Record quarterly revenues in the electricity segment, increase 38.8% to $94.8 million
Highlights include:
- Increased electricity generation by 15.5% year-over-year to 1.2 million MWh, driven primarily by new capacity coming on line at Olkaria III Plants 2 and 3 in Kenya as well as at the Don A. Campbell Plant in Nevada;
- The Sarulla consortium signed a $1.17 billion financing agreements for the development and construction of the 330 MW Sarulla geothermal project in Indonesia. Closing is anticipated in the 2nd quarter of 2014
- Sold Heber Solar PV project in California for approximately $35.3 million; $7.5 million pre-tax gain will be recorded in the second quarter 2014; and,
- Began CEO transition with Isaac Angel joining Ormat on April 1, 2014 in preparation to succeed retiring CEO Dita Bronicki on July 1, 2014.
