Latest news with #OrmatTechnologies
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
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."
Yahoo
10-04-2025
- Business
- Yahoo
Is Ormat Technologies, Inc. (ORA) the Best Clean Energy Stock to Buy According to Billionaires?
We recently published a list of the 10 Best Clean Energy Stocks to Buy According to Billionaires. In this article, we are going to take a look at where Ormat Technologies, Inc. (NYSE:ORA) stands against other top clean energy stocks according to billionaires. The current overall bearish trend has also dealt a massive blow to the energy sector, which fell by more than 15.7% over the last five days, against a decline of less than 10% by the overall market. This is despite the fact that energy commodities were exempted from President Trump's sweeping new tariffs – a clear tactic to keep energy inflation in check and in-line with his broader aim to keep energy prices low. The biggest reason for this is the prevailing anxiety about what these tariffs will do to economic growth and, hence, the power demand. The decline in energy stocks also indicates that the market is not expecting any reindustrialization of America to happen in the near term, which appears to be the President's key aim behind his upending of the entire global trade system. READ ALSO: 12 Best Nuclear Power Stocks To Buy Now That said, the global renewable energy industry is growing at a record pace as the world moves ahead with its energy transition to mitigate the impacts of climate change. According to the International Renewable Energy Agency, the global renewable power capacity reached 4,448 gigawatts (GW) in 2024, with an addition of 585 GW just last year. This represented a 92.5% share of the total capacity expansion during the year and marked a record 15.1% rate of annual growth. The American clean energy sector has kept up with this explosive growth and brought online 48.2 GW of capacity from utility-scale solar, wind, and battery storage in 2024, according to research organization Cleanview. Renewables are set to continue this momentum, and the US Energy Information Administration expects the share of new power capacity to come online this year from renewables and batteries to jump to 93%. One sector that has particularly garnered accelerated investor interest over the last year is nuclear energy. The International Energy Agency recently revealed that nuclear is set to generate a record level of electricity in 2025. Moreover, on the sidelines of the CERAWeek conference in Houston last month, several major corporations even signed a pledge to support the goal of at least tripling the world's nuclear energy capacity by 2050. Another sector that has performed exceptionally well is that of energy storage, which set a new record with 12.3 GW of installations across all segments in the US last year. According to the American Clean Power Association, the industry is on a path to surpass 100 GW of grid-scale storage deployed by 2030. However, the country's rapidly expanding sector now faces a serious threat since over 90% of lithium-ion energy storage cells deployed in the US storage market last year originated from China, according to Rho Motion, a data research company. Despite the Trump administration's best efforts to hamper its growth, the clean energy sector continues to be backed up by an increasing number of hedge funds and billionaires. A great example is how Berkshire Hathaway Energy, a wholly-owned subsidiary of Warren Buffett's Berkshire Hathaway, has invested over $40 billion in wind, solar, and hydroelectric projects and operates one of the largest renewable energy portfolios in America. Photo by Mark Kuiper on Unsplash To collect data for this article, we scanned Insider Monkey's database of billionaires' stock holdings and picked the top 10 companies operating in the renewable energy sector with the highest number of billionaire investors in the Insider Monkey database in Q4 of 2024. When two or more companies had the same number of billionaires backing them, we ranked them by the revenue of their last financial year. Following are the Best Clean Energy Stocks According to Billionaires. At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). Number of Billionaire Investors: 8 Ormat Technologies, Inc. (NYSE:ORA) is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation, as well as Energy storage solutions. Ormat's current 1,100 MW generating portfolio is spread globally in Kenya, Guadalupe, Guatemala, Indonesia, Honduras, and the United States. Ormat Technologies, Inc. (NYSE:ORA) reported mixed results in Q4 2024 as its adjusted EPS of $0.72 beat expectations by $0.22. However, the company's revenue of $230.74 million fell below estimates by $4.35 million. Ormat's cash flow from operations increased by 32.8% YoY to $411 million, allowing it to announce a quarterly dividend per share of $0.12 in February. Moreover, the company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters. Ormat Technologies, Inc. (NYSE:ORA) recently revealed that it has secured two 15-year tolling agreements for energy storage facilities in Israel with a combined capacity of around 300 MW/1200 MWh. The projects are expected to begin commercial operations in 2028, further solidifying Ormat's position in the energy storage sector. Overall, ORA ranks 8th on our list of the best clean energy stocks to buy according to billionaires. While we acknowledge the potential of renewable energy stocks , our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than ORA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at . Sign in to access your portfolio
Yahoo
28-03-2025
- Business
- Yahoo
Ormat Technologies (NYSE:ORA) shareholders have endured a 13% loss from investing in the stock three years ago
For many investors, the main point of stock picking is to generate higher returns than the overall market. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. We regret to report that long term Ormat Technologies, Inc. (NYSE:ORA) shareholders have had that experience, with the share price dropping 14% in three years, versus a market return of about 27%. Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. During the unfortunate three years of share price decline, Ormat Technologies actually saw its earnings per share (EPS) improve by 23% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Or else the company was over-hyped in the past, and so its growth has disappointed. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics. The modest 0.7% dividend yield is unlikely to be guiding the market view of the stock. We note that, in three years, revenue has actually grown at a 11% annual rate, so that doesn't seem to be a reason to sell shares. This analysis is just perfunctory, but it might be worth researching Ormat Technologies more closely, as sometimes stocks fall unfairly. This could present an opportunity. The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail). We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. If you are thinking of buying or selling Ormat Technologies stock, you should check out this free report showing analyst profit forecasts. Ormat Technologies shareholders are up 6.6% for the year (even including dividends). Unfortunately this falls short of the market return. On the bright side, that's still a gain, and it's actually better than the average return of 3% over half a decade It is possible that returns will improve along with the business fundamentals. It's always interesting to track share price performance over the longer term. But to understand Ormat Technologies better, we need to consider many other factors. To that end, you should be aware of the 1 warning sign we've spotted with Ormat Technologies . But note: Ormat Technologies may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast). Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
26-02-2025
- Business
- Yahoo
Curious about Ormat Technologies (ORA) Q4 Performance? Explore Wall Street Estimates for Key Metrics
Wall Street analysts expect Ormat Technologies (ORA) to post quarterly earnings of $0.46 per share in its upcoming report, which indicates a year-over-year decline of 31.3%. Revenues are expected to be $234.1 million, down 3% from the year-ago quarter. The current level reflects a downward revision of 1.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock. While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights. That said, let's delve into the average estimates of some Ormat Technologies metrics that Wall Street analysts commonly model and monitor. The consensus estimate for 'Revenues- Product' stands at $34.78 million. The estimate indicates a year-over-year change of -31%. The combined assessment of analysts suggests that 'Revenues- Energy storage' will likely reach $10.18 million. The estimate points to a change of +45.7% from the year-ago quarter. According to the collective judgment of analysts, 'Revenues- Electricity' should come in at $189.14 million. The estimate points to a change of +2.8% from the year-ago quarter. Analysts forecast 'Gross profit- Electricity' to reach $72.51 million. Compared to the present estimate, the company reported $72.72 million in the same quarter last year. Based on the collective assessment of analysts, 'Gross profit- Product' should arrive at $5.22 million. The estimate compares to the year-ago value of $6.36 all Key Company Metrics for Ormat Technologies here>>>Shares of Ormat Technologies have experienced a change of +5.4% in the past month compared to the -0.5% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), ORA is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ormat Technologies, Inc. (ORA) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
