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MarketScreener Homepage  >  Equities  >  Nyse  >  Ormat Technologies, Inc.    ORA


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Ormat Resumes Operation of Puna Power Plant

11/12/2020 | 12:46pm EST

Puna Supplies Electricity to Hawaii Island Grid After Two and a Half Years of Repairs Following Volcanic Eruption

Expected to Ramp Production to 15 MW by Year-End 2020

RENO, Nev., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) today announced that it has resumed operation of the Puna Geothermal Power Plant, which supplies electricity to the Hawaii Island grid, two and a half years after the eruption of the Kilauea Volcano disrupted operations.

Electricity production at Puna resumed on November 5th, 2020, and the plant is currently delivering between 1 to 2 MW of energy to the utility grid. Ormat expects to gradually ramp up production to approximately 15 MW by year end 2020, subject to the successful connection of an additional production well to the power plant.

Ormat’s recovery plan included building a new electricity substation and adding new geothermal wells. The company currently expects that completion of additional well field work, planned to occur over the next 6 months, will enable the power plant to further ramp up production, with the goal of resuming full operations by the middle of 2021.

“I truly appreciate the dedication and hard work of the Ormat team over the last two and a half years,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “The Puna Power Plant provides clean, renewable base-load energy for Hawaii, supporting the state’s standing as a recognized leader in green power, increasing Hawaiian Electric’s generation reserve margins and reducing the need of fossil fuels to generate electricity for the Island. Ormat and Hawaiian Electric have worked closely together, and strived thorough challenges imposed by the COVID-19 pandemic in order to bring the Puna Power Plant back online for the residents of Hawaii. While the ramp to full capacity is taking slightly longer than we recently anticipated, I believe that we will be able to bring Puna back to normal operation during 2021.”


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 the objective of becoming a leading global provider of renewable energy. Ormat 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. With 68 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 578 employees in the United States and 830 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for vast range of resource characteristics. Ormat has engineered, manufactured and constructed power plants, which it either currently owns or has installed for utilities and developers worldwide, totaling approximately 3,000 MW of gross capacity. Ormat’s current 933 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Ormat leveraged its core capabilities and global presence, together with the energy storage expertise of its subsidiary, Viridity Energy Solutions Inc., to expand its operations to provide energy storage and energy management solutions.


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. In particular, our expectations as to the timing of the Puna Power Plant returning to normal operations depends on the progress in securing additional injection and production capacity. 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 annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 2, 2020 and in Ormat’s quarterly reports on Form 10-Q that are filed periodically 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 Lavi

VP Corporate Finance and Head of Investor Relations

775-356-9029 (ext. 65726)

Investor Relations Agency Contact:

Rob Fink




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© GlobeNewswire 2020
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Financials (USD)
Sales 2020 711 M - -
Net income 2020 92,5 M - -
Net Debt 2020 1 295 M - -
P/E ratio 2020 62,9x
Yield 2020 0,43%
Capitalization 6 032 M 6 032 M -
EV / Sales 2020 10,3x
EV / Sales 2021 10,3x
Nbr of Employees 1 408
Free-Float 98,7%
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Average target price 85,29 $
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Doron Blachar Chief Executive Officer
Shlomi Argas President
Dan Michael Falk Independent Director
David Granot Independent Director
Ravit Bar Niv Independent Director
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