Ormat publishes the prices of the public offering of common shares on behalf of the shareholders of Orik Corporation by Investing.com

RENO, Nev., Dec. 11, 2024 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NISE: NISE:) (Ormat or the Company), a leading geothermal and renewable energy company, today announced a price guaranteed secondary offering of 3,700,000 shares of its common stock on behalf of ORIKS Corporation. The offering is expected to close on December 13, 2024, subject to customary closing conditions. Ormat is not offering any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares offered by the selling stockholder.

Goldman Sachs & Co (NOT:). LLC is acting as the sole bookkeeping manager and underwriter of the offering. Shares of common stock are being sold to the public at an initial price of $76.20 per share. Goldman Sachs & Co. LLC will have a 30-day option to purchase up to an additional 555,000 shares of Ormat’s common stock from ORIKS Corporation.

This press release will not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on December 11, 2024. The offering may be made only by means of the base prospectus and the accompanying prospectus supplement, copies of which may be obtained by contacting c/o Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at prospectus-ni@ni.email.gs.com.

ABOUT ORMAT TECHNOLOGIES

With more than five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated geothermal and renewable energy (REG) company, with strong plans to accelerate long-term growth in the energy storage market and establish a leadership position in the US energy storage market. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energi Converter “electricity generating unit that converts low, medium and high temperature heat into electricity.” The company has designed, manufactured and built power plants that it currently owns or has installed for utilities and developers worldwide, with a total gross capacity of approximately 3,400 MW. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the company’s operations into energy storage, solar photovoltaic (PV) and energy storage plus solar PV services. Ormat’s current total generation portfolio is 1,500 MW with a 1,230 MW geothermal and solar generation portfolio located globally in the US, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe, and a 270 MW energy storage portfolio located in the US

FORWARD-LOOKING STATEMENTS

The information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 .These forward-looking statements include statements relating to the completion of the offering. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on the 23rd. February 2024 and in Ormat’s next quarterly reports on Form 10-K and annual reports on Form 10-K filed from time to time with the SEC.

These forward-looking statements speak only as of the date hereof, and, except as required by law, Ormat undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.