Ormat Technologies Announces Successful Monetization of 40% Investment Tax Credit for Bottleneck Energy Storage Facility
Ormat Technologies, Inc. (ORA)
Last ormat technologies, inc. earnings: 2/25 04:30 pm
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Source: GlobeNewswire
RENO, Nev., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, today announced the successful deal to transfer investment tax credits (ITCs) from the 80MW/320MWh Bottleneck Project to third party. This transaction, which was facilitated under the Inflation Reduction Act (IRA), represents a significant achievement in our goal to collect up to $152 million in cash tax benefits this year. The gross proceeds from this transaction were priced at $0.93 per dollar. After deducting the buyer’s broker and legal fees, the net proceeds from the transaction amounted to approximately $46.7 million. Doron Blachar, Chief Executive Officer of Ormat Technologies, commented, “This successful transaction marks the first large ITC transfer we have completed and underscores our innovative approach to funding our long-term growth. By monetizing the benefits of ITCs, we are able to reinvest in our projects and deliver sustainable energy solutions t
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ORA
Earnings
- 11/6/24 - Beat
ORA
Sec Filings
- 11/8/24 - Form 4
- 11/7/24 - Form 10-Q
- 11/6/24 - Form 8-K
- ORA's page on the SEC website