ormat technologies inc (ORA) Snapshot

Ormat Technologies Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's total revenues were $121.7 million compared with $132.4 million a year ago. The decrease was mainly due to a reduction in the electricity segment revenues of $9.3 million related to its SO#4 PPAs in California and a net loss of $4.6 million related to derivative instruments. Operating income was $8.5 million compared with $25.7 million a year ago. The decrease was primarily due to a decrease in its gross margin as a result of the reduction in the electricity revenues and a one-time termination fee related to the replacement of two Mammoth SO#4 PPAs included in the selling and marketing expenses. Loss before income taxes and equity in losses of investees was $0.68 million compared with income before income taxes and equity in losses of investees of $13.6 million a year ago. Net loss was $1.9 million compared with net income of $8.0 million a year ago. Net loss attributable to the company's stockholders was $1.98 million or $0.04 per basic and diluted share compared with net income attributable to the company's stockholders of $7.9 million or $0.17 per basic and diluted share a year ago. Net cash provided by operating activities was $18.2 million compared with $41.9 million a year ago. EBITDA was $36.8 million compared with $51.5 million a year ago. Adjusted EBITDA was $45.7 million compared with $51.5 million a year ago.

Ormat Technologies Inc. announced that it reached commercial operation of Plant 2 in the Olkaria III complex in Naivasha, Kenya, increasing the company's total generating capacity by 36 MW to 611 MW worldwide. Ormat also plans to add an additional 16 MW of generation at Olkaria III by building a third plant, which it expects to complete in 2014. Once Plant 3 is complete, total capacity at the Olkaria III complex will reach approximately 100 MW. The power generated in the Olkaria III complex is sold under a 20-year power purchase agreement with Kenya Power and Lighting Company Limited. Ormat financed the new 36 MW plant, as well as the first two phases of the complex completed in 2000 and 2009, with a $265 million debt facility provided by the Overseas Private Investment Corporation (OPIC). OPIC will also finance the construction of Plant 3 with another $45 million debt facility.

Ormat Technologies Inc.'s wholly owned subsidiary entered into a 20-year Power Purchase Agreement (PPA) with Southern California Public Power Authority (SCPPA) to deliver electricity from its Wild Rose geothermal power plant in Mineral County, Nevada. When Wild Rose comes online at the end of 2013, it will mark the first time renewable energy will be delivered from Nevada to California using NV Energy's One Nevada Transmission Line. With an estimated average generation capacity of 16 MW (net), this project together with the other two projects currently under construction -- one in the Imperial Valley, California and another in Kenya -- are expected to bring the company's total generating capacity to approximately 637 MW by the end of 2013. Ormat will sell the power to SCPPA at $99 per megawatt hour with no annual escalation. SCPPA will resell the power to the Los Angeles Department of Water and Power (LADWP) and Burbank Water and Power (BWP). Electricity from Wild Rose geothermal power plant will be transmitted to LADWP and BWP through NV Energy's transmission system. NV Energy's system includes the new 500 kV One Nevada Transmission Line that will connect service areas in both northern and southern Nevada. The line is expected to be operational by the end of 2013.