by the end of 2025.
  • The new power plant will be a sea water-cooled binary system using state-of-the-art Ormat Energy Converters (OEC).
  • With the addition of the new Bouillante power plant in Guadeloupe and the recent signing of the new 10MW power plant to be built in Dominica, our total geothermal capacity in the Caribbean region will be 35 MW by the end of 2025.

Prime Minister of Dominica Touts Unparalleled Benefits of Citizenship by Investment Programme

Retrieved on: 
Tuesday, January 9, 2024
Student, Commonwealth, Government, Ormat Technologies, ICU, Douglas–Charles Airport, Trust, Electricity, Partnership, Housing, Agriculture, Communication, NEP, MMCE, Investment, CBI, Geothermal energy, Roseau Valley, Soil, Poverty, Growth, Renewable energy

The Prime Minister also highlighted the substantial financial assistance provided to citizens post-hurricane events allocated for roof and home repairs.

Key Points: 
  • The Prime Minister also highlighted the substantial financial assistance provided to citizens post-hurricane events allocated for roof and home repairs.
  • The Prime Minister emphasised the CBI funds allocated at low-interest rates through the AID Bank to foster economic growth and job creation.
  • The Prime Minister expanded on the multifaceted benefits stemming from the CBI Programme.
  • The Commonwealth of Dominica's government has introduced a comprehensive set of regulations to strengthen its CBI Programme and the Citizenship by Investment Unit (CBIU).

Ormat Completed the Acquisition of Contracted Operating Geothermal and Solar Assets From Enel Green Power North America

Retrieved on: 
Thursday, January 4, 2024
Electricity, Ormat Technologies, Enel, Acquisition, Translation, Renewable energy

Under the agreement, Ormat paid $271 million for 100% of the equity interest in the portfolio assets.

Key Points: 
  • Under the agreement, Ormat paid $271 million for 100% of the equity interest in the portfolio assets.
  • The acquired portfolio includes two contracted operating geothermal power plants and one triple hybrid geothermal, solar PV and solar thermal power plant with a total geothermal capacity of approximately 40 MW and Solar PV of 20MW, two Solar assets with a total nameplate capacity of 40 MW, and two greenfield development assets.
  • Doron Blachar, CEO of Ormat Technologies said, “Ormat is pleased to close this transaction and begin capturing the value of these assets for our shareholders.
  • We look forward to integrating these attractive geothermal and solar assets into our existing portfolio and translating our results into enhanced shareholder value creation in both the near-and long-term.

Ormat Secures 15-Year Energy Storage Service Agreement With San Diego Community Power for Pomona 2 Energy Storage Facility

Retrieved on: 
Tuesday, December 12, 2023
ESSA, Ormat Technologies, BESS, Growth, Renewable energy

RENO, Nev., Dec. 12, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, announced the signing of a 15-year Energy Storage Service Agreement (ESSA) with San Diego Community Power (SDCP), California’s second largest community choice aggregator, for the 20MW/40MWh Pomona 2 Battery Energy Storage System (BESS) located in Los Angeles County, California.

Key Points: 
  • RENO, Nev., Dec. 12, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, announced the signing of a 15-year Energy Storage Service Agreement (ESSA) with San Diego Community Power (SDCP), California’s second largest community choice aggregator, for the 20MW/40MWh Pomona 2 Battery Energy Storage System (BESS) located in Los Angeles County, California.
  • The Pomona 2 project, operational since July 2023, represents Ormat's commitment to growing its energy storage segment through the delivery of innovative solutions and storage services.
  • This agreement marks the second tolling agreement in the Company’s expanding portfolio, following the 2022 Bottleneck contract.
  • Doron Blachar, CEO of Ormat Technologies said, “This long-term tolling agreement further expands Ormat’s energy storage portfolio and supports SDCP’s commitment to bringing clean, reliable energy to its nearly one million customers.

Ormat Signed Historic 25-Year Power Purchase Agreement With Dominica Electricity Services Ltd.

Retrieved on: 
Wednesday, December 6, 2023
Bouillante, COP28, Quality of life, Roseau Valley, Conference, Partnership, PPA, Government, Ormat Technologies, Electricity, Commonwealth, Renewable energy

This agreement follows the Government of the Commonwealth of Dominica’s successful development of the geothermal reservoir in the Roseau Valley.

Key Points: 
  • This agreement follows the Government of the Commonwealth of Dominica’s successful development of the geothermal reservoir in the Roseau Valley.
  • At the end of the agreement term, ownership of the power plant will be transferred to the Government of the Commonwealth of Dominica.
  • Looking ahead, Ormat plans to expand its Bouillante power plant and, with the development in Dominica, will bring total generating capacity in the Caribbean to approximately 35 MW.
  • Doron Blachar, CEO of Ormat Technologies, stated, “This landmark agreement demonstrates our commitment to pioneering sustainable energy solutions.

Ormat Technologies Reports Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, November 8, 2023
Lithium, Adjustment, Sale, PJM, Policy, Mercury, Ormat Technologies, Lithium carbonate, EBITDA, IRA, Energy, ITC, Acquisition, Energy storage, Enel, Growth, Electricity, EPS, Inflation Reduction Act of 2022, Partnership, Webcast, PTC, Ngatamariki Power Station, Inflation, Bookkeeping, Renewable energy, Holding company, Beauty salon, Security (finance), Video game, ERCOT

RENO, Nev., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced financial results for the third quarter ended September 30, 2023.

Key Points: 
  • Net income attributable to the Company’s stockholders and diluted EPS for the third quarter of 2023 increased 95.8% and 84.4%, respectively, versus the prior year period.
  • Product segment revenues for the third quarter of 2023 increased 180.2%, compared to 2022, supported by a higher backlog and timing of recognized revenues.
  • The dividend will be paid on December 6, 2023, to stockholders of record as of the close of business on November 22, 2023.
  • Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, November 9, 2023, at 10:00 a.m.

Ormat to Acquire Contracted Operating Geothermal and Solar Assets in Nevada, Utah, and Connecticut for $271 Million

Retrieved on: 
Monday, October 23, 2023
Photovoltaic system, PPA, NYSE, EV, Ormat Technologies, Salt River Project, EBITDA, Acquisition, Electricity, Cove Fort, NV Energy, Salt, LOW, Enel, ORA, Plant, Renewable energy

The acquisition of these US-based operating geothermal and solar assets supports Ormat’s strategic portfolio expansion goals.

Key Points: 
  • The acquisition of these US-based operating geothermal and solar assets supports Ormat’s strategic portfolio expansion goals.
  • The acquisition is expected to close by the first quarter of 2024, subject to regulatory approvals and customary closing conditions.
  • Salt Wells geothermal power plant – located in Churchill County, Nevada, this geothermal binary power plant has a long-term PPA with NV Energy.
  • These acquired assets have collectively generated an annual revenue of approximately $35.0 million and an EBITDA1 of approximately $24.0 million for the years 2020-2022.

Ormat Releases 2022 Sustainability Report

Retrieved on: 
Thursday, October 12, 2023
Sustainability reporting, Climate change, NYSE, Ormat Technologies, Sustainability accounting, Sustainability, ORA, Sustainability Accounting Standards Board, ESG, GRI, Renewable energy

RENO, Nev., Oct. 12, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today released the Company’s annual Sustainability Report, providing an overview of the Company’s environmental, social and governance (ESG) performance in 2022.

Key Points: 
  • RENO, Nev., Oct. 12, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today released the Company’s annual Sustainability Report, providing an overview of the Company’s environmental, social and governance (ESG) performance in 2022.
  • The 2022 Sustainability report has been updated and structured to enhance the clarity of Ormat’s ESG-related activities.
  • Doron Blachar, CEO of Ormat Technologies, stated, “As a global renewable energy company, and a leader in the geothermal technology space, sustainability has always been a focus at Ormat and we play an important role in the global fight against climate change.
  • Our Sustainability report highlights the progress we’ve made in developing more sustainable practices globally, and it also showcases how we operate the business in an ethical and inclusive manner.

Ormat Secures Contract With Mercury New Zeleand to Construct and Supply New 56 MW Geothermal Power Plant

Retrieved on: 
Tuesday, September 19, 2023
Maintenance, Mercury, OEC, Electricity, EPC, Ngatamariki Power Station, Mercury Energy, ORA, CO2, Growth, Engineering, procurement, and construction, NYSE, Rankine, Renewable energy, Ormat Technologies, Engineering

Under the agreement with Mercury, the project will be an expansion of the existing 96 MW Ngatamariki geothermal power plant in operation, which was also built by Ormat in 2012.

Key Points: 
  • Under the agreement with Mercury, the project will be an expansion of the existing 96 MW Ngatamariki geothermal power plant in operation, which was also built by Ormat in 2012.
  • The new power plant will be built on the same platform as the existing power plant and once in operation with the new Ormat Energy Converter (OEC) it will have a total output of over 150 MW (gross).
  • Upon full operation of the Ngatamariki plant, Ormat's advanced geothermal equipment will take the lead in powering nearly 45% of New Zealand's geothermal energy market.
  • Doron Blachar, CEO of Ormat Technologies said, “We are thrilled to partner with Mercury for the extension of the Ngatamariki Geothermal Power Station.

Ormat and Gotion Sign a New Multi-Year Agreement Supporting the Company’s Energy Storage Growth Plans

Retrieved on: 
Monday, September 18, 2023
Lithium, Partnership, Ormat Technologies, Carbon, ESS, ORA, Energy storage, Lithium carbonate, NYSE, Renewable energy

RENO, Nev., Sept. 18, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced that it has secured a new multi-year contract in partnership with Gotion High-Tech to supply batteries in support of Ormat’s upcoming Energy Storage projects.

Key Points: 
  • RENO, Nev., Sept. 18, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced that it has secured a new multi-year contract in partnership with Gotion High-Tech to supply batteries in support of Ormat’s upcoming Energy Storage projects.
  • Under this supply contract, Gotion will provide Ormat with batteries at a capacity of up to 750MWh, with a variable pricing structure, partly linked to Lithium Carbonate prices.
  • In addition to the signed agreement, the companies are discussing additional supply contracts and expansions to the existing signed agreement to provide Ormat with U.S. domestic manufactured batteries from Gotion’s planned battery plant in Manteno, Illinois which will allow Ormat to benefit from higher Investment Tax Credits.
  • Doron Blachar, CEO of Ormat Technologies, said, “We are excited to partner with Gotion and sign this new multi-year battery supply contract.