Ormat Technologies, Inc. today announced financial results for the first quarter ended March 31, 2019.
- Total revenues of $199.0 million, up 8.2% compared to the first quarter of 2018 despite the volcano-related shutdown of Ormat’s Puna power plant in Hawaii;
- Electricity segment revenues of $142.9 million, up 7.9% compared to Q1 2018, as the growth resulting from recently expanded operations at McGuinness Hills and Olkaria, as well as contributions from recently acquired US Geothermal (USG), combined to mitigate the loss of revenues resulting from the temporary shutdown of the Puna power plant;“Ormat delivered another strong quarter, with continued growth across our diversified portfolio of operations helping us to overcome the loss of revenue and profit resulting from the temporary shutdown of our Puna power plant in Hawaii,” commented Isaac Angel, Chief Executive Officer.“Our Electricity segment revenue grew 7.9% and generation increased 11.0% in Q1 2019 vs Q1 2018, reflecting the contribution of new and expanded power plants as well as the continuing growth resulting from our recent USG acquisition.”
Ormat Revenue Increases Despite Puna Geothermal Venture Shutdown
Global Geothermal News, Geothermal Resources Council