Ormat Technologies Commenced Commercial Operation of Arrowleaf, Its First Hybrid Solar-Plus-Storage Project

Core Insights - Ormat Technologies Inc. has commenced commercial operations of its Arrowleaf solar and battery energy storage project in California, marking a significant milestone in its strategic growth plans [1][4] Group 1: Project Overview - The Arrowleaf facility has a solar generation capacity of approximately 42MW and energy storage capacity of 35MW/140MWh, serving nearly 1 million customers under a long-term tolling agreement with San Diego Community Power [2][7] - The project represents Ormat's first hybrid solar-plus-storage facility, expanding its operating portfolio to approximately 1.7 gigawatts [4][7] Group 2: Financial Impact - The project reflects Ormat's disciplined capital management strategy, having monetized investment tax credits through a partnership with Morgan Stanley Renewables Inc., resulting in approximately $38 million of upfront proceeds [3] - In 2025, Ormat successfully collected over $160 million in tax credits, exceeding its full-year target, which strengthens its balance sheet and cash flow trajectory [4] Group 3: Company Background - Ormat Technologies, Inc. is a leading geothermal company with over five decades of experience, focusing on geothermal and recovered energy generation, and aims to establish a leading position in the U.S. energy storage market [5] - The company currently has a total generating portfolio of 1,695MW, including a 1,310MW geothermal and solar generation portfolio and a 385MW energy storage portfolio located in the U.S. [5]