Latest news with #DoronBlachar
Yahoo
28-05-2025
- Business
- Yahoo
Ormat signs hybrid tax equity partnership with Morgan Stanley Renewables
Geothermal and renewable energy company Ormat Technologies has signed a $62m hybrid tax equity partnership with Morgan Stanley Renewables for two energy storage facilities: the Lower Rio 60MW/120 megawatt hours (MWh) facility in the US state of Texas and the Arrowleaf 35MW/140MWh storage and 42MW solar project in California. Both will be commercially operational by the end of 2025. Ormat Technologies chief executive officer Doron Blachar stated: 'This hybrid tax equity partnership is the first of its kind for our energy storage portfolio and highlights the innovative efforts we are taking to optimise the projects' economics and the company's profitability to ensure that we have the funding we need to support our long-term growth, while simultaneously helping advance our explicit goal of monetising $160 million of tax benefits this year [2025]. 'By continuing to effectively monetise the benefits of ITCs for our growing energy storage project portfolio through 2026, we are strengthening our ability to further invest in our development pipeline and ensure that we remain well-positioned to support the growing demand for energy storage projects.' Ormat was represented in the deal by Sheppard Mullin Richter & Hampton. Morgan Stanley Renewables Inc had representation from Willkie Farr & Gallagher. The company specialises in the ownership, operation, design, manufacture and sale of geothermal and recovered energy generation (REG) power plants. These plants primarily utilise the Ormat energy converter, a unit that transforms low, medium and high-temperature heat into electricity. The company has engineered, manufactured, and constructed power plants with a total gross capacity of 3.4GW, which it either owns or has installed for utilities and developers around the world. Building on its expertise in the geothermal and REG sectors, Ormat has expanded its operations to include energy storage services, solar photovoltaic (PV) systems, and combined energy storage with solar PV. The company's current total generating portfolio stands at 1,538MW. This includes a geothermal and solar generation portfolio of 1,248MW, distributed across Guadeloupe, Guatemala, Honduras, Indonesia and Kenya, and a 290MW energy storage portfolio located in the US. In February 2025, Ormat Technologies secured two 15-year tolling agreements for energy storage facilities in Israel. The projects will be developed in partnership with Allied Infrastructure, a multi-disciplinary specialist contractor. "Ormat signs hybrid tax equity partnership with Morgan Stanley Renewables" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
27-05-2025
- Business
- Yahoo
Ormat Technologies Announces $62 Million Hybrid Tax Equity Partnership for Two Energy Storage Facilities
RENO, Nev., May 27, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the 'Company' or 'Ormat'), a leading geothermal and renewable energy company, today announced the signing of a $62 million Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc. The partnership's transaction covers the Lower Rio 60MW/120MWh storage facility and the Arrowleaf 35MW/140MWh storage and 42MW solar projects, which are expected to achieve COD by the end of 2025. 'This Hybrid Tax Equity partnership is the first of its kind for our Energy Storage portfolio and highlights the innovative efforts we are taking to optimize the projects' economics and the Company's profitability to ensure that we have the funding we need to support our long-term growth, while simultaneously helping advance our explicit goal of monetizing $160 million of tax benefits this year,' said Doron Blachar, Chief Executive Officer of Ormat Technologies. 'By continuing to effectively monetize the benefits of ITCs for our growing Energy Storage project portfolio through 2026, we are strengthening our ability to further invest in our development pipeline and ensure that we remain well-positioned to support the growing demand for energy storage projects.' Ormat was represented in the transaction by Sheppard Mullin Richter & Hampton, LLP and Morgan Stanley Renewables Inc. was represented in the transaction by Willkie Farr & Gallagher LLP. ABOUT ORMAT TECHNOLOGIES With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation ('REG'), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company's activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat's current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S. ORMAT'S SAFE HARBOR STATEMENT Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words 'may', 'will', 'could', 'should', 'expects', 'plans', 'anticipates', 'believes', 'estimates', 'predicts', 'projects', 'potential', or 'contemplate' or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat's annual report on Form 10-K filed with the Securities and Exchange Commission ('SEC') on February 27, 2025, and in Ormat's subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC. These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Ormat Technologies Contact:Smadar LaviVP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726)slavi@ Investor Relations Agency Contact:Joseph Caminiti or Josh CarrollAlpha IR Group312-445-2870ORA@ in to access your portfolio
Associated Press
27-05-2025
- Business
- Associated Press
Ormat Technologies Announces $62 Million Hybrid Tax Equity Partnership for Two Energy Storage Facilities
RENO, Nev., May 27, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the 'Company' or 'Ormat'), a leading geothermal and renewable energy company, today announced the signing of a $62 million Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc. The partnership's transaction covers the Lower Rio 60MW/120MWh storage facility and the Arrowleaf 35MW/140MWh storage and 42MW solar projects, which are expected to achieve COD by the end of 2025. 'This Hybrid Tax Equity partnership is the first of its kind for our Energy Storage portfolio and highlights the innovative efforts we are taking to optimize the projects' economics and the Company's profitability to ensure that we have the funding we need to support our long-term growth, while simultaneously helping advance our explicit goal of monetizing $160 million of tax benefits this year,' said Doron Blachar, Chief Executive Officer of Ormat Technologies. 'By continuing to effectively monetize the benefits of ITCs for our growing Energy Storage project portfolio through 2026, we are strengthening our ability to further invest in our development pipeline and ensure that we remain well-positioned to support the growing demand for energy storage projects.' Ormat was represented in the transaction by Sheppard Mullin Richter & Hampton, LLP and Morgan Stanley Renewables Inc. was represented in the transaction by Willkie Farr & Gallagher LLP. ABOUT ORMAT TECHNOLOGIES With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation ('REG'), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company's activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat's current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S. ORMAT'S SAFE HARBOR STATEMENT Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words 'may', 'will', 'could', 'should', 'expects', 'plans', 'anticipates', 'believes', 'estimates', 'predicts', 'projects', 'potential', or 'contemplate' or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under 'Risk Factors' as described in Ormat's annual report on Form 10-K filed with the Securities and Exchange Commission ('SEC') on February 27, 2025, and in Ormat's subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC. These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Associated Press
13-02-2025
- Business
- Associated Press
Ormat Technologies Awarded Tolling Agreements for Two Energy Storage Facilities in Israel
RENO, Nev., Feb. 13, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), ('Ormat' or the 'Company') a leading geothermal and renewable energy technology company, today announced that it has won a tender issued by the Israeli Electricity Authority and has been awarded two separate 15-year tolling agreements for two Energy Storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh. These projects are developed in partnership with Allied Infrastructure LTD ('Allied'), a leading infrastructure company in Israel. The ownership of the projects will be shared, 50/50 between Ormat and Allied. This marks Ormat's and the partnership's first major entry into the Israeli utility scale energy storage market. The partnership intends to develop this activity and develop additional Energy Storage facilities. The parties are in advanced stages of obtaining the interconnection for the two projects, and the necessary land use permits ahead of starting construction. Commercial operation date is expected during 2028. The tolling agreement includes an option for termination of the initial contract and move to participation in the merchant market. 'We are delighted to announce the award of these two tolling agreements, marking another key strategic milestone for our growing Energy Storage business,' said Doron Blachar, Chief Executive Officer of Ormat Technologies. 'These long-term agreements highlight our team's ability to advance and execute Ormat's Energy Storage portfolio expansion strategy. The tolling agreements for these two assets will further enhance the Company's portfolio profitability and add stability to margin performance, each a key element of our growth strategy in our storage business.' Blachar concluded, 'These energy storage contracts mark the Company's first owned project in Israel, and we look forward to continuing to work with Allied as Ormat's capabilities and assets will now help drive Israel's efforts to achieve its renewable energy and energy continuity goals.' ABOUT ORMAT TECHNOLOGIES With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation ('REG'), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company's activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat's current total generating portfolio is 1.5GW with a 1.2GW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S. ABOUT THE ISRAELI ELECTRICITY AUTHORITY The Israeli Electricity Authority is a government authority charged with providing utility services, setting tariffs, regulation, and oversight of the electricity market in Israel. ABOUT ALLIED INFRASTRUCTURE LTD Allied Infrastructure LTD is a multi-disciplined specialist contractor working primarily in the Airports, Highways, Defense and Construction sectors. Allied is delivering innovative and quality services using specially developed materials to offer complete solutions to preserve, protect, maintain and restore infrastructure assets, especially in the airside environment. ORMAT'S SAFE HARBOR STATEMENT Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words 'may', 'will', 'could', 'should', 'expects', 'plans', 'anticipates', 'believes', 'estimates', 'predicts', 'projects', 'potential', or 'contemplate' or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under 'Risk Factors' as described in Ormat's annual report on Form 10-K filed with the Securities and Exchange Commission ('SEC') on February 23, 2024, and in Ormat's subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC. These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
