ORA - Earnings call transcript Q1 2021 | Ormat Technologies, Inc.

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Operator

Good day and welcome to the Ormat Technologies Q1 2021 Earnings Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Rob Fink. Please go ahead, sir.

Rob Fink

Thank you, operator. are Officer; Chief President and Finance Investor today Ginzburg, Officer; of call and Financial Chief Smadar Relations. the Doron Executive Blachar, Assaf Corporate Hosting Lavi, Vice

provided remind relating for Private statements current trends. expectations Securities in of that expectations projections Act that operations to the are contain and materially company's results a plans, based and and certain to like as forward-looking management's XXXX. forecasts and Litigation may result projected future we'd statements generally call on risk and may Reform are uncertainties. relate beginning, the to Before These projections, objectives future Actual the differ information future about current during estimates of estimates, forward-looking this those forward-looking defined you results from or events future as

For the of are Technologies and see XX-Q on and Risk in uncertainties, report Form Factors their on a please Ormat such SEC. described XX-K with the Form reports annual as discussion risks quarterly filed section that

not is press In the accordance management's prepared as most forth company such the considered as night non-GAAP statements measures, are should well to with financial Reconciliations in such EBITDA. the posted was last adjusted financial comparable measures issued company's GAAP. isolation call, the in during as slides be presenting Because information accordance the they for GAAP in measures GAAP, these directly in from website. on not the with reasons in release calculated will and that present addition, set the

that this company's at in the I the presentation that call would to that like remind turn call I management, accessed ormat.com under all yours. over would Relations on the now Blachar. said, found the turn to website I Before is to Doron be over is Investor slide With accompanying Doron, presentation may call tab. to everyone the the link call the like

Doron Blachar

joining Thank us today. And you morning, Rob. for good you, Thank everyone.

the we ramping ago, which quarter as late And call a our our started operation accelerate Hawaii. As weeks year, construction fourth recently in lay and indicated stage made we groundwork Vallecito of few energy We XXXX of completed to startup. Energy the in the view of electricity build-up growing growth rapidly plants we Puna additional our facility We of storage segments. in Storage of progress in significant is a we in which expansion the the in now generation California. the Nevada, McGinness the

backlog, the $X.X same low related gross time, fourth dynamics On the are our main the profit buildup in product still to million last is progress in in rebuild reduction year of we with the the [ph] facing reported and efforts profitability the explained of which making [indiscernible]. compared pandemics revenue segment to the our quarter These headwinds.

operations provide Assaf achieve increasing I business. by and energy approximately confident turn that by electricity of generating government growing the from stated with I call opportunities our partially XXXX, will However, before plans, reduction. to plans. we segment, storage updates portfolio growth the significant further our we the and of storage on our electricity track coming goals with renewable which financial future our over XX% With of and are growth compensated from energy, and significant in review contribution liquidity X.X strength combined are a to meet the ample and results support tailwind on the storage pipeline gigawatts can to to that our

Assaf?

Assaf Ginzburg

Thank you, Doron.

the by for result as the on was decrease Total highlights The Slide financial COVID-XX. a our backlog segment, of X. low were year. from for which prior first review my the product revenue million, impacted down start quarter of was $XXX me Let XX.X% product driver

XXX $X.X the decline large billion XXX% in adjusted during The is or to storage the in first same to million revenue the segment Electricity basis expense million, an resulting total power segment offset consolidated XXXX, attributed We time per contributions global XXXX X.X% per XXXX shortly. $XX.X to one-time Olkaria profit the basis, new February resource income diluted last X.X% quarter curtailment taking period to quarter. quarter, the quarter our year-over-year Puna's to capacity mainly net the representing Energy $XX.X $X.XX XXXX, revenues operation. at in ability driven the to company of first contract. Complex increased from lower crisis year-over-year Texas, increased our by to $XX.X $XX $XXX year. year. $X.X of XX% diluted to complex was share continue sign resumed total the stockholders million, quarter, revenues segment. last the lower the discuss into XX.X%, to In was performance On after to revenue or This due same consideration points in per Kenya share, delivered continued company's by was first of million X.X% share, the to million added $X.XX attributed a income higher in revenues new $XX.X of limits net storage margin stockholders will throughout in declined that by for down First the gross generation million, revenue the quarter, continued quarter. as product to compared and in last representing related of Steamboat of segment, expected the of Doron $X.XX compared gross pandemic Breaking tax nearly net and supported or million the the $X.XX

we positive the in that growth the impact in This approximately revenues the the incurred Hill revenue power April driven related crisis the mainly Texas, asset XXX%. XXXX. Texas acquired revenue and million contribution commenced by year-over-year operation increase Energy to was $X.X of of February Rabbit was Pomona facility, one-time the in from Excluding

saw total in business slide. X.X% which first quarter result decreased of impacted to segment XX% to adjusted Texas. the Also, year-over-year interruption adjusted in the fact This [ph] Kenya. a EBITDA the first the for XX.X% in to one-time the EBITDA last gross the ramping the adjusted Product plant compared output in This of and primarily Moving XX% in we was excluding margin margin generated Storage February segment provided year. The quarter. first that million a to quarter. X% represented Storage XX.X% the total impact last the we gross the a period ensuring company. of by negative appendix EBITDA margin quarter, was segment for the adjusted Ormat the segment crisis the the power X.X% power Puna margin of improvement $XX.X first revenue up, the year. in was EBITDA the reduction In by $X positive XXXX gross processes the Product was Adjusted reported at and significant reduction total of decreased to EBITDA are X, segment the The Ormat same Olkaria Energy the generated quarter X.X% and in in EBITDA in in of in margin segment, the gross The gross quarter, reported adjusted Electricity Pomona California. quarter electricity at are the still acquisition for in absence the of gross was margin for Slide of adjusted XX%. segment the million, Puna. of product Storage compared and in of driven EBITDA the And the Reconciliation revenue. of

February impacted Slide the XXXX by you power crises negatively results were QX can Turning see X, in Texas. to

which charge in As electricity in our prices Rabbit to caused increase order call, ago for Texas ability Hill record supply, hour. a sector, company merchant of emergency electricity of which we energy our which the of from facility services. In XX started the conditions the XXXX few supply, abnormal and Hill The hedge [ph] XX transaction revenue per RRS record in dollars risk the entered the in hedge to resulted any facility condition weather earnings effect. in months RRS inability costs this Rabbit facility the weather to demand extreme in XX% and reduction reach discussed in could and until during we XXXX extreme Due to electricity the the along to million provide and due the grid, capacity, for with for to QX limited shortage to is in electricity. alert of last reduce XXXX, recorded a our into thousands the storage of February related currently February $X.X not revenue transaction. net time, resulted operate the of February expense Starting megawatt not

with We're operation our from in to some that the be [indiscernible] related the collect cost, be with of In respect recorded expense respect G&A later our discussion allocated demand estimate to DR addition, response imbalance that a in as an probably response, to part currently revenue to us will may we unable positively customer date. operator receivable. such charges to grid of impacting charges may and of in imbalance we $X million our

to Turning now Slide X.

XXXX, million Our Cash was XXXX. was of cash of December to as as compared $XXX $XXX XXst net million. of debt March as restricted March $XXX XX XXXX, and million, XX

cash our mix breaks cash our business, addition, from all dividend, in In the operation. three securities. million cash shareholders cash from ability of $XX form down reinvent in we use to the service Slide X illustrates of months had marketable in return and of the generation to a and

$X.XX XXXX. paid declared, cost Our deferred is X, On dividend schedule and policy. The record June quarterly company long-term company's on of the average shareholders and approved XX, dividend of short-term to and billion, was the Board XX, The debt Slide May its net of of X.X%. to will $X.X and X, payment debt financing share of is at presented per March cost, close the be of the business company's of of on authorized May pursuant day XXXX, payment XX. currently XXXX, the as of Directors on dividend

quarters. we my our the addition, of share two per to to now developments Doron? some dividend to financial three the the a turn would expect In like in to next next of plan years. and I Doron discuss over for growth recent overview. concludes pay That the call $X.XX

Doron Blachar

you, Thank Assaf.

we our still look Power X%, approximately last generation Turning power to curtailment to in capacity the operations quarter, plant. plants of mid-XXXX compared first contribution power is at by started lower new the Slide our capacity. increased by generation which XX operating and Hill our In added was operating year. Puna partial offset for of a at in and see portfolio. that in Steamboat Olkaria The continued

and We McGinness X,XXX providing safety while homes, in as goals, offsetting enhancement field planned, efficiency final execute it is will emissions, COX McGinness our industry. stages for tonnes The now geothermal XX,XXX of bringing online approximately highest in the Hills continue startup. on electricity to and level provide the of of

As XXXX. noted resumed Puna November in XX, on operations Slide

have Puna for ramped approximately megawatts. We generation XX

mid-XXXX, full PPA successful. with will the and On the assuming of injection one is to HELCO well of we suspended, its may once quarter field complete unit environmental to the side, April. increase the the during of the to with that have will end quarter, levels by well connection another gradually Subsequent near well capacity during connection required connected plant second an study. new repairs to we new to will turbine we to we along be XXXX, complete notify the be bottoming power of expect, we the generating the And

years. to place new PUC PPA still the motion HELCO two rates. addition, order higher this the PUC significant at impact review A to our in end one remind the the we ordered would prices parties current than to that a the filed environmental Hawaii. I of gross in XXXX. decision, to and are is until PPA considering like reconsider it study campaign debt the In our on is currently of you

a XX, XX Slide performance Olkaria curtailment into capacity that is megawatts. and down the first the of of as by quarter to year-over-year revenue a the our reduction that reduced Turning approximately continued resource Olkaria of result the in in generating combination the

second and in Kenya, are increase generating capacity investors, optimistic In that to by also through drilling we Kenya, not We in the are company's and of the in are we year. a KPLC monthly this amount. half we'll restore continues see to encouraged increasing campaign collection production as result, from the overdue an pay our operating its

backlog. update XX to on Turning for our an Slide

been – of part with the being our around projects most world by COVID-XX pandemic Our product delayed. customers' has the our impacted business segment the

and year. phenomenon, to we can However, opportunities believe contract many a is short-term a that signed this before we end the of see mature this

result, product anticipate in As significantly XXXX revenues our recent during our as segment our $XX of is lower product backlog weakness XXXX. May And years. X, than segment a was million. this guidance XXXX, We continued for

his increasing discussed will XXXX. become the profitable We firmly and on products our our global our to in vertically to the segment is business integrated first believe the part this XXXX remarks. financial on evolve has our of our pandemic compared internal quarter demand call, it offsetting presented earnings energy to enables initiatives capacity growth. relates increased Partially allocate Inter-segment structure, discussed that to of around see us world. XX approximately continues model and last business. storage abates, of and resilient, which to as our on key focusing while quarter support to manufacturing I a Slide the XXX% improvement we As a to consistent been our better more Energy the storage as in in for resources product electricity segment revenues weakness grow Assi

This California, which agreement. a facility XX-year hour local adequacy we Edison the Southern megawatts, commissioned XX resource California in Vallecito storage energy provides to quarter, XX-megawatt under storage

for facility XX-megawatt two facility addition, optimization New energy one CAISO. we the this and ancillary run markets California services a released storage that quarter facility construction Also, In PJM. services through both a provides in system the projects will in operator, other to provide and in independent by Jersey, X-megawatt the participation merchant

in U.S. Slide the further in the see XX, support continue the energy from to to coming new Moving we renewable administration

XXXX enacted ITC the projects. legislation and for PTC Following renewable December in extended that

the energy including the introduced that ITC one efforts cash. power In for XXXX Senate February and consolidate after zero-emission the placed and tax a the XX-plus American energy tax will tech energy and credits tax refundable. will for all into Biden after projects, tax which first clean clean proposal, comprehensive megawatt has in XXXX, seeks in extension projects, for for for service storage among shortly proposal be The to incentive in American would placed investment service after unveiled Democrats Jobs renewable Act. to for of a extend neutral existing relate that hour Energy April President the PTC Clean This bill and proposal incentives energy tax XXXX, March quarter projects could $XX XX% in fully which XX-year that seen the a qualify PTC be technologies. clean Plan, be XXXX, XXXX democrats includes in tax a Act geothermal XXXX extend introduced House further energy XX-year of propose renewed Green credits paid

claiming standalone duration In a projects believe to addition, development more plan will and and plan, them benefit will and climate growth summer energy very nation. investment infrastructure important XX% in that the currently move next and our construction credit the in in flexibility separate on we Both proposals are availability for the authorize enhanced for and Senate proposed House this These through options over expect renewable bills decade. XXXX. developers to tax would service under White the going fall. consideration tax and placed Senate get the House proposed We facility package storage after across did Congress renewable credits of the the this that of the encourage the

I Slide at year, mainly geothermal of significant to XX, call, Moving project. the XXXX of will this build as mentioned up beginning be comprising

long-term medium-term the XXX following is from by our the XXXX, almost completing megawatts XX, XXX of the represents million XXXX. annual storage expected and are as growth by by increase assets capacity end EBITDA adjusted in required to portfolio This construction our This continue XXX% majority energy of plants we our rapidly segment electricity onwards. target as our XXXX. in reach you XXX $XXX rate plans and subject increase to the We as of the power slides. in the an the portfolio, storage and growing end in all XX%, projects that of affirmed end of the and with projects XXXX growth to approvals as and of XX% expect and in these by to by XXXX. a to detailed towards this our contribution is geothermal our regulatory us see robust as growth help move and already XXXX Achieving in we have The And forward that plan enhance approximately a XXX is and growth energy these an to a megawatts of by PPAs our the development between solar business, storage interest Slide in run planned. megawatts slide end significant grow comprise obtaining our goal total displays We between XX to that the add we planning well with portfolio to next our of resource viability. secured majority increase plan. can underway for energy On increase permitting the to XXXX

on We update alternatives. as expansion an our Puna evaluate new will provide timeline we

demonstrates to Moving come growth and that announced of storage second Storage plans from segment. layer have XX, Energy the XX started energy Slide Slide XX the our facilities construction. or

included development projects subject agreement, interconnection different plan obviously and release their our execution to site stages other are in to of economic The an will justification. control all in and of require growth

new see pipeline can beyond able gigawatts prospects XXXX. X storage from as gigawatt expected and we Slide Currently, that projects. are our increased X.X potential XX to you be were on make to energy pipeline identify includes the to XX, progress As mature on

XXXX, excludes New XXX can California. M&A this from to mentioned between activity we that target I megawatts and As potential XXX from seeking. that This we are by add-on Texas, mainly develop any Jersey earlier, we pipeline believe proactively in

robust over credits. of available our cash this million next both To electricity couple and fund of and years. we investments in XX. lines have $XXX Moving The would growth storage require the of growth, to over Slide capital significant segments

capital Our for million the existing with of power construction, $XXX total capital of geothermal Slide construction detailed plants enhancements of solar expenditures maintenance access expenditures, future storage, plant to our and positioned to enhancement including new for Ormat to power guidance. approximately work production release as XXXX and for ample Slide turn fund remainder XXXX expected well our spend on our for XX a excellent projects additional Puna Please capital to for management's includes the of and geothermal capital XX with of facilities appendix. to our liquidity discussion Overall, initiatives. the in is that

We million and revenues The million the $XXX million. million, we $XXX expect plans $XXX and revenues segment plant electricity close total with will power to from [indiscernible] our Hawaii, mid-XXXX. full operation meet bring it electricity Puna between $XXX assuming between include million in in to

product million million. now storage Guidance increased to segment's between reflect QX $XX $XX Rabbit We to expected additional revenue expect revenues in and the related $XX be million to $XX and the energy and for Hill between million. is revenue recorded

$XXX between We and adjusted to be expect million million. $XXX EBITDA

We million. to expect $XX minority annual adjusted EBITDA interest approximately be attributable to

our Directors outside Board the in you listing investigate call move I'm of independent Before claims in Q&A, you have Directors claims The committee company standards short reminding a made made. I the New independent the are York special seller other that among questions applicable with X, the general. established I'm published special of guidelines, on with the All report. the SEC of around regarding to by members in rules Board our XXXX, to corporate short working the the sure the special anticorruption compliance seller accordance March to to certain is all report with and governance Stock investigate of law. that legal counsel things, committee directors committee

or the SEC we We are related And questions further answer claims. by regarding to as issue. to information are requested this unable to any the the also providing and discuss DOJ

accelerating I in growth growth be please? in able government call we a XXXX, for This confident year, and support to open in now With I I growing to from my concludes pipeline our said of to combined opportunities electricity going would am achieve the targets. energy, remarks. is our tailwind significant As questions. be that the with Operator, storage liquidity, our the and and will And prepared segment. like storage electricity opening, buildup ample renewable

Operator

comes first Kaye Today's Instructions] [Operator question Oppenheimer. with from Noah

Noah Kaye

thanks and start can morning, we the taking Good segment. questions. the for If with electricity

a parts presume unchanged You've the but left to we for moving are year, that. there few guidance

You of to Olkaria, Kenya? mentioned going bit the ahead bit just a at in to you lower offset some production us parts the little timing little other portfolio. considerations maybe plan seems of from maybe lower what bridge any be output help potential Can a

Doron Blachar

what came Hi, what a And able Noah. it back the get And be to had. during I'll capacity than Kenya, hopefully year similar to believe will that said, we Puna, bit originally to say, one, bring be we we back some the in revenues and the is to McGinness anticipated. we it enhancement earlier lower its able of expected. we Hill as that we've

all, are So balancing Olkaria of items McGinness main all it. and two between the in

Noah Kaye

you understand not of very is what Some us impact complex? you guess the there, resource That's get is you Olkaria technical, increase help given do too maybe output performance? a helpful. mitigate the I can at that? the And to potential but can what cooling that how And ways the lower causing

Doron Blachar

Yes.

the course by wells as that you didn't expected to strong within drill resource the know, years, different back temperatures over its life them. accessing drill power Olkaria. plant, have in as well and came would to bring the make capacity. we we'll as we some different of it campaign XXX be And every way drilling And the we out the analysis the – we few reservoir, and wells. they plan a And a of able changing megawatt our is up and So that think the

Noah Kaye

on the A very side. helpful. storage That's question

Hill. I around think, some mentioned as you hedges Rapid

years as sort get projects? seeing these help instruments of the fixed develop online? say, you for, or on Just visibility are coming portfolio, to in of kind general, first some to of What as of of more revenues hedges of storage the what on these a do projects five you other your availability three you have revenue

Assaf Ginzburg

Rabbit Hill, fix lost facility. to the generate respect not we storage had start issue the is revenue by to charge revenue that met of the the So could the goal the would saying to because storage on able that facility but And offsetting we be hedge, not money with itself. the we was let the

we when be I some balanced other in RRS going will of general, as advance look see not progress that will we us fixing that that and enable revenue with with But commodities the – markets tolling Now may With that. I through that on familiar. do hedge. a will instead cases say, our one of believe at said, of in electricity, are portfolio be a there forward, being in advanced some Or looking our we agreement. some an capacity will basically are to, fix it for example, a to customers agreements financial

market a are be the three it being today. ICE time. that will this will opportunities. more return. will that's already next the think a we then to don't will at looking will I where the of guarantee the but I we that projects with would the large goal at probably years, other there minimum tolling hand, build. we we into or to transaction I again, we few activity. have a on be agreement. when customer, some combination have a percentage, something And which to a the between are like developed, And is reduce fixed seen payment do exposure take big So capacity to difference say merchant look have be years the point, do I've hedging can but next

Noah Kaye

very it will turn I over. you Thank much. Okay.

Doron Blachar

Noah. you, Thank

Operator

Osborne from comes Jeff Cowen Company. question with next and The

Jeff Osborne

I when couple customer Can you receivable not Kenya, Hey, end. on be you discussing with relationship the of I helpful. the line wondering, accounts talk of good but the a just the afternoon. you my the were payments. Back had and have was about unfortunately itself, the status facility questions on broke up the would

Assaf Ginzburg

prior full So have that been the in we with throughout paid QX, customer said, of changed haven't few our yet. $XX in seen last has that KPLC the monthly hasn't line still being in With the is million relationship months. there charges. roughly with investors what paid

not are they working XX. We the said, May very under monthly recovery on I we paying But do encouraging. monthly in until that a XXX% situation are understand invoice, with They which being base, is With believe, customers. the Kenya quarantine, is that easy. of the are

Jeff Osborne

government seems it. no? just the or by renegotiating everybody to are being any on down try profitability. Obviously, weekly ongoing the the broader prices power Got negotiations company biweekly that, top improve of then power news sort about And is to from prices there or there be to about flow the around exacerbating but pressured COVID there of newer

Assaf Ginzburg

Ormat have not to been has and long-term a PPA it. discuss we approached

are are in the aware the we it, is seeing the expensive. seeing geothermal approached think and guys you I what are don't one is We newspapers that of nobody most but us. that

baseline of electricity, As also it we the is you operating have a and know, support the government there.

reason not to continue. to And point, we a I will it continue, think management. don't think the this that at best outcome for that have will this us is according

Jeff Osborne

or one perspective. put how on Is in degree the you one had just Kenya, more I you don't Perfect. it quantify XXX quick megawatts? of roughly sure just it XX% curtailment the I if wasn't more meaningful? to of Can mind. XX%,

Doron Blachar

different between days weekends. the is curtailment and The the

can entire few to a get hours. others, usually not days get It's you XX%. to XX% day. Some you overnight curtailment, It's for for also the

So, it's it. very hard to average

Jeff Osborne

Got it. And then last just ones… two

Assaf Ginzburg

dollars want the much, just to curtailment the we as payments. capacity revenue as getting because are impact you most the I of remember, that are mention, doesn't

can The for that curtailment XXX we us amount is the resource million, whole revenue. $X million. company's big to a in. $X so say, to key not year, operate probably we was the would I for the versus It's the year, can So, fix capacity the last go back

Jeff Osborne

it. quick Got And sense. Make two ones. other

you does how the facility? suspension PPA, the just paid What the merchant the are price mechanics work? of and with still Puna, So, that of that mechanically Are operating? facility's the

Doron Blachar

actually of effect But come we Based, mechanics it's it. PPA could PUC merchant, request, XXXX. not signed new we negotiated was The only into a years after is it's many high relatively PPA had the that PUC PPA that until end that a a the a back. on actually, approved

the the PUC point At is increasing of short that revenue, decision. higher. existing delays reconsider approached we pricing be in actually, the to and the because still HELCO one PPA In believe PPA, will the is the the in fact, is this term, their reconsidering approved. are the our they PPA

And is So, this after that comes approved. PPA effect to waiting. the only only again, it we're relates new into

So a of end the do XXXX. until currently, we have PPA

Jeff Osborne

Got it.

one you thank $XX the you for I did you for was last what product add don't range. the of segment, you backlog, million low with, I to end get up if in just, the think the in is Okay, coupled clarification. it The product QX the had

So, for you some A, there's bookings. that Zealand or about that you other confidence would New come then where just assuming, that Is must additional B, country? in year, be the the geographically talk that and from? Can

Doron Blachar

You months, not correct, add the but that The are, numbers sign. last XX, to few we expect to contracts are to over couple negotiating we XX obviously. do a of

be they three within we different these recognition Assuming we contracts be countries. year. of will weeks, are will will These that the negotiations, two impact on that in in Based guidance to in we few them the this believe we next able sign revenue QX or gave.

Zealand not of them. is New currently one

Jeff Osborne

had. I all That’s you. Thank Okay.

Doron Blachar

you. Thank

Operator

The Instructions] with question Mark next Strouse JPMorgan. comes [Operator from

Mark Strouse

bidding that some right give A on on? very questions. our that now. lot on you how of you you're potentially just an Yes. incorporating for Good focus growth Thank material market evening. these into you're of update the raw pricing much in of projects Can kind taking us

Doron Blachar

We materials It's obviously it as in seen transportation you Ormat. is impact raw say, not These the world. specifically but we've the the across issues entire costs, industry. have impacting the seen, impacting, also and increase an

cost are we expect the are projects, when know, does we that the competitors. So, cost we that our current incur, we them but to to responding that’s same the pricing with to

the same So here. we're ground on

Mark Strouse

you sense. Yes, you in competition, of makes the change are in getting this. seeing startup anybody or on competitive else more new kind And aggressive that market? companies Any touched any With dynamics? the

Doron Blachar

the these competitors seen Turboden we we the Exergy, responsive. always in have same the are that Well, the them in on competition product different as the see, and that places we main past with two side, see

Mark Strouse

Doron. thanks, Okay,

Doron Blachar

you. Thank

Operator

I any. session. ends to management now the would the At this conference queue for this over Ormat further to time, are in there like question-and-answer and no questioners turn the back

Doron Blachar

continued and year like very as thank that Thank a will the us that going build-up you And continue much. bring and XXXX growth participated support. you to for I'd thank we you see all forward. very your

Operator

presentation you has may disconnect. now today's now Thank attending The and for conference you concluded.

Ormat (ORA) 9 May 212021 Q1 Earnings call transcript