**Ormat Technologies Reports Fiscal Year 2025 Results**
Ormat Technologies, Inc., a leading player in the geothermal power industry, announced its financial results for the fiscal year ended December 31, 2025. The company reported total revenues of $989.5 million, a 12.5% increase compared to $879.7 million in 2024. This growth was primarily driven by significant increases in the Product and Energy Storage segments, while the Electricity segment experienced a slight decrease. Net income attributable to the Company's stockholders was $123.9 million, a slight increase compared to $123.7 million in the previous year.
The Electricity segment, which remains the company's core business, generated revenues of $693.9 million in 2025, a 1.2% decrease from $702.3 million in 2024. This decline was attributed to curtailments in the U.S. and lower generation at the Puna power plant, offset by contributions from the Blue Mountain acquisition and the Beowawe repower project. The Product segment saw a substantial increase in revenue, reaching $216.7 million, a 55.2% increase compared to $139.7 million in 2024, driven by progress in projects in New Zealand and Dominica. The Energy Storage segment also experienced significant growth, with revenues increasing by 109.3% to $79.0 million, compared to $37.7 million in the previous year, due to the commissioning of new facilities and higher merchant rates.
Operationally, Ormat added 115 MW of commercial operation from geothermal and solar PV power plants since the beginning of 2025, through organic growth and acquisitions. This includes contributions from the repowering of the Beowawe geothermal plant, the Ijen geothermal facility in Indonesia, and the Arrowleaf solar PV plant. The company also acquired the Blue Mountain geothermal plant and a solar PV plant connected to a battery energy storage system in Hawaii. In the Product segment, Ormat secured $103.5 million of anticipated Product revenues during 2025, and added approximately $100.0 million to the backlog related to the TOPP2 project in New Zealand. The Energy Storage segment commissioned two energy storage facilities with a total capacity of 95MW/260 MWh and acquired a 30MW/120MWh battery energy storage system connected to a solar PV power plant in Hawaii.
Looking ahead, Ormat expects to add 310MW to 410MW of generating capacity in the Electricity Segment, reaching a total capacity of 1.65 to 1.75 GW by 2028. The company is currently constructing new power plants and expanding existing facilities, with geothermal and solar PV projects with generating capacity of 136.5MW worldwide released for construction. Ormat also has an approximately 2.7GW/10.0GWh pipeline of potential energy storage projects in various stages of development across the United States, supporting its target of 950–1,050MW/2,500–2,900MWh of energy storage capacity by year-end 2028. The company plans to continue leveraging its project development and finance experience, EPC expertise, and utility relationships to develop additional BESS projects.
About ORMAT TECHNOLOGIES, INC.
Ormat Technologies, Inc. is a leading vertically integrated renewable energy company specializing in geothermal, recovered energy, and solar PV power generation. It develops, owns, and operates global assets, providing electricity to utilities and markets. The company designs and manufactures power equipment, offers EPC services, and invests in energy storage solutions, emphasizing sustainability, innovation, and expanding its global footprint in clean energy infrastructure.
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