ORA - Earnings call transcript Q1 2024 | Ormat Technologies, Inc.

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Operator

Good morning and welcome to the Ormat Technologies' First Quarter 2024 Earnings Conference Call. [Operator Instructions] And please note that today's event is being recorded.I would now like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

Joshua Carroll

Thank you, operator. Hosting the call today are Doron Blachar, Chief Executive Officer; Assi Ginzburg, Chief Financial Officer; and Smadar Lavi, Vice President of Investor Relations and ESG Planning and Reporting.Before beginning we would like to remind you that the information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts, and projections of future events and are forward-looking as defined in the Private Securities Litigation Reform Act of 1995.These forward-looking statements generally relate to the company's plans, objectives and expectations for future operation and are based on management's current essence and projections, future results or trends. differ risks those and may result as results certain of uncertainties. future materially projected from a Actual

For the Technologies discussion core filed please report see with of Form ] such a factors on XX-Q described risk reports as the on in that and SEC. Ormat XX-k, [ Form ] risk end [ and are uncertainties

issued release that Because under night, press calculated they isolation in as on turn the the a said, are and I presenting be slide the financial measures present to like call posted link such accompanying now was yours. as measures information addition in website. the last the most comparable forth not as may investor In the to directly financial with over in GAAP.Before during GAAP, would in I all statements that for with a everyone accessed on to tab. call, accordance is company's non-GAAP found prepared With should call the the Blachar. call well presentation on management GAAP set accordance not I is relations Doron, measures slides EBITA.Reconciliations such that company over to reasons call turn will in the like Doron the this website the considered ormat.com remind at the these that's to management, adjusted from presentation be

Doron Blachar

today. Josh, you, Thank good Thank joining morning, and for everyone. you us

growth by operating quarter, During performance delivered driven and Ormat continued all segments. the across improved strong results financial three first

than our in and EBITDA. together revenue and more strategic were the per in organic EBITDA operational quarter execution quarter existing last compared at a which saw total that company to includes enhance contributed of plan the facilities, the interest XX% and first a adjusted in the when revenue, This XX.X% efficiency growth XX.X% year.The earnings rise in of successful fueled share increase by diluted increase results first of quarter, XX%

Enel these North were electricity the continued by from segment Green Power, positively of assets growth. addition, In America.Our drive results impacted recent acquisition to

strong segment, first insurance results prior and prior record of and gross at attractive expect from capacity the both first renewable we demand, the increased year, added power quarter, helped and quarter. demand results.In continues from Furthermore, electricity Valley Flemington beginning and drivers, megawatts capacity. base, the assets, beyond.On for the capacity X at our partially during year agreements improvement added North macro come for government operational due offset online in last performance uplift has that projects continued This are to the year added contributed quarter new data assets in long-term including interruption financial storage targets new a campaign in expansion year global project new also purchase facility, year quarter. the Dixie goals successful an XXXX our from drilling potential products this with the with greater The which concerns, to our operational Combined of end increasing the and our results, a margin. our year-to-date In the the grow, driven supportive energy period we and including increasing renewable and meeting to degree stability the we economics several project the our Valley, confident an million segment in of Puna online by the reflect quarter was the the impact grow of XXXX relative macro we comparable our and in stay launched last Heber environmental Bottleneck new in acquired growing impressive centers. to product impressive segment's came XXX%.Since also that helped Kenya our $X.X improve towards geothermal in policies, income revenues segment, second experienced generating year's to XXX of we business Enel East the for included backlog the in and by demand to revenues the of

well Our of operations will on portfolio storage provide solutions positions geothermal, the to to and energy turn diverse solar review plans, favorable Assi I further over capitalize updates results. I call tailwinds.Now, on these financial the us our to before and

Assi?

Assaf Ginzburg

Thank you, Doron.

gross quarter first review $X.XX per stockholders segments. of diluted up margin consolidated X the the XXXX to quarter year. or XX.X%.Net $XXX.X Total profit the resulting of X. $X.XX company compared diluted my XXXX, share or the to for Let $XX growth attributable of versus quarter X.X% Slide in me $XX.X in gross by across a driven of was per on in million, was by first revenue million was the quarter highlights This Ormat's quarter prior XX% million was our first the fourth income million, in share $XX.X start up all financial year-over-year. $XX.X million

operational needs. segment and Storage facilities onetime that addition from contribution down increased year's X, increase to $X.XX tax larger Excluding XX% we that North to in XXXX, Valley CODs power income EBITDA The the of a company's as achieved region.Moving business previous margin Energy was April supported of the electricity in segment stands reported increase, of EPS X% by assets recently in growth in $X.X launched the the This $XX.X megawatts, of and year.The attributable XXXX.In gross higher for adjusted driven the the with to result $X.X the first XXXX.Margin proceeds Enel first in income of benefits projects margin X.X% of driven increase contribution diluted commercial growth acquisition, first line The City anticipate that at related and the first tax continue energy the of EBITDA million from that $XXX increased to margin $X.X to storage portfolio to an million the of from by benefits, X.X% XX.X% and stockholders million X, of last was which growth to Enel to the storage QX is from were The segment Slide in M&A the year the and year the increase added Flemington the Slide The points income by merchant last that solid Heber of largely product we assets XXX.X% the electricity per first adjusted recorded the transaction the reported capture The capital net we operation we our in EBITDA generated our to in the at income down at $X.X driven In XXXX.Also, of quarterly in increased segment first leading signed rate year. was quarter adjusted We year. of benefits to quarter segment were relative income equity receive last the operating the The share. PTCs increase to a to insurance rate down the quarter the almost IRA reduce came year. revenue of we appendix adjusted EBITDA. above million million and of higher intensity and absence year. backlog ITC in period. quarter Slide the in EPS from $XXX revenues the the growing the impact assets to The the growth revenue Expanding new by of $XX.X X. that was year, commercial quarter, facility, our to the negative segments, base partially the first million to for XXXX. consolidated XX.X% recognition. $XX.X in a prior $X.X million mark approximately the XX prior In insurance is efforts.Looking and and recorded gross the only Improved was our of generated a XXXX. PGM This cash EBITDA operation company's assets in inclusion driven benefit million gross was first the performance and stockholders segment, of the of XX% assets the backlog new a significant signed will in new compared compared to The contracts. profitably result net East ITC at Puna of up of our generation, in in XXX throughout amounts all million due earnings revenues as the represents increase higher North was segment, reduction margin generation the achieved new portfolio related compared first better operating X, recorded in profitability prices, Flemington and Energy approximately in X% the to as PGM.Breaking XX.X% in Valley increase.Largely, of to related new Products online break XXXX. The attributable by our lower Storage to the in quarter, related revenue East first better lowering and The May revenues. from of North increased product Valley year's XX.X% quarter, tax slide.Moving the has provided that segment led the product transferable of quarter of ultimately our the segment XXXX. million now last compared are in expenses to in second plant merchant in equity million. this our expect $XX.X a the XXXX driven recent in acquired and the and XX.X% tax business product quarter, segment timing performance by the Puna.On and compared income substantial EBITDA segment be increase $XXX.X to adjusted to the in year-over-year margin in acquired EBITDA, segment mainly to the common mainly of tax interruption company of proceeds PTC the to storage was adjusted first our of EBITDA X gross quarter quarter XX.X% Ormat's Electricity Adjusted adjusted million related adjusted same generating X. by by proportional total credit. of $XXX.X electricity mainly Slide by last last recorded cost quarter, in Reconciliation XX% the to tax million increased to due $X.X ability capital increased flowed to $XXX.X offset transactions, million. through segment year of grow was interruption largely the basis The million, level. X. total half or related June

XXXX, Ormat or cash of equivalents outlined at total Slide million continue growing XX, cash schedule. our a as global to on presented to Our rate approximately as X payment of billion, cash the The was XXXX, which net as debt X.XX%, while average help our higher the XX Cash XX we to while in of nature, deferred in $XXX $XXX returning net service net in $X.X Slide EBITDA. to remain also our approximately restricted reinvest our rate debt XX, consistently months, costs. financing capital and debt our interest XX, of nearly the a and ability March Slide was Ormat's position March and at the X.Xx of liabilities which equivalent believe shareholders, of obligation appendix, XXXX. the at was use approximately business and breaks for of equivalents and It's XXXX, to competitively stands all debt environment.Moving million in $X.X will fixed end compared March for cash more the X. debt to company volatile business.Our debt down illustrating our of to cost billion,

We have approximately liquidity. $XXX million of total

sheet and for and invest construction, $XXX in for position in plan appendix. remaining executing Ormat's expenditure is our of XXXX capital segment million $XXX electricity detailed to and the in assets expected of in Slide ability growth balance in facilitating storage well, total approximately remaining as the our to million XX maintenance $XXX continue approximately drilling We strategic our Capex the Our million risk capital XXXX.Overall, plans. the company

we and authorized X, quarterly May our approved payable share, XXXX, and of of XX, On Directors per payment liquidity, XXXX, of dividend on ample have of XXXX. to X, We excellent have shareholders maintained $X.XX a May access record of additional declared, capital. to Board as June

level the the expect quarters discuss call year.That for of financial to some turn I We overview. concludes X of to our maintain this remaining to now of my dividend recent to developments. would Doron the the like

Doron Blachar

Thank you, Assi.

portfolio. segment to Turning Slide look a at for operating our XX electricity

As mentioned, core electricity year. in segment Steamboat last positively the by previously first CODs Solar COD impacted generation was quarter and the growth occurred our that this of year several after

of over Heder the accomplished up In solar added we increased portfolio update the further and operating grew operational it's growth XX addition, total, assets.Our also relative at are acquired plant In newly during the generation to Slide XXX last by and currently on to running megawatt. the capacity last and of Puna quarter the we to helped at our our operating to as to year, continuing segment grew X. increase electricity year drive capacity, megawatts This close the At to generation XXX X.X%.Turning megawatts Kenya, teams quarters. from the geothermal by at for our contribution continued beginning Olkaria work generation the ramp X power in generating XX to footprint. complex since are generation an

and January in before, PPA and become Dominica capacity new continued future will per megawatts the and power on as total a once our to the Caribbean we announced strategic portfolio signed new contribution the generation announced XX-year first and with on be to North show that the we Guadeloupe, the Our the Enel XX-megawatt quarter XX-megawatt operational expected Olkaria and of bring and Power, campaign existing drilling development of In will in Green plant we will support expand our performance. development acquisition in of yard. EBITDA of XXXX.And The the positive connection the which XX, our both plant has EDF line that under geothermal the we support believe upside capacity assets plants This megawatts continue is wells revenues results, to geothermal assets with XX front, plant, XX improve helps growth attractive Caribbean expectations. currently for in in completed presence to strategically Slide of for America. new solar new a power geothermal added target the our in geothermal to our the region.The region

assets identified currently initiated, of We that already have new opportunities to XX. enhance top acquired contribution.Turning on we are evaluating potential the the Slide and we the upgrade to

Our million. backlog product at stands $XXX segment

helped merchant profitability.As to stream California, long-term in by that and The allow the that a revenue with worldwide ITC Flemington our for Energy have a create supported credit, backlog.Moving encouraged segment. results we which our Assi maintaining segment Bottleneck are which benefit region Slide the tax and energy eligible better to PGM to Also, Pomona tailwind a that Storage should tolling quarter.Moving we reduced by saw well are to also storage XX. supported QX facility which geothermal the quarter from strong tax for our We strong rate XX. facilities in XX East as expense X continued profitable mentioned, continue for our to us was and to Slide that both in new delivered contributed projects, as stable agreement the

has XXXX.Slide to our capacity targets XX electricity segments. display the confidence and that X.X to reach energy between of continue of to gigawatts portfolio successful hybrid solar growth We currently steady PV the maintain The us in XX geothermal our the storage increase by to X.X and for projects have demand an see and we our year-end given strategy execution and underway.

which portfolio, to megawatts. of April, our complete capacity layer energy are in currently completed Combined, hour on plan, XX discussion or and XX X third energy XXXX, we will COD Slide guidance. end COD of quarter completed megawatts turn that storage and increase XX megawatts towards Solar.Slide segment. megawatts in Beowawe during PV megawatt we XXX of Solar Bottleneck Zunil a the growth and facility pace add development stage, At projects In continue for generating remain the our California, to XX hour for storage the the help XX the in geothermal We in XX XXXX under Hill and second projects year.Please and the solar Flemington storage currently energy first storage XXXX North East these our hour Repowering X the Guatemala will the projects that to in our by quarter XXX anticipate during We of includes U.S., Ijen the have highlight Steamboat to by Indonesia. Valley the this development megawatt XXXX. facility or begin we of will end commissioning facility our portfolio achieved in our operating

X% continue to have energy million product between million And increase revenues X% and million, compared XXXX between spent million, million and $XX year-over-year electricity $XXX at in $XXX results.We and the $XX $XXX to expect We million. between $XXX by with to between total be million segment. of midpoint increase an revenues $XXX the revenues to to million expected be $XXX and are storage segment and

by increase expect We midpoint and XX% $XXX million. range to adjusted million between at approximately to EBITDA the $XXX

are projects us meeting prepared demand with attributable for that our increasing growth track our This macro our the profitability our and believe to concludes attractive We prices.We to agreement track develop Slide at on improve data Supporting targets. expect million.I drive position favorable our compelling driver, XX. renewable strategy to minority power our to significant demand achieve from on continues such shareholder We and June remarks. upcoming our be long-term prepared these remain compelling stakeholders center, annual for well unique approximately declining energy We look and and shareholders, increase analysts remarks $XX as EBITDA renewable in and speaking interest value. adjusted purchase with battery to Analyst and to energy record Day as portfolio, end XX. the differentiated will forward PPAs growth long-term to broader

Operator, Now would the for to open I questions. call like please.

Operator

Instructions] of [Operator the line your Kaye question comes from from Oppenheimer. And first Noah

Andre Stillman Adams

You've for got Noah. Adams on Andre

the more good from capacity proceeding seen or would on assets, little So, previously could And you've you're new opportunities us on how brownfield color greenfield whether Enel any they're the far bit with so the the detail first a question more give you asset. be, you specifically? Can if with upgrades? performance those pursuing announced you're provide

Doron Blachar

Thank This Doron. is you.

And as then, by than on a So end one we part are them, X, in little plan, enhancement the track. we're are what with as we the our expected actually to afterwards. said, We plan acquisition. we'll better start performing and that the we have part. of the other The already bit detailed started and immediately 'XX engineering of engineering we of finalizing manufacturing

increase and existing more megawatts to support him the resource with on which can and we a that and anticipated is if So than enhancement strong see, working we interconnection are with is a spoken resource -- there very more much the additional -- do we in what demand originally. strong PPA, our believe very in we we improved support have We actually in things favor. track mainly -- are for see the there's Fort expected.The we can and as megawatts, taker Cove very off

to we bit we brownfield. greenfield few be there, believe able forward, expected. be see a than the And very few do we it enhancement have the the able these be done.So, might will demand might it over we but And strong since was that to we'll which move expedite a this will to a years down forecast also be able so road, bring we earlier. these do might more It what align, more are months but X stars that

Operator

comes ROTH question from MKM. line next Your of Clare Justin the from

Justin Clare

for off start to pretty obviously mentioned here -- power wanted earlier, there's just I strong centers from had demand data firm and renewable centers. data you So

could speak you that your side need, just geothermal opportunity that from of you're business? seeing for the your there to side the So serve the whether to storage wondering if or Ormat business from of

Doron Blachar

by you Well, utilities, said, as very centers approached demand a renewable that green very strong the data the in but looking and few centers, -- today the base also energy. data are we've market from is for from load been already

in how pricing are but to the we are to even. with PPA we more the We of they I it energy with geothermal XXs discussing to discussing we'll are you, are connect can in hope the that high. them. green next looking are in the can we get for. I talked And the that some utilities, in some for pricing discussion from past them.The Geothermal, make is specific sites, And we say the that updates that in exactly we if The they can XXs, discussions them with today sure over the above few very there months, see the that have and that in are them

So there's we and we're trying to how from demand, electricity and lot generate our see facilities. can of more more a

Justin Clare

maybe And shifting then over.

can success there the the online? speak coming anticipate as if your you capacity to PPA we the increase you there. existing the upside You then I do change potential wondering generation more you for was there? in capacity update at could pricing to new or to potentially any had capacity mention us, that you need which did for potential then remind is and the the just either to could time PPA Olkaria facility, drilling And the And campaign you've with capacity? frame there's

Doron Blachar

megawatts. above on is very to very, This or structurally what very yet have We But it's and an we XXX see reservoir, pricing. The start for thank Above the XXX, the drill us. PPA. deep we'll that's able signed to need with days, successful. which additional occasional campaign We're is a negotiate generation can reach. new stable. we obviously high what X:XX:XX So to you. to megawatts not drilling close for with I'll existing XXX was very, [indiscernible] reservoir

the be We new partner. reservoir, encouraged very that expect a totally some generate the was and we towards with closer it very, XXX the to adjustment we successful. did. we'll to make end be to time, of that But to very hopefully, we It will campaign able by And year, megawatts. the able went are to

Justin Clare

And storage. one then trend for just batteries here. lower to more continues heard We've on the pricing

just favorable wondering there's could project comment affect you those be? I So guess, We've what terms that more suppliers. for you if maybe on expectations might also seeing. heard potentially us offered the how from And update being you're this forward your also storage on here? CapEx And moving wondering, attractive could returns and could

Doron Blachar

see It going we So to more projects with us definitely batteries of price higher release help returns. the will down.

trying the able more low [indiscernible] We with competition In market and comfortable the are today. feel to share battery where other. been of between from But become have faster returns months, in suppliers, sometimes storage. on do double-digit although times definitely it X:XX:XX we our see between We batteries, they the one see, even in more get contracts. China see XX would than batteries delivery securing them more past today past. project a the much than past have we The of to the between them are on most are

get can to XX- You time. delivery XX-month between

side market and continue. significantly, definitely, the to So has the and we changed expect on battery hope it

Operator

of from the line Ryan from comes Citi. Your Levine next question

Ryan Levine

data mentioned up that customers these of U.S. markets pursue the on or the base? other per to of at up center some are Western What states pricing. earlier comments, opportunities developments with of some targeting Is follow megawatt this To about previous the world? of above some parts customer for you you $XX

Doron Blachar

Kenya, early. supply if very in very of or we center will be will happy over there. international are front. to energy stage, is a this from with data had we our develop somebody part But about some decide see we'll We someplace the the that U.S. green to supplying somebody him this center discussions the western on data facilities At purely targeting Guatemala build But

Ryan Levine

from more provide the in as Kenya. And success the you're a markers you deck, successful color campaign the seeing slide highlighted little that what in drilling campaign? of around or Can that

Doron Blachar

reservoir. on deepest But [indiscernible] one which okay deep that order drilled It the has reservoir, the I was existing X:XX:XX it to the is reservoir. good we we've partner true drilled, of also far. be which XX,XXX shallow, year. support we relatively around that to megawatts. the we XXX so campaign The is the Ormat feet potential hand, to Deep that existing of And to And has make the we resource. but this period generation seen increase to We've basically which need short expect adjustment towards some time, the a end into generation. to to the for to of drilled able mean, area accept the here, drill strong in happen towards is very our

Ryan Levine

you margins redirection to going the Suez away Is or still some trade that route Is from on? the there Canal. business to last your quantify outlook? impact to way highlighted had And quarter, from a

Doron Blachar

happened account. it mentioned The it doesn't and change of route that it we to into take change once happened,

X by to once And all times impact delivery anymore. time aligned weeks. projects, So all your your then extended the and manufacturing doesn't it is you shipping that,

Operator

[Operator Instructions] Derek question next And from of line from your comes the Podhaizer Barclays.

Derek Podhaizer

Maybe you collections or USD progress on continue conversation not? just Could to the update in an provide us collecting whether you're Kenya. and on the

Assaf Ginzburg

last improvement we we in the Kenya. in collection year, As mentioned do expect

in the you see Over quarter, will flow. cash our it

in history. strongest flow of the Our the ever probably, was cash one operational Ormat

months was million million. presentation. the to last close received collection to it $XXX it the a in $XX addition And the in very was think current on supported good in billing by I Kenya. X collected over We

I much years.The the bond offering can dollar is very tell collection. don't million these you I in situation for we days. are see pleased shift. X-month a as very in a we successful that They the in currency $XX And situation. better almost in So result, Kenya the government. a the And few we've as much had with in a last Kenya, do think seen

Derek Podhaizer

from the payments $XXX $XX PTC million expand quarter. just you're first million cash on ITC. in Maybe We saw the expecting

walk for the as us that today. just how So year, maybe the see of step you remainder up it will through

Assaf Ginzburg

just to it P&L. X the will item, So that and plant to explain, is power Beowawe starting one transactions cash through year, basically, a already operating The operate. million cash the $XXX flow the for we speak, is largest not that make this is equity as all in the Heder that power of that to plan are X plant for items we one

of that one, that bring will close $XXX addition operating is storage year. have combined those are already Pomona, X to the few is which assets next $XXX coming online, the weeks. million East close very And Flemington. start online has came which to One So is second which we that, this million.In in to

those So to of to expect cash. million we million roughly $XX get X, between $XX

when year, is storage around over to all you to for the this think all there.So generated ITC the of will almost million $XXX that the transfer, remaining Heber power The of $X flow P&L, flow generating quarter the it, of P&L. would it PTC when some we're is plant combine about the last we this those, million. year of So, PTC and mostly you

X us that will important that which we then on CapEx, transfer to the needs, covering Ormat it is expecting tax the with growth PTCs the strong we're million haven't including evenly. that all will our almost over to roughly transactions equity million cash. the is X, a in very it point flow which the the But most of And year, P&L. When situation this EBITDA P&L its all next $XXX for $XXX All years. to geothermal you is the flow the combine in of thing years gets been fully

Derek Podhaizer

noticed the on And all 'XX. lastly looks to revised [indiscernible] like then it's in storage. I up X:XX:XX It XXX that just CapEx. XXX was for maybe

What's So your maybe some increase to color the on for that. CapEx the driving budget year?

Assaf Ginzburg

What yet. we storage X you see really their that helping things on projects that see us don't the pre-releasing is are names

the XX% down is, to Doron, call The versus mentioned X first before thing by battery as close ago. prices are years on

to enabled this -- that So has more projects. us release

before one PPA came thing IRA are at are second, And that building we the that's that So they prices were project. level in. the already almost

very hand.And demand coming battery a on for strong in are So then PPAs prices we are down. one

are pre-releasing we projects. more So

projects, talk as early it about in decrease. next coming includes the the increase. quarters, but project and projects there more some even you were you current therefore projects see an see those maybe are what a will guys, bringing will are don't We us therefore, and year-end. it in more Maybe some we few batteries Actually, now Day, next increase that to happen buying But see Analyst as you for in we'll between and of Some see CapEx. online increasing. the

So from coming new it's projects.

Operator

Jeff of line the from is from TD question next Osborne your Cowen. And

Jeffrey Osborne

achieve? quick or update you're have think X aiming but update I next. to battery could provide Just the might it, you that did this you storage early missed that was I supply ones. an domestic on provide year, an later

Assaf Ginzburg

best it is like point, batteries. buy route this and the looks to At focus Chinese manufacture

Of [indiscernible] course, the in will manufacturers to who try producing we're that to to one talking first U.S. X:XX:XX. be many start see will the to

some they even XX%. battery projects the eligible to make our new that them and we is to eligible or be did of But content that domestic on have still XX% at be to enough to U.S. may map eligible preliminary. this cells exist And content.So way the one very few will that Chinese for use might they buy today manufactured the of there like clear. I buy route potentially the it ago that But also to we We that does batteries XX%. for expensive. is buy battery weeks area make were a We route, the to books it to One, are thought that this get areas indication to slightly XX% thing. of don't Chinese additional have eligible manufacture say on are there it least going the extra the them see X to example, way will that is that will it be work BRAC, community batteries, of a be actually when more get And we'll because see Tesla probably energy looks that are. outside a for for buying domestic yet. batteries, see second And there just

comment us it that is the for ITC XX% responded related eligible cost on Bottleneck, -- a is which said both that said there earlier we just make Pomona. ITC million over it. and the positive to related sides.I want a things slightly So project to are and ITC I I percentage just to $XXX We has a is

Jeffrey Osborne

base there's one I to And lot the us, you load coming me. X is X have there green a was last remind had up next offer the for to is can that like just of demand power unclear you just years? any renewals in Certainly, you

signing With for price? have be the existing potentially you a would any assets, that at renewals do much higher up

Doron Blachar

a So that we list projects have coming online in presentation coming the on the the of are years.

on them, is contracts, of some the change well contract. have is enhancement Beowawe which of [indiscernible] new are as renewals coming and one that an as We X:XX:XX

Heber have 'XX. that We is changing

end and PPA the that We have to change go PPA to towards 'XX. the Galena of new Steamboat expect also the 'XX, and

Jeffrey Osborne

XXX just you it those Basin thought I weren't the be for combined, of But ago a LADWP clear, years megawatts was the of think California Southern no? couple Doron, to many that signed or for those I

Doron Blachar

for Some are of them LADWP.

Some Energy. of are for NV them

are X none negotiating is of that. we Somehow is to Heber the none --

negotiating PPA a now X:XX:XX So we a 'XX, and extension. X:XX:XX negotiating of the are PPA end the [indiscernible] are for [indiscernible] today new with PPA we

lot for of it. We have quite a demand

[indiscernible] existing of We're win-win So, a we PPAs I PPAs partners. think how the to for can going situation looking them some also ones. and we optimize that into existing to it's all portfolio to sure new both make have X:XX:XX see

Operator

for concludes will the session closing to Q&A conference today. that for now the And back over remarks. I Doron turn

Doron Blachar

We pushing Olkaria. that the is is and in good very, data The improved everyone, in quarter in we that utilities and and joining and for like a The see is obviously pricing quarter done was success from increasing Puna very the centers demand megawatts PTA you, that see us. strong campaign continuing very the the operations and up. in quarter. Okay. U.S. Thank that XX over doing -- is

look and New very for in Analyst you. to year all encouraged this So York are forward Investor of for the Thank at in see and we Day June. coming our you years, and

Operator

Thank the rest today's concludes This call. you Enjoy day. your us. all joining of for conference

Ormat (ORA) 9 May 242024 Q1 Earnings call transcript