Geothermal Growth: Ormat Technologies Focuses on Expansion and Compliance

Ormat Technologies continues to present itself as a leading player in the renewable energy sector, as the company has made significant strides in achieving its growth targets in the third quarter. With an increase in adjusted EBITDA of 16.3 percent, CEO Doron Blachar highlights the steady improvement in financial performance. This upswing is supported by growth in the operational portfolio and price advantages within the electricity segment. Particularly noteworthy are the recently concluded contracts in Texas and California, as well as the commercial operation of the significant 80-megawatt storage project in California. Global trends supporting renewable energies and data-intensive industries offer Ormat excellent growth opportunities. The company aims to achieve an operational portfolio capacity of about 2.1 to 2.3 gigawatts by 2026. The recent statement from the U.S. Securities and Exchange Commission (SEC) not to take enforcement action against Ormat marks another milestone and confirms the company's compliance standards. CFO Assaf Ginzburg reported that total revenue in the third quarter rose to 211.8 million USD, while net income experienced a decline, partly due to legal changes in Kenya. Significant contributions to EBITDA were made by the NAL assets acquired in the first quarter of 2024. Solid progress in the energy storage segment and shrewdly negotiated compensation payments from battery manufacturers also contribute to a more stable economic future. The stock market rewards Ormat for its innovation, and the company shows that it is well-prepared for both short-term challenges and long-term strategic goals. Investors are invited to visit the website for the latest presentations and analyses.