Wednesday, August 7, 2019

USA, Nevada: Ormat On Track to Add Approximately 120 MW to 135 MW Geothermal Capacity by the end of 2021

Ormat Technologies Reports Second Quarter 2019 Financial Results (News Release)

Ormat Technologies, Inc. today announced financial results for the second quarter ended June 30, 2019.

Isaac Angel, CEO of Ormat speaking at the GRC Annual Meeting

“Ormat delivered in the second quarter a 5.6% growth in electricity segment revenue and a 5.7% increase in generation without any contribution from our Puna power plant in Hawaii that is temporarily shut down following the Kilauea volcano eruption last year,” commented Isaac Angel, Chief Executive Officer.

“We continue to make good progress in our efforts to resume operations at Puna. We expect that our plant refurbishment activities will be completed on schedule by the end of 2019 and expect that the plant will resume operations as soon as the local permitting and transmission network upgrades being undertaken by our local utility partner are completed by early 2020.

We expect continued growth in the electricity segment in the second half of 2019, as our 7 MW Tungsten Solar expansion is now online. We remain on track with our near-term growth target and plan to add approximately 120 MW to 135 MW to our portfolio by the end of 2021.

We are also optimistic about the longer-term outlook for growth at Ormat resulting from the continuing expansion of our international geothermal portfolio, as indicated most recently by the expansion of our operations in Indonesia, where we recently acquired 49% of the Ijen project.

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Ormat Technologies Inc. will be exhibiting at the GRC Annual Meeting & Expo, 15-18 September at the Palm Springs Convention Center in Southern California, USA.