Key Developments: Ormat Technologies Inc (ORA.N)

ORA.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Ormat Technologies Inc's Subsidiary Sells Stake In Momotombo Power Company
Monday, 3 Jun 2013 08:00am EDT 

Ormat Technologies Inc announced that the Company's wholly owned subsidiary, has sold stake in the Momotombo Power Company (MPC), the operator of the Momotombo geothermal power plant in Nicaragua, to a private company for $7.5 million, approximately one year before the scheduled termination of the concession arrangement with the Nicaraguan owner.  Full Article

Ormat Technologies Inc Reaffirms FY 2013 Revenue Guidance
Tuesday, 7 May 2013 05:26pm EDT 

Ormat Technologies Inc reaffirmed fiscal 2013 guidance and expects total revenues to be between $515-$535 million with electricity revenues between $335-$345 million and product segment revenues between $180-$190 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $524 million for fiscal 2013.  Full Article

Ormat Technologies Inc Announces Appointment Of New Chief Financial Officer
Monday, 7 Jan 2013 08:46am EST 

Ormat Technologies Inc announced that Mr. Doron Blachar has been appointed Chief Financial Officer of the Company, effective April 2, 2013. Mr. Blachar replaces Mr. Joseph Tenne, who will leave the Company to pursue other opportunities, but has agreed to be available for assistance during the transition period.  Full Article

Ormat Technologies Inc's Subsidiary Enters Into Agreement With Geotermica Platanares To Acquire Late Stage Development Geothermal Project In Honduras
Tuesday, 13 Nov 2012 01:13am EST 

Ormat Technologies Inc announced that an Ormat subsidiary entered into an agreement with Geotermica Platanares to acquire a late stage development geothermal project in Honduras. The project comprises of the rights to a field where exploration work has been conducted in the past and a Power Purchase Agreement for up to 35MW with the national utility of Honduras, ENEE. Upon fulfillment of certain conditions precedent and the closing of the transaction, Ormat will become the owner of all project assets, including wells, land, the Power Purchase Agreement and necessary permits to develop a geothermal project. Once the well field is fully appraised and the power plant is constructed, Ormat will hold the assets under a Build, Operate and Transfer (BOT) structure for approximately 15 years.  Full Article

Ormat Technologies Inc Announces Financial Closing and First Drawdown on Long-Term Debt Financing for Expansion of Olkaria III Geothermal Power Complex in Kenya
Monday, 12 Nov 2012 04:09am EST 

Ormat Technologies Inc announced that OrPower 4, Inc., its indirect wholly owned subsidiary, has completed the financial closing of a previously announced limited-recourse project financing totaling up to $310 million for the Olkaria III geothermal power complex located in Naivasha, Kenya, with the Overseas Private Investment Corporation (OPIC), an agency of the United States Government. On November 9, 2012, OrPower 4 Inc. received a disbursement of $85 million representing the full amount of Tranche I of the OPIC Loan, and a disbursement of $135 million from Tranche II of the OPIC Loan. The remaining amount of up to $45 million of Tranche II of the OPIC Loan is expected to be drawn over time prior to the commercial operation date of the Olkaria III expansion which is expected mid-2013, subject to customary conditions precedent. Until commercial operation of the Olkaria III expansion, the interest rate on the OPIC loan proceeds is variable and reset weekly. The interest rate for the initial reset period is 2.94% per annum. A third Tranche of the OPIC Loan in an amount of up to $45 million could be borrowed in the event that Ormat elects to construct an additional phase of up to 16 MW, subject to the requirements of the OPIC Loan documents.  Full Article

Ormat Technologies Inc Announces Quarterly Dividend
Wednesday, 1 Aug 2012 09:52pm EDT 

Ormat Technologies Inc announced that on August 1, 2012, the Company's Board of Directors approved the payment of a quarterly dividend of $0.04 per share pursuant to the Company's dividend policy, which targets an annual payout ratio of at least 20 % of the Company's net income. The dividend will be paid on August 23, 2012, to shareholders of record as of the close of business on August 14, 2012. The Company expects to pay a dividend of $0.04 per share in the next quarter.  Full Article

Ormat Technologies Inc Signs EPC Contract with Enel Green Power North America for Cove Fort Geothermal Power Plant Project
Monday, 16 Jul 2012 01:30am EDT 

Ormat Technologies Inc announced that its wholly owned subsidiary, Ormat Nevada Inc., concluded and signed a $61.4 million engineering, procurement and construction (EPC) contract with Enel Green Power North America. Under the EPC contract, Ormat will provide two air-cooled Ormat Energy Converters at Enel's Cove Fort geothermal power plant project in southern Utah.  Full Article

Ormat Technologies Inc Signs Agreement for North American Geothermal Power Plant Project
Wednesday, 25 Apr 2012 07:20am EDT 

Ormat Technologies Inc announced that Ormat Nevada Inc. its wholly owned subsidiary, was selected to supply a $61.2 million engineering, procurement and construction (EPC) contract through a competitive bid process. Under the expected EPC contract, which is under negotiation, Ormat will provide two air-cooled Ormat Energy Converters for a geothermal power plant project in North America. The project is expected to be completed by the end of 2013. Until the signature of the full EPC contract the parties have entered into an interim agreement in the amount of approximately $9 million for a limited scope of work to ensure timely completion of the project.  Full Article

Ormat Technologies, Inc. Not To Recommend Dividend
Thursday, 23 Feb 2012 04:14am EST 

Ormat Technologies, Inc. announced that on February 22, 2012, Ormat's Board of Directors decided not to declare a quarterly dividend for the fourth quarter of 2011. However, the Company expects to pay a dividend of $0.04 per share in the next three quarters.  Full Article

Ormat Technologies, Inc.'s Subsidiary Secures Contract
Thursday, 16 Feb 2012 08:01am EST 

Ormat Technologies, Inc. announced that Geothermal Development Company (GDC), owned by the Government of Kenya, has awarded Ormat International Inc., a subsidiary of Ormat Technologies, Inc., its first well head power plant project in the Menengai geothermal field in Kenya on a Build-Own-Transfer (BOT) basis. The award is the result of an international tender for the design, manufacturing, procurement, construction and commissioning of the six-megawatt geothermal well head power plant. The Menengai geothermal field is located on the outskirts of the town of Nakuru, about 180 Km west of Nairobi. Geothermal resources in Kenya, within the Rift Valley, have an estimated potential over 10,000 MW spread across 14 prospective sites.  Full Article

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