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Ormat Technologies Awarded Telaga Ranu Geothermal Concession in Indonesia

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RENO, Nev., Jan. 15, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or...

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Ormat awarded Telaga Ranu Geothermal concession in Indonesia. Project has potential for 40MW of baseload geothermal energy. Strengthens Ormat's development pipeline and growth strategy in Indonesia. Supports Indonesia's energy transition from diesel to renewable sources. Total exploration capacity could reach approximately 200MW post-development.

Sentiment Rationale

The award of a significant geothermal project bolsters Ormat's growth and expansion plans, which could lead to increased investor confidence and stock appreciation, similar to past project awards that positively affected stock prices.

Trading Thesis

Development until 2030 will enhance extensive growth as renewable energy demand rises, aligning with global trends in sustainable energy investments.

Market-Moving

  • Ormat awarded Telaga Ranu Geothermal concession in Indonesia.
  • Project has potential for 40MW of baseload geothermal energy.
  • Strengthens Ormat's development pipeline and growth strategy in Indonesia.

Key Facts

  • Ormat awarded Telaga Ranu Geothermal concession in Indonesia.
  • Project has potential for 40MW of baseload geothermal energy.
  • Strengthens Ormat's development pipeline and growth strategy in Indonesia.
  • Supports Indonesia's energy transition from diesel to renewable sources.
  • Total exploration capacity could reach approximately 200MW post-development.

Companies Mentioned

  • PLN (PLN)
  • NEE (NEE)
  • ED (ED)

Corporate Developments

Securing the Telaga Ranu concession is likely to significantly enhance revenue potential and solidify Ormat's competitive positioning within the geothermal sector.

Ormat Technologies Secures Telaga Ranu Geothermal Concession in Indonesia

RENO, Nev., Jan. 15, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA), a prominent player in the geothermal and renewable energy sector, has officially been awarded the Telaga Ranu Geothermal Working Area by the Government of Indonesia. This significant concession, granted by the Ministry of Energy and Mineral Resources, was the result of a competitive tender process involving four qualified bidders. This award enhances Ormat’s development pipeline and bolsters its long-term growth strategy in Indonesia.

Details of the Telaga Ranu Project

The Telaga Ranu geothermal project is located in Halmahera, North Maluku, and is situated within Indonesia’s highest approved feed-in tariff zone. This project aligns with the Government of Indonesia’s energy transition program and has the potential to support up to 40MW of baseload geothermal energy. This capacity is reflected in the Electricity Supply Plan (RUPTL) released by PT PLN (Persero).

The development of this site by the end of 2030 will play a crucial role in Indonesia's strategy to phase out diesel-based power generation in favor of reliable renewable energy sources, thereby advancing the country’s decarbonization objectives and enhancing energy security while fostering economic growth in the region.

Executive Insights from Ormat Technologies

Ormat's CEO, Doron Blachar, expressed his enthusiasm regarding this development: "The award of the Telaga Ranu geothermal concession represents a significant step in strengthening our development pipeline and highlights our confidence in Indonesia’s long-term geothermal potential." He further stated that Ormat is well-positioned to leverage its proven exploration and development capabilities in the region.

  • New site may add up to 40MW to Ormat’s exploration pipeline.
  • Brings total pipeline to approximately 200MW, alongside the 59MW from existing assets.
  • Trust from the Government of Indonesia highlights Ormat's commitment to sustainable energy development.

About Ormat Technologies, Inc.

Ormat Technologies, Inc., with over five decades of operational experience, stands as a leading geothermal company and the only vertically integrated entity in geothermal and recovered energy generation (REG). The company mainly owns, operates, designs, manufactures, and sells geothermal and REG power plants, using the Ormat Energy Converter to convert various temperature heat into electricity.

Ormat’s portfolio exceeds 3,600MW of gross capacity and includes projects across the globe, such as the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Currently, Ormat’s total generating portfolio encompasses 1,695MW, with 1,310MW derived from geothermal and solar generation, coupled with a 385MW energy storage portfolio primarily located in the United States.

Forward-Looking Statements

It is important to note that this announcement may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements involve uncertainties and may reflect expectations regarding future activities, revenue projections, business strategies, and operational developments. Actual results may vary significantly due to risks and uncertainties as discussed in Ormat’s most recent annual report.

Contact Information

For additional information, please reach out to:

Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.com

Investor Relations Agency Contact:
Joseph Caminiti or Josh Carroll
Alpha IR Group
312-445-2870
ORA@alpha-ir.com

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