Puna to re-start operations in the second half of 2020 due to a delay in a building permit
Ormat Technologies, Inc. today announced financial results for the fourth quarter and full year ended December 31, 2019 and a transition of its senior management.Mr. Isaac Angel has decided to retire from his position as Chief Executive Officer, effective July 1, 2020, after six years of successful service to the Company, its employees and its shareholders. It is intended that Mr. Angel will become a member of Ormat’s Board of Directors before his retirement as Chief Executive Officer and will continue to be employed by the Company through December 31, 2020 in order to assist with the management transition.
Ormat’s Board of Directors has appointed Mr. Doran Blachar, the Company’s President and Chief Financial Officer, to succeed Mr. Angel. Mr. Blachar will assume the role of Chief Executive Officer on July 1, 2020 upon Mr. Angel’s retirement. Mr. Blachar has served as Chief Financial Officer of Ormat since 2013 and was instrumental in the strategic development and growth of the company during that period. Previously, he held senior managerial positions with Shikun & Binui Ltd., A.D.O. Group Ltd., Teva Pharmaceutical Industries Ltd. and Amdocs Limited.
“This was a positive ending to a strong year for Ormat,” commented Mr. Angel, Chief Executive Officer. “With the encouraging regulatory environment, robust growth plan and increasing market demand for base-load renewable energy, Ormat is well-positioned for continued success in 2020 and beyond. Our electricity segment delivered 6.0% full-year growth despite no contribution by Puna for all of 2019 and we signed three important PPAs in Hawaii and California, giving us great visibility into the coming year. We now expect Puna to re-start operations in the second half of 2020 due to a delay in a building permit that was received just last week. In the product segment, we are close to signing a significant contract that, if signed, would replenish our backlog. Our storage and management services segment is growing, and as customers continue to seek innovative ways to improve efficiency of renewable energy systems through storage, we believe that this portion of our business will become increasingly relevant.”
Mr. Angel continued, “Confidence in our business is growing with the recent extension of federal tax incentives, which supports our accelerated growth plans in the U.S. Today, we announce our 2022 growth targets, which projects the addition of 180MW to 200MW of new megawatts of generating capacity from geothermal and solar by the end of 2022 and are in an advance stage of securing a new operating and development pipeline of energy storage projects, demonstrating progress towards our stated goal to evolve from a geothermal leader to a leader in renewable energy. This evolution ties nicely with our energy storage efforts, positioning Ormat as an industry leader with a comprehensive range of products, solutions, properties and expertise to deliver clean, renewable energy in a variety of ways.”
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