Latest news with #Ormat
Reuters
3 days ago
- Business
- Reuters
US implements emergency permitting procedures to speed geothermal energy development
WASHINGTON, May 30 (Reuters) - The U.S. Department of the Interior said on Friday it was implementing emergency permitting procedures to accelerate reviews of geothermal energy development projects. The projects that will be fast-tracked include three in Nevada led by Ormat, which received funding in 2020 during the first Trump administration for research and development. 'Geothermal energy is a reliable energy source that can power critical infrastructure for national security and help advance energy independence,' Interior Secretary Doug Burgum said. 'We're fast-tracking reliable energy projects while strengthening national security and supporting American workers.' The Trump administration declared an "energy emergency" in President Donald Trump's first days in office, allowing him to use a series of steps to fast-track or skip over lengthy environmental reviews and permitting processes for oil and gas production as well as mining. His emergency orders did not apply to renewable energy like solar power or wind but now applies to geothermal, a form of renewable energy which harnesses heat generated within the Earth for heating, cooling and electricity generation.' It is a technology that enjoys support from Energy Secretary Chris Wright, who has previously invested in geothermal company Fervo Energy. Last week, the U.S. Geological Survey produced a report that said that geothermal energy in the Great Basin of Nevada and adjoining states could produce electricity equivalent to 10% of the current U.S. power supply.
Yahoo
6 days ago
- 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
7 days ago
- 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
7 days ago
- 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.
Yahoo
14-05-2025
- Business
- Yahoo
Letting off steam: How Dominica's volcanoes will boost its green energy
With rainforests, waterfalls, volcanoes and hot springs, the Caribbean island of Dominica's dramatic landscape is a haven for adventure-seeking ecotourists. It attracted 83,966 visitors last year, a 13% rise from 2023, and led by new direct flights from the US, and the opening of more hotels. Nicknamed the "Nature Island", and now recovered from the extensive damage caused by 2017's Hurricane Maria, Dominica's government is set to harness its natural resources to generate clean electricity for its 66,000 residents and tourism sector. To end the country's long reliance on generators fuelled by imported diesel, a geothermal power station is being built in the south of the country. It will access the boiling hot water contained in natural underground reservoirs that are heated by the surrounding volcanic rock. The 10-megawatt plant, under construction near the village of Laudat in the lush Roseau Valley, is on track to become operational by the end of the year. Steam will be drawn up to the surface to drive turbines that will generate electricity. The used steam will then be cooled to the point where it becomes water again, and reinjected back underground for the process to restart. Dominica country profile "We hope to totally eliminate the need for diesel generation for electricity in Dominica by 2030," Dominica's energy minister Dr Vince Henderson tells the BBC. The government also says that the geothermal plant will reduce electricity bills. And it is not just Dominica (not to be confused with the similarly named Dominican Republic), that is set to benefit. Long-term plans include exporting surplus electricity via undersea cables to neighbouring islands. Dr Henderson adds that he hopes the success of the geothermal plant will inspire other Caribbean nations to explore more renewable energy sources. Dominica's geothermal plant will be just the second in the Caribbean. Guadeloupe, an overseas department of France, has had a 15-megawatt station in operation for three decades. The Roseau Valley facility is being created through a public-private partnership between the Dominican government and US-Israeli renewable energy company Ormat Technologies. It is costing tens of millions of US dollars, partially funded by grants and investments from several governments, including the US, UK, Japan and New Zealand. Additional funding has come from various non-governmental organizations from around the world, and loans from the World Bank and the Caribbean Development Bank (CDB). The Dominican government has also ploughed significant resources into the project, which required high upfront costs and a complex exploration process including drilling deep underground to test temperatures. "Finding the resource is the first challenge. Then you need someone like us to build the facility," says Ormat's chief executive Doron Blachar. "Ormat is doing the entire project, from making the plant's elements, shipping them to Dominica, mainly from Israel, and then constructing the power plant." Ormat has been designing and building renewable energy systems for more than five decades, and owns and operates geothermal plants in various countries from the Americas to Africa. "Geothermal is a great, zero-emission electricity that doesn't depend on wind or sun, and operates 24/7," Mr Blachar explains. "It brings jobs to a country, both during construction and, more importantly, during the plant's operations, along with new technology and expertise." Yet despite geothermal's green credentials, Dominica's new plant has raised concerns among some local residents, including environmentalist Atherton Martin who fears for the effects on the ecologically valuable Roseau Valley. "There is no other area like it in the Caribbean," he says, adding that the removal of vegetation during the exploration process "decimated wildlife" including endemic frogs. Other residents told the BBC of some controversy over the amount of money the project was costing. It has certainly been several years in the making with the Dominican government alone said to have invested around $15m (£11.3m). Dr Henderson admits that the project is "not easy" for a country that "faced a big challenge" when it had to substantially repair its electricity network after 2017's Hurricane Maria. But he insists "it will be worth it in the end". Another common fear about geothermal plants is the potential for triggering earthquakes. Ormat says it has never had a such an incident in its many years of operations. Mr Blachar believes the Caribbean could become "a hub" for geothermal technology. Ormat acquired Guadeloupe's plant from the French government in 2017 and is currently expanding it to boost its capacity to 25 megawatts. With support from the CDB and driven by the Organisation of Eastern Caribbean States (OECS) Commission, work is also under way to explore and develop geothermal potential in fellow volcanic island nations Grenada, St Lucia, St Kitts and Nevis, and St Vincent and the Grenadines. Ormat will operate the Dominica plant for 20 years before handing it over to state electricity provider Domlec. Mr Blachar estimates it will employ around 30 local people when it comes on stream later this year. It should initially generate enough power to meet half of Dominica's peak electricity demand, says Fred John, managing director of the government-owned Dominica Geothermal Development Company, which is also involved in the scheme. Authorities are confident the plant will then soon support the entire country, and have enough spare electricity for some to be exported to neighbouring islands. Mr John says that the facility will "serve as a test case for an attractive alternative" to fossil fuels. "The rest of the OECS will benefit from the lessons learned here – both what worked and what didn't," he adds. The OECS recently set a target to reach 30% renewable energy within 10 years, with some countries, including Dominica and St Kitts, aiming for 100% by then. OECS Director General Dr Didacus Jules describes Dominica's geothermal project as a "bold and visionary step". "As a region heavily dependent on imported fossil fuels, the transition to green energy is not optional - it is existential," he tells the BBC. "This development also breathes new life into the long-held vision of a regional energy grid - one that connects our islands through clean, reliable, and affordable energy."
