Ormat Technologies (ORA) is announcing this morning that one of its subsidiaries has secured a 20-year power purchase agreement with Nevada Power Company to purchase 30MW from the McGinness Hills Geothermal project, which is currently under construction and expected to come online in about two years.
Once the McGinness project is completed and running at full speed, Ormat will provide roughly 135MW of geothermal power to Nevada Power, which will get the utility into compliance … Read the rest
Ormat just announced that its Israeli subsidiary has started a new joint venture with Israeli energy company Sunday Energy. Under the agreement, the two companies will work together to develop, construct and operate 36MW of Israeli solar PV systems.
The project is expected to cost $195 million in capital, financed by 80% Non-Recourse project finance debt. However, once the solar systems are completed,a long-term purchase agreement with Israel Electric Corporation Ltd is already lined up, … Read the rest
Ormat (ORA), the geothermal gorilla, continues to post very strong quarters despite a tough economy. The company beat both EPS and revenues estimates with about 20% quarter over quarter growth on both. EPS came in at .35/share vs the estimate of .28/share on revenues of $100 million vs the estimate of $92.5 million. 115% revenue growth in the Product Segment drove the quarter’s positive results while the Electricity Segment saw a small decline in revenue … Read the rest
Hat tip to StreetInsider.com for the following upgrade/downgrade notes:
Hapoalim downgrades Suntech Power (STP) to Sell with a $9 price target, citing escalating solar module price war.
The firm said, “Evidenced by Ersol’s recent decision to adjust the mid-point of its CY09 EBIT guidance to “negative” vs. +12% before (due to a “sig. drop in prices of solar modules”), we believe “Tier 1” module vendors are beginning to react to price aggression by Chinese solar … Read the rest
Prez Obama spoke at Nellis Air Force base today discussing the importance of renewable energy and announcing funding efforts for solar and geothermal. Nellis Air Force base is home to the largest solar installation in the Western hemisphere and provides 25% of the electricity for the 12000 who live and work at the base, saving the military about $1 million a year.
Here are some highlights of the speech..
“America produces less than 3 percent … Read the rest
By Sam Hopkins of GreenChipStocks.com
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It’s a geological bonanza for clean energy investors, yet no one’s talking about it.
With its population spread out over more than 17,000 islands, many Indonesians live in cities, yet some are in areas so remote that electricity access is almost zero.
Indonesia is also the only OPEC member in Southeast Asia, but in recent years it’s actually become a net importer of … Read the rest
Ormat Technologies (ORA), the geothermal 800lb gorilla, reported great earnings results this morning beating EPS estimates by .07/share and 33% over the year ago quarter. Revenues surged 44% over the year ago quarter and beat estimates by $11 million at $99.9 million. This was a very impressive quarter. I’ve been wanting to get in on a pull back but it has yet to do so. The stock has now nearly doubled off the March low … Read the rest
Ormat Technologies Inc just announced that its OREG-4 Peetz Recovered Energy Generation (REG) Project is up and running. The 4 MW power plant will recover waste heat from the exhaust of a gas turbine located in a compressor station that services a natural gas pipeline in the Denver area. The waste heat is converted to electricity and sold to Highline Electric Association Inc under a 20=year purchase agreement.
Dita Bronicki, Chief Executive Officer of Ormat, … Read the rest
Ormat Technologies Inc. just announced that it has signed a financing agreement for the Olkaria III geothermal project in Naivasha, Kenya.The geothermal power plant produces 48 MW of power, approximately 6% of Kenya’s total energy output.
From GlobesOnline, here are the details of the financing agreement:
… Read the restThe first disbursement of approximately $90 million under the 10-year project finance loan is expected within the next two weeks. The lender group of European Development Finance Institutions (EDFIs)
Ormat Technologies (ORA) which designs, develops and operates geothermal and recovered energy power plants beat earnings estimates this morning, posting an EPS of .26/share (analysts expected .25) which was 4% over the year ago quarter. Revenues were strong in the quarter at 95.5 (an increase of 35% over last year) which also beat analyst estimates of $84 million.
Dita Bronicki, CEO of Ormat, stated: “It was a good year and quarter for Ormat, as reflected … Read the rest