Product Segment Backlog Grows as Market Continues to Improve
Reno, NV (GLOBE NEWSWIRE) - Ormat Technologies Inc. (NYSE: ORA) announced today that it has secured a contract to supply products to a 10 MW of a geothermal air-cooled Ormat Energy Converters (OEC) to Polaris Infrastructure Inc. (TSX: PIF) ("Polaris”), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, for the San Jacinto facility in Telica, Leon, Republic of Nicaragua.
Ormat anticipates an 11-month design, manufacture, and delivery of the OEC unit.
Doron Blachar, CEO of Ormat Technologies, said, “This contract expands our backlog and provides further evidence of the increase in the demand for our products after the slowdown we have experienced over the last year, mainly related to COVID. Demand for clean, renewable energy continues and Geothermal remains attractive as a baseload option. As a recognized leader in geothermal we expect to recognize increased interest from partners and operators around the world.”
Marc Murnaghan, Polaris’ CEO commented, “Adding this Binary Unit will help us expand the capacity of the resource, taking full advantage of the potential energy from the resource. This will enable us to meet the demand of the extended PPA, providing clean, renewable, and affordable electricity to the citizens of Nicaragua and increasing cash flows for the years to come. Ormat has a proven reputation, supplying clean, reliable, cost effective and sustainable electricity for more than 55 years to power grids on five continents.”
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 total generating portfolio is 1.1 GW that comprises a 1,015 MW of geothermal and Solar portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe and an 83 MW energy storage portfolio that is located in the U.S.
Ormat’s Safe Harbor Statement
Information provided in this press release contains 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 expected revenue and EBITDA contributions from the acquired assets, the achievement of synergies, 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.
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