Following this transaction, Orix (NYSE:IX) Corp holds 2,976,077 shares of Ormat Technologies (NYSE:ORA), with 555,000 shares subject to the over-allotment option. The company maintains a solid financial profile with an EBITDA of $440 million over the last twelve months and revenue growth of 12.2%. The company maintains a solid financial profile with an EBITDA of $440 million over the last twelve months and revenue growth of 12.2%.
The sale was conducted under an underwriting agreement with Goldman Sachs & Co (NYSE:GS). LLC, dated December 11, 2024. As part of the agreement, Goldman Sachs has an option to purchase an additional 555,000 shares, which remains unexercised and is valid for 30 days following the agreement date.
Following this transaction, Orix Corp holds 2,976,077 shares of Ormat Technologies, with 555,000 shares subject to the over-allotment option.
In other recent news, Ormat Technologies has reported noteworthy financial growth, with revenues surging by 21%, earnings per diluted share increasing by 25.5%, and a 14.4% hike in adjusted EBITDA. The company has also raised its EBITDA guidance to the higher end of its range following a successful resolution of a previous SEC investigation. On the strategic front, Ormat has initiated operations at its largest energy storage facility, the Bottleneck project in California's Central Valley (NASDAQ:CVCY), and entered into two seven-year tolling agreements with Equilibrium Energy for energy storage facilities in Texas.
In line with these developments, Citi has raised the price target for Ormat Technologies shares to $87, keeping a Neutral rating on the stock. Similarly, Roth/MKM and Oppenheimer have increased their price targets for Ormat to $87 and $85, respectively, both maintaining positive ratings on the stock. These adjustments reflect the company's proactive measures and strategic advancements, which have provided the basis for the updated valuation.
In addition to these highlights, Ormat has also signed a 15-year agreement with the City of Riverside, further expanding its footprint in the energy storage market. This agreement pertains to Ormat's 80MW/320MWh Shirk Battery Energy Storage System in Visalia, California. These are the recent developments from Ormat Technologies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.