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ORA

Ormat Technologies

$48.78

0.35 (0.72%)

07:13
11/29/16
11/29
07:13
11/29/16
07:13

Ormat Technologies signs 25 year PPA with SCPPA

Ormat Technologies announced that its subsidiary entered into a 25-year Power Purchase Agreement, or PPA, with Southern California Public Power Authority, or SCPPA, to deliver electricity from its Ormesa geothermal complex in Imperial Valley, California beginning November 30, 2017. The SCPPA PPA will supersede Ormesa's current 30-year Standard Offer Contract No. 4 (SO#4) with Southern California Edison that has a variable energy rate tied primarily to volatile natural gas prices and that will expire on November 29, 2017. Under the terms of the PPA, energy from the Ormesa complex will be sold to SCPPA at a rate of $77.25 per megawatt hour with no annual escalation. Contract capacity is 35 MW, with a maximum generation equivalent to a net capacity of about 43 MW. SCPPA will resell about 86% of this power complex's output to the Los Angeles Department of Water and Power and the remaining 14% to the Imperial Irrigation District.

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ORA Ormat Technologies
$48.78

0.35 (0.72%)

07/27/16
ROTH
07/27/16
INITIATION
Target $50
ROTH
Buy
Ormat Technologies initiated with a Buy at Roth Capital
Roth Capital analyst Gerry Sweeny initiated Omat Technologies with a Buy and $50 price target.
07/28/16
07/28/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Cray (CRAY) initiated with an Overweight at Pacific Crest. 2. Fate Therapeutics (FATE) assumed with a Buy at H.C. Wainwright. 3. Super Micro Computer (SMCI) initiated with a Sector Weight at Pacific Crest. 4. Stamps.com (STMP) re-initiated with a Buy at Roth Capital. 5. Ormat Technologies (ORA) initiated with a Buy at Roth Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/04/16
ROTH
08/04/16
NO CHANGE
Target $54
ROTH
Buy
Ormat Technologies price target raised to $54 from $50 at Roth Capital
Roth Capital analyst Gerry Sweeney raised his price target for Ormat Technologies to $54 from $50, citing Electricity margin expansion and improved product backlog driven by the company's development pipeline. The analyst reiterates a Buy rating on the shares.
09/07/16
OPCO
09/07/16
INITIATION
Target $54
OPCO
Outperform
Ormat Technologies initiated with an Outperform at Oppenheimer
Oppenheimer analyst Noah Kaye initiated Ormat Technologies with an Outperform rating and $54 price target.

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