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Ormat Technologies, Inc. (ORA)

NYSE - NYSE Delayed Price. Currency in USD
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66.21+1.36 (+2.10%)
At close: 4:00PM EDT
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Previous Close64.85
Open65.38
Bid65.56 x 800
Ask66.58 x 800
Day's Range65.38 - 66.89
52 Week Range53.44 - 128.87
Volume287,914
Avg. Volume872,736
Market Cap3.707B
Beta (5Y Monthly)0.32
PE Ratio (TTM)47.16
EPS (TTM)1.40
Earnings DateAug. 02, 2021 - Aug. 06, 2021
Forward Dividend & Yield0.48 (0.72%)
Ex-Dividend DateMay 17, 2021
1y Target Est84.00
  • Ormat (ORA) Signs Long-Term Deal With Clean Power Alliance
    Zacks

    Ormat (ORA) Signs Long-Term Deal With Clean Power Alliance

    Ormat Technologies (ORA) has plans to expand geothermal operation in the United States. It has recently entered into a 15-year PPA with Clean Power Alliance.

  • Ormat Signs 15-Year Power Purchase Agreement With Clean Power Alliance for Heber South Geothermal Facility
    GlobeNewswire

    Ormat Signs 15-Year Power Purchase Agreement With Clean Power Alliance for Heber South Geothermal Facility

    First PPA With Clean Power Alliance (CPA), With Potential for Additional Agreements in the FutureRENO, Nev., May 12, 2021 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA) announced that it has signed a 15-year power purchase agreement (PPA) with the Clean Power Alliance (CPA), which is the fifth largest electricity provider in California and the single largest provider of 100% renewable energy to customers in the nation. Under terms of the agreement, effective January 1, 2022, CPA will purchase 14 MW of clean, renewable energy from Ormat’s Heber South Geothermal facility located in Imperial Valley, CA. The CPA Board of Directors approved the PPA during its May 6 meeting. This 14 MW of baseload geothermal power is expected to advance CPA’s greenhouse gas emission reduction goals while enhancing overall reliability for CPA’s more than one million southern California customer accounts. The PPA replaces the original PPA with Southern California Public Power Authority (SCPPA), which had a shorter remaining duration and was subject to an early termination option. This is Ormat’s first contract with CPA, creating the potential for additional agreements in the future as CPA pursues aggressive goals to provide renewable energy to southern California. Doron Blachar, CEO of Ormat Technologies, said, “This agreement establishes a mutually productive relationship with CPA, a recognized leader in the renewable sector, and gives Ormat additional security through a longer-term PPA than our prior agreement. Ormat will add 14 MW of renewable energy to CPA’s already diverse energy portfolio, enabling CPA to power 19,400 homes and bringing CPA closer to meeting its regulatory obligations under SB 100 and SB 350, which requires that 65% of Renewables Portfolio Standard (RPS) procurement be sourced from long-term contracts beginning in 2021.” “Partnering with Ormat Technologies is a great fit for Clean Power Alliance as the Southern California Heber South facility will allow us to provide renewable geothermal electricity to our customers when the sun isn’t shining or the wind isn’t blowing,” said Ted Bardacke Executive Director of Clean Power Alliance. “This is a win for the environment and a win for grid reliability.” ABOUT CLEAN POWER ALLIANCE Founded in 2017, Clean Power Alliance is the locally operated electricity provider for 30 cities across Los Angeles County and Ventura County as well as the unincorporated areas of both counties. CPA is the fifth largest electricity provider in California and the single largest provider of 100% renewable energy to customers in the nation. CPA serves approximately three million customers via one million customer accounts, providing clean renewable energy at competitive rates. For more information visit cleanpoweralliance.org. ABOUT ORMAT TECHNOLOGIES With over five 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 3,200 MW 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 932 MW of geothermal and Solar generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe and its 83 MW energy storage portfolio 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. 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. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021 and from time to time, in Ormat’s quarterly reports on Form 10-Q that are filed with the SEC. These forward-looking statements are made only as of the date hereof, and 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 Corporate Finance and Head of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.comInvestor Relations Agency Contact:Rob FinkFNK IR646-809-4048rob@fnkir.com

  • Communiqué - Orange announces the results of its tender offer on several outstanding hybrid notes
    GlobeNewswire

    Communiqué - Orange announces the results of its tender offer on several outstanding hybrid notes

    Press releaseParis, 10 May 2021 NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA Orange announces the results of its tender offer on several outstanding hybrid notes Following the end of its Tender Offer period launched on 28 April 2021 (the Tender Offer), aiming to partially repurchase part of three series of its outstanding undated deeply subordinated fixed to reset rate notes, the Company is pleased to announce the pricing and acceptance of the Tender Offer as follows: in respect of the €1,000,000,000 Undated 7 Year Non-Call Notes with first call date on 1 October 2021 (of which €118,374,000 is currently outstanding) (ISIN XS1115490523) (the 2021 Notes): (a) the aggregate principal amount validly tendered is €49,805,000; (b) the 2021 Notes Series Acceptance Amount is €49,805,000; (c) the 2021 Notes Tender Price is 101.690%; (d) the remaining outstanding principal amount of the 2021 Notes following the settlement of the Tender Offer will be €68,569,000; in respect of the £650,000,000 Undated 8 Year Non-Call Notes with first call date on 7 February 2022 (of which £427,102,000 is currently outstanding) (ISIN XS1028597315) (the 2022 Notes): (a) the aggregate principal amount validly tendered is £383,286,000; (b) the 2022 Notes Series Acceptance Amount is £383,286,000; (c) the 2022 Notes Tender Price is 104.125%; (d) the remaining outstanding principal amount of the 2022 Notes following the settlement of the Tender Offer will be £43,816,000; in respect of the £600,000,000 Undated 8.5 Year Non-Call Notes with first call date on 1 April 2023 (of which £560,878,000 is currently outstanding) (ISIN XS1115502988) (the 2023 Notes): (a) the aggregate principal amount validly tendered is £263,425,000; (b) the 2023 Notes Maximum Acceptance Amount and 2023 Notes Series Acceptance Amount is £135,000,000; (c) the Tender Pro-Rating Factor in respect of the 2023 Notes is 49.4136%; (d) the 2023 Notes Tender Price is 108,680%; (f) the remaining outstanding principal amount of the 2023 Notes following the settlement of the Tender Offer will be £425,878,000. Following settlement of the Tender Offer scheduled on 11 May 2021, over 90% of the aggregate principal amount of the 2021 Notes and of the 2022 Notes will have been purchased by the Company. Pursuant to the terms and conditions of the 2021 Notes and the 2022 Notes, the Company therefore will have the option to redeem all of the remaining outstanding 2021 Notes and 2022 Notes at 100% of their principal amount together with any accrued interest and any arrears of interest up to such effective date of redemption. The Company intends to exercise this option following the settlement of the Tender Offer with respect to the 2021 Notes and the 2022 Notes. Meanwhile, the Autorité des marchés financiers granted approval number 21-141 on 7 May 2021 on the prospectus relating to the issuance of €500,000,000 undated 8-year non-call deeply subordinated fixed to reset rate notes (the New Notes) with a fixed coupon of 1.375% until the first call date. The New Notes will be issued on 11 May 2021. Following the Tender Offer, the issuance of New Notes and the exercise of the redemption of the 2021 Notes and 2022 Notes, the Company’s hybrid stock will be reduced by around 5%. DisclaimerThis announcement does not constitute an invitation to participate in the Tender Offer or the issuance of New Notes in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.Tenders of Notes for purchase pursuant to the Tender Offer will not be accepted from qualifying holders in any circumstances in which such offer or solicitation is unlawful. The Company does not make any recommendation as to whether or not qualifying holders should participate in the Tender Offer.Securities may not be offered or sold in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. Person.United States This Tender Offer is not being made and will not be made directly or indirectly in or into, or by use of the mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone, email and other forms of electronic transmission) of interstate or foreign commerce of, or any facility of a national securities exchange of, the United States or to U.S. Persons as defined in Regulation S of the U.S. Securities Act of 1933, as amended (the Securities Act) (each a U.S. Person) and the Notes may not be tendered in the Tender Offer by any such use, means, instrumentality or facility from or within the United States, by persons located or resident in the United States of America (“U.S. holders” within the meaning of Rule 800(h) under the Securities Act). Accordingly, any documents or materials related to this Tender Offer are not being, and must not be, directly or indirectly, mailed or otherwise transmitted, distributed or forwarded (including, without limitation, by custodians, nominees or trustees) in or into the United States or to any such person. Any purported tender instruction in response to this Tender Offer resulting directly or indirectly from a violation of these restrictions will be invalid, and tender instructions made by a person located or resident in the United States of America or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States will not be accepted.For the purposes of the above paragraphs, United States means the United States of America, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any state of the United States of America and the District of Columbia. About OrangeOrange is one of the world’s leading telecommunications operators with sales of 42.3 billion euros in 2020 and 140,000 employees worldwide at 31 March 2021, including 80,000 employees in France. The Group has a total customer base of 262 million customers worldwide at 31 March 2021, including 217 million mobile customers and 22 million fixed broadband customers. The Group is present in 26 countries. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services. In December 2019, the Group presented its new "Engage 2025" strategic plan, which, guided by social and environmental accountability, aims to reinvent its operator model. While accelerating in growth areas and placing data and AI at the heart of its innovation model, the Group will be an attractive and responsible employer, adapted to emerging professions. Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN).For more information on the internet and on your mobile: www.orange.com, www.orange-business.com or to follow us on Twitter: @orangegrouppr.Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited. Press contact:Tom Wright; tom.wright@orange.com; +33 6 78 91 35 11 CAUTION: NOT FOR DISTRIBUTION IN THE UNITED STATESThis press release, of a purely informative nature, is not and cannot in any way be construed as an offering to sell any securities, or as a solicitation of any offer to buy securities, in any jurisdiction, including the United States, Japan, Australia, Canada and the United Kingdom. The securities mentioned in this press release have not been and will not be registered pursuant to the US Securities Act of 1933, as modified. They cannot be offered or sold in the United States absent registration or an exemption from registration. No public offer of these securities has been or will be made in the United States or elsewhere. Attachment PR_Orange_Tender_Offer_Results_100521