Baseload, Geothermal, Solar, Storage, Utility Scale

Ormat to Add up to 190 MW of Geothermal Capacity to Portfolio by 2018

Nevada-based Ormat Technologies plans to add between 160 MW and 190 MW of geothermal generation capacity globally to its portfolio by the end of 2018, Ormat CEO Isaac Angel said on Feb. 24.

Of that total, 21 MW will be added this year from the 7-MW expansion of the Bouillante facility in Guadeloupe and completion of the 14 MW first phase at the Sarulla project in Indonesia, Angel said during a 4Q15 earnings conference call.

The company’s expansion plans will include bringing new plants online, expanding existing plants and adding capacity through acquisition.

Angel said Ormat has begun development efforts at two U.S. projects in Nevada — Tungsten Mountain and Dixie Meadows. Each project should have an installed capacity of 25 MW to 35 MW when complete. According to Angel, the company plans to complete construction of Tungsten Mountain in 2017 and Dixie Meadows in 2018. Ormat is currently working to secure power purchase agreements for both facilities, he added.

Addressing Ormat’s market expansion activities, Angel said the company is evaluating several solar PV projects outside the U.S., as well as energy storage projects in the U.S.

Earnings

Ormat reported total revenues of $594.6 million in 2015, an increase of 6.3 percent from 2014. The company also declared a quarterly dividend of 31 cents per share for 4Q15. Angel said Ormat expects full-year 2016 total revenue of between $620 million and $640 million.

For the three months ended Dec. 31, 2015, Ormat’s total revenues reached $171.1 million from $149.2 million in 4Q14, an increase of 14.6 percent.

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