Ormat Technologies Announces 3.7 Million Share Secondary Offering

Ormat Technologies, Inc. (NYSE: ORA) disclosed in an 8-K filing with the Securities and Exchange Commission that it has entered into an underwriting agreement with Goldman Sachs & Co. LLC and ORIX Corporation for a secondary offering. Under this agreement, ORIX will sell 3,700,000 shares of Ormat Technologies’ common stock, priced at $76.20 per share.

The underwriting agreement also grants the underwriter a 30-day option to purchase an additional 555,000 shares of common stock. The offering is set to close around December 13, 2024, and is subject to customary closing conditions. All shares are being sold by ORIX, with Ormat Technologies not issuing any new shares or receiving any proceeds from this offering.

The offering is being conducted under Ormat Technologies’ shelf registration statement on Form S-3 and an accompanying prospectus supplement, both filed on December 11, 2024. The underwriting agreement includes standard representations, warranties, and agreements by the company and ORIX, along with customary closing conditions and termination provisions.

Additionally, provisions in the agreement require Ormat Technologies and ORIX to indemnify the underwriter against specific liabilities related to the Securities Act of 1933. A full copy of the underwriting agreement is included as Exhibit 1.1 in the filed report.

In conjunction with the offering, White & Case LLP provided an opinion regarding the legality of the shares, with the opinion filed as Exhibit 5.1 in the report. Other exhibits in the filing include the consent of White & Case LLP and a cover page interactive data file.

Following the report, Ormat Technologies’ Chief Executive Officer, Doron Blachar, signed the document on December 13, 2024.

The market will be closely monitoring Ormat Technologies as it navigates through this secondary offering process.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ormat Technologies’s 8K filing here.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.