Ormat Technologies, Inc. today announced financial results for the first quarter ended March 31, 2018.
- On May 3, 2018, the Kilauea volcano located in close proximity to our Puna geothermal power plant in Hawaii erupted. Necessary steps to secure the Puna facilities, including, among others, taking electricity generation offline, were taken. The impact of the volcanic eruption is still under assessment and may have a material adverse impact on our business and results of operations.
- Electricity generation increased 6.7%, compared to the first quarter of 2017, from 1.43 million MWh to 1.52 million MWh;
- Ormat closed the acquisition of U.S. Geothermal, Inc. (USG) which became an indirect subsidiary of Ormat and Ormat indirectly acquired the interests held by USG and its subsidiaries in, among other assets, three power plants at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho with a total net generating capacity of approximately 38 MW, which will be fully integrated into Ormat electricity segment;
- Signed a finance agreement with the Overseas Private Investment Corporation (OPIC), United States government’s development finance institution, to provide an approximately $125.0 million loan (on a non-recourse basis) for the 35 MW Platanares geothermal power plant in Honduras;
Ormat Technologies, Inc. will be exhibiting at the GRC Annual Meeting & Expo, 11-14 October, Reno, Nevada, USA.