Ormat to expects increase of up to 190 MW by 2018
Reporting positive numbers in its financial reports for the first quarter of 2016, Ormat announces development of up to 190 MW of additional power generation capacity.
Reporting on its financial results for the first quarter of 2016, Ormat announces that it will expand its power generation capacity by 160 to 190 MW by 2018.
The company has grown its revenues to $151 million, up 26% compared to Q1 of 2015, increasing its product segment revenues by 44.4% to $43.7 million. Electricity revenues also increased and today represent about two thirds of the company’s revenues. Adjusted EBITDA was $80.2 million up 22.8% over Q1 2015.
The company has been focusing on manufacturing and operational efficiency that helped the company to drive top-line growth and margin expansion.
Isaac Angel, CEO of Ormat, stated that in Ormat’s “electricity segment, we continue to expect to add 160 to 190 megawatts of capacity by the end of 2018. We will achieve this by bringing new plants online, expanding existing plants and adding capacity from our acquisition of a geothermal power plant in the Island of Guadeloupe in the Caribbean”.
During this quarter, Ormat also made an interesting announcement one of the key component in our long-term strategic goals, signing an agreement to jointly build, own, and operate with Alevo, an energy storage project in Georgetown, Texas. “Entering the energy storage market will advance our goals of transitioning from a geothermal company to a recognized leader in the renewable energy industry”, so Mr. Angel.