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

ReutersMar 17, 2026 8:26 PM

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

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