ORMAT TECHNOLOGIES INC
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 9B. Other information
| Cash paid for amounts included in the measurement of lease liabilities: | ||||
|---|---|---|---|---|
| Operating cash flows for finance leases | $143 | $168 | $441 | |
| Operating cash flows for operating leases | 10,526 | 4,448 | 4,507 | |
| Financing cash flows for finance leases | 1,383 | 1,963 | 2,983 | |
| Right-of-use assets obtained in exchange for new finance lease liabilities | 761 | 1,671 | 2,473 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 12,599 | 4,731 | 6,286 | |
| December 31, | ||||
| Additional information as of the end of the year: | 2024 | 2023 | ||
| Weighted-average remaining lease term — finance leases (in years) | 13.4 | 14.3 | ||
| Weighted-average remaining lease term — operating leases (in years) | 16.3 | 16.2 | ||
| Weighted-average discount rate — finance leases (in percentage) | 6% | 6% | ||
| Weighted-average discount rate — operating leases (in percentage) | 5% | 5% | ||
Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:
| Operating Leases | Finance Leases | Financing Liability (1) |
| (Dollars in thousands) | ||
| Year ending December 31, | |||
|---|---|---|---|
| 2025 | $4,460 | $1,475 | $17,535 |
| 2026 | 3,101 | 1,098 | 22,675 |
| 2027 | 2,600 | 340 | 20,815 |
| 2028 | 2,531 | 152 | 20,578 |
| 2029 | 2,399 | 10 | 23,165 |
| Thereafter | 24,252 | 0 | 254,046 |
| Total future minimum lease payments | 39,343 | 3,075 | 358,814 |
| Less imputed interest | 13,187 | 171 | 138,245 |
| Total | $26,156 | $2,904 | $220,569 |
(1) Financing liability was assumed as part of the Terra-Gen business combination transaction in 2021 as further described under Note 11 to the consolidated financial statements, and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.
Leases in Which the Company is a Lessor
The table below presents lease income recognized as a lessor:
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (Dollars in thousands) | |||
| Lease income relating to lease payments of operating leases | $553,348 | $542,065 | $529,264 |
NOTE 22 —SUBSEQUENT EVENTS
Cash Dividend
On February 26, 2025, the Company’s Board of Directors declared, approved and authorized payment of a quarterly dividend of $7.3 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on March 12, 2025, payable on March 26, 2025.
Mizrahi 2025 Loan
On February 2, 2025, the Company entered into a definitive loan agreement (the "Mizrahi Loan Agreement 2025") with Mizrahi Bank. The Mizrahi Loan Agreement 2025 provides for a loan by Mizrahi Bank to the Company in an aggregate principal amount of $50.0 million (the “Mizrahi 2025 Loan”). The outstanding principal amount of the Mizrahi 2025 Loan will be repaid in 16 semi-annual payments of $3.1 million each, commencing on October 15, 2025. The duration of the Mizrahi 2025 Loan is 8 years and it bears interest of 6-month SOFR+2.35%, payable every six months. The Mizrahi Loan Agreement 2025 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Mizrahi Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
On February 7, 2025, Engie Resources, LLC and certain of its affiliates filed an action against the Company’s wholly-owned subsidiary in the United States District Court for the Northern District of Texas. The complaint alleges that the Company breached its contractual obligations, including certain indemnity obligations, under certain service agreements with or involving the plaintiffs, by failing to properly schedule responsive reserve service on behalf of the plaintiffs during the power crisis in Texas in February 2021. The complaint seeks recovery from the Company of $47.5 million in damages, as well as equitable relief. Refer to Note 20 to the consolidated financial statements for further information.
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