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.
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