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Ormat reports strong product backlog of $326 million in its 2014 Annual Report

Ormat's Desert Peak 2 geothermal power plant, Nevada (source: Ormat Technologies)
Francisco Rojas 25 Feb 2015

In Ormat's Annual Report for 2014, the company showcases very positive financial results with revenues amounting for of $559.5 million.

Ormat has just made public its Annual Report for 2014 in a recent press release, highlighting a growth in revenues amounting for a total of $559.5 million on 2014 and a strong product backlog of $326 million among other very positive results.

Isaac Angel, chief executive officer of Ormat, stated, “This was an important year of progress and operational success. The recently announced share exchange transaction and the formation of the joint venture and the equity investment by Northleaf represent key milestones to increase shareholder value. We delivered growth and improved profitability, meeting our operational targets. We enter 2015 with a healthy balance sheet, a strong pipeline, a balanced portfolio of operational and emerging projects around the world, strengthened by the contribution of the Don A. Campbell, Olkaria – Plant 3, and the recent initial operation of phase 2 of our McGinness Hills plant. This year, we will build upon the strong operating results within our electricity segment as we begin work on phase 2 of our Don A. Campbell plant, which we expect to complete by Q1 2016.”

“In the product segment, we have secured $41.0 million in new orders since the end of the third quarter, positioning our product backlog as of February 16, 2015 at approximately $326.0 million” continued Mr. Angel.

To read the full press release, please follow the link below:

Source: Ormat