ORMAT TECHNOLOGIES, INC.
For the period ended Jun 2, 2026. Filed Apr 21, 2026.
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Jun 2, 2026 · Filed Apr 21, 2026
ORA$91.90-1.2%Stored close · as of Nov 6, 2026
Contents
2026 PROXY STATEMENT SUMMARY
| 2026 PROXY STATEMENT SUMMARY | |
|---|---|
| The Board of Directors (the “Board”) of Ormat Technologies, Inc. (“Ormat” or the “Company”) is making this Proxy Statement available to you in connection with the solicitation of proxies on its behalf for the 2026 Annual Meeting of Stockholders (the “Annual Meeting” or the “2026 Annual Meeting”). The Annual Meeting will be held on June 2, 2026 at 9:00 a.m. Eastern Daylight Time. The Annual Meeting will be a completely virtual meeting, which will be conducted via live audio webcast.This summary highlights information about the Company and certain information contained elsewhere in this Proxy Statement. You should read the entire Proxy Statement carefully before voting. | At Ormat, we're always on, delivering renewable power and energy solutions to our customers around the clock and around the world. Geothermal power, recovered energy, solar PV, and energy storage are our expertise, commitment, and focus. With more than 60 years of experience, Ormat is a leading geothermal company and a growing force in energy storage. We are the only vertically integrated company in geothermal and recovered energy generation, designing, manufacturing, owning, and operating power plants worldwide based on the Ormat Energy Converter. To date, we have engineered and constructed plants totaling approximately 3,600 MW of gross capacity. Building on these core capabilities and our global presence, we have significantly expanded our energy storage segment, which has become an increasingly important part of our business, and operate approximately 495MW/1358MWh of gross storage capacity. |
| A Leading Renewable Energy Provider | ||
| 60 Yearsof experience | Own & operate1.8GWGeothermal,Storage, Solar & REG | Approximately1,650Employees |
| ELECTRICITY70%of 2025 revenues | PRODUCT22%of 2025 revenues | ENERGY STORAGE8%of 2025 revenues |
ORMAT TECHNOLOGIES, INC. I 2026 PROXY STATEMENT 05
Our Current Global PortfolioOrmat's geographically diverse portfolio spans operations across multiple continents, reflecting decades of global expansion and positioning the Company for continued growth across its geothermal, recovered energy, solar PV, and energy storage segments.
| UNITED STATES796MW Geothermal | GUATEMALA40MW Geothermal | KENYA150MW Geothermal | |
| 200MW Solar PV50MW REG | HONDURAS30MW Geothermal | INDONESIA**59MW Geothermal | |
| 495MW/1,358MWh Energy Storage | GUADELOUPE | TURKEY | |
| 15MW Geothermal | ISRAEL | ||
| Ormat power plants Capacity (MW) Ormat manufacturing facilities | |||
| * The information presented is correct as of the publication of this report. ** Ormat owns a 12.75% interest in the 330MW Sarulla Complex and a 49% interest in the 35MW Ijen Complex. Ormat’s current total generating portfolio is approximately 1.8 GW and encompasses a diverse range of geothermal, solar PV, battery storage, and REG assets strategically distributed across the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. We are committed to identifying opportunities and mitigating risks associated with climate change, and we actively strive to minimize our environmental impact in areas such as climate, water use, and waste reduction. Our geothermal power plants emit significantly lower levels of carbon dioxide compared to coal or other fossil fuel-based power plants, while providing a consistent and stable power supply, making them an ideal source of renewable ‘baseload’ power. | |||
06 ORMAT TECHNOLOGIES, INC. I 2026 PROXY STATEMENT
2026 PROXY STATEMENT SUMMARYI
Ormat is Well-Positioned in the Value Chain
For geothermal energy, REG, solar, and energy storage
| Key Highlights | |
|---|---|
| Strong Financial PositioningInstalled capacity growth (MW) | Financial Strength:2025 results |
| $127M2025 Net income(1) | |
| Revenues Growth ($m) | Electricity:Diversified Portfolio |
(1)
Net Income attributable to the Company’s stockholders.
ORMAT TECHNOLOGIES, INC. I 2026 PROXY STATEMENT 07
| Strategic Highlights | |
|---|---|
| · | In January 2025, signed a 10-year PPA with Calpine Energy Solutions for 15MW from Mammoth 2, replacing the existing SCE contract at a higher price. |
| · | In February 2025, awarded two 15-year tolling agreements in Israel for 300MW/1,200MWh of energy storage capacity (50/50 JV with Allied Infrastructure). |
| · | In February 2025, achieved COD for Ijen geothermal plant in Indonesia (17MW net to Ormat), a JV with Medco Power. |
| · | In May 2025, signed a $62 million hybrid tax equity partnership covering the Lower Rio and Arrowleaf projects. |
| · | In June 2025, secured up to $49.8 million in financing for our 10MW geothermal project in Dominica. |
| · | In June 2025, acquired Blue Mountain geothermal plant (20MW) in Nevada for $88.7 million, with planned capacity upgrades. |
| · | In July 2025, closed a tax equity partnership for Heber 1 & 2, monetizing tax benefits of ~$77 million upfront plus ~26 million in future installments. |
| · | In July 2025, secured up to €99.8 million in financing for our new Bouillante geothermal plant in Guadeloupe. |
| · | In August 2025, entered into a strategic agreement with Sage Geosystems to pilot advanced pressure geothermal technology at an existing Ormat power plant. |
| · | In August 2025, signed two geothermal exploration agreements (GEECAs) with PLN for up to 40MW of geothermal capacity in Indonesia under 23-year BOT arrangements. |
| · | In August 2025, extended our Heber 1 PPA with SCPPA for 25 years (52MW), effective February 2026. |
| · | In September 2025, commenced commercial operations of our 60MW/120MWh Lower Rio storage facility in Texas. |
| · | In October 2025, partnered with SLB to accelerate development and commercialization of EGS technology, including an EGS pilot at an existing Ormat power plant. |
| · | In December 2025, achieved COD for Arrowleaf, our first hybrid project (42MW solar/35MW-140MWh storage), and received ~$38 million from a hybrid tax equity partnership signed in May 2025. |
| · | In January 2026, signed a 20-year PPA with Switch for 13MW from our Salt Wells facility to support Switch's data centers. |
| · | In January 2026, awarded the Telaga Ranu geothermal concession in Indonesia (~40MW potential) through competitive tender. |
| · | In January 2026, made a $25 million equity investment in Sage Geosystems as part of our EGS expansion strategy. |
| · | In January 2026, acquired Hoku, a 30MW solar/30MW-120MWh storage facility in Hawaii. |
| · | In February 2026, entered into a long-term geothermal portfolio PPA to provide Google up to 150MW of new capacity in Nevada, with deliveries expected between 2028 and 2030, pending Nevada PUC approval. |
| · | In March 2026, commenced commercial operation of our 80MW/320MWh Shirk energy storage facility in California. |
| · | In March 2026, closed an upsized $1 billion convertible senior notes offering. |
Arrowleaf Solar and Storage
08 ORMAT TECHNOLOGIES, INC. I 2026 PROXY STATEMENT
| Sustainability Strategy Ormat has been sustainably operating since 1965, and we remain committed to providing renewable energy safely, economically, and in an environmentally responsible manner. We are committed to accomplishing our goals in a transparent, ethical manner that supports the development and growth of our employees, partners, investors, and the communities in which we operate. As such, a focus on environmental, social, and governance issues is part of our DNA, and we seek to ensure that our business and ESG strategies are fundamentally aligned. We have set a target of five percent annual average GHG emissions intensity (tCO2e/MWh) reduction in Scope 1 (direct emissions) and Scope 2 (indirect emissions) GHG emissions measured against the 2019 base levels and have exceeded this target each year measured. We also align our disclosures with certain recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”), as well as with the GRI Standards and SASB standards. | At the core of our business strategy, we strive to advance a number of goals and work toward accomplishing them in several ways: | ||
| Increasing clean energy production capacityWe aim to deliver more renewable energy through the development and construction of new geothermal power plants to both our own portfolio and to third parties, expansion of our geographical reach, and acceleration of our energy storage assets. | |||
| Prioritizing and developing our peopleWe seek to provide a diverse and inclusive working environment where employees can fulfill their professional goals, and to instill a safe workplace culture. | |||
| Promoting innovation in all our activitiesWe strive to establish and operate our sites in the most innovative way, and our R&D department regularly searches for innovations to improve the efficiency of our operations, including environmental performance, at existing and new sites. | |||
| We report our progress on environmental goals and commitments annually in our Sustainability Reports, including, but not limited to, our climate change mitigation measures, biodiversity conservation, and | |||
| water management efforts. A copy of our most recent Sustainability Report is accessible, free-of-charge, in the Sustainability section of our website at www.ormat.com. The contents of our website, including the Sustainability Reports, are not part of or otherwise incorporated by reference into this Proxy Statement.Committed to People and CommunitiesAt Ormat, we are committed to the advancement and development of people—both our employees and the members of the communities where we operate. We believe in promoting an environment that encourages the development of innovative, diverse ideas and are committed to hiring from local communities. As of December 31, 2025, we employed approximately 1650 employees worldwide. | Commitment to a fair supply chainWe see great importance in managing a fair supply chain and working with suppliers and business partners with good human rights practices, and we are committed to complying with applicable laws and human rights commitments. | ||
| Maintaining synergy with the communities in which we operateWe work to understand the needs and concerns of local communities near our sites, and to build lasting relationships and community engagement programs that meet their needs. | |||
| Strong values for solid governanceWe strive to conduct our business everywhere with honesty and integrity, and we believe candor, openness, and fairness must be demonstrated by every Ormat employee, manager, and director at all times. | |||
2026 PROXY STATEMENT SUMMARYI
Our people are at the heart of everything we do. Ormat is committed to powering a sustainable future by investing in our employees, protecting the environments where we operate, and strengthening the communities we serve around the world
| Sustainability Highlights | ||
| Environment* | Social | Governance |
| 23% decrease in operational emissions intensity since 2019** | 27% Women in VP‑level positions | Our corporate governance practice is defined by honesty, openness and fairness. We are constantly improving our governance and our level of disclosure on related topics, such as anti‑corruption, executive remuneration and regulatory compliance |
| 2.5M tCO2e Avoided emissions compared to the local grid benchmarks | 31.1 Average training hours per employee | 3 out of 5 Board committees are led by women |
| B("MANAGEMENT")CDP score maintained, reflecting our strengthened climate action | ~60%Lower Total Recordable Incident Rate than industry average | 50% Female representation in our Board of Directors |
| * Environmental data is taken from our most recent sustainability report, which provides information as of December 31, 2024.** Scope 1 and 2 GHG emissions intensity by generation | ||
10 ORMAT TECHNOLOGIES, INC. I 2026 PROXY STATEMENT
You are being asked to vote on the following eight nominees for directors to serve on our Board for a one-year term expiring at the 2027 Annual Meeting of Stockholders. Information about each director’s experiences, qualifications, attributes and skills can be found in the sections below. The below chart shows the membership of our director nominees on the committees before the Annual Meeting. For information on membership after the Annual Meeting, see “Proposal 1 - Election of Directors - How our Board is Organized and Governed - Board Committees.”
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.