Latest news with #Ormat
Yahoo
18-06-2025
- Business
- Yahoo
Ormat Announces the Completion of Its Acquisition of the Blue Mountain Geothermal Power Plant From Cyrq Energy
ACQUISITION INCREASES ORMAT'S ELECTRICTY SEGMENT GENERATING PORTFOLIO TO 1,268MW POTENTIAL TO UNLOCK ADDITIONAL VALUE THROUGH EXPECTED PPA RENEWAL AND ASSET UPGRADES RENO, Nev., June 18, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), (the 'Company' or 'Ormat'), a leading geothermal and renewable energy company, announced today that it has closed its previously disclosed acquisition of the Blue Mountain geothermal power plant from Cyrq Energy. Under the agreement, Ormat paid $88 million for 100% of the equity interest in the 20MW power plant. The Blue Mountain geothermal power plant is located in Nevada and was originally built with Ormat technology. The 20mw geothermal plant currently delivers power under a PPA with NV Energy ('NVE'), which is set to expire at the end of 2029. As part of the Company's generation capacity growth strategy, Ormat plans to upgrade the power plant and increase its capacity by approximately 3.5MW. Ormat's strategic expansion plans also include the proposed addition of a 13MW solar facility to support the power plant's auxiliaries, pending permit and PPA approval. The overall transaction was funded through bank debt. Doron Blachar, Chief Executive Officer of Ormat Technologies, said, 'The acquisition of the Blue Mountain geothermal power plant enhances our portfolio and reinforces our commitment to sustainable base-load energy solutions. This acquisition not only immediately increases our generating capacity but also provides the potential for a significant upside in revenue generation through our planned upgrades and the potential addition of a solar facility. We are excited about the opportunities this acquisition brings, and we look forward to continuing our partnership with NV Energy as we deliver reliable and clean energy to the people of Nevada.' 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 1,558MW with a 1,268MW 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@
Yahoo
05-06-2025
- Business
- Yahoo
Ormat Technologies Announces Strategic Leadership Changes
ORMAT EXPANDS MANAGEMENT TEAM TO SUPPORT ELECTRICITY SEGMENT GROWTH AND EGS INITIATIVES ARON WILLIS APPOINTED EXECUTIVE VICE PRESIDENT, ELECTRICITY SEGMENT DANIEL MOELK APPOINTED SENIOR VICE PRESIDENT, RESOURCES, DRILLING, & EGS RENO, Nev., June 05, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the 'Company' or 'Ormat'), a leading geothermal and renewable energy company, is pleased to announce the appointment of two distinguished executives to its senior management team. These strategic appointments are poised to propel the next phase of the Company's growth and enhance its operational excellence within the renewable energy sector. Aron Willis Appointed Executive Vice President, Electricity Segment Effective June 4, 2025, Aron Willis will assume the role of Executive Vice President, Electricity Segment at Ormat Technologies. In this capacity Aron will oversee the operations of the Electricity Segment, ensuring alignment with the Company's strategic goals and financial targets. Aron will also be responsible for optimizing plant performance, implementing advanced AI tools, ensuring compliance with safety and environmental regulations, and driving continuous improvement initiatives to foster future growth. Aron brings over 25 years of extensive experience in the power generation industry, with a proven track record of leadership and financial and operational expertise. His career includes significant roles at TransAlta Corporation and Northwest Digital Power, where he demonstrated exceptional leadership in managing large-scale operations and driving substantial growth initiatives. At TransAlta Corporation, Aron held several senior leadership positions, including Executive Vice President of Project Delivery & Construction, Executive Vice President of Growth and Senior Vice President of Operations & Commercial Management. He also managed TransAlta's Australian operations for 10 years, comprising approximately 500MW of generating capacity. Aron holds a Bachelor of Commerce degree with a major in Finance from the University of Calgary. Daniel Moelk Appointed Senior Vice President, Resources, Drilling & EGS In July 2025, Daniel Moelk will join Ormat as Senior Vice President, Resources, Drilling & EGS. Daniel will lead our Resources, Drilling, and EGS teams with a focus on implementing sophisticated processes and innovative technologies. His work will focus in part on creating efficiencies through the use and advanced AI tools and developing Ormat's ongoing drilling and exploration global roadmap. Daniel brings nearly 18 years of valuable operations and drilling management experience within the geothermal industry. Most recently, Daniel served as the EVP of European Operations for Eavor Technologies Inc, a company focused on EGS development where he successfully executed some of the industry's most challenging and complex drilling campaigns. Daniel has played pivotal roles in expanding geothermal drilling operations across his career, in particular at Steag GMBH, PT Sejahtera Alam Energy while he was located in Indonesia, Daldrup & Sohne AG, Mannvit Engineering Consultants, and Iceland Drilling Inc. Daniel holds a degree in Mechanical Engineering from the University of Iceland. 'We are thrilled to welcome Aron Willis and Daniel Moelk to Ormat's leadership team, where their valued backgrounds and experience will help drive the next phase of development and growth for our leading geothermal operations,' said Doron Blachar, Chief Executive Officer of Ormat Technologies. 'Their extensive experience and proven track records in the power generation and geothermal industries will be invaluable as we continue to support our growth through continued innovation. These appointments reflect our commitment to strengthening our leadership team, advancing our strategic objectives for generation growth, expanding our profitability, and focusing efforts on EGS development. I am confident that Aron and Daniel, both of whom will report directly to me, will play pivotal roles in our ongoing success.' Blachar continued, 'I also want to extend my sincere gratitude to Shimon Hatzir for his long-standing service to the Company and his exceptional leadership and dedication over the past 36 years. Shimon has made significant contributions to Ormat in various capacities, including leading our R&D and engineering division, leading wide range of technology developments, and managing the design of numerous power plants. He also led our energy storage segment, and most recently, heading the Electricity Segment including the Resource and Drilling operations I wish him all the best in his well-deserved retirement.' 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
Yahoo
05-06-2025
- Business
- Yahoo
3 Nevada geothermal projects fast-tracked under Trump's quickie environmental review process
Ormat's complex south of Reno. (Ormat press photo) Three proposed geothermal projects in Nevada will be among the first fast-tracked under the Trump administration's new streamlined environmental review process, the U.S. Department of the Interior announced last week. Under the new process hailed by Interior Secretary Doug Burhum in April, environmental assessments for small-scale projects will be limited to just 14 days — a sharp contrast to the typical year or more. Full environmental impact statements for more complex projects, which usually take up to 2 years, will now be finalized in just 28 days. During his first month in office President Donald Trump proclaimed an 'energy emergency' as grounds for fast-tracking lengthy environmental reviews and permitting processes for energy projects deemed critical to national security. Conservation groups have blasted what they see as a circumvention of bedrock environmental laws on the basis of Trump decreeing an 'emergency.' But Burgum, in a statement, said 'by cutting red tape and advancing President Trump's American Energy Dominance agenda, we're fast-tracking reliable energy projects while strengthening national security and supporting American workers.' Environmental assessments for the three Nevada projects — all proposed by Ormat Nevada — will be completed within a 14 day timeframe, according to Interior's May 29 statement. Feds green-light uranium mine in Utah, first project approved under Trump's energy declaration Those projects include the Diamond Flat Geothermal Project near Fallon; the McGinness Hills Geothermal Optimization Project in Lander County; and the Pinto Geothermal Project along the Oregon-Nevada border. Geothermal is one the few renewable energy sources the Trump administration is promoting as part of its 'American Energy Dominance' plan. U.S. Energy Secretary Chris Wright, the CEO of the oilfield services firm Liberty Energy, has called for expanding geothermal energy, citing its potential to enhance energy security and stabilize electricity prices. During a House Appropriations Committee hearing last month, Wright told Nevada Rep. Susie Lee he is 'bullish on the future of geothermal.' 'Permitting and a sober government is necessary to make that happen,' Wright said. Under Wright's leadership, Liberty Energy also invested millions in geothermal energy startup Fervo Energy. In 2023, Fervo Energy launched a geothermal pilot plant in Nevada in partnership with Google to power data centers. Nevada generates is second only to California in geothermal electricity generation, , according to the U.S. Energy Information Administration. Nevada produces about 26% of total geothermal energy in the nation, and has the potential to grow. Last month, the U.S. Geological Survey released a report that said geothermal energy in the Great Basin — which covers most of Nevada — could produce electricity equivalent to 10% of the current U.S. power supply. Geothermal currently accounts for less than 1% of U.S. electricity generation, according to the EIA. In the last five years, the Bureau of Land Management (BLM) has put up more than 700,000 acres of land in Nevada to lease for geothermal. In a press release, USGS said commercial-scale geothermal development will largely depend on the 'successful application of evolving and emerging technologies.' Conservation groups argued the announcement is the latest effort by the Trump administration to target the National Environmental Policy Act, a bedrock environmental law that requires the federal government to conduct an indepth environmental review before moving forward with infrastructure projects. 'We support geothermal energy as a part of our clean energy mix, but like any projects on public lands these developments could cause environmental impacts,' said Patrick Donnelly, Great Basin director at the Center for Biological Diversity in a statement. 'Projects like these need full and complete environmental reviews to ensure they don't unduly harm endangered species or public lands resources.' While geothermal is a more environmentally sound alternative to traditional power sources like coal and natural gas, there are still environmental risks that require careful review. A recent study published in the journal Biological Conservation found that the presence of geothermal plants 'adversely affected' greater sage-grouse populations within sagebrush ecosystems. The study found that the presence of geothermal infrastructure near sage-grouse breeding grounds decreased nest survival. The study specifically reviewed the impact of Nevada's McGinness Hills Geothermal Development, the largest geothermal complex in Nevada and the fourth largest in the United States. The first McGinness Hills geothermal plant was established in July, 2012 and has been producing renewable power since. Throughout its construction and expansion, the McGinness Hills Geothermal Development has attracted pushback due to its impact on sage-grouse. In 2017, the Nevada Department of Wildlife wrote a letter to the BLM after the agency documented the downward trend of seven of eleven breeding sites near the McGinness Hills Geothermal Development. In the letter the agency accused Ormat of failing to monitor and mitigate the impact of the power plant on sage-grouse habitat, as required under the project approval. If the McGinness Hills Geothermal Optimization Project is approved under the new streamlined environmental review process, it would expand three geothermal power plants by adding new wells, heat exchangers, cooling fans, and a 15 megawatt solar photovoltaic field. Other Ormat geothermal energy projects have faced controversy and pushback in Nevada. In 2023, a planned geothermal project by Ormat was sent back to square one after federal land managers decided to reexamine the project's approval following the listing of a small rare toad living in adjacent springs as endangered. Another planned Ormat geothermal project near Gerlach, Nevada was thrown out by the Washoe County Board of County Commissioners in 2023 after locals fiercely opposed the project. Nevada Current is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Nevada Current maintains editorial independence. Contact Editor Hugh Jackson for questions: info@ SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
03-06-2025
- Politics
- Yahoo
3 Nevada geothermal projects fast-tracked under Trump's quickie environmental review process
Ormat's McGinness Hills complex in Lander County. (Ormat press photo) Three proposed geothermal projects in Nevada will be among the first fast-tracked under the Trump administration's new streamlined environmental review process, the U.S. Department of the Interior announced last week. Under the new process hailed by Interior Secretary Doug Burhum in April, environmental assessments for small-scale projects will be limited to just 14 days — a sharp contrast to the typical year or more. Full environmental impact statements for more complex projects, which usually take up to 2 years, will now be finalized in just 28 days. During his first month in office President Donald Trump proclaimed an 'energy emergency' as grounds for fast-tracking lengthy environmental reviews and permitting processes for energy projects deemed critical to national security. Conservation groups have blasted what they see as a circumvention of bedrock environmental laws on the basis of Trump decreeing an 'emergency.' But Burgum, in a statement, said 'by cutting red tape and advancing President Trump's American Energy Dominance agenda, we're fast-tracking reliable energy projects while strengthening national security and supporting American workers.' Environmental assessments for the three Nevada projects — all proposed by Ormat Nevada — will be completed within a 14 day timeframe, according to Interior's May 29 statement. Those projects include the Diamond Flat Geothermal Project near Fallon; the McGinness Hills Geothermal Optimization Project in Lander County; and the Pinto Geothermal Project along the Oregon-Nevada border. Geothermal is one the few renewable energy sources the Trump administration is promoting as part of its 'American Energy Dominance' plan. U.S. Energy Secretary Chris Wright, the CEO of the oilfield services firm Liberty Energy, has called for expanding geothermal energy, citing its potential to enhance energy security and stabilize electricity prices. During a House Appropriations Committee hearing last month, Wright told Nevada Rep. Susie Lee he is 'bullish on the future of geothermal.' 'Permitting and a sober government is necessary to make that happen,' Wright said. Under Wright's leadership, Liberty Energy also invested millions in geothermal energy startup Fervo Energy. In 2023, Fervo Energy launched a geothermal pilot plant in Nevada in partnership with Google to power data centers. Nevada generates is second only to California in geothermal electricity generation, , according to the U.S. Energy Information Administration. Nevada produces about 26% of total geothermal energy in the nation, and has the potential to grow. Last month, the U.S. Geological Survey released a report that said geothermal energy in the Great Basin — which covers most of Nevada — could produce electricity equivalent to 10% of the current U.S. power supply. Geothermal currently accounts for less than 1% of U.S. electricity generation, according to the EIA. In the last five years, the Bureau of Land Management (BLM) has put up more than 700,000 acres of land in Nevada to lease for geothermal. In a press release, USGS said commercial-scale geothermal development will largely depend on the 'successful application of evolving and emerging technologies.' Conservation groups argued the announcement is the latest effort by the Trump administration to target the National Environmental Policy Act, a bedrock environmental law that requires the federal government to conduct an indepth environmental review before moving forward with infrastructure projects. 'We support geothermal energy as a part of our clean energy mix, but like any projects on public lands these developments could cause environmental impacts,' said Patrick Donnelly, Great Basin director at the Center for Biological Diversity in a statement. 'Projects like these need full and complete environmental reviews to ensure they don't unduly harm endangered species or public lands resources.' While geothermal is a more environmentally sound alternative to traditional power sources like coal and natural gas, there are still environmental risks that require careful review. A recent study published in the journal Biological Conservation found that the presence of geothermal plants 'adversely affected' greater sage-grouse populations within sagebrush ecosystems. The study found that the presence of geothermal infrastructure near sage-grouse breeding grounds decreased nest survival. The study specifically reviewed the impact of Nevada's McGinness Hills Geothermal Development, the largest geothermal complex in Nevada and the fourth largest in the United States. The first McGinness Hills geothermal plant was established in July, 2012 and has been producing renewable power since. Throughout its construction and expansion, the McGinness Hills Geothermal Development has attracted pushback due to its impact on sage-grouse. In 2017, the Nevada Department of Wildlife wrote a letter to the BLM after the agency documented the downward trend of seven of eleven breeding sites near the McGinness Hills Geothermal Development. In the letter the agency accused Ormat of failing to monitor and mitigate the impact of the power plant on sage-grouse habitat, as required under the project approval. If the McGinness Hills Geothermal Optimization Project is approved under the new streamlined environmental review process, it would expand three geothermal power plants by adding new wells, heat exchangers, cooling fans, and a 15 megawatt solar photovoltaic field. Other Ormat geothermal energy projects have faced controversy and pushback in Nevada. In 2023, a planned geothermal project by Ormat was sent back to square one after federal land managers decided to reexamine the project's approval following the listing of a small rare toad living in adjacent springs as endangered. Another planned Ormat geothermal project near Gerlach, Nevada was thrown out by the Washoe County Board of County Commissioners in 2023 after locals fiercely opposed the project.
Reuters
30-05-2025
- 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.
