Renewable energy firm Ormat slides after unveiling planned $750 mln convertible bonds sale

Ormat Technologies

17/03/2026 20:26

** Shares of renewable energy co Ormat Technologies ORA.N down 5% post-market to $102.65 as it looks to raise capital

** Reno, Nevada-based firm announces private offerings of $750 mln convertible bonds (CBs) due 2031 in two series

** Co intends to use portion of net offering proceeds and $25 mln cash on hand to repurchase portion of its outstanding 2.50% CBs due 2027

** Also plans to use up to $25 mln to buy back its shares to facilitate hedging by investors in the new CBs, remainder for general purposes

** ORA has ~$6.6 bln market cap

** Stock finished down 1.5% at $108 on Tues, down ~2% YTD but up nearly 50% over the past 12 months

** Last month, ORA inked deal with NV Energy to supply clean power for Alphabet-owned Google's GOOGL.O operations in Nevada

** Avg rating of 11 analysts covering ORA is "buy"; median PT $130, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))