Ormat's Stock Offering: A Strategic Move for Growth

Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal and renewable energy technology company, recently announced the pricing of a public offering of common stock on behalf of stockholder Orix Corporation. This strategic move by Ormat is expected to raise approximately $300 million, which will be used to fund the company's growth initiatives and expand its energy storage portfolio.

The offering consists of 3,700,000 shares of Ormat's common stock, with Goldman Sachs & Co. LLC acting as the sole book-running manager and underwriter. Orix Corporation, a major stockholder of Ormat, is not offering any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares being offered by the selling stockholder.

Ormat's strategic focus on expanding its energy storage portfolio is a timely move, given the increasing demand for energy storage solutions in the renewable energy sector. The company's expertise in geothermal and recovered energy generation, combined with its robust plans to accelerate long-term growth in the energy storage market, positions it well to capitalize on the growing opportunities in this sector.

The proceeds from the offering will be used to fund Ormat's growth initiatives, including the development of new energy storage projects and the expansion of its existing portfolio. The company's strong financial performance, highlighted by consistent improvement across all operating segments, further supports its commitment to continued profitable growth.

In conclusion, Ormat's public offering of common stock on behalf of stockholder Orix Corporation is a strategic move that aligns with the company's growth plans and commitment to expanding its energy storage portfolio. With a strong financial performance and a focus on renewable energy, Ormat is well-positioned to continue its growth trajectory and deliver value to its shareholders.