10-K 1 ora20231231_10k.htm FORM 10-K ora20231231_10k.htm
0001296445 ORMAT TECHNOLOGIES, INC. false --12-31 FY 2023 90 90 2,802,920 2,326,491 376,602 360,508 9,326 9,662 0 75 29 7,889 10,272 3,056 2,995 8,146 10,445 0.001 0.001 200,000,000 200,000,000 60,358,887 60,358,887 56,095,918 56,095,918 258,667 258,667 1,511 464 0 0 0 0.48 817 0.48 464 338 0.48 1,511 0 0 1 2 90.27 5.3 0 0 0 0 0 0 0 4.5 6 25 March 31, 2029 March 31, 2029 March 31, 2029 June 30, 2028 June 30, 2028 September 30, 2032 September 30, 2033 December 31, 2032 December 31, 2032 140 March 31, 2038 February 28, 2035 December 31, 2037 1.93 4.5 1.35 2.0 1.24 5.75 4.5 1.35 2.0 1.24 5.75 6 2 3 4 1 1 6 10 6 10 1 1 1 2 3 4.38 6 2 4 1 0.16 2026 2027 2025 2034 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2019 2018 2019 2018 2020 10 3 0 0 0 0 March 6, 2024 March 20, 2024 false false false false The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021. The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income. These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within "Receivables, other" and "Accounts payable and accrued expenses" on December 31, 2023 and December 31, 2022, as applicable, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income. Carrying amount value excludes the related deferred financing costs. Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage segment revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements. payable quarterly in arrears Financing liability was assumed as part of the Terra-Gen business combination transaction as further described under Note 2 to the consolidated financial statements and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets. payable quarterly Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. payable semi-annually, except for Nevada non-recourse which is payable quarterly Resulted in an amount lower than $1 thousand. Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was partially recognized as product revenues during the year ended December 31, 2022 as a result of performance obligations that were partially satisfied. Including unconsolidated investments Revenues as reported in the geographic area in which they originate. The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the consolidated financial statements. The price swap transaction was terminated effective April 1, 2021. payable semi-annually in arrears. These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31, 2022, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income. Subsidiaries of NV Energy, Inc. An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock. The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in S&P 500 index. These amounts relate to cross currency swap contracts valued primarily based on the present value of the Cross Currency Swap future settlement prices for USD and NIS zero yield curves and the applicable exchange rate as of December 31, 2023. These amounts are included within “Accounts payable and accrued expenses” and “Other long-term liabilities” on December 31, 2023 and within "Prepaid expenses and other" and “Accounts payable and accrued expenses” on December 31, 2022 in the consolidated balance sheets. Cash collateral deposits in respect of the cross currency swap are presented under “Receivables, others” in the consolidated balance sheet, and amounted to $10.6 million as of December 31, 2023, and none as of December 31, 2022. Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021. Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 is net of tax of $1.5 million, $0.5 million and $0.8 million, respectively. Revenues reported in Electricity segment. Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes. Electricity segment revenues in the United States are all accounted under lease accounting, except for $124.7 million, $102.5 million and $83.4 million for the years 2023, 2022 and 2021, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements. the amounts presented exclude deferred financing costs, if any payable semi-annually Financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024, which continues to be applicable to the Company. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financing liability. This financing liability, as well as the related power plant asset, were measured at their acquisition-date fair value. 00012964452023-01-012023-12-31 iso4217:USD 00012964452023-06-30 xbrli:shares 00012964452024-02-20 thunderdome:item 00012964452023-12-31 00012964452022-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-31 0001296445us-gaap:RevolvingCreditFacilityMember2023-12-31 0001296445us-gaap:RevolvingCreditFacilityMember2022-12-31 0001296445ora:SeniorSecuredNotesMember2023-12-31 0001296445ora:SeniorSecuredNotesMember2022-12-31 0001296445ora:SeniorUnsecuredBondsMember2023-12-31 0001296445ora:SeniorUnsecuredBondsMember2022-12-31 0001296445ora:ConvertibleSeniorNotesMember2023-12-31 0001296445ora:ConvertibleSeniorNotesMember2022-12-31 iso4217:USDxbrli:shares 0001296445us-gaap:ElectricityMember2023-01-012023-12-31 0001296445us-gaap:ElectricityMember2022-01-012022-12-31 0001296445us-gaap:ElectricityMember2021-01-012021-12-31 0001296445us-gaap:ProductMember2023-01-012023-12-31 0001296445us-gaap:ProductMember2022-01-012022-12-31 0001296445us-gaap:ProductMember2021-01-012021-12-31 0001296445ora:EnergyStorageAndManagementServicesMember2023-01-012023-12-31 0001296445ora:EnergyStorageAndManagementServicesMember2022-01-012022-12-31 0001296445ora:EnergyStorageAndManagementServicesMember2021-01-012021-12-31 00012964452022-01-012022-12-31 00012964452021-01-012021-12-31 0001296445ora:CommonStockOutstandingMember2020-12-31 0001296445us-gaap:CommonStockMember2020-12-31 0001296445us-gaap:AdditionalPaidInCapitalMember2020-12-31 0001296445us-gaap:TreasuryStockCommonMember2020-12-31 0001296445us-gaap:RetainedEarningsMember2020-12-31 0001296445us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-31 0001296445us-gaap:ParentMember2020-12-31 0001296445us-gaap:NoncontrollingInterestMember2020-12-31 00012964452020-12-31 0001296445us-gaap:CommonStockMember2021-01-012021-12-31 0001296445us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-31 0001296445us-gaap:TreasuryStockCommonMember2021-01-012021-12-31 0001296445us-gaap:RetainedEarningsMember2021-01-012021-12-31 0001296445us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-31 0001296445us-gaap:ParentMember2021-01-012021-12-31 0001296445us-gaap:NoncontrollingInterestMember2021-01-012021-12-31 0001296445ora:CommonStockOutstandingMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:CommonStockMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:TreasuryStockCommonMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:RetainedEarningsMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:ParentMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NoncontrollingInterestMember2021-01-012021-12-31 0001296445ora:CommonStockOutstandingMember2021-12-31 0001296445us-gaap:CommonStockMember2021-12-31 0001296445us-gaap:AdditionalPaidInCapitalMember2021-12-31 0001296445us-gaap:TreasuryStockCommonMember2021-12-31 0001296445us-gaap:RetainedEarningsMember2021-12-31 0001296445us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-31 0001296445us-gaap:ParentMember2021-12-31 0001296445us-gaap:NoncontrollingInterestMember2021-12-31 00012964452021-12-31 0001296445us-gaap:CommonStockMember2022-01-012022-12-31 0001296445us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-31 0001296445us-gaap:TreasuryStockCommonMember2022-01-012022-12-31 0001296445us-gaap:RetainedEarningsMember2022-01-012022-12-31 0001296445us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-31 0001296445us-gaap:ParentMember2022-01-012022-12-31 0001296445us-gaap:NoncontrollingInterestMember2022-01-012022-12-31 0001296445ora:CommonStockOutstandingMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:CommonStockMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:TreasuryStockCommonMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:RetainedEarningsMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:ParentMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NoncontrollingInterestMember2022-01-012022-12-31 0001296445ora:CommonStockOutstandingMember2022-12-31 0001296445us-gaap:CommonStockMember2022-12-31 0001296445us-gaap:AdditionalPaidInCapitalMember2022-12-31 0001296445us-gaap:TreasuryStockCommonMember2022-12-31 0001296445us-gaap:RetainedEarningsMember2022-12-31 0001296445us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-31 0001296445us-gaap:ParentMember2022-12-31 0001296445us-gaap:NoncontrollingInterestMember2022-12-31 0001296445us-gaap:CommonStockMember2023-01-012023-12-31 0001296445us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-31 0001296445us-gaap:TreasuryStockCommonMember2023-01-012023-12-31 0001296445us-gaap:RetainedEarningsMember2023-01-012023-12-31 0001296445us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-31 0001296445us-gaap:ParentMember2023-01-012023-12-31 0001296445us-gaap:NoncontrollingInterestMember2023-01-012023-12-31 0001296445ora:CommonStockOutstandingMember2023-01-012023-12-31 0001296445ora:CommonStockOutstandingMember2023-12-31 0001296445us-gaap:CommonStockMember2023-12-31 0001296445us-gaap:AdditionalPaidInCapitalMember2023-12-31 0001296445us-gaap:TreasuryStockCommonMember2023-12-31 0001296445us-gaap:RetainedEarningsMember2023-12-31 0001296445us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-31 0001296445us-gaap:ParentMember2023-12-31 0001296445us-gaap:NoncontrollingInterestMember2023-12-31 0001296445us-gaap:NonUsMember2023-12-31 0001296445us-gaap:NonUsMember2022-12-31 xbrli:pure 0001296445us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberora:PrimaryCustomersMember2023-01-012023-12-31 0001296445us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberora:PrimaryCustomersMember2022-01-012022-12-31 0001296445ora:TotalReceivablesMemberus-gaap:CustomerConcentrationRiskMember2023-12-31 0001296445ora:TotalReceivablesMemberus-gaap:CustomerConcentrationRiskMember2022-12-31 0001296445ora:KenyaPowerAndLightingCoLimitedMember2023-12-31 0001296445ora:KenyaPowerAndLightingCoLimitedMemberus-gaap:SubsequentEventMember2024-01-012024-01-31 0001296445ora:ENEEMember2023-12-31 0001296445ora:ENEEMemberus-gaap:SubsequentEventMember2024-01-012024-02-29 utr:Y 0001296445ora:PowerPlantsMembersrt:MinimumMember2023-12-31 0001296445ora:PowerPlantsMembersrt:MaximumMember2023-12-31 0001296445us-gaap:BuildingMember2023-12-31 0001296445us-gaap:LeaseholdImprovementsMembersrt:MinimumMember2023-12-31 0001296445us-gaap:LeaseholdImprovementsMembersrt:MaximumMember2023-12-31 0001296445ora:MachineryAndEquipmentManufacturingAndDrillingMember2023-12-31 0001296445ora:MachineryAndEquipmentComputersMembersrt:MinimumMember2023-12-31 0001296445ora:MachineryAndEquipmentComputersMembersrt:MaximumMember2023-12-31 0001296445us-gaap:EnergyEquipmentMember2023-12-31 0001296445ora:SolarFacilityEquipmentMember2023-12-31 0001296445us-gaap:FurnitureAndFixturesMembersrt:MinimumMember2023-12-31 0001296445us-gaap:FurnitureAndFixturesMembersrt:MaximumMember2023-12-31 0001296445ora:OfficeEquipmentOtherMembersrt:MinimumMember2023-12-31 0001296445ora:OfficeEquipmentOtherMembersrt:MaximumMember2023-12-31 0001296445us-gaap:VehiclesMembersrt:MinimumMember2023-12-31 0001296445us-gaap:VehiclesMembersrt:MaximumMember2023-12-31 0001296445srt:MinimumMember2023-12-31 0001296445srt:MaximumMember2023-12-31 0001296445ora:ViridityEnergyIncMembersrt:MinimumMember2023-01-012023-12-31 0001296445ora:ViridityEnergyIncMembersrt:MaximumMember2023-01-012023-12-31 0001296445ora:NorthBrawleyGeothermalPowerPlantMember2022-10-012022-12-31 0001296445us-gaap:ProductMember2024-01-012023-12-31 utr:M 0001296445us-gaap:AccountingStandardsUpdate201602Memberus-gaap:ElectricityMember2023-01-012023-12-31 0001296445us-gaap:AccountingStandardsUpdate201602Memberus-gaap:ElectricityMember2022-01-012022-12-31 0001296445us-gaap:AccountingStandardsUpdate201602Memberus-gaap:ElectricityMember2021-01-012021-12-31 0001296445us-gaap:AccountingStandardsUpdate201409Memberora:ElectricityAndProductRevenueMember2023-01-012023-12-31 0001296445us-gaap:AccountingStandardsUpdate201409Memberora:ElectricityAndProductRevenueMember2022-01-012022-12-31 0001296445us-gaap:AccountingStandardsUpdate201409Memberora:ElectricityAndProductRevenueMember2021-01-012021-12-31 0001296445us-gaap:AccountingStandardsUpdate201613Member2022-12-31 0001296445us-gaap:AccountingStandardsUpdate201613Member2021-12-31 0001296445us-gaap:AccountingStandardsUpdate201613Member2023-01-012023-12-31 0001296445us-gaap:AccountingStandardsUpdate201613Member2022-01-012022-12-31 0001296445us-gaap:AccountingStandardsUpdate201613Member2023-12-31 0001296445ora:FleetVehiclesMembersrt:MinimumMember2023-12-31 0001296445ora:FleetVehiclesMembersrt:MaximumMember2023-12-31 0001296445ora:Galena2PowerPurchaseAgreementMember2023-01-012023-12-31 0001296445srt:MinimumMember2023-01-012023-12-31 0001296445srt:MaximumMember2023-01-012023-12-31 0001296445ora:GoldmanSachsCoLlcMemberora:PublicOfferingMember2023-03-142023-03-14 00012964452023-03-14 0001296445ora:GoldmanSachsCoLlcMemberora:PublicOfferingMember2023-03-14 0001296445ora:GoldmanSachsCoLlcMemberus-gaap:OverAllotmentOptionMember2023-03-142023-03-14 0001296445ora:GoldmanSachsCoLlcMember2023-03-142023-03-14 0001296445ora:NorthleafGeothermalHoldingsNorthleafMemberora:ORPDLLCMember2023-07-11 0001296445ora:ORPDLLCMember2023-07-11 0001296445ora:ORPDLLCMemberora:NorthleafGeothermalHoldingsNorthleafMember2023-07-112023-07-11 0001296445us-gaap:CommercialPaperMember2023-10-23 0001296445us-gaap:CommercialPaperMember2023-12-11 0001296445us-gaap:CommercialPaperMemberora:SecuredOvernightFinancingRateSofrMember2023-10-232023-12-11 0001296445us-gaap:FireMember2022-01-012022-12-31 00012964452021-02-162021-02-19 0001296445us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-12-31 0001296445ora:TwoContractedGeothermalAssetsInNevadaMember2021-07-132021-07-13 0001296445ora:TwoContractedGeothermalAssetsInNevadaMember2021-07-13 0001296445ora:TwoContractedGeothermalAssetsInNevadaMemberus-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-12-31 0001296445ora:PowerPurchaseAgreementMemberora:TwoContractedGeothermalAssetsInNevadaMember2021-07-13 0001296445ora:TwoContractedGeothermalAssetsInNevadaMemberora:ElectricitySegmentMember2023-01-012023-12-31 0001296445ora:TwoContractedGeothermalAssetsInNevadaMemberora:ElectricitySegmentMember2022-01-012022-12-31 0001296445ora:TwoContractedGeothermalAssetsInNevadaMemberora:ElectricitySegmentMember2021-07-142021-12-31 0001296445ora:TwoContractedGeothermalAssetsInNevadaMemberora:ElectricitySegmentMember2021-01-012021-12-31 0001296445ora:TwoContractedGeothermalAssetsInNevadaMember2021-01-012021-12-31 0001296445ora:PurchaseAgreementWithEnelGreenPowerNorthAmericaMemberus-gaap:SubsequentEventMember2024-01-042024-01-04 0001296445ora:PurchaseAgreementWithEnelGreenPowerNorthAmericaMemberus-gaap:SubsequentEventMember2024-01-04 0001296445ora:SarullaMember2023-12-31 0001296445ora:SarullaMember2022-12-31 0001296445ora:IjenGeothermalProjectCompanyMember2023-12-31 0001296445ora:IjenGeothermalProjectCompanyMember2022-12-31 0001296445ora:OtherInvestmentMember2023-12-31 0001296445ora:OtherInvestmentMember2022-12-31 utr:MWh 0001296445ora:SarullaMember2023-01-012023-12-31 0001296445ora:SarullaMember2021-01-012021-12-31 0001296445ora:SarullaMember2022-01-012022-12-31 0001296445us-gaap:InterestRateSwapMemberora:SarullaMember2023-01-012023-12-31 0001296445us-gaap:InterestRateSwapMemberora:SarullaMember2022-01-012022-12-31 0001296445us-gaap:InterestRateSwapMemberora:SarullaMember2021-01-012021-12-31 0001296445us-gaap:InterestRateSwapMemberora:SarullaMember2023-12-31 0001296445us-gaap:InterestRateSwapMemberora:SarullaMember2022-12-31 0001296445us-gaap:InterestRateSwapMemberora:SarullaMember2021-12-31 0001296445ora:IjenGeothermalProjectCompanyMember2019-07-02 0001296445ora:IjenGeothermalProjectCompanyMember2019-07-022019-07-02 0001296445ora:IjenGeothermalProjectCompanyMember2023-01-012023-12-31 0001296445ora:IjenGeothermalProjectCompanyMember2022-01-012022-12-31 0001296445ora:IjenGeothermalProjectCompanyMember2021-01-012021-12-31 0001296445ora:IjenGeothermalProjectCompanyMember2019-07-022020-12-31 0001296445ora:SubsidiaryOfMedcoPowerMemberora:IjenGeothermalProjectCompanyMember2023-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:ProjectDebtMember2023-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:PowerPurchaseAgreementMember2023-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:ProjectDebtMember2023-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:PowerPurchaseAgreementMember2023-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:ProjectDebtMember2022-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:PowerPurchaseAgreementMember2022-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:ProjectDebtMember2022-12-31 0001296445us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberora:PowerPurchaseAgreementMember2022-12-31 0001296445us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:CurrencyForwardContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:PrepaidExpensesAndOtherAndDepositsAndOtherMemberus-gaap:CrossCurrencyInterestRateContractMember2023-12-31 0001296445ora:PrepaidExpensesAndOtherAndDepositsAndOtherMemberus-gaap:CrossCurrencyInterestRateContractMember2022-12-31 0001296445ora:SwapTransactionOnRRSPricesMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2023-01-012023-12-31 0001296445ora:SwapTransactionOnRRSPricesMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2022-01-012022-12-31 0001296445ora:SwapTransactionOnRRSPricesMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2021-01-012021-12-31 0001296445ora:CurrencyForwardContractsMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2023-01-012023-12-31 0001296445ora:CurrencyForwardContractsMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2022-01-012022-12-31 0001296445ora:CurrencyForwardContractsMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2021-01-012021-12-31 0001296445ora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2023-01-012023-12-31 0001296445ora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2022-01-012022-12-31 0001296445ora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2021-01-012021-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2023-01-012023-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2022-01-012022-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberora:DerivativesAndForeignCurrencyTransactionGainsLossesMember2021-01-012021-12-31 0001296445ora:CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-12-31 0001296445ora:CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-12-31 0001296445ora:CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-12-31 0001296445ora:CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-01-012023-12-31 0001296445ora:CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-01-012022-12-31 0001296445ora:CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-12-31 0001296445ora:CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-12-31 0001296445us-gaap:CrossCurrencyInterestRateContractMember2023-01-012023-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:MizrahiLoanAgreement2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:MizrahiLoanAgreement2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:MizrahiLoanAgreement2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:MizrahiLoanAgreement2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:HapoalimLoanAgreement2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:HapoalimLoanAgreement2023Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:HapoalimLoanAgreement2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:HapoalimLoanAgreement2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:OlkariaIIIOPICMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:OlkariaIIIOPICMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:OlkariaIIIOPICMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:OlkariaIIIOPICMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:AmatitlanLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:AmatitlanLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:AmatitlanLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:AmatitlanLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:USGDOEMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:USGDOEMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:USGDOEMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:USGDOEMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:PlumstrikerLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0001296445ora:PlumstrikerLoanAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 0001296445ora:PlumstrikerLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0001296445ora:PlumstrikerLoanAgreementMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:MizrahiLoanAgreementMember2023-12-31 0001296445ora:MizrahiLoanAgreement2023Memberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:MizrahiLoanAgreement2023Memberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:MizrahiLoanAgreement2023Memberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:MizrahiLoanAgreement2023Member2023-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:ConvertibleSeniorNotesMember2023-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:HSBCLoanAgreementMember2023-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:HapoalimLoanAgreementMember2023-12-31 0001296445ora:HapoalimLoanAgreement2023Memberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:HapoalimLoanAgreement2023Memberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:HapoalimLoanAgreement2023Memberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:HapoalimLoanAgreement2023Member2023-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:DiscountLoanAgreementMember2023-12-31 0001296445us-gaap:FairValueInputsLevel1Member2023-12-31 0001296445us-gaap:FairValueInputsLevel2Member2023-12-31 0001296445us-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:OlkariaIiiLoanDfcMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:OlkariaIiiLoanDfcMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:OlkariaIiiLoanDfcMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:OlkariaIiiLoanDfcMember2023-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Member2023-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Member2023-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:PlatanaresLoanOpicMember2023-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:OFCSeniorSecuredNotesMember2023-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:DonACampbell1Dac1Member2023-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:USGPrudentialNVMember2023-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:USGPrudentialIDMember2023-12-31 0001296445ora:USGDOEMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:USGDOEMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:USGDOEMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:USGDOEMember2023-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:SeniorUnsecuredBondsMember2023-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:SeniorUnsecuredLoanMember2023-12-31 0001296445ora:OtherLongtermDebtMemberus-gaap:FairValueInputsLevel1Member2023-12-31 0001296445ora:OtherLongtermDebtMemberus-gaap:FairValueInputsLevel2Member2023-12-31 0001296445ora:OtherLongtermDebtMemberus-gaap:FairValueInputsLevel3Member2023-12-31 0001296445ora:OtherLongtermDebtMember2023-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:MizrahiLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:MizrahiLoanAgreementMember2022-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:ConvertibleSeniorNotesMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:ConvertibleSeniorNotesMember2022-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:HSBCLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:HSBCLoanAgreementMember2022-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:HapoalimLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:HapoalimLoanAgreementMember2022-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:DiscountLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:DiscountLoanAgreementMember2022-12-31 0001296445us-gaap:FairValueInputsLevel1Member2022-12-31 0001296445us-gaap:FairValueInputsLevel2Member2022-12-31 0001296445us-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:OlkariaIiiLoanDfcMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:OlkariaIiiLoanDfcMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:OlkariaIiiLoanDfcMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:OlkariaIiiLoanDfcMember2022-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Memberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:OlkariaIIIPlant4LoanDeg2Member2022-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Memberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:OlkariaIIIPlant1LoanDeg3Member2022-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:PlatanaresLoanOpicMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:PlatanaresLoanOpicMember2022-12-31 0001296445ora:AmatitlanLoanMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:AmatitlanLoanMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:AmatitlanLoanMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:AmatitlanLoanMember2022-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:OFCSeniorSecuredNotesMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:OFCSeniorSecuredNotesMember2022-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:DonACampbell1Dac1Member2022-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:USGPrudentialNVMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:USGPrudentialNVMember2022-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:USGPrudentialIDMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:USGPrudentialIDMember2022-12-31 0001296445ora:USGDOEMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:USGDOEMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:USGDOEMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:USGDOEMember2022-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:SeniorUnsecuredBondsMember2022-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:SeniorUnsecuredLoanMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:SeniorUnsecuredLoanMember2022-12-31 0001296445ora:PlumstrikerLoanAgreementMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:PlumstrikerLoanAgreementMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:PlumstrikerLoanAgreementMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:PlumstrikerLoanAgreementMember2022-12-31 0001296445ora:OtherLongtermDebtMemberus-gaap:FairValueInputsLevel1Member2022-12-31 0001296445ora:OtherLongtermDebtMemberus-gaap:FairValueInputsLevel2Member2022-12-31 0001296445ora:OtherLongtermDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-31 0001296445ora:OtherLongtermDebtMember2022-12-31 0001296445us-gaap:LandMember2023-12-31 0001296445us-gaap:LandMember2022-12-31 0001296445us-gaap:LeaseholdImprovementsMember2023-12-31 0001296445us-gaap:LeaseholdImprovementsMember2022-12-31 0001296445us-gaap:MachineryAndEquipmentMember2023-12-31 0001296445us-gaap:MachineryAndEquipmentMember2022-12-31 0001296445us-gaap:OfficeEquipmentMember2023-12-31 0001296445us-gaap:OfficeEquipmentMember2022-12-31 0001296445us-gaap:VehiclesMember2023-12-31 0001296445us-gaap:VehiclesMember2022-12-31 0001296445us-gaap:EnergyEquipmentMember2022-12-31 0001296445ora:SolarFacilityEquipmentMember2022-12-31 0001296445ora:GeothermalAndRecoveredEnergyGenerationPowerPlantsMembercountry:US2023-12-31 0001296445ora:GeothermalAndRecoveredEnergyGenerationPowerPlantsMembercountry:US2022-12-31 0001296445ora:GeothermalAndRecoveredEnergyGenerationPowerPlantsMemberora:ForeignCountriesMember2023-12-31 0001296445ora:GeothermalAndRecoveredEnergyGenerationPowerPlantsMemberora:ForeignCountriesMember2022-12-31 0001296445ora:ForeignCountriesMember2023-12-31 0001296445ora:ForeignCountriesMember2022-12-31 0001296445ora:PowerPlantsMembercountry:KE2023-12-31 0001296445ora:PowerPlantsMembercountry:KE2022-12-31 0001296445ora:KenyaPowerAndLightingCoLimitedMember2023-01-012023-12-31 0001296445ora:OrzunilIDeElectricidadLimitadaMember2023-12-31 0001296445ora:OrzunilIDeElectricidadLimitadaMember2023-12-31 0001296445ora:OrzunilIDeElectricidadLimitadaMember2022-12-31 0001296445ora:OrtitlanLimitadaMember2023-12-31 0001296445ora:OrtitlanLimitadaMember2022-12-31 0001296445ora:GeotermicaPlatanaresMember2023-01-012023-12-31 0001296445ora:GeotermicaPlatanaresMember2023-12-31 0001296445ora:GeotermicaPlatanaresMember2022-12-31 0001296445ora:GeothermieBouillanteSaGbMember2023-12-31 0001296445ora:GeothermieBouillanteSaGbMember2022-12-31 0001296445ora:GeothermieBouillanteSaGbMemberora:EDFMember2023-01-012023-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2023-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2022-12-31 0001296445ora:ExplorationAndDevelopmentCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2023-12-31 0001296445ora:ExplorationAndDevelopmentCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2022-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderExplorationAndDevelopmentMember2023-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderExplorationAndDevelopmentMember2022-12-31 0001296445ora:ProjectsUnderExplorationAndDevelopmentMember2023-12-31 0001296445ora:ProjectsUnderExplorationAndDevelopmentMember2022-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderConstructionMember2023-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderConstructionMember2022-12-31 0001296445ora:DrillingAndConstructionCostsMemberora:ProjectsUnderConstructionMember2023-12-31 0001296445ora:DrillingAndConstructionCostsMemberora:ProjectsUnderConstructionMember2022-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderConstructionMember2023-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderConstructionMember2022-12-31 0001296445ora:ProjectsUnderConstructionMember2023-12-31 0001296445ora:ProjectsUnderConstructionMember2022-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2020-12-31 0001296445ora:ExplorationAndDevelopmentCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2020-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderExplorationAndDevelopmentMember2020-12-31 0001296445ora:ProjectsUnderExplorationAndDevelopmentMember2020-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2021-01-012021-12-31 0001296445ora:ExplorationAndDevelopmentCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2021-01-012021-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderExplorationAndDevelopmentMember2021-01-012021-12-31 0001296445ora:ProjectsUnderExplorationAndDevelopmentMember2021-01-012021-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2021-12-31 0001296445ora:ExplorationAndDevelopmentCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2021-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderExplorationAndDevelopmentMember2021-12-31 0001296445ora:ProjectsUnderExplorationAndDevelopmentMember2021-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2022-01-012022-12-31 0001296445ora:ExplorationAndDevelopmentCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2022-01-012022-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderExplorationAndDevelopmentMember2022-01-012022-12-31 0001296445ora:ProjectsUnderExplorationAndDevelopmentMember2022-01-012022-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2023-01-012023-12-31 0001296445ora:ExplorationAndDevelopmentCostsMemberora:ProjectsUnderExplorationAndDevelopmentMember2023-01-012023-12-31 0001296445ora:InterestCapitalizedMemberora:ProjectsUnderExplorationAndDevelopmentMember2023-01-012023-12-31 0001296445ora:ProjectsUnderExplorationAndDevelopmentMember2023-01-012023-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberus-gaap:ConstructionInProgressMember2020-12-31 0001296445ora:DrillingAndConstructionCostsMemberus-gaap:ConstructionInProgressMember2020-12-31 0001296445ora:InterestCapitalizedMemberus-gaap:ConstructionInProgressMember2020-12-31 0001296445us-gaap:ConstructionInProgressMember2020-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberus-gaap:ConstructionInProgressMember2021-01-012021-12-31 0001296445ora:DrillingAndConstructionCostsMemberus-gaap:ConstructionInProgressMember2021-01-012021-12-31 0001296445ora:InterestCapitalizedMemberus-gaap:ConstructionInProgressMember2021-01-012021-12-31 0001296445us-gaap:ConstructionInProgressMember2021-01-012021-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberus-gaap:ConstructionInProgressMember2021-12-31 0001296445ora:DrillingAndConstructionCostsMemberus-gaap:ConstructionInProgressMember2021-12-31 0001296445ora:InterestCapitalizedMemberus-gaap:ConstructionInProgressMember2021-12-31 0001296445us-gaap:ConstructionInProgressMember2021-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberus-gaap:ConstructionInProgressMember2022-01-012022-12-31 0001296445ora:DrillingAndConstructionCostsMemberus-gaap:ConstructionInProgressMember2022-01-012022-12-31 0001296445ora:InterestCapitalizedMemberus-gaap:ConstructionInProgressMember2022-01-012022-12-31 0001296445us-gaap:ConstructionInProgressMember2022-01-012022-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberus-gaap:ConstructionInProgressMember2022-12-31 0001296445ora:DrillingAndConstructionCostsMemberus-gaap:ConstructionInProgressMember2022-12-31 0001296445ora:InterestCapitalizedMemberus-gaap:ConstructionInProgressMember2022-12-31 0001296445us-gaap:ConstructionInProgressMember2022-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberus-gaap:ConstructionInProgressMember2023-01-012023-12-31 0001296445ora:DrillingAndConstructionCostsMemberus-gaap:ConstructionInProgressMember2023-01-012023-12-31 0001296445ora:InterestCapitalizedMemberus-gaap:ConstructionInProgressMember2023-01-012023-12-31 0001296445us-gaap:ConstructionInProgressMember2023-01-012023-12-31 0001296445ora:UpFrontBonusLeaseCostsMemberus-gaap:ConstructionInProgressMember2023-12-31 0001296445ora:DrillingAndConstructionCostsMemberus-gaap:ConstructionInProgressMember2023-12-31 0001296445ora:InterestCapitalizedMemberus-gaap:ConstructionInProgressMember2023-12-31 0001296445us-gaap:ConstructionInProgressMember2023-12-31 0001296445ora:NorthBrawleyGeothermalPowerPlantMember2022-12-31 0001296445ora:NorthBrawleyGeothermalPowerPlantMember2022-01-012022-12-31 0001296445ora:NorthBrawleyGeothermalPowerPlantMember2023-12-31 0001296445ora:PowerPurchaseAgreementsAndIntangibleAssetsRelatedToStorageActivitiesMember2023-12-31 0001296445ora:PowerPurchaseAgreementsAndIntangibleAssetsRelatedToStorageActivitiesMember2022-12-31 0001296445ora:IntangibleAssetsInElectricitySegmentMember2023-12-31 0001296445ora:IntangibleAssetsInElectricitySegmentMember2022-12-31 0001296445ora:IntangibleAssetsInStorageSegmentMember2023-12-31 0001296445ora:IntangibleAssetsInStorageSegmentMember2022-12-31 0001296445ora:LoanAgreementWithOpicTheOlkariaIIIPowerPlantMemberora:LimitedRecourseMember2023-12-31 0001296445ora:LoanAgreementWithOpicTheOlkariaIIIPowerPlantMemberora:LimitedRecourseMember2022-12-31 0001296445ora:PlatanaresFinanceAgreementMemberora:LimitedRecourseMember2023-12-31 0001296445ora:PlatanaresFinanceAgreementMemberora:LimitedRecourseMember2022-12-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimitedMemberora:LimitedRecourseMember2023-12-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimitedMemberora:LimitedRecourseMember2022-12-31 0001296445ora:PlumstrikerLoanAgreementMemberora:LimitedRecourseMember2023-12-31 0001296445ora:PlumstrikerLoanAgreementMemberora:LimitedRecourseMember2022-12-31 0001296445ora:LoansAssumedInPurchaseOfUsgMemberora:LimitedRecourseMember2023-12-31 0001296445ora:LoansAssumedInPurchaseOfUsgMemberora:LimitedRecourseMember2022-12-31 0001296445ora:OrmatFundingCorpMemberora:LimitedRecourseMember2023-12-31 0001296445ora:OrmatFundingCorpMemberora:LimitedRecourseMember2022-12-31 0001296445ora:OtherLoansLimitedAndNonrecourseMemberora:LimitedRecourseMember2023-12-31 0001296445ora:OtherLoansLimitedAndNonrecourseMemberora:LimitedRecourseMember2022-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:NonrecourseMember2023-12-31 0001296445ora:DonACampbell1Dac1Memberus-gaap:NonrecourseMember2022-12-31 0001296445ora:OtherLoansLimitedResourceMemberus-gaap:NonrecourseMember2023-12-31 0001296445ora:OtherLoansLimitedResourceMemberus-gaap:NonrecourseMember2022-12-31 0001296445us-gaap:NonrecourseMember2023-12-31 0001296445us-gaap:NonrecourseMember2022-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:RecourseMember2023-12-31 0001296445ora:SeniorUnsecuredBondsMemberus-gaap:RecourseMember2022-12-31 0001296445ora:SeniorUnsecuredLoanMigdalMemberus-gaap:RecourseMember2023-12-31 0001296445ora:SeniorUnsecuredLoanMigdalMemberus-gaap:RecourseMember2022-12-31 0001296445ora:HapoalimHapoalim2023MizrahiMizrahi2023HsbcAndDiscountLoansMemberus-gaap:RecourseMember2023-12-31 0001296445ora:HapoalimHapoalim2023MizrahiMizrahi2023HsbcAndDiscountLoansMemberus-gaap:RecourseMember2022-12-31 0001296445ora:OlkariaIIIDEGMemberus-gaap:RecourseMember2023-12-31 0001296445ora:OlkariaIIIDEGMemberus-gaap:RecourseMember2022-12-31 0001296445us-gaap:RecourseMember2023-12-31 0001296445us-gaap:RecourseMember2022-12-31 0001296445ora:MizrahiLoanAgreement2023Member2023-11-01 0001296445ora:MizrahiLoanAgreement2023Member2023-11-012023-11-01 0001296445ora:HapoalimLoanAgreement2023Member2023-02-27 0001296445ora:HapoalimLoanAgreement2023Member2023-02-272023-02-27 0001296445ora:MizrahiLoanAgreementMember2022-04-12 0001296445ora:MizrahiLoanAgreementMember2022-04-122022-04-12 0001296445ora:HapoalimLoanAgreementMemberora:BankHapoalimBMMember2021-07-12 0001296445ora:HapoalimLoanAgreementMemberora:BankHapoalimBMMember2021-07-122021-07-12 0001296445ora:HapoalimLoanMember2023-12-31 0001296445ora:HSBCLoanAgreementMemberora:HSBCBankPLCMember2021-07-15 0001296445ora:HSBCLoanAgreementMemberora:HSBCBankPLCMember2021-07-152021-07-15 0001296445ora:HSBCLoanMember2023-12-31 0001296445ora:DiscountLoanAgreementMemberora:IsraelDiscountBankLtdMember2021-09-02 0001296445ora:DiscountLoanAgreementMemberora:IsraelDiscountBankLtdMember2021-09-022021-09-02 iso4217:ILS 0001296445ora:SeniorUnsecuredBondsSeries4Member2020-07-01 0001296445ora:SeniorUnsecuredBondsSeries4Member2023-12-31 0001296445ora:SeniorUnsecuredBondsSeries4Memberus-gaap:CrossCurrencyInterestRateContractMember2020-07-01 0001296445ora:SeniorUnsecuredLoanMigdalMember2018-03-22 0001296445ora:SeniorUnsecuredLoanMigdalMember2018-03-222018-03-22 0001296445ora:SeniorUnsecuredLoanMigdalMembersrt:MaximumMember2018-03-222018-03-22 0001296445ora:SeniorUnsecuredLoanMigdalMembersrt:MinimumMember2018-03-22 0001296445ora:AdditionalMigdalLoanMember2019-03-25 0001296445ora:AdditionalMigdalLoanMember2019-03-252019-03-25 0001296445ora:SecondAddendumMigdalLoanMember2020-04-30 0001296445ora:SeniorUnsecuredLoanMigdalMember2023-12-31 0001296445ora:SeniorUnsecuredLoanMigdalMember2023-01-012023-12-31 0001296445ora:AdditionalMigdalLoanMember2023-12-31 0001296445ora:AdditionalMigdalLoanMember2023-01-012023-12-31 0001296445ora:SecondAddendumMigdalLoanMember2023-12-31 0001296445ora:SecondAddendumMigdalLoanMember2023-01-012023-12-31 0001296445ora:MigdalSeniorUnsecuredLoanMember2023-12-31 0001296445ora:DEG2FacilityAgreementMember2016-10-20 0001296445ora:DEG2FacilityAgreementMember2016-12-212016-12-21 0001296445ora:DEG2FacilityAgreementMember2016-12-21 0001296445ora:DEG3LoanAgreementMemberora:OrPower4IncMember2019-01-04 0001296445ora:DEG3LoanAgreementMember2019-01-04 0001296445ora:OlkariaIVLoanDeg2Member2023-12-31 0001296445ora:OlkariaIVLoanDeg2Member2023-01-012023-12-31 0001296445ora:OlkariaIVLoanDEG3Member2023-12-31 0001296445ora:OlkariaIVLoanDEG3Member2023-01-012023-12-31 0001296445ora:OlkariaIvLoanDEG2AndDEG3Member2023-12-31 0001296445ora:LoanAgreementWithOpicTheOlkariaIIIPowerPlantMember2012-08-23 0001296445ora:LoanAgreementWithOpicTheOlkariaIIIPowerPlantMemberora:TrancheOneMember2023-12-31 0001296445ora:LoanAgreementWithOpicTheOlkariaIIIPowerPlantMemberora:TrancheTwoMember2023-12-31 0001296445ora:LoanAgreementWithOpicTheOlkariaIIIPowerPlantMemberora:TrancheThreeMember2023-12-31 0001296445ora:LoanAgreementWithOpicTheOlkariaIIIPowerPlantMember2023-12-31 0001296445ora:PlatanaresFinanceAgreementMemberora:OPICMember2018-04-30 0001296445ora:PlatanaresFinanceAgreementMemberora:OPICMember2018-10-012018-10-31 0001296445ora:PlatanaresFinanceAgreementMember2023-12-31 0001296445ora:PlatanaresFinanceAgreementMember2023-01-012023-12-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimited1Member2015-07-312015-07-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimited1Member2015-07-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimited1Membersrt:MinimumMemberora:LondonInterbankOfferedRateMember2015-07-312015-07-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimited1Memberora:GuaranteedMemberora:LondonInterbankOfferedRateMember2015-07-312015-07-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimited1Memberora:NotGuaranteedMemberora:LondonInterbankOfferedRateMember2015-07-312015-07-31 0001296445ora:LoanAgreementWithBancoIndustrialSAAndWestrustBankInternationalLimited1Memberora:NotGuaranteedMember2023-09-292023-09-29 0001296445ora:PlumstrikerLoanAgreementMemberora:PlumstrikerAndItsTwoSubsidiariesMember2019-05-04 0001296445ora:PlumstrikerLoanAgreementMemberora:PlumstrikerAndItsTwoSubsidiariesMemberora:LondonInterbankOfferedRateMember2019-05-302019-05-30 0001296445ora:PlumstrikerLoanAgreementMemberora:PlumstrikerAndItsTwoSubsidiariesMember2023-04-042023-04-04 0001296445ora:DonACambellSeniorSecuredNotesMember2016-11-29 0001296445ora:DonACampbell1Dac1Member2023-01-012023-12-31 0001296445ora:OFCTwoSeniorSecuredNotesMember2011-09-30 0001296445ora:OFCTwoSeniorSecuredNotesMember2011-10-31 0001296445ora:OFCTwoSeniorSecuredNotesMemberora:WhollyOwnedSubsidiariesWithProjectDebtMember2014-08-29 0001296445ora:OrmatFundingCorpMemberora:SeriesASeniorNotesMember2023-12-31 0001296445ora:OrmatFundingCorpMemberora:SeriesASeniorNotesMember2023-01-012023-12-31 0001296445ora:OrmatFundingCorpMemberora:SeriesCSeniorNotesMember2023-12-31 0001296445ora:OrmatFundingCorpMemberora:SeriesCSeniorNotesMember2023-01-012023-12-31 0001296445ora:OrmatFundingCorpMember2023-12-31 0001296445ora:IdahoRefinancingNoteMember2022-11-28 0001296445ora:USGPrudentialIDMember2022-11-28 0001296445ora:RevolvingNoteTrancheMemberora:IdahoRefinancingNoteMember2022-11-28 0001296445ora:RevolvingNoteTrancheMemberora:IdahoRefinancingNoteMember2022-11-282022-11-28 0001296445ora:RevolvingNoteTrancheMemberora:IdahoRefinancingNoteMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-11-282022-11-28 0001296445ora:IdahoRefinancingNoteMemberora:RaftRiverEnergyILlcMember2022-11-28 0001296445ora:IdahoRefinancingNoteMemberora:OregonUsgHoldingsLlcMember2022-11-28 0001296445ora:IdahoRefinancingNoteMember2022-01-28 0001296445ora:DoeLoanGuaranteeMember2011-08-31 0001296445ora:IdahoRefinancingNoteMemberora:NonrecourseDebtMember2021-12-31 0001296445ora:IdahoRefinancingNoteMemberora:NonrecourseDebtMember2021-01-012021-12-31 0001296445ora:DoeLoanGuaranteeMemberora:NonrecourseDebtMember2021-12-31 0001296445ora:DoeLoanGuaranteeMemberora:NonrecourseDebtMember2021-01-012021-12-31 0001296445ora:USGPrudentialNVMemberora:NonrecourseDebtMember2021-12-31 0001296445ora:USGPrudentialNVMemberora:NonrecourseDebtMember2021-01-012021-12-31 0001296445ora:NonrecourseDebtMember2021-12-31 0001296445ora:LoanAgreementWithBpifranceMemberora:Guadeloupe1Member2019-04-04 0001296445ora:LoanAgreementWithBpifranceMemberora:Guadeloupe1Member2019-04-29 0001296445ora:LoanAgreementWithBpifranceMemberora:Guadeloupe1Member2023-12-31 0001296445ora:LoanAgreementWithSocieteGeneralMemberora:Guadeloupe1Member2019-04-09 0001296445ora:LoanAgreementWithSocieteGeneralMemberora:Guadeloupe1Member2019-04-092019-04-09 0001296445ora:LoanAgreementWithSocieteGeneralMemberora:Guadeloupe1Member2023-12-31 0001296445ora:ConvertibleSeniorNotesMember2022-06-22 0001296445ora:ConvertibleSeniorNotesMember2022-06-272022-06-27 0001296445ora:ConvertibleSeniorNotesMember2022-06-27 00012964452022-06-22 0001296445ora:ConvertibleSeniorNotesMember2022-06-222022-06-22 0001296445ora:ConvertibleSeniorNotesMember2023-01-012023-12-31 0001296445us-gaap:CallOptionMember2022-06-222022-06-22 00012964452022-04-012022-09-30 0001296445ora:SeniorUnsecuredBondsSeries3Member2022-06-272022-06-27 0001296445ora:SeniorUnsecuredBondsSeries3Member2022-06-27 0001296445ora:FinanceLiabilityMember2023-09-30 0001296445ora:FinanceLiabilityMember2023-12-31 0001296445ora:CreditAgreementsWithEightCommercialBanksMember2023-12-31 0001296445ora:CreditAgreementsWithEightCommercialBanksMemberora:UnionBankNAMember2023-12-31 0001296445ora:CreditAgreementsWithEightCommercialBanksMemberora:HSBCBankUSANAMember2023-12-31 0001296445ora:ExtensionsOfCreditInTheFormOfLoansAndOrLettersOfCreditMemberora:CreditAgreementsWithEightCommercialBanksMember2023-12-31 0001296445us-gaap:LetterOfCreditMemberora:CreditAgreementsWithEightCommercialBanksMember2023-12-31 0001296445ora:UnionBankNAMember2023-12-31 0001296445ora:UnionBankNAMembersrt:MaximumMember2012-02-29 0001296445ora:UnionBankNAMembersrt:MinimumMember2012-02-29 0001296445ora:UnionBankNAMember2012-02-292012-02-29 0001296445ora:UnionBankNAMember2023-01-012023-12-31 0001296445ora:HSBCBankUSANAMember2023-12-31 0001296445us-gaap:LetterOfCreditMemberora:HSBCBankUSANAMember2023-12-31 0001296445ora:HSBCBankUSANAMembersrt:MaximumMember2013-05-31 0001296445ora:HSBCBankUSANAMembersrt:MinimumMember2013-05-31 0001296445ora:HSBCBankUSANAMembersrt:MaximumMember2013-05-012013-05-31 0001296445ora:HSBCBankUSANAMember2023-01-012023-12-31 0001296445ora:ChubbMemberora:SuretyAgreementMember2017-05-31 0001296445ora:ChubbMemberora:SuretyAgreementMember2023-12-31 0001296445ora:CovenantRequirementMinimumMember2023-12-31 0001296445srt:MaximumMemberora:CovenantRequirementMinimumMember2023-12-31 0001296445ora:OrmatNevadaMemberora:NorthValleyGeothermalPowerPlantMember2023-10-27 0001296445ora:OrmatNevadaMemberora:NorthValleyGeothermalPowerPlantMember2023-10-272023-10-27 00012964452023-12-012023-12-31 0001296445ora:MammothComplexMemberora:Cd4GeothermalPowerPlantMember2022-12-23 0001296445ora:MammothComplexMemberora:Cd4GeothermalPowerPlantMember2022-12-232022-12-23 0001296445ora:OrmatNevadaIncMemberora:SteamboatHillsRepowerGeothermalPowerPlantMember2021-10-25 0001296445ora:OrmatNevadaIncMemberora:SteamboatHillsRepowerGeothermalPowerPlantMember2021-10-252021-10-25 0001296445ora:McginnessProjectMember2019-08-14 0001296445ora:McginnessProjectMembersrt:MaximumMember2019-08-14 0001296445ora:McginnessProjectMember2019-08-142019-08-14 0001296445ora:TungstenMountainMember2018-05-17 0001296445ora:TungstenMountainMember2018-05-172018-05-17 0001296445ora:DAC2Member2016-12-16 0001296445ora:OtherGeothermalPowerPlantsMember2016-12-16 0001296445ora:JpmCapitalCorporationMemberora:OpalGeoLLCMember2016-12-162016-12-16 0001296445us-gaap:CapitalUnitClassBMemberora:JpmCapitalCorporationMemberora:OpalGeoLLCMember2016-12-162016-12-16 0001296445ora:JpmCapitalCorporationMember2016-12-172022-12-31 0001296445ora:OpalGeoLLCMember2016-12-162016-12-16 0001296445ora:JpmCapitalCorporationMemberora:OpalGeoLLCMember2022-12-312022-12-31 0001296445ora:JpmCapitalCorporationMemberora:OpalGeoLLCMember2023-12-312023-12-31 0001296445ora:OpalGeoLLCMember2023-12-312023-12-31 0001296445us-gaap:CapitalUnitClassAMemberora:OpalGeoLLCMember2016-12-16 0001296445ora:JpmCapitalCorporationMember2023-12-312023-12-31 0001296445us-gaap:CapitalUnitClassBMemberora:JpmCapitalCorporationMemberora:OPCLLCMember2016-12-162016-12-16 0001296445us-gaap:CostOfSalesMember2023-01-012023-12-31 0001296445us-gaap:CostOfSalesMember2022-01-012022-12-31 0001296445us-gaap:CostOfSalesMember2021-01-012021-12-31 0001296445us-gaap:SellingAndMarketingExpenseMember2023-01-012023-12-31 0001296445us-gaap:SellingAndMarketingExpenseMember2022-01-012022-12-31 0001296445us-gaap:SellingAndMarketingExpenseMember2021-01-012021-12-31 0001296445us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-12-31 0001296445us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-12-31 0001296445us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-12-31 0001296445us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-12-31 0001296445us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-12-31 0001296445ora:StockOptionsAndStockAppreciationRightsMemberora:The2012StockIncentivePlanMember2012-05-31 0001296445ora:StockOptionsAndStockAppreciationRightsMemberora:The2012StockIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2012-05-012012-05-31 0001296445ora:StockOptionsAndStockAppreciationRightsMemberora:The2012StockIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2012-05-012012-05-31 0001296445ora:StockOptionsAndStockAppreciationRightsMemberora:The2012StockIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2012-05-012012-05-31 0001296445ora:StockOptionsAndStockAppreciationRightsMemberora:The2012StockIncentivePlanMember2012-05-012012-05-31 0001296445ora:StockOptionsAndStockAppreciationRightsMemberora:The2012StockIncentivePlanMembersrt:DirectorMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2012-05-012012-05-31 0001296445us-gaap:EmployeeStockOptionMemberora:The2012StockIncentivePlanMemberora:NonEmployeeDirectorMember2012-05-012012-05-31 0001296445ora:StockOptionsAndStockAppreciationRightsMemberora:The2012StockIncentivePlanMemberora:SeniorManagementMemberora:SharebasedCompensationAwardTrancheFourMember2012-05-012012-05-31 0001296445ora:The2012StockIncentivePlanMembersrt:MinimumMember2012-05-012012-05-31 0001296445ora:The2012StockIncentivePlanMembersrt:MaximumMember2012-05-012012-05-31 0001296445ora:The2018IncentivePlanMember2018-05-07 0001296445ora:StockAppreciationRightsAndRestrictedStockUnitsMemberora:The2018IncentivePlanMemberora:EmployeesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2018-05-072018-05-07 0001296445ora:StockAppreciationRightsAndRestrictedStockUnitsMemberora:The2018IncentivePlanMemberora:EmployeesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2018-05-072018-05-07 0001296445ora:StockAppreciationRightsAndRestrictedStockUnitsMemberora:The2018IncentivePlanMembersrt:DirectorMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2018-05-072018-05-07 0001296445ora:StockAppreciationRightsAndRestrictedStockUnitsMemberora:The2018IncentivePlanMembersrt:MinimumMember2018-05-072018-05-07 0001296445ora:StockAppreciationRightsAndRestrictedStockUnitsMemberora:The2018IncentivePlanMembersrt:MaximumMember2018-05-072018-05-07 0001296445ora:The2018IncentivePlanMember2022-06-012022-06-30 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentiveCompensationPlanMember2023-03-012023-03-31 0001296445ora:PerformanceStockUnitsPSUMemberora:The2018IncentiveCompensationPlanMember2023-03-012023-03-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentiveCompensationPlanMembersrt:MinimumMember2023-03-012023-03-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentiveCompensationPlanMembersrt:MaximumMember2023-03-012023-03-31 0001296445ora:RestrictedStockUnitsRsusAndPerformanceStockUnitsPsuMembersrt:MinimumMember2023-03-012023-03-31 0001296445ora:RestrictedStockUnitsRsusAndPerformanceStockUnitsPsuMembersrt:MaximumMember2023-03-012023-03-31 0001296445ora:RestrictedStockUnitsRsusAndPerformanceStockUnitsPsuMember2023-03-012023-03-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentiveCompensationPlanMember2023-05-012023-05-31 0001296445us-gaap:RestrictedStockUnitsRSUMember2023-05-012023-05-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMembersrt:DirectorMember2022-11-012022-11-30 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMembersrt:MinimumMembersrt:DirectorMember2022-11-012022-11-30 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMembersrt:MaximumMembersrt:DirectorMember2022-11-012022-11-30 0001296445ora:November2022RsusMembersrt:MinimumMember2022-11-012022-11-30 0001296445ora:November2022RsusMembersrt:MaximumMember2022-11-012022-11-30 0001296445ora:November2022RsusMember2022-11-012022-11-30 0001296445us-gaap:StockAppreciationRightsSARSMemberora:The2018IncentiveCompensationPlanMember2022-01-012022-03-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentiveCompensationPlanMember2022-01-012022-03-31 0001296445ora:PerformanceStockUnitsPSUMemberora:The2018IncentiveCompensationPlanMember2022-01-012022-03-31 0001296445us-gaap:StockAppreciationRightsSARSMemberora:The2018IncentiveCompensationPlanMember2022-03-31 0001296445us-gaap:StockAppreciationRightsSARSMemberora:The2018IncentiveCompensationPlanMembersrt:MinimumMember2022-01-012022-03-31 0001296445ora:StockAppreciationRightsSARsRestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUMemberora:The2018IncentiveCompensationPlanMembersrt:MinimumMember2022-01-012022-03-31 0001296445ora:StockAppreciationRightsSARsRestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUMemberora:The2018IncentiveCompensationPlanMembersrt:MaximumMember2022-01-012022-03-31 0001296445us-gaap:StockAppreciationRightsSARSMemberora:The2018IncentiveCompensationPlanMember2022-01-012022-12-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentiveCompensationPlanMember2022-01-012022-12-31 0001296445ora:PerformanceStockUnitsPSUMemberora:The2018IncentiveCompensationPlanMember2022-01-012022-12-31 0001296445ora:March2022SarsRsusPsusMembersrt:MinimumMember2022-03-012022-03-01 0001296445ora:March2022SarsRsusPsusMembersrt:MaximumMember2022-03-012022-03-01 0001296445ora:March2022SarsRsusPsusMember2022-03-012022-03-01 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMembersrt:DirectorMember2021-11-012021-11-30 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMember2021-11-012021-11-30 0001296445ora:November2021RsusMembersrt:MinimumMember2021-11-012021-11-30 0001296445ora:November2021RsusMembersrt:MaximumMember2021-11-012021-11-30 0001296445ora:November2021RsusMember2021-11-012021-11-30 0001296445ora:The2018IncentivePlanMember2022-12-31 0001296445ora:The2018IncentivePlanMember2021-12-31 0001296445ora:The2018IncentivePlanMember2020-12-31 0001296445us-gaap:StockAppreciationRightsSARSMemberora:The2018IncentivePlanMember2023-01-012023-12-31 0001296445us-gaap:StockAppreciationRightsSARSMemberora:The2018IncentivePlanMember2022-01-012022-12-31 0001296445us-gaap:StockAppreciationRightsSARSMemberora:The2018IncentivePlanMember2021-01-012021-12-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMember2023-01-012023-12-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMember2022-01-012022-12-31 0001296445us-gaap:RestrictedStockUnitsRSUMemberora:The2018IncentivePlanMember2021-01-012021-12-31 0001296445ora:PerformanceStockUnitsPSUMemberora:The2018IncentivePlanMember2023-01-012023-12-31 0001296445ora:PerformanceStockUnitsPSUMemberora:The2018IncentivePlanMember2022-01-012022-12-31 0001296445ora:PerformanceStockUnitsPSUMemberora:The2018IncentivePlanMember2021-01-012021-12-31 0001296445ora:The2018IncentivePlanMember2023-01-012023-12-31 0001296445ora:The2018IncentivePlanMember2022-01-012022-12-31 0001296445ora:The2018IncentivePlanMember2021-01-012021-12-31 0001296445ora:The2018IncentivePlanMember2023-12-31 0001296445ora:ExercisePrice1Member2023-12-31 0001296445ora:ExercisePrice1Member2023-01-012023-12-31 0001296445ora:ExercisePrice2Member2023-12-31 0001296445ora:ExercisePrice2Member2023-01-012023-12-31 0001296445ora:ExercisePrice3Member2023-12-31 0001296445ora:ExercisePrice3Member2023-01-012023-12-31 0001296445ora:ExercisePrice4Member2023-12-31 0001296445ora:ExercisePrice4Member2023-01-012023-12-31 0001296445ora:ExercisePrice5Member2023-12-31 0001296445ora:ExercisePrice5Member2023-01-012023-12-31 0001296445ora:ExercisePrice6Member2023-12-31 0001296445ora:ExercisePrice6Member2023-01-012023-12-31 0001296445ora:ExercisePrice7Member2023-12-31 0001296445ora:ExercisePrice7Member2023-01-012023-12-31 0001296445ora:ExercisePrice8Member2023-12-31 0001296445ora:ExercisePrice8Member2023-01-012023-12-31 0001296445ora:ExercisePrice9Member2023-12-31 0001296445ora:ExercisePrice9Member2023-01-012023-12-31 0001296445ora:ExercisePrice10Member2023-12-31 0001296445ora:ExercisePrice10Member2023-01-012023-12-31 0001296445ora:ExercisePrice11Member2023-12-31 0001296445ora:ExercisePrice11Member2023-01-012023-12-31 0001296445ora:ExercisePrice12Member2023-12-31 0001296445ora:ExercisePrice12Member2023-01-012023-12-31 0001296445ora:ExercisePrice13Member2023-12-31 0001296445ora:ExercisePrice13Member2023-01-012023-12-31 0001296445ora:ExercisePrice14Member2023-12-31 0001296445ora:ExercisePrice14Member2023-01-012023-12-31 0001296445ora:ExercisePrice15Member2023-12-31 0001296445ora:ExercisePrice15Member2023-01-012023-12-31 0001296445ora:ExercisePrice1Member2022-12-31 0001296445ora:ExercisePrice1Member2022-01-012022-12-31 0001296445ora:ExercisePrice4Member2022-12-31 0001296445ora:ExercisePrice4Member2022-01-012022-12-31 0001296445ora:ExercisePrice5Member2022-12-31 0001296445ora:ExercisePrice5Member2022-01-012022-12-31 0001296445ora:ExercisePrice6Member2022-12-31 0001296445ora:ExercisePrice6Member2022-01-012022-12-31 0001296445ora:ExercisePrice7Member2022-12-31 0001296445ora:ExercisePrice7Member2022-01-012022-12-31 0001296445ora:ExercisePrice8Member2022-12-31 0001296445ora:ExercisePrice8Member2022-01-012022-12-31 0001296445ora:ExercisePrice10Member2022-12-31 0001296445ora:ExercisePrice10Member2022-01-012022-12-31 0001296445ora:ExercisePrice11Member2022-12-31 0001296445ora:ExercisePrice11Member2022-01-012022-12-31 0001296445ora:ExercisePrice12Member2022-12-31 0001296445ora:ExercisePrice12Member2022-01-012022-12-31 0001296445ora:ExercisePrice13Member2022-12-31 0001296445ora:ExercisePrice13Member2022-01-012022-12-31 0001296445ora:ExercisePrice14Member2022-12-31 0001296445ora:ExercisePrice14Member2022-01-012022-12-31 0001296445ora:ExercisePrice15Member2022-12-31 0001296445ora:ExercisePrice15Member2022-01-012022-12-31 0001296445ora:ExercisePrice16Member2022-12-31 0001296445ora:ExercisePrice16Member2022-01-012022-12-31 0001296445ora:ExercisePrice17Member2022-12-31 0001296445ora:ExercisePrice17Member2022-01-012022-12-31 0001296445ora:ExercisePrice18Member2022-12-31 0001296445ora:ExercisePrice18Member2022-01-012022-12-31 0001296445ora:ExercisePrice19Member2022-12-31 0001296445ora:ExercisePrice19Member2022-01-012022-12-31 0001296445ora:ExercisePrice20Member2022-12-31 0001296445ora:ExercisePrice20Member2022-01-012022-12-31 0001296445srt:WeightedAverageMember2023-12-31 0001296445srt:WeightedAverageMember2022-12-31 0001296445us-gaap:DomesticCountryMember2023-01-012023-12-31 0001296445us-gaap:DomesticCountryMember2022-01-012022-12-31 0001296445us-gaap:DomesticCountryMember2021-01-012021-12-31 0001296445us-gaap:DomesticCountryMember2023-12-31 0001296445us-gaap:GeneralBusinessMember2023-01-012023-12-31 0001296445srt:MinimumMemberus-gaap:GeneralBusinessMember2023-01-012023-12-31 0001296445us-gaap:ForeignCountryMember2023-12-31 0001296445us-gaap:ForeignCountryMember2023-01-012023-12-31 0001296445us-gaap:StateAndLocalJurisdictionMember2023-12-31 0001296445us-gaap:StateAndLocalJurisdictionMembersrt:MinimumMember2023-01-012023-12-31 0001296445us-gaap:StateAndLocalJurisdictionMembersrt:MaximumMember2023-01-012023-12-31 0001296445ora:USGeothermalMember2018-04-24 0001296445ora:USGeothermalMember2018-04-242018-04-24 0001296445ora:USGeothermalMemberus-gaap:DomesticCountryMember2018-04-24 0001296445ora:USGeothermalMemberus-gaap:StateAndLocalJurisdictionMember2018-04-24 0001296445ora:AccountingStandardsUpdate201311Member2017-12-31 0001296445us-gaap:ForeignCountryMemberus-gaap:IsraelTaxAuthorityMember2023-01-012023-12-31 0001296445us-gaap:IsraelTaxAuthorityMember2023-12-31 0001296445us-gaap:IsraelTaxAuthorityMember2022-12-31 0001296445us-gaap:StateAndLocalJurisdictionMember2023-01-012023-12-31 0001296445country:ILus-gaap:EarliestTaxYearMember2023-01-012023-12-31 0001296445country:KEus-gaap:EarliestTaxYearMember2023-01-012023-12-31 0001296445country:GTus-gaap:EarliestTaxYearMember2023-01-012023-12-31 0001296445country:HNus-gaap:EarliestTaxYearMember2023-01-012023-12-31 0001296445country:GPus-gaap:EarliestTaxYearMember2023-01-012023-12-31 0001296445us-gaap:ForeignCountryMemberus-gaap:MinistryOfTheEconomyFinanceAndIndustryFranceMember2020-01-012020-12-31 0001296445us-gaap:ForeignCountryMemberora:GuadeloupeTaxAuthorityMember2021-01-012021-12-31 0001296445us-gaap:ForeignCountryMemberus-gaap:MinistryOfTheEconomyFinanceAndIndustryFranceMember2022-01-012022-12-31 0001296445us-gaap:ForeignCountryMemberus-gaap:MinistryOfTheEconomyFinanceAndIndustryFranceMember2023-01-012023-12-31 0001296445us-gaap:ForeignCountryMemberora:TaxAuthorityOfGuatemalaInGuatemalaMember2023-01-012023-12-31 0001296445us-gaap:ForeignCountryMemberora:SistemaDeAdministracinDeRentasMember2019-09-012019-09-30 0001296445us-gaap:ForeignCountryMemberus-gaap:IsraelTaxAuthorityMember2017-01-012017-12-31 0001296445us-gaap:ForeignCountryMemberus-gaap:IsraelTaxAuthorityMember2018-01-012018-12-31 0001296445us-gaap:ForeignCountryMemberus-gaap:IsraelTaxAuthorityMember2019-01-012019-12-31 0001296445us-gaap:ForeignCountryMemberus-gaap:IsraelTaxAuthorityMemberora:OrmatSystemsLtdMember2014-01-012014-12-31 0001296445us-gaap:ForeignCountryMemberora:KenyaRevenueAuthorityMember2022-01-012022-12-31 0001296445ora:KenyaMember2023-06-272023-06-27 0001296445ora:KenyaMember2023-06-262023-06-26 0001296445ora:KenyaMember2023-01-012023-12-31 0001296445ora:ElectricitySegmentMembercountry:US2023-01-012023-12-31 0001296445ora:ProductSegmentMembercountry:US2023-01-012023-12-31 0001296445us-gaap:AllOtherSegmentsMembercountry:US2023-01-012023-12-31 0001296445country:US2023-01-012023-12-31 0001296445ora:ElectricitySegmentMemberus-gaap:NonUsMember2023-01-012023-12-31 0001296445ora:ProductSegmentMemberus-gaap:NonUsMember2023-01-012023-12-31 0001296445us-gaap:AllOtherSegmentsMemberus-gaap:NonUsMember2023-01-012023-12-31 0001296445us-gaap:NonUsMember2023-01-012023-12-31 0001296445ora:ElectricitySegmentMember2023-01-012023-12-31 0001296445ora:ProductSegmentMember2023-01-012023-12-31 0001296445us-gaap:AllOtherSegmentsMember2023-01-012023-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ElectricitySegmentMember2023-01-012023-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ProductSegmentMember2023-01-012023-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2023-01-012023-12-31 0001296445us-gaap:MaterialReconcilingItemsMember2023-01-012023-12-31 0001296445ora:ElectricitySegmentMember2023-12-31 0001296445ora:ProductSegmentMember2023-12-31 0001296445us-gaap:AllOtherSegmentsMember2023-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ElectricitySegmentMember2023-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ProductSegmentMember2023-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2023-12-31 0001296445us-gaap:MaterialReconcilingItemsMember2023-12-31 0001296445ora:ElectricitySegmentMembercountry:US2022-01-012022-12-31 0001296445ora:ProductSegmentMembercountry:US2022-01-012022-12-31 0001296445us-gaap:AllOtherSegmentsMembercountry:US2022-01-012022-12-31 0001296445country:US2022-01-012022-12-31 0001296445ora:ElectricitySegmentMemberus-gaap:NonUsMember2022-01-012022-12-31 0001296445ora:ProductSegmentMemberus-gaap:NonUsMember2022-01-012022-12-31 0001296445us-gaap:AllOtherSegmentsMemberus-gaap:NonUsMember2022-01-012022-12-31 0001296445us-gaap:NonUsMember2022-01-012022-12-31 0001296445ora:ElectricitySegmentMember2022-01-012022-12-31 0001296445ora:ProductSegmentMember2022-01-012022-12-31 0001296445us-gaap:AllOtherSegmentsMember2022-01-012022-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ElectricitySegmentMember2022-01-012022-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ProductSegmentMember2022-01-012022-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2022-01-012022-12-31 0001296445us-gaap:MaterialReconcilingItemsMember2022-01-012022-12-31 0001296445ora:ElectricitySegmentMember2022-12-31 0001296445ora:ProductSegmentMember2022-12-31 0001296445us-gaap:AllOtherSegmentsMember2022-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ElectricitySegmentMember2022-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ProductSegmentMember2022-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2022-12-31 0001296445us-gaap:MaterialReconcilingItemsMember2022-12-31 0001296445ora:ElectricitySegmentMembercountry:US2021-01-012021-12-31 0001296445ora:ProductSegmentMembercountry:US2021-01-012021-12-31 0001296445us-gaap:AllOtherSegmentsMembercountry:US2021-01-012021-12-31 0001296445country:US2021-01-012021-12-31 0001296445ora:ElectricitySegmentMemberus-gaap:NonUsMember2021-01-012021-12-31 0001296445ora:ProductSegmentMemberus-gaap:NonUsMember2021-01-012021-12-31 0001296445us-gaap:AllOtherSegmentsMemberus-gaap:NonUsMember2021-01-012021-12-31 0001296445us-gaap:NonUsMember2021-01-012021-12-31 0001296445ora:ElectricitySegmentMember2021-01-012021-12-31 0001296445ora:ProductSegmentMember2021-01-012021-12-31 0001296445us-gaap:AllOtherSegmentsMember2021-01-012021-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ElectricitySegmentMember2021-01-012021-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ProductSegmentMember2021-01-012021-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2021-01-012021-12-31 0001296445us-gaap:MaterialReconcilingItemsMember2021-01-012021-12-31 0001296445ora:ElectricitySegmentMember2021-12-31 0001296445ora:ProductSegmentMember2021-12-31 0001296445us-gaap:AllOtherSegmentsMember2021-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ElectricitySegmentMember2021-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberora:ProductSegmentMember2021-12-31 0001296445us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2021-12-31 0001296445us-gaap:MaterialReconcilingItemsMember2021-12-31 0001296445us-gaap:AccountingStandardsUpdate201409Memberora:ElectricitySegmentMember2023-01-012023-12-31 0001296445us-gaap:AccountingStandardsUpdate201409Memberora:ElectricitySegmentMember2022-01-012022-12-31 0001296445us-gaap:AccountingStandardsUpdate201409Memberora:ElectricitySegmentMember2021-01-012021-12-31 0001296445ora:EnergyStorageAndManagementServicesMember2021-09-30 0001296445ora:EnergyStorageAndManagementServicesMember2023-12-31 0001296445ora:EnergyStorageAndManagementServicesMember2022-12-31 0001296445ora:EnergyStorageAndManagementServicesMember2021-12-31 0001296445us-gaap:IntersegmentEliminationMember2023-01-012023-12-31 0001296445us-gaap:IntersegmentEliminationMember2022-01-012022-12-31 0001296445us-gaap:IntersegmentEliminationMember2021-01-012021-12-31 0001296445srt:ConsolidationEliminationsMember2023-01-012023-12-31 0001296445srt:ConsolidationEliminationsMember2022-01-012022-12-31 0001296445srt:ConsolidationEliminationsMember2021-01-012021-12-31 0001296445country:ID2023-01-012023-12-31 0001296445country:ID2022-01-012022-12-31 0001296445country:ID2021-01-012021-12-31 0001296445country:KE2023-01-012023-12-31 0001296445country:KE2022-01-012022-12-31 0001296445country:KE2021-01-012021-12-31 0001296445country:TR2023-01-012023-12-31 0001296445country:TR2022-01-012022-12-31 0001296445country:TR2021-01-012021-12-31 0001296445country:CL2023-01-012023-12-31 0001296445country:CL2022-01-012022-12-31 0001296445country:CL2021-01-012021-12-31 0001296445country:GT2023-01-012023-12-31 0001296445country:GT2022-01-012022-12-31 0001296445country:GT2021-01-012021-12-31 0001296445country:NZ2023-01-012023-12-31 0001296445country:NZ2022-01-012022-12-31 0001296445country:NZ2021-01-012021-12-31 0001296445country:HN2023-01-012023-12-31 0001296445country:HN2022-01-012022-12-31 0001296445country:HN2021-01-012021-12-31 0001296445ora:OtherForeignCountriesMember2023-01-012023-12-31 0001296445ora:OtherForeignCountriesMember2022-01-012022-12-31 0001296445ora:OtherForeignCountriesMember2021-01-012021-12-31 0001296445country:US2023-12-31 0001296445country:US2022-12-31 0001296445country:US2021-12-31 0001296445country:KE2023-12-31 0001296445country:KE2022-12-31 0001296445country:KE2021-12-31 0001296445ora:OtherForeignCountriesMember2023-12-31 0001296445ora:OtherForeignCountriesMember2022-12-31 0001296445ora:OtherForeignCountriesMember2021-12-31 0001296445ora:SouthernCaliforniaPublicPowerAuthorityMember2023-01-012023-12-31 0001296445ora:SouthernCaliforniaPublicPowerAuthorityMember2022-01-012022-12-31 0001296445ora:SouthernCaliforniaPublicPowerAuthorityMember2021-01-012021-12-31 0001296445ora:SierraPacificPowerCompanyAndNevadaPowerCompanyMember2023-01-012023-12-31 0001296445ora:SierraPacificPowerCompanyAndNevadaPowerCompanyMember2022-01-012022-12-31 0001296445ora:SierraPacificPowerCompanyAndNevadaPowerCompanyMember2021-01-012021-12-31 0001296445ora:KenyaPowerAndLightingCoLTDMember2023-01-012023-12-31 0001296445ora:KenyaPowerAndLightingCoLTDMember2022-01-012022-12-31 0001296445ora:KenyaPowerAndLightingCoLTDMember2021-01-012021-12-31 0001296445ora:IsraeliSeveranceFundsMember2023-12-31 0001296445ora:IsraeliSeveranceFundsMember2022-12-31 0001296445ora:GeothermalResourceAgreementMember2023-01-012023-12-31 0001296445ora:GeothermalResourceAgreementMember2022-01-012022-12-31 0001296445ora:GeothermalResourceAgreementMember2021-01-012021-12-31 0001296445ora:ConstructionInProcessMember2023-12-31 0001296445ora:OrmatSystemsLtdMembersrt:MinimumMember2023-12-31 0001296445ora:OrmatSystemsLtdMembersrt:MaximumMember2023-12-31 0001296445ora:OrmatSystemsLtdMember2022-01-012022-12-31 0001296445ora:OrmatSystemsLtdMember2021-01-012021-12-31 0001296445ora:OrmatSystemsLtdMember2023-01-012023-12-31 0001296445ora:OrmatSystemsLtdMember2023-12-31 0001296445ora:OrmatSystemsLtdMember2022-12-31 0001296445ora:OrmatSystemsLtdMember2021-12-31 0001296445ora:TwoContractedGeothermalAssetsInNevadaMember2023-12-31 0001296445us-gaap:SubsequentEventMember2024-02-212024-02-21 0001296445ora:GeothermalAndSolarAssetsMemberus-gaap:SubsequentEventMember2024-01-042024-01-04 0001296445ora:Hapoalim2024LoanAgreementMemberus-gaap:SubsequentEventMember2024-01-02 0001296445ora:Hapoalim2024LoanAgreementMemberus-gaap:SubsequentEventMember2024-01-022024-01-02 0001296445ora:Hapoalim2024LoanAgreementMembersrt:MaximumMemberus-gaap:SubsequentEventMember2024-01-02 0001296445ora:Hapoalim2024LoanAgreementMembersrt:MinimumMemberus-gaap:SubsequentEventMember2024-01-02 0001296445ora:Hsbc2024LoanAgreementMemberus-gaap:SubsequentEventMember2024-01-02 0001296445ora:Hsbc2024LoanAgreementMemberus-gaap:SubsequentEventMember2024-01-022024-01-02 0001296445ora:Hsbc2024LoanAgreementMemberus-gaap:InterestRateSwapMemberus-gaap:SubsequentEventMemberora:SecuredOvernightFinancingRateSofrMember2024-01-02 0001296445ora:NorthBrawleyGeothermalPowerPlantMember2023-01-012023-12-31
 

Table of Contents



 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

 

Annual Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 001-32347

 

ORMAT TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

88-0326081

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

6140 Plumas Street,    Reno,    Nevada

89519-6075

(Address of principal executive offices)

(Zip Code)

 

(775) 356-9029

(Registrants telephone number, including area code)

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock $0.001 Par Value

ORA

New York Stock Exchange

 

Securities Registered Pursuant to Section 12(g) of the Act:

None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑   No ☐

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.  Yes ☐     No ☑

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑     No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑     No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ☑

Accelerated filer ☐

Non-accelerated filer ☐

Smaller  reporting company 

Emerging growth  company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No ☑

 

As of June 30, 2023 the aggregate market value of the registrant’s common stock held by non-affiliates was $4,311,389,318. As of February 20, 2024, the number of outstanding shares of common stock, par value $0.001 per share was 60,358,887.

 

Portions of the registrant's definitive proxy statement for its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

 



 

 

 

 

ORMAT TECHNOLOGIES, INC.

 

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2023

 

TABLE OF CONTENTS

 

   

Page

No

PART I

ITEM 1.

BUSINESS   

10

ITEM 1A.

RISK FACTORS   

51

ITEM 1B.

UNRESOLVED STAFF COMMENTS   

75

ITEM 1C.

CYBERSECURITY

75

ITEM 2.

PROPERTIES

76

ITEM 3.

LEGAL PROCEEDINGS   

76

ITEM 4.

MINE SAFETY DISCLOSURES   

76

PART II

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES   

77

ITEM 6.

RESERVED

79

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

79

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   

105

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA   

106

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE   

177

ITEM 9A.

CONTROLS AND PROCEDURES   

177

ITEM 9B.

OTHER INFORMATION   

177

ITEM 9C.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

178

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE   

178

ITEM 11.

EXECUTIVE COMPENSATION   

179

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS   

179

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE   

179

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES   

179

PART IV

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES   

180

ITEM 16.

FORM 10-K SUMMARY

185

     

SIGNATURES   

186

 

  

 

Glossary of Terms To be updated close to filing

 

Unless the context otherwise requires, all references in this Annual Report on Form 10-K (this “Annual Report”) to “Ormat”, “the Company”, “we”, “us”, “our company”, “Ormat Technologies”, or “our” refer to Ormat Technologies, Inc. and its consolidated subsidiaries. A glossary of certain terms and abbreviations used in this annual report appears at the beginning of this Annual Report. When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:

 

Term

Definition

AC

Alternating Current

ACC

Air Cooled Condenser

ACUA

Atlantic County Utilities Authority

Amatitlan Loan

$42,000,000 in initial aggregate principal amount borrowed by our subsidiary Ortitlan Limitada from Banco Industrial S.A. and Westrust Bank (International) Limited.

AMM

Administrador del Mercado Mayorista (administrator of the wholesale market — Guatemala)

ARRA

American Recovery and Reinvestment Act of 2009

Auxiliary Power

The power needed to operate a geothermal power plant’s auxiliary equipment such as pumps and cooling towers

Availability

The ratio of the time a power plant is ready to be in service, or is in service, to the total time interval under consideration, expressed as a percentage, independent of fuel supply (heat or geothermal) or transmission accessibility

BESS

Battery Energy Storage Systems

BLM

Bureau of Land Management of the U.S. Department of the Interior

BOT

Build, operate and transfer

BPP

PLN's existing average cost of generation

CAISO

California Independent System Operator

CalGEM

California Geologic Energy Management

Capacity

The maximum load that a power plant can carry under existing conditions, less auxiliary power

Capacity Factor

The ratio of the actual MWh generated and the generating capacity times 8760 hours expressed as a percentage

CARES

Coronavirus Aid, Relief, and Economic Security Act

CCA

Community Choice Aggregator

CDC

Caisse des Dépôts et Consignations, a French state-owned financial organization

CEO

Chief Executive Officer

CFO

Chief Financial Officer

C&I

Refers to the Commercial and Industrial sectors, excluding residential

CNEE

National Electric Energy Commission of Guatemala

COD

Commercial Operation Date

Company

Ormat Technologies, Inc., a Delaware corporation, and its consolidated subsidiaries

CPA

Clean Power Alliance

CPI

Consumer Price Index

CPUC

California Public Utilities Commission

DEG

Deutsche Investitions-und Entwicklungsgesellschaft mbH

CREE

The Regulatory Commission of Electric Power in Honduras

DFC

U.S. International Development Finance Corporation (formerly OPIC)

DOE

U.S. Department of Energy

DSCR

Debt Service Coverage Ratio

 

 

EBITDA

Earnings before interest, taxes, depreciation, amortization and accretion

EDF

Electricite de France S.A.

EGS

Enhanced Geothermal Systems

EIB

European Investment Bank

Eligible Green Projects

Allocations made by the Company or any of its subsidiaries to any of the projects defined below in the 24 months prior to or 24 months following the issuance date of the bonds. Eligible Green Projects include the following (for illustrative purposes only): (i) renewable energy (new geothermal energy generation facilities with GHG emissions less than 100g CO2d/KWh; upgrades to existing geothermal energy generation facilities to increase efficiency, resiliency and reliability; energy storage systems; or solar PV systems); and (ii) eco-efficient and/or circular economy adapted products.

EMRA

Energy Market Regulatory Authority in Turkey

ENEE

Empresa Nacional de Energía Eléctrica

Enthalpy

The total energy content of a fluid; the heat plus the mechanical energy content of a fluid (such as a geothermal brine), which, for example, can be partially converted to mechanical energy in an Organic Rankine Cycle.

EPA

U.S. Environmental Protection Agency

EPC

Engineering, procurement and construction

ERCOT

Electric Reliability Council of Texas, Inc.

EPRA

Energy and Petroleum Regulatory Authority of Kenya

EU

European Union

EWG

Exempt Wholesale Generators

Exchange Act

U.S. Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FERC

U.S. Federal Energy Regulatory Commission

FIT

Feed-in Tariff

FPA

U.S. Federal Power Act, as amended

GAAP

Generally accepted accounting principles

GCCU

Geothermal Combined Cycle Unit

GDC

Geothermal Development Company

Geothermal Power Plant

The power generation facility and the geothermal field

Geothermal Steam Act

U.S. Geothermal Steam Act of 1970, as amended

GERD

Grand Ethiopian Renaissance Dam

GHG

Greenhouse gas

GIS

Geographic Information Systems

Green bonds or green convertible bonds

Bonds, which the proceeds from, are used to finance and/or refinance, in whole or in part, new or on-going projects in accordance with the Ormat Green Finance Framework.

GW

Gigawatt

GWh

Gigawatt hour

HELCO

Hawaii Electric Light Company

IDWR

Idaho Department of Water

IESO The Independent Electricity System Operator

IFM

In Front of the Meter

IGA

International Geothermal Association

IID

Imperial Irrigation District

INDE

Instituto Nacional de Electrification

IOUs

Investor-Owned Utilities

IPCC Intergovernmental Panel on Climate Change

IPPs

Independent Power Producers

IRA

Inflation Reduction Act of 2022

 

 

ISO

Independent System Operator

ISONE

ISO New England

ITC

Investment Tax Credit

JBIC

Japan Bank for International Cooperation

JOGMEC

Japan state-owned resources agency

John Hancock

John Hancock Life Insurance Company (U.S.A.)

JPM

J.P. Morgan Capital Corporation

KenGen

Kenya Electricity Generating Company Ltd.

Kenyan Energy Act

Kenyan Energy Act, 2006

KETRACO

Kenya Electricity Transmission Company Limited

KGRA

Known Geothermal Resource Area

KLP

Kapoho Land Partnership

KPLC

Kenya Power and Lighting Co. Ltd.

KRA

Kenya Revenue Authority

kW

Kilowatt - A unit of electrical power that is equal to 1,000 watts

kWh

Kilowatt hour(s), a measure of power produced

LCOE

Levelized Costs of Energy

Mammoth Pacific

Mammoth-Pacific, L.P.

MEMR

The Indonesian Minister of Energy and Mineral Resources

MW

Megawatt - One MW is equal to 1,000 kW or one million watts

MWh

Megawatt hour(s), a measure of energy produced

NIS

New Israeli Shekel

NOA

Notice of Assessments

Notes Convertible notes from 2022

NV Energy

NV Energy, Inc.

NYSE

New York Stock Exchange

NYISO

New York Independent System Operator, Inc.

OEC

Ormat Energy Converter

OFC

Ormat Funding Corp., a wholly owned subsidiary of the Company

OFC 2

OFC 2 LLC, a wholly owned subsidiary of the Company

OFC 2 Senior Secured Notes

Up to $350,000,000 Senior Secured Notes, due 2034 issued by OFC 2

Opal Geo

Opal Geo LLC

OPC

OPC LLC, a consolidated subsidiary of the Company

OrCal

OrCal Geothermal Inc., a wholly owned subsidiary of the Company

ORC

Organic Rankine Cycle - A process in which an organic fluid such as a hydrocarbon or fluorocarbon (but not water) is boiled in an evaporator to generate high pressure vapor. The vapor powers a turbine to generate mechanical power. After the expansion in the turbine, the low-pressure vapor is cooled and condensed back to liquid in a condenser. A cycle pump is then used to pump the liquid back to the vaporizer to complete the cycle. The cycle is illustrated in the figure below:

 

 

 

image01.jpg

 

Ormat International

Ormat International Inc., a wholly owned subsidiary of the Company

Ormat Nevada

Ormat Nevada Inc., a wholly owned subsidiary of the Company

Ormat Systems

Ormat Systems Ltd., a wholly owned subsidiary of the Company

Ormat Green Finance Framework

A framework developed in alignment with the Green Bond Principles (2021), as published by the International Capital Markets Association, by which the proceeds of green bonds are used to finance and/or refinance, in whole or in part, one or more Eligible Green Projects.

ORIX

ORIX Corporation

ORPD

ORPD LLC, a holding company subsidiary of the Company in which Northleaf Geothermal Holdings, LLC holds a 36.75% equity interest

OrPower 4

OrPower 4 Inc., a wholly owned subsidiary of the Company

Ortitlan

Ortitlan Limitada, a wholly owned subsidiary of the Company

ORTP

ORTP, LLC, a consolidated subsidiary of the Company

Orzunil

Orzunil I de Electricidad, Limitada, a wholly owned subsidiary of the Company

PEC

Portfolio Energy Credits

PG&E

Pacific Gas and Electric Company

PGV

Puna Geothermal Venture, a wholly owned subsidiary of the Company

PJM

PJM Interconnection, LLC

PLN

PT Perusahaan Listrik Negara

Power plant equipment

Interconnection equipment, cooling towers for water cooled power plant, etc., including the generating units

PPA

Power purchase agreement

PTC

Production Tax Credit

PUC

Public Utilities Commission

PUCH

Public Utilities Commission of Hawaii

PUCN

Public Utilities Commission of Nevada

PUHCA

U.S. Public Utility Holding Company Act of 1935

PUHCA 2005

U.S. Public Utility Holding Company Act of 2005

PURPA

U.S. Public Utility Regulatory Policies Act of 1978

Qualifying Facility(ies)

Certain small power production facilities are eligible to be “Qualifying Facilities” under PURPA, provided that they meet certain power and thermal energy production requirements and efficiency standards. Qualifying Facility status provides an exemption from PUHCA 2005 and grants certain other benefits to the Qualifying Facility

RCEA

Redwood Coast Energy Authority

REC

Renewable Energy Credit

 

 

REG

Recovered Energy Generation

RER

Renewable Energy Resource certificate

RPS

Renewable Portfolio Standards

RTO

Regional Transmission Organization

SCE

Southern California Edison

SCPPA

Southern California Public Power Authority

SDG&E

San Diego Gas and Electric

SEC

U.S. Securities and Exchange Commission

Securities Act

U.S. Securities Act of 1933, as amended

SOL

Sarulla Operations Ltd.

Solar PV

solar photovoltaic

SOX Act

Sarbanes-Oxley Act of 2002

SRAC

Short Run Avoided Costs

TASE

Tel Aviv Stock Exchange

Tax Act

Tax Cuts and Jobs Act

UIC

Underground Injection Control

UN

United Nation

Union Bank

Union Bank, N.A.

U.S.

United States of America

U.S. Treasury

U.S. Department of the Treasury

USG

U.S. Geothermal Inc.

VAT

Value Added Tax

VCE

Valley Clean Energy

Viridity

Viridity Energy Solutions Inc., a wholly owned subsidiary of the Company

YTL

Turkish Lira

 

 

Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary

 

This Annual Report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this Annual Report, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “target”, “goal”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. The forward-looking statements in this Annual Report are primarily located in the material set forth under the headings Item 1 — “Business” contained in Part I of this Annual Report, Item 1A — “Risk Factors” contained in Part I of this Annual Report, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Part II of this Annual Report, and “Notes to Financial Statements” contained in Item 8 — “Financial Statements and Supplementary Data” contained in Part II of this Annual Report, but are found in other locations as well. These forward-looking statements generally relate to our plans, objectives and expectations for future operations and are based upon management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. You should read this Annual Report completely and with the understanding that actual future results and developments may be materially different from what we expect attributable to a number of risks and uncertainties, many of which are beyond our control.

 

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

 

A summary of the risks that may cause actual results to differ from our expectations include, but are not limited to the following:

 

Risks Related to the Companys Business and Operation

 

 

Our financial performance depends on the successful operation of our geothermal, REG, Solar PV power plants under the Electricity segment as well as, our energy storage facilities, which are subject to various operational risks.

 

 

Our exploration, development, and operation of geothermal energy resources are subject to geological risks and uncertainties, which may result in insufficient prospects to support our growth, decreased performance or increased costs for our power plants.

 

 

We may decide not to implement, or may not be successful in implementing, one or more elements of our multi-year strategic plan, and the plan may not achieve its goal of enhancing shareholder value.

 

 

Our investments in BESS technology involves new technologies and expected advanced technologies with relatively limited history with respect to reliability and performance and may not perform as expected. In addition, our investments and profitability may be negatively affected by a number of factors, including increases in storage costs, risk of fire and volatility in merchant prices.

 

 

Concentration of customers, specific projects and regions may expose us to heightened financial exposure.

 

 

Our international operations expose us to risks related to the application of foreign laws and regulations.

 

 

Political, economic and other conditions in the emerging economies where we operate, including Israel, may subject us to greater risk than in the developed U.S. economy.

 

 

Conditions in and around Israel, where the majority of our senior management and our main production and manufacturing facilities are located, including the ongoing military conflicts on the borders of Israel, may adversely affect our operations and may limit our ability to produce and sell our products, and support our Electricity segment.

 

 

Responses in various countries where we have business operations to Israel’s ongoing military conflicts on some of its borders or future similar conflicts may adversely affect our operations and may limit our ability to produce and sell our products.

 

 

Reduction in our Products segment backlog may affect our ability to fully utilize our main production and manufacturing facilities.

 

 

 

Some of our leases will terminate if we do not extract geothermal resources in “commercial quantities”, or if we fail to comply with the terms or stipulations of such leases or any of the provisions of the Geothermal Steam Act or if the lessor under any such lease defaults on any debt secured by the relevant property, thus requiring us to enter into new leases or secure rights to alternate geothermal resources, none of which may be available on terms as favorable to us as any such terminated lease, if at all.

 

 

Our business development activities may not be successful and our projects under construction or facilities undergoing enhancement and repowering may encounter delays.

 

 

Our future growth depends, in part, on the successful enhancement of a number of our existing facilities.

 

 

We rely on power transmission facilities that we do not own or control.

 

 

Our use of joint ventures may limit our flexibility with jointly owned investments.

 

 

Our operations could be adversely impacted by climate change.

 

 

We could be negatively impacted by regulatory and other responses to climate change.

 

 

We may not be able to successfully complete acquisitions, and we may not be able to successfully integrate, or realize anticipated synergies from, companies that we have acquired and may acquire in the future.

 

 

We encounter intense competition from electric utilities, other power producers, power marketers, developers and third-party investors.

 

 

Changes in costs and technology may significantly impact our business by making our power plants and products less competitive, resulting in our inability to sign new or recontracted PPAs for our Electricity segment and new supply and EPC contracts for our Products segment.

 

 

Our intellectual property rights may not be adequate to protect our business.

 

 

We may experience difficulties implementing and maintaining our new enterprise resource planning system.

 

 

We may experience a cyber-incident, cyber security breach, severe natural event or physical attack on our operational networks and information technology systems.

 

Risks Related to Governmental Regulations, Laws and Taxation

 

 

Our financial performance could be adversely affected by changes in the legal and regulatory environment affecting our operations.

 

 

Pursuant to the terms of some of our PPAs with investor-owned electric utilities and publicly-owned electric utilities in states that have renewable portfolio standards, the failure to supply the contracted capacity and energy thereunder may result in the imposition of penalties.

 

 

If any of our domestic power plants lose their current Qualifying Facility status under PURPA, or if amendments to PURPA are enacted that substantially reduce the benefits currently afforded to Qualifying Facilities, our domestic operations could be adversely affected.

 

 

The reduction, elimination or inability to monetize government incentives could adversely affect our business, financial condition, future results and cash flows.

 

 

We are a holding company and our cash depends substantially on the performance of our subsidiaries and the power plants they operate, most of which are subject to restrictions and taxation on dividends and distributions.

 

 

The costs of compliance with federal, state, local and foreign environmental laws and our ability to obtain and maintain environmental permits and governmental approvals required for development, construction and/or operation may result in liabilities, costs and delays in construction (as well as any fines or penalties that may be imposed upon us in the event of any non-compliance or delays with such laws or regulations).

 

 

We could be exposed to significant liability for violations of hazardous substances laws because of the use or presence of such substances at our power plants.

 

 

U.S. federal, state and foreign country income tax reform could adversely affect us.

 

Risks Related to Economic and Financial Conditions

 

 

We may be unable to obtain the financing we need on favorable terms to pursue our growth strategy and any future financing we receive may be less favorable to us than our current financing arrangements.

 

 

We have incurred substantial indebtedness that may decrease our business flexibility, access to capital, and/or increase our borrowing costs, and we may still incur substantially more debt, which may adversely affect our operations and financial results.

 

 

 

Our debt obligations may adversely affect our ability to raise additional capital and will be a burden on our future cash resources, particularly if we elect to settle these obligations in cash upon conversion or upon maturity or required repurchase.

 

 

The capped call transactions, into which we entered in connection with the issuance of June 2022 convertible notes, (the "Notes") may affect the value of the Notes and our common stock and we are subject to counterparty risk with respect to the capped call  transactions.

 

 

Our foreign power plants and foreign manufacturing operations expose us to risks related to fluctuations in currency rates, which may reduce our profits from such power plants and operations.

 

 

Our power plants have generally been financed through a combination of our corporate funds and limited or non-recourse project finance debt and lease financing. If our project subsidiaries default on their obligations under such limited or non-recourse debt or lease financing, we may be required to make certain payments to the relevant debt holders, and if the collateral supporting such leveraged financing structures is foreclosed upon, we may lose certain of our power plants.

 

 

We may experience fluctuations in the cost of construction, raw materials, commodities and drilling.

 

 

Our commodity derivative activity may limit potential gains, increase potential losses, result in earnings volatility and involve other risks.

 

 

We are exposed to swap counterparty credit risk

 

Risks Related to Force Majeure

 

 

The existence of a prolonged force majeure event or a forced outage affecting a power plant, or the transmission systems could reduce our net income.

 

 

Threats of terrorism may impact our operations in unpredictable ways and could adversely affect our business, financial condition, future results and cash flow.

 

Risks Related to Ownership of our Common Stock

 

 

Future equity issuances, including through our current or any future equity compensation plans, could result in dilution, which could cause the price of our shares of common stock to decline.

 

 

A substantial percentage of our common stock is held by stockholders whose interests may conflict with the interests of our other stockholders.

 

 

The price of our common stock may fluctuate substantially, and your investment may decline in value.

 

 

We may issue additional shares of our common stock in connection with conversions of the Notes, and thereby dilute our existing stockholders and potentially adversely affect the market price of our common stock.

 

 

The fundamental change provisions of the Notes may delay or prevent an otherwise beneficial takeover attempt of us.

 

Market and Industry Data

 

This Annual Report includes market and industry data and forecasts that we have derived from publicly available information, various industry publications, other published industry sources and internal data and estimates. Industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which we operate and our management’s understanding of industry conditions. Any estimates underlying such market-derived information and other factors could cause actual results to differ materially from those expressed in the independent parties’ estimates and in our estimates.

 

Company Contact and Sources of Information

 

Our website is www.ormat.com. Information contained on or accessible via our website, including our Sustainability Reports, is not part of or otherwise incorporated by reference into this Annual Report. Information that we furnish to or file with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to, or exhibits included in, these reports are made available for download, free of charge, through our website as soon as reasonably practicable. Our SEC filings, including exhibits filed therewith, are also available directly on the SEC’s website at www.sec.gov.

 

We may use our website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through our website at www.ormat.com. Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings and public conference calls and webcasts.

 

 

 

PART I

 

ITEM 1. BUSINESS

 

Overview

 

We are a leading vertically integrated company that is primarily engaged in the geothermal energy power business. We leverage our core capabilities and global presence to expand our activity in recovered energy generation and into different energy storage services and solar PV (including hybrid geothermal and solar PV as well as Solar plus Energy Storage). Our objective is to become a leading global provider of renewable energy and help to mitigate climate change by providing a replacement to carbon-intensive energy sources. We have adopted a strategic plan to focus on several key initiatives to expand our business.

 

We currently conduct our business activities in three business segments:

 

 

Electricity Segment. In the Electricity segment, we develop, build, own and operate geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate. In 2023 we commenced or expanded commercial operation of 44 MW of geothermal power plants including the new 25MW North Valley power plant in the San Emidio complex, the 6MW expansion to the Dixie Valley power plant and the10MW addition to the Heber Complex, all in the U.S. In addition, we commenced or expanded commercial operation of 13MW of Solar PV projects, including the new 6MW Brady solar power plant as well as the addition of 7MW added to the Steamboat Complex.

 

 

Product Segment. In the Product segment, we design, manufacture and sell equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. Since the beginning of 2023, we signed new contracts that were added to our backlog and secured $157.0 million of revenues to be recognized over the next two years.

 

 

Energy Storage Segment. In the Energy Storage segment, we own and operate grid connected In Front of the Meter (IFM) BESS facilities, which provide capacity, energy and ancillary services directly to the electric grid. In 2023, we commissioned five energy storage facilities with a total capacity of 82MW/102 MWh in California, New Jersey, Texas and Ohio.

 

 

The following chart sets forth a breakdown of our revenues for each of the years ended December 31, 2022 and 2023:

revbyseg.jpg

 

 

The following chart sets forth the geographical breakdown of revenues attributable to our Electricity and Product segments for each of the years ended December 31, 2022 and 2023:

 

 

 

g02.jpg

 

The revenues attributable to our Energy Storage segment for each of the years ended December 31, 2022 and 2023 were 100% generated in the United States.

 

 

Our Power Generation Business (Electricity Segment)

 

Our Company-owned power plants include both power plants that we have built and power plants that we have acquired. The substantial majority of the power plants that we currently own or operate produce electricity from geothermal energy sources. Geothermal energy is a clean, renewable and generally sustainable form of energy derived from the natural heat of the earth. Unlike electricity produced by burning fossil fuels, electricity produced from geothermal energy sources is produced without emissions of certain pollutants such as nitrogen oxide, and with far lower emissions of other pollutants such as carbon dioxide. As a result, electricity produced from geothermal energy sources contributes significantly less to climate change and local and regional incidences of acid rain than energy produced by burning fossil fuels. In addition, compared to power plants that utilize other renewable energy sources, such as wind or solar, geothermal power plants are generally available all year-long and all day-long and can therefore provide base-load electricity services. Geothermal power plants can also be custom built to provide a range of electricity services such as baseload, voltage regulation, reserve and flexible capacity.

 

We own and operate geothermal and solar PV hybrid projects and have similar projects currently under construction, in which the electricity generated from a solar PV power plant is used to offset the equipment’s energy use at the geothermal facility, thus increasing the geothermal energy delivered by the project to the grid.

 

We also construct, own, and operate 53MW of recovered energy-based power plants. We have built all of the recovered energy-based plants that we operate. Recovered energy comes from residual heat that is generated as a by-product of gas turbine-driven compressor stations, solar thermal units and a variety of industrial processes, such as cement manufacturing. Such residual heat, which would otherwise be wasted, may be captured in the recovery process and used by recovered energy power plants to generate electricity without burning additional fuel and without additional emissions.

 

Each of our current geothermal power plants sells substantially all of its output pursuant to long-term, and in most of the cases, fixed price PPAs to various counterparties denominated in or linked to the U.S. dollar or Euro. These contracts had a total weighted average remaining term, based on contributions to segment revenue, of approximately 15 years at December 31, 2023. In addition, the counterparties to our PPAs in the United States had a credit rating of between Aa1 to B1 (Stable) by Moody's and AA+ to B- by S&P. The purchasers of electricity from our foreign power plants are mainly state-owned entities in countries with below investment grade rating.

 

Power Plants in Operation

 

We own and operate 32 power plant complexes globally with an aggregate generating capacity of 1,215 MW. They include geothermal, REG and solar sites. Geothermal comprised 92% of our generating capacity. In 2023, our geothermal and REG power plants generated at a capacity factor of 84% and 38%, respectively, which is higher than the 20%-30% capacity factor typically generated in wind and solar projects.

 

 

The table below summarizes certain key non-financial information relating to our power plants and complexes as of February 23, 2024. The generating capacity of certain of our power plants and complexes listed below has been updated from our 2021 disclosure to reflect changes in the resource temperature and other factors that impact resource capabilities:

 

Type

Region

Plant

Ownership(1)

Generating

capacity

(MW) (2)

PPA Tenor

Capacity

Factor

Geothermal

California

Ormesa Complex

100%

36

19

 

   

Heber Complex

100%

91

10

81%
   

Mammoth Complex

100%

65

13

 
   

Brawley

100%

7

8

 
 

West Nevada

Steamboat Complex

100%

79(4)

19

83%

   

Brady Complex

100%

24(5)

26

 
 

East Nevada

Tuscarora

100%

17(3)

9

 

   

Jersey Valley

100%

8

9

 
   

McGinness Hills

100%

146

15

 
   

Don A. Campbell

100.0%

30(3)

12

91%
   

Tungsten Mountain

100%

41(6)(3)

20

 
   

Dixie Valley

100%

64

15

 
   

Beowawe

100%

14

31

 
 

North West Region

Neal Hot Springs(7)

60%

22(3)

15

 

   

Raft River

100%

12

9

 
   

San Emidio(8)

100%

39

15

90%(10)
   

Still Water Complex(9)

100%

12

6

 
   

Salt Wells(9)

100%

9

6

 
 

Hawaii

Puna

63.3%

38(11)

29

58%

 

Utah

Cove Fort(9)

100.0%

18

10

NA

 

International

Amatitlan (Guatemala)

100%

20

5

 

   

Zunil (Guatemala)

97%

20

11

 
   

Olkaria III Complex (Kenya)

100%

150

11

75%(12)
   

Bouillante (Guadeloupe, France)

63.75%(13)

15

7

 
   

Platanares (Honduras)

100%

33

9

 
             

Total Consolidated Geothermal

     

1010

 

84%

             

REG

 

OREG 1

100.0%

22

8

 
   

OREG 2

100.0%

22

11

 
   

OREG 3

100.0%

5.5

6

 
   

OREG 4

100%

3.5

6

 

Total REG

     

53

 

38%(14)

             

Solar

 

Tungsten Mountain

100%

12

20

 
   

Wister

100%

20

19

 
   

Steamboat Solar

100%

12

20

 
   

Still Water Solar PV(9)

100%

40

6

 
   

Woods Hill(9)

100%

20

15

 
   

Brady

100%

6

20

 

Total Solar

     

110

   
             

Unconsolidated Geothermal

Indonesia

Sarulla Complex

12.75%

42

24

 
             

Total Unconsolidated Geothermal

     

42

   
             

Total

     

1,215

   

 

 

  1.

We have a controlling interest and we operate all of our power plants, except for Sarulla. Financial institutions hold equity interests in six of our subsidiaries: (i) Opal Geo subsidiaries, which own the McGinness Hills Phases 1 and 2 geothermal power plants, the Tuscarora and Jersey Valley power plants and the second phase of the Don A. Campbell power plant, all located in Nevada; (ii) ORNI 41, which owns McGinness Hills Phase 3 located in Nevada;  (iii) ORNI 43, which owns the Tungsten Mountain geothermal power plant located in Nevada; (iv) Steamboat Hills, LLC, which owns the Steamboat Hills power plant located in Nevada; (v)  CD4  partnership that owns the CD4 power plant, under Mammoth Complex, in California; (v) ORNI 36, which owns North Valley power plant, under San Emidio complex, located in Nevada. In the table above, we list these power plants as being 100% owned because all of the generating capacity is owned by these subsidiaries and we control the operation of the power plants. The nature of the equity interests held by the financial institution is described below in Item 8 — “Financial Statements and Supplementary Data" under Note 12.

 

We own a 63.75% equity interest in the Bouillante power plant, a 60% equity interest in the Neal Hot Spring power plant and a 63.25% direct equity interest in the Puna plant. We list 100% of the generating capacity of the Bouillante power plant, the Neal Hot Springs power plant and the Puna power plant in the table above because we control their operations. We list our 12.75% share of the generating capacity of the Sarulla complex as we own a 12.75% minority interest. Revenues from the Sarulla complex are not consolidated and are presented under “Equity in earnings (losses) of investees, net” in our consolidated financial statements.

 

 

2.

References to generating capacity generally refer to gross generating capacity less auxiliary power. We determine the generating capacity of these power plants by taking into account resource and power plant capabilities. In any given year, the actual power generation of a particular power plant may differ from that power plant’s generating capacity due to variations in ambient temperature, the availability of the geothermal resource, and operational issues affecting performance during that year. In 2023 the capacity factors of Olkaria, Puna, and Sarulla complexes were significantly impacted by operational and resource issues, as discussed further under "Description of our power plants".

 

 

3.

Generating capacity reduced to reflect cooling we are experiencing in the resource.

 

 

4.

Steamboat complex is a hybrid geothermal and solar power plant that uses the solar energy for geothermal power plant auxiliary power. The Solar PV facilities are presented separately in the table above.

 

 

5.

Brady power plant under Brady complex is a hybrid geothermal and solar power plant that use the solar energy for geothermal power plant auxiliary power. The Solar PV facility is presented separately in the table above.

 

 

6.

Tungsten Mountain is a hybrid geothermal and solar power plant that uses the solar energy for geothermal power plant auxiliary power. The Solar PV facilities are presented separately in the table above.

 

 

7.

We own 60% and Enbridge owns 40% of the Neal Hot Springs power plant.

 

 

8.

The San Emidio complex includes 25MW from North Valley that commenced commercial operation in May 2023.

 

 

9.

The Still Water complex and the Salt Wells geothermal power plants located in Nevada, the Cove Fort geothermal power plant located in Utah, the Still Water Solar PV facilities, located in Nevada and the Woods Hill Solar PV power plant located in Connecticut were acquired and added to our portfolio in January 2024.

 

 

10.

Capacity factor excludes Still Water complex and Salt Wells power plant as they were added to our portfolio in January 2024.

 

 

11.

The Puna geothermal power plant shut down on May 3, 2018 when the Kilauea volcano erupted following a significant increase in seismic activity in the area. The Puna power plant resumed operations in November 2020 and during 2023 operated at a level of approximately 26 MW. In the Fourth quarter 2023 the power plant generated above 30MW.

 

 

12.

Capacity factor was mainly impacted by the lower performance of the Olkaria complex, as further discussed below under "Description of our Power plants".

 

 

13.

We own 63.75%, CDC owns 21.25% and Sageos owns 15.0% of the Bouillante power plant.

 

 

14.

The OREG power plants are not operating at full capacity due to low run time of the compressor stations that serves as the power plants heat source. This has resulted in lower power generation.

 

 

New Power Plants

 

We are currently in various stages of construction of new power plants and expansion of existing power plants. We have released for construction projects with generating capacity of 162 MW from geothermal and solar PV worldwide. In addition, we have several geothermal and solar PV projects in various stages of development. These projects are primarily located in the United States.

 

We hold substantial land positions across 33 prospects in the United States and 9 prospects in Ethiopia, Guatemala, Honduras and Indonesia that we expect will support future geothermal development. These land positions are comprised of various leases, exploration concessions for geothermal resources, and options to enter into leases. We have started or plan to start exploration activity on many of these prospects.

 

We expect to add between 335 MW to 355 MW between 2024 and 2026 and to reach by the end of 2026 a total generating capacity of approximately 1.5 GW in the Electricity Segment by that time.

 

Our Product Segment

 

We design, manufacture and sell products for electricity generation and provide the related services described below. In addition, we provide cementing services for well drilling to third parties. We primarily manufacture products to fill customer orders, but in some situations, we manufacture products as inventory for future projects that we will own or for future third party projects.

 

Power Units for Geothermal Power Plants 

 

We design, manufacture and sell power units for geothermal electricity generation, which we refer to as OECs. In geothermal power plants using OECs, geothermal fluid (either hot water/brine, steam, or both) is extracted from the underground reservoir and flows from the wellhead to a vaporizer that heats a secondary working fluid, which is vaporized and used to drive the turbine. The secondary fluid is then condensed in a condenser, which may be cooled directly by air through an air cooling system or by water from a cooling tower and sent back to the vaporizer. The cooled geothermal fluid is then reinjected back into the reservoir. Our customers include contractors, geothermal power plant developers, owners and operators.

 

Power Units for Recovered Energy-Based Power Generation 

 

We design, manufacture and sell power units used to generate electricity from recovered energy, or so-called “waste heat”. This heat is generated as a residual by-product of gas turbine-driven compressor stations, solar thermal units, biomass facilities and a variety of industrial processes, such as cement manufacturing, and is not otherwise used for any purpose. Our existing and target customers include interstate natural gas pipeline owners and operators, gas processing plant owners and operators, cement plant owners and operators, and other companies engaged in other energy-intensive industrial processes.

 

EPC of Power Plants

 

We serve as an EPC contractor for geothermal and recovered energy power plants on a turnkey basis, using power units we design and manufacture. Our customers are geothermal power plant owners as well as our target customers for the sale of our recovered energy-based power units. Unlike many other companies that provide EPC services, we believe our competitive advantage is in using equipment that we manufacture, which allows us better quality in and control over the timing and delivery of required equipment and its related costs.

 

 

Our Energy Storage Segment

 

Our Energy Storage segment has grown consistently since 2019 and we expect strong growth in the coming years. We have targeted the Energy Storage segment as one of our major segments for investment and growth.

 

In 2023, we successfully brought on line five new Ormat-owned BESS projects; the 20 MW/20 MWh Andover project and the 7 MW/7 MWh Howell  project, both located in New Jersey; the 12 MW/12 MWh Bowling Green project in Ohio; the 23 MW/23 MWh Upton project in Texas; and the 20 MW/40 MWh Pomona 2 project in California. These new additions to the portfolio have increased our operating portfolio to 170 MW / 298 MWh at the end of 2023. Our portfolio of projects are regionally diversified, with footprints across 4 different RTOs or ISOs; CAISO, PJM Interconnect, ERCOT and ISONE.

 

 

We are currently in the process of constructing 7 additional energy storage projects with a total capacity of 355 MW / 1,060 MWh in California, Texas and New Jersey.

 

In addition, we have an approximate 3.6GW/13.1GWh pipeline of potential projects, in different stages of development across the United States that will support our target to reach an energy storage portfolio of between 700 to 800 MW/ 1,900-2,300 MWh by the end of 2026. The development of such projects is dependent, inter alia, on site permitting, interconnection agreement, supply of Lithium- Ion batteries and economic viability, which are not certain. We plan to continue leveraging our experience in project development and finance, our engineering, procurement and construction know-how and our relationships with utilities and other market participants, to develop additional BESS projects.

 

Business Strategy

 

Our business strategy reiterates and supports our position that climate change is among the most important issues of our time. A large part of our business involves bringing low-carbon baseload energy to parts of the world that lack access to affordable baseload renewable energy. Our Company recognizes the importance of the fight against climate change and the imperative of lowering global greenhouse gas emissions, and our core business actively works to counteract these existential threats. We are focused on helping to create a sustainable energy infrastructure, and further an alternative energy future, where greenhouse gas emissions are reduced and the ability to access and store renewable sourced power will enable electricity grids to become more responsive, more stable, and more environmentally friendly.

 

Business Goals

 

Our goals include continuing our leading position in the geothermal energy market and becoming a leading global provider of renewable energy. Our strategy focuses on three main elements:

 

 

Developing our low carbon renewable geothermal business in the United States and globally;

 

 

Growing our market position in the IFM energy storage market; and

 

 

Exploring opportunities in new areas by looking for synergistic growth opportunities utilizing our core competencies, strong market reputation, and new market opportunities focused upon environmentally responsible solutions in the energy sector.

 

We intend to implement this strategy through:

 

 

Development and Construction of New Geothermal Power Plants - identifying new commercially viable renewable geothermal resources, to accelerate the development and construction of new zero emission geothermal power plants by entering into long-term PPAs providing stable and sustainable cash flows.

 

 

Expanding our Geographical Reach increasing our business development activities in an effort to grow our business in the global markets in all business segments. While we continue to evaluate global opportunities, we currently see the United States, Indonesia, Central America and New Zealand as attractive markets for our Electricity Segment. We see New Zealand, Philippines, Turkey, Chile, Indonesia, The United States and China as attractive markets for our Product Segment.  We are actively looking at ways to expand our presence in these countries to offer and provide replacement to carbon-intensive power alternatives.

 

 

Accelerating the Development and Construction of New Energy Storage Assets - increasing our business development activities seeking potential sites for development and construction of energy storage facilities (including hybrid storage and solar PV facilities) in an effort to significantly grow our energy storage market and provide efficient solutions to the grid, while combining both long term fixed price PPA’s, known as tolling agreements, together with merchant expo.

 

 

Acquisition of New Geothermal Assets - expanding and accelerating growth through acquisition activities globally, aiming to acquire additional geothermal assets as well as operating and development assets that can support our geothermal business.

 

 

 

 Acquisition of Energy Storage Projects and Assets – expanding and accelerating growth through acquisition of operating assets, shovel ready projects and projects in various stages of development.

 

 

Using Our Operational Capabilities to Increase Output from our Existing Geothermal Power Plants - increasing output from our existing geothermal power plants by adding additional generating capacity, upgrading plant technology, and improving geothermal reservoir operations, including improving methods of heat source supply and delivery.

 

 

Creating Cost Savings Through Increased Operating Efficiency - increasing efficiencies in our operating power plants and manufacturing facility including procurement by adding new technologies, restructuring of management control, automating part of our manufacturing work and centralizing our operating power plants.

 

 

Diversifying our Customer Base - evaluating a number of strategies for expanding our customer base to the CCA's markets.  In the near term, however, we expect that the substantial majority of our revenues will continue to be generated from our traditional electrical utility customer base for the Electricity segment.

 

 

Maintaining a Prudent and Flexible Capital Structure - we have various financing structures in place, including non-recourse project financings, green convertible bonds, the sale of differential membership interests and equity interests in certain subsidiaries, as well as revolving credit facilities and term loans. We believe our cash flow profile, the long-term nature of our contracts, and our ability to raise capital provide greater flexibility for optimizing our capital structure.

 

 

Improving our Technological Capabilities — investing in research and development of renewable energy technologies and leveraging our technological expertise to continuously improve power plant components, reduce operations and maintenance costs, develop competitive, eco-efficient and low-carbon products for electricity generation and target new service opportunities. In addition, we are expanding our core geothermal competencies to provide high efficiency solutions for high enthalpy applications by utilizing our binary enhanced cycle and technology.

 

 

Manufacturing and Providing Products and EPC Services Related to Renewable Energy - designing, manufacturing and contracting power plants for our own use and selling to third parties power units and other generation equipment for geothermal and recovered energy-based electricity generation.

 

 

Expanding into New Technologies - leveraging our technological capabilities over a variety of renewable energy platforms, including solar power generation, energy storage and recovered energy generation. Involvement in continuous innovation by research and development efforts aimed at enhancing the efficiency of our operations. In addition, we recognize the importance of Corporate Venture Capital (CVC) in acquiring or investing in companies with integration and technological capabilities that complement our existing expertise. Moreover, developing new technologies internally, where necessary, to fill gaps and capitalize on market opportunities in alignment with our strategic plan.

 

 

The map below shows our worldwide portfolio of operating geothermal, solar PV and recovered energy power plants as of February 21, 2024.

 

a01.jpg

 

 

* In the Sarulla complex, we include our 12.75% share only.

 

 

The map below shows our portfolio of operating storage facilities as of February 21, 2024.

 

esp.jpg

 

 

 

Sustainability Strategy

 

We are committed to engaging with stakeholders on, and strengthening our commitment to, sustainability issues, including environmental, social and governance (“ESG”) matters. We endorse external initiatives and partner with national and international associations that we believe assist us in adhering to our ESG values, in particular, relating to geothermal, energy, health and safety issues and human rights issues. We strive to provide up-to-date, credible and comparable data to ESG agencies while engaging institutional investors and investor advocacy organizations around ESG issues.

 

As a renewable energy solution provider, we are motivated to identify opportunities and risks with respect to climate change and take efforts to reduce our GHG emissions and improve our energy efficiency. In addition to meeting our regulatory requirements, we report our annual GHG emissions to several organizations, including the Carbon Disclosure Project and the Israeli Ministry of Environmental Protection’s voluntary business reporting initiative.

 

We report our progress on environmental goals and commitments annually in our sustainability reports, including, but not limited to, our climate change mitigation measures, biodiversity conservation, and water management efforts. A copy of our most recent Sustainability Report is accessible, free-of-charge, on our website at https://www.ormat.com/en/company/engagement. The contents of our website, including the sustainability reports, are not part of or otherwise incorporated by reference into this Form 10-K.

 

Our Proprietary Technology

 

Our proprietary technology involves original designs of turbines, pumps, and heat exchangers, as well as formulation of organic motive fluids (all of which are non-ozone-depleting substances) and may be used either in power plants operating according to the ORC alone or in combination with various other commonly used thermodynamic technologies that convert heat to mechanical power, such as gas and steam turbines. It can be used with a variety of thermal energy sources, such as geothermal, recovered energy, biomass, solar energy and fossil fuels. By using advanced computational fluid dynamics techniques and other computer aided design software as well as our test facilities, we continuously seek to improve power plant components, reduce operations and maintenance costs, and increase the range of our equipment and applications. We examine ways to increase the output of our plants by utilizing evaporative cooling, cold reinjection, configuration optimization, and topping turbines.

 

We also developed, patented and constructed GCCU power plants in which the steam first produces power in a backpressure steam turbine and is subsequently condensed in a vaporizer of a binary plant, which produces additional power. Our Geothermal Combined Cycle technology, that we have deployed in previous years, is depicted in the diagram below.

 

 

ora20231231_10kimg007.jpg

 

In the conversion of geothermal energy into electricity, our technology has a number of advantages over conventional geothermal steam turbine plants. A conventional geothermal steam turbine plant consumes significant quantities of water, causing depletion of the aquifer and requiring cooling water treatment with chemicals and consequently a need for the disposal of such chemicals. A conventional geothermal steam turbine plant also creates a visual impact in the form of an emitted plume from the cooling towers, especially during cold weather. By contrast, our binary and combined cycle geothermal power plants have a low profile with minimal visual impact and do not emit a plume when they use air-cooled condensers. Our binary and combined cycle geothermal power plants reinject all of the geothermal fluids utilized in the respective processes into the geothermal reservoir. Consequently, such processes generally have no emissions.

 

Other advantages of our technology include simplicity of operation and maintenance and higher yearly availability. For instance, the OEC employs a low speed and high efficiency organic vapor turbine directly coupled to the generator, eliminating the need for reduction gear. In addition, with our binary design, there is no contact between the turbine blade and geothermal fluids, which can often be very erosive and corrosive. Instead, the geothermal fluids pass through a heat exchanger, which is less susceptible to erosion and can adapt much better to corrosive fluids. In addition, with the organic vapor condensed above atmospheric pressure, no vacuum system is required.

 

We use the same elements of our technology in our recovered energy products. The heat source may be exhaust gases from a Brayton cycle gas turbine, low-pressure steam, or medium temperature liquid found in the process industries such as oil refining and cement manufacturing. In most cases, we attach an additional heat exchanger in which we circulate thermal oil or water to transfer the heat into the OEC’s own vaporizer in order to provide greater operational flexibility and control. Once this stage of each recovery is completed, the rest of the operation is identical to that of the OECs used in our geothermal power plants and enjoys the same advantages of using the ORC. In addition, our technology allows for better load following than conventional steam turbines, requires no water treatment (since it is air cooled and organic fluid motivated), and does not require the continuous presence of a licensed steam boiler operator on site.

 

Our REG technology is depicted in the diagram below.

 

 

ora20231231_10kimg008.jpg

 

Patents

 

As of December 31, 2023, we have 192 patents and patent applications worldwide, including 58 patents issued in the U.S. and 39 pending U.S. patent applications. These patents and patent applications cover our products (mainly power units based on the ORC) and systems (mainly geothermal power plants and industrial waste heat recovery plants for electricity production). The product-related patents cover components that include turbines, heat exchangers, air coolers, seals and controls as well as control of operation of geothermal production well pumps. The system-related patents cover not only particular components but also the overall energy conversion system from the “fuel supply” (e.g., geothermal fluid, waste heat, biomass or solar) to electricity production.

 

The system-related patents also cover subjects such as waste heat recovery related to gas pipeline compressors and industrial waste heat, solar power systems, disposal of non-condensable gases present in geothermal fluids, reinjection of other geothermal fluids ensuring geothermal resource sustainability, power plants for very high-pressure geothermal resources, two-phase fluids, low temperature geothermal brine as well as processes related to EGS. Fifty-five of our patents cover combined cycle geothermal power plants, in which the steam first produces power in a backpressure steam turbine and is subsequently condensed in a vaporizer of a binary plant, which produces additional power. The remaining terms of our issued patents range from one year to 16 years. The loss of any single patent would not have a material effect on our business or results of operations.

 

Research and Development

 

We conduct research and development activities intended to improve plant performance, reduce costs, and increase the breadth of our product offerings. The primary focus of our research and development efforts is targeting power plant conceptual thermodynamic cycle and major equipment including continued performance, cost and land usage improvements to our condensing equipment, and development of new higher efficiency and higher power output turbines and brine production pumps. New realms for innovation include implementation of predictive maintenance software and automation of power plants performance analysis.

 

As part of our continuous development, we developed and patented the extraction ORC, developed extraction and injection turbines that allow bleed or injection of motive fluid between stages from or to the organic turbine. As the ACC is a significant piece of equipment involved in the ORC process, we focus our efforts on improving ACC performance, such as the wind guiding vanes (WGV), inclined ACC and more. 

 

We also devote resources to research and development related to our energy storage segment. Our engineering and R&D teams are working to optimize the dispatch strategy of a BESS, develop and deploy capabilities to self-integrate BESS and test different battery cell and inverter technologies under simulated operating criteria of various energy markets to allow us to bring to market cost-effective BESS more rapidly and more optimized to the specific use cases and target revenue streams. Additionally, we hold patents in other energy storage solutions, including a mechanical energy storage system. A preliminary trial of this system in a small-scale unit is scheduled for 2024. We continue to evaluate investment opportunities in companies with innovative technology or product offerings for renewable energy and energy storage solutions.

 

 

Market Opportunities

 

Geothermal Market Opportunities

 

Renewable energy offers a sustainable solution to two major global issues: climate change and unpredictable commodity costs. Due to its environmental benefits, many countries are now prioritizing the development of clean, decarbonized baseload renewable sources. There is also a particular interest in geothermal energy production.

 

At the end of 2023, the total installed geothermal power generation capacity stood at 16,335 MW, an increase of 207MW since 2022. The United States, Indonesia, the Philippines, Turkey, Mexico, and New Zealand are the leading countries in geothermal power generation. The U.S. saw the largest growth in 2023, adding 106 MW.

 

Many governments have recognized the need for alternatives to fossil fuels. As a result, they have implemented or are preparing regulatory frameworks and policies that are necessary to achieve emission reduction targets. These policies also provide growth incentives and aim to maximize the use of renewable energy resources. This creates job opportunities and improves energy security.

 

United States

 

Federal

 

Interest in geothermal energy in the United States continues to grow based on supportive legislation and regulation at the local, state, and federal levels. Policymakers and regulators are increasingly aware of the comparatively high value of geothermal energy in contrast to intermittent renewable technology. Renewable portfolio standards (RPS) are now accounting for more baseload energy than ever before, as coal, natural gas, and nuclear power plants are being retired.

 

Geothermal power is currently generated in several states across the U.S., including California, Nevada, Hawaii, Idaho, Oregon, and Utah. Ormat believes there are opportunities for geothermal expansion in other western states, such as New Mexico and Colorado. New Mexico recently passed legislation increasing its renewable energy goals to 100% by 2045 for investor-owned utilities, and Colorado is introducing regulation for streamlined geothermal permitting.

 

The IRA offers several tax incentives to promote climate change mitigation. This spurred interest and growth in clean energy, electric vehicles, and battery and energy storage manufacturing and purchase. Some highlights of the IRA include PTCs or ITCs for wind and solar projects (including geothermal and hydropower) starting construction before January 1, 2025. It also made eligible for ITCs BESS projects placed in service after December 31, 2022. The PTCs and ITCs, as amended by the IRA, apply to facilities placed in service after December 31, 2022, and enables Ormat to transfer credits earned to unrelated third parties or enter tax equity transactions to fund a higher percentage of its investment. This should reduce capital needs and increase project economics.

 

Geothermal energy provides numerous benefits to the U.S. grid and economy. Geothermal development and operation can produce economic benefits by providing tax incentives and long-term high-paying jobs, and according to the U.S. Energy Information Administration - EIA - Independent Statistics and Analysis, it currently has one of the lowest LCOE of all power sources in the United States. Additionally, improvements in geothermal production make it possible to provide ancillary and on-demand services. This helps load-serving entities avoid additional costs from purchasing by balancing intermittent resources with storage or new transmission.

 

State legislation

 

Many state governments have implemented a Renewable Portfolio Standard (RPS) program, which requires utilities to incorporate renewable energy sources into their energy generation portfolio. The participating states set targets for generating energy from renewable sources within specific deadlines. Renewable energy generation under the RPS program is monitored through the production of Renewable Energy Certificates (RECs). Load-serving entities track these RECs to ensure that they are meeting RPS mandates.

 

 

Currently, in the United States, 42 states plus the District of Colombia and four territories have enacted an RPS, renewable portfolio goals, or similar laws or incentives (such as clean energy standards or goals) requiring or encouraging load-serving entities in such states to generate or buy a certain percentage of their electricity from renewable energy or recovered heat sources. The vast majority of Ormat’s geothermal projects are in California, Nevada, and Hawaii, all of which have the most stringent RPS programs in the country. Ormat sees the impact of RPS and climate legislation as a significant driver to expanding existing power plants and building new renewable projects.

 

States also provide incentives to geothermal energy producers. Nevada provides a property tax abatement of up to 55% for real and tangible personal property used to generate electricity from geothermal sources. This abatement may extend up to twenty years if job creation requirements are met. In Idaho, geothermal energy producers are exempt from property tax and, in lieu, pay a 3% tax on gross energy earnings. The California Energy Commission provides favorable grants and loans to promote the development of new or existing geothermal resources and technologies within the state. Also, in California, the CPUC has required Electric Load Service Entities (LSEs) to procure 11.5 GW of new clean electricity by 2028, 1 GW of this procurement must deliver firm power with an 80% capacity factor, produce zero on-site emissions, and be weather independent. In 2023, the CPUC ordered utilities to procure 4GW of clean electricity in addition to the 11.5GW required under the original bill. With a high-capacity factor and firm and flexible generation, geothermal energy addresses these requirements and is the natural replacement for baseload fossil fuels and nuclear generation.

 

Global 

 

We believe the global markets continue to present growth and expansion opportunities in both established and emerging markets.

 

We believe several global Climate Change initiatives are likely to create business expansion opportunities for us and support the global growth of the renewable sector, such as the Paris Agreement approved by the Twenty-first Conference of the Parties to the UN Framework Convention on Climate Change (2015) and subsequent UN Climate Change Conferences which reaffirmed the commitments of the Paris Agreement.

 

Outside of the United States, the majority of power generating capacity has historically been owned and controlled by governments. Since the early 1990s, however, many foreign governments have privatized their power generation industries through sales to third parties encouraging new capacity development and/or refurbishment of existing assets by independent power developers. These foreign governments have taken a variety of approaches to encourage the development of competitive power markets, including awarding long-term contracts for energy and capacity to independent power generators and creating competitive wholesale markets for selling and trading energy, capacity, and related products. Some foreign regions and countries have also adopted active government programs designed to encourage clean renewable energy power generation such as the following countries in which we operate, sell products and/or are conducting business development activities:

 

Europe

 

Europe has the fourth largest geothermal power capacity, the majority of which stems from Italy and Turkey and recently small-scale projects in Germany. A significant part of our European operations is in Turkey. We are looking for opportunities to expand in Europe, primarily in our Product segment.

 

A significant part of our European operations is in Turkey, and since 2004, we have established strong business relationships in the Turkish geothermal market and provided our wide range of solutions including our binary systems, to over 40 geothermal power plants with a total capacity of over 900 MW. We believe the potential for geothermal growth in Turkey is high, specifically in center-south and east areas of the country, however, due to the ongoing economic crisis in Turkey, new projects and investments are at a standstill.

 

We are also experiencing growing interest and believe there are opportunities in Greece, Croatia and Hungary.

 

Latin America

 

Several Latin American countries have renewable energy programs and have pursued development in the geothermal market.

 

 

In Guatemala, where our Zunil and Amatitlan power plants are located, the government approved and adopted the Energy Policy 2013-2027 that secures, among other things, a supply of electricity at competitive prices by diversifying the energy mix with an 80% renewable energy share target for 2027.

 

In Honduras, where we operate our Platanares power plant, the government set a target to reach at least 80% renewable energy production by 2034.

 

New Zealand

 

In New Zealand, where we have been actively providing geothermal power plant solutions since 1988, the government’s policies to fight climate change include a net zero GHG emissions reduction target  by 2050 and a renewable electricity generation target of 90% of New Zealand’s total electricity generation by 2035. We continue selling power plants and products to our New Zealand customers and cooperate with other potential customers for adding geothermal power generation capacity within the coming years. In 2023, we signed an EPC contract to build the Ngatamariki 58 MW following the 59MW Tehuka 3 geothermal project contract signed in 2022. In 2023, we have also announced the development of TOPP2 a 50 MW geothermal power plant. 

 

Asia

 

Indonesia

 

Indonesia has 23 GW of geothermal potential, the largest in the world and has just utilized about 2.4 GW (10% of the potential). The Government of Indonesia (“GOI”) has made a Nationally Determined Contribution of 43.2% GHG emission reduction and achieve net zero emission by 2060. To meet this target, GOI has planned to increase renewable energy utilization, with geothermal energy planned to have a 3 GW increase by 2030. To further accelerate renewable energy development, Presidential Regulation No 112 was established in 2022, outlining renewable energy investment incentives and setting more lucrative electricity tariffs for renewables. We are currently constructing the 34 MW Ijen Power Plant (joint development with Medco Power Indonesia) and we are making intensive efforts to extend our power plant portfolio in Indonesia, adding more megawatts to the already operating 330 MW Sarulla power plant.

 

In the product segment, we are seeing an increase  in market demand for our binary technology. Several operating geothermal companies have announced the development plan of binary power plants for low-medium enthalpy resources, either by utilizing existing drilled wells or by utilizing unused brine from existing power plants.

 

East Africa

 

In East Africa the geothermal potential along the Rift Valley is estimated at several thousand MW. The countries along the Rift Valley are at different stages of development of their respective geothermal potential.

 

In Kenya, there are already several geothermal power plants, including our 150 MW Olkaria III complex. The Kenyan government has identified the country's untapped geothermal potential as the most suitable indigenous source of electricity.

 

The Kenyan government is aiming to reach 10 GW of power generating capacity by 2037, pursuant to the Least-Cost Power Development Plan 2017-37, which had a target of 62% of such capacity generated from renewable energy sources (including large hydro and solar).

 

 

Energy Storage

 

Energy storage systems utilize surplus, available electricity that enables utilities and grid operators to optimize the operation of the grid, run generators closer to full capacity for longer periods, and operate the grid more efficiently and effectively. As penetration of wind and solar resources increases, so does the need for services that energy storage systems can provide to “balance the grid”, such as local capacity, frequency regulation, ramping, reactive power, and movement of energy from times of excess supply to times of high demand. Common applications for energy storage systems include ancillary services, wind/solar smoothing, energy trading, peaker replacement, and transmission and distribution deferral.

 

We beleive that the impacts from the war in Ukraine and the instability in the Middle East continue bolstering demand for renewable energy as a way of reaching energy security. These and other factors, are currently outweighing headwinds that renewable energy is currently facing, in the form of a high interest rate environment and declining fossil fuel prices. The IEA estimates, in its 2023 World Energy Outlook 2023, that global additional Solar PV deployment between 2023 and 2030 will be 500GW. This and other renewable energy additions to the grid will place a strain on the electric grid as adding intermittent renewables such as wind and solar can create situations where a significant amount of capacity must be available to ramp up and down to accommodate these resource’s daily output cycles and variations due to weather conditions. Furthermore, the output from wind and solar PV power plants can change significantly over short periods of time due to environmental conditions like cloud movement and fog burn off and can cause instability on the electric grid. As a result, the IEA estimates that 100 GW of energy storage will be added by 2030. If a more aggressive Net Zero scenario occurs, the IEA estimates that 800 GW of solar and 180 GW of energy storage will be deployed by 2030.

 

In general, the energy storage market is impacted by battery prices that are linked to volatile lithium prices. In the U.S., the Energy Storage Market and our Energy Storage segment currently enjoy tail winds as a result of declining Lithium prices and the fact that the IRA provides large Investment Tax Credits to Energy Storage facilities. Also, various battery suppliers are preparing to manufacture batteries in the U.S., which is expected to result in additional tax benefits for our projects in the U.S. that will use local batteries. We also expect to see our Energy Storage segment benefit from the incentives available to other renewable energy technologies, which we believe will increase the need for energy storage.

 

According to Wood Mackenzie's Energy Storage Monitor for Q4 2023, the U.S. energy storage market added 2,354 MW and 7,322 MWh across all segments in Q3, a new quarterly record. Most of these additions - 2,158 MW/6,848 MWh - were grid-scale storage facilities which our energy storage segment focuses on. This segment’s  installation capacity rose by 37% quarter over quarter, Wood Mackenzie is forecasting that  cumulative energy storage deployments will grow to 63GW by 2027, of which the lions share is expected to be grid-scale installations.

 

We own and operate several grid-scale BESS facilities, where revenues are derived from selling energy, capacity and/or ancillary services in merchant markets like PJM Interconnect, ISO New England, ERCOT and CAISO. We are pursuing the development of additional grid-connected BESS projects in multiple regions, with expected revenues coming from providing energy, capacity and/or ancillary services on a merchant basis, or through long term bilateral contracts with load serving entities, e.g. investor owned utilities, publicly owned utilities and community choice aggregators. We are also pursuing the development and in construction of storage plus Solar PV facilities.

 

Solar PV 

 

The solar PV market continues to grow, and is benefited by the IRA as well as the general desire to replace conventional generation with renewable resources.  We are monitoring market drivers with the potential to develop solar PV power plants in locations where we can offer competitively priced power generation. Our current focus is in adding solar PV systems in some of our operating geothermal power plants to reduce internal consumption loads, as well as developing solar PV and BESS projects in targeted regions where economics are favorable. Since 2019, we successfully placed in service one 20MW stand-alone Solar PV project and an additional 30MW of solar PV augmentation systems adjacent to operating geothermal power plants in Nevada. In addition we recently acquired one 20MW stand alone project and 40MW of solar PV augmentation systems adjacent to operating geothermal power plants in Nevada. We are also currently constructing and developing  similar projects totaling 72MW.

 

 

Other Opportunities

 

Recovered Energy Generation

 

In addition to geothermal power generation, we are pursuing Recovered Energy Generation (REG) opportunities in the United States and worldwide. To date, we have built 23 power plants in North America which generate electricity from waste heat from gas turbine-driven compressor stations located along interstate natural gas pipelines, from midstream and gas processing facilities, and from other industrial applications.

 

The passage of the IRA extended ITC for waste energy projects in the United States started before December 31, 2024. As such, twenty states and the federal government recognize the environmental benefits of REG power.

 

The EU aims to become the world’s first climate-neutral continent by 2050, and the European Commission set targets to reduce greenhouse gas emissions by 55% by 2030 when compared with 1990 IPCC levels. To meet this goal, it is imperative to decarbonize the energy sector and increase renewables in the energy portfolio. We believe this requires diversifying the energy mix and localizing enhanced energy efficiency via integrated energy systems.

 

We believe these policies, incentives, and ambitious targets will encourage development of renewable energy technologies, including REG, throughout the U.S. and EU and across global markets.

 

In summary, the REG sector exists where available electricity is expensive or where the regulatory environment facilitates construction and marketing of power from recovered waste heat. However, these projects generally produce less than 9 MW so we expect growth to be relatively slow and geographically dispersed.

 

 

Operations of our Electricity Segment

 

How We Own Our Power Plants

 

We customarily establish a separate subsidiary to own interests in each of our power plants. This ensures that the power plant, and the revenues generated by it, will be the only source for repaying indebtedness, if any, incurred to finance the construction or the acquisition (or to refinance the construction or acquisition) of the relevant power plant. If we do not own all of the interest in a power plant, we enter into a shareholders’ agreement or a partnership agreement that governs the management of the specific subsidiary and our relationship with our partner in connection with the specific power plant. Our ability to transfer or sell our interests in certain power plants may be restricted by certain purchase options or rights of first refusal in favor of our power plant partners or the power plant’s power purchasers and/or certain change of control and assignment restrictions in the underlying power plant and financing documents. With certain limited exceptions most of our domestic geothermal and REG power plants are Qualifying Facilities under the PURPA and are eligible for regulatory exemptions from most provisions of the FPA and certain state laws and regulations.

 

How We Explore and Evaluate Geothermal Resources

 

We conduct exploration activities globally. It generally takes two to five years from the time we start active exploration of a particular geothermal resource to the time we have resource confirmation through drilling and testing. This timeframe assumes the resource is commercially viable and there is an intention to pursue its development. Exploration activities generally involve the phases described below.

 

Initial Evaluation

 

We identify and evaluate potential geothermal resources through field investigations using a robust geoscience program identified through both public and private data sources.

 

 

Our initial evaluation is usually conducted by our internal exploration team, although we might engage outside service providers for some tasks from time to time. The costs associated with an initial evaluation vary from site to site, based on various factors, including the acreage involved and the costs, if any, of obtaining information from private databases or other sources. On average, our expenses for an initial evaluation range from approximately $10,000 (mainly in the U.S.) to $50,000 (mainly in the international prospects) including travel, chemical analyses, and data acquisition. 

 

If we conclude, based on the information considered in the initial evaluation, that the geothermal resource has potential to support a commercially viable power plant, considering various factors described below, we proceed to land rights acquisition.

 

Land Acquisition

 

We acquire land rights to any geothermal resources our initial evaluation indicates could potentially support a commercially viable power plant. For domestic power plants, we either lease or own the sites on which our power plants are located. For our foreign power plants, our lease rights for the power plant site are generally contained in the terms of a concession agreement or other contract with the host government or an agency thereof. In certain cases, we also enter into one or more geothermal resource leases (or subleases), a concession, an option agreement or other agreement granting us the exclusive right to extract geothermal resources from specified areas of land, with the owners (or sublessors) of such land.

 

For most of our current exploration sites in the United States, we acquire rights to use the geothermal resource through land leases with the BLM (which regulates leasehold interests in U.S. federal land), with various states, or through private leases. A summary of our typical lease terms is provided below under “Description of our Leases and Lands”. The up-front bonus and royalty payments vary from site to site and are based on, among other things, current market conditions.

 

Surveys

 

We conduct geological, geochemical, and/or geophysical surveys on the sites we acquire. These surveys are conducted incrementally considering relative value and cost, and the geologic model is updated from progressively.

 

We make a further determination of the commercial viability of the potential geothermal resource based on the results of this process, particularly the results of the geochemical surveys estimating temperature and the overall geologic model, including potential resource size. If the results from the geochemical surveys are poor (i.e., low derived resource temperatures or poor permeability) or the geologic model indicates small or unlikely chance of finding a hydrothermal system, we re-evaluate the commercial viability of the geothermal resource and may not proceed to exploratory drilling. We generally only move forward with those sites that we believe have a moderate