Enel Purchase Transaction
10-K - Feb 27, 2025
On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America ("EGPNA"), a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two c...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Ormat Technologies, Inc.
ORAActiveCIK 1296445 · Renewables, RNG & Sustainability Infrastructure
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, ORA filings, SEC EDGAR
$7,477
Market cap ($MM)
$10,126
Enterprise value ($MM)
$1,164
Revenue · LTM ($MM)
$398
EBITDA · LTM ($MM)
34%
EBITDA margin
8.7x
EV / revenue
25.4x
EV / EBITDA
-1.4x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01ORA is a scaled public consolidator in Renewables & RNG, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is AMRC, NEE, CWEN, BEP, BEPC, AMPS.
Balance sheet & capacity
Indicative capacity read: -1.4x net debt / EBITDA with EBITDA of $398MM.
$655
Cash & equiv. ($MM)
$100
Total debt ($MM)
($555)
Net debt ($MM)
-1.4x
Net debt / EBITDA
Valuation
Where it trades against its peer set
ORA versus the scaled public Renewables, RNG & Sustainability Infrastructure comparables.
Indexed share-price performance
ORA versus available Renewables, RNG & Sustainability Infrastructure peers and SPY.
+101%
ORA
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Ormat Technologies, Inc. | ORA | $1,164 | $398 | 34% | $7,477 | $10,126 | 8.7x | 25.4x | -1.4x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
ORA's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
68
Active years
12
Named deals
7
Avg / active year
5.7
Acq. cash outflow ($MM)
N/A
Banker read
- 01ORA reads as a programmatic acquirer: 68 disclosed acquisitions across 12 active years, or 5.7 per active year. The chart shows activity in 11 of the last 12 visible years.
- 02In the last three years, the file shows 2 acquisitions versus 4 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $1.1B of disclosed spend is concentrated in lumpy years, with FY24 the largest year at $275MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
ORA count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
2 / 4
Last three years is down 50% vs prior three.
Peak count year
FY17
2 disclosed acquisitions in the peak visible year.
Recent spend
$635MM
is up 186% vs prior three; peak FY24 at $275MM.
Named evidence
7 rows
10% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 4, 2024 | Enel Green Power North America | Renewables, RNG, circularity, and sustainability infrastructure | $275 | On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America ("EGPNA"), a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets... | 10-K† |
| Jul 13, 2021 | TG Geothermal Portfolio, LLC | Renewables, RNG, circularity, and sustainability infrastructure | $171 | On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire two contracted geothermal assets... | 10-K† |
| Apr 24, 2018 | USG | Renewables, RNG, circularity, and sustainability infrastructure | $110 | On April 24, 2018, the Company completed the acquisition of USG. The total cash consideration (exclusive of transaction expenses) was approximately $110 million, comprised of ap... | 10-K† |
| Apr 24, 2018 | USG | Renewables, RNG, circularity, and sustainability infrastructure | $110 | On April 24, 2018, the Company completed the acquisition of USG. The total cash consideration (exclusive of transaction expenses) was approximately $110 million, comprised of ap... | 10-K† |
| Jun 18, 2025 | Blue Mountain geothermal power plant | Renewables, RNG, circularity, and sustainability infrastructure | $89 | On June 18, 2025, the Company closed a purchase transaction with Cyrq Energy to acquire 100% ownership of the Blue Mountain geothermal power plant for a total consideration of $... | 10-K† |
| Jul 20, 2020 | Pomona Energy Storage acquisition | Renewables, RNG, circularity, and sustainability infrastructure | $43 | On July 20, 2020, the Company completed the acquisition of 100% of the 20MW/80MWh Pomona Energy Storage ("Pomona") facility in California from Alta Gas Power Holdings (U.S.) Inc... | 10-K† |
| Jul 20, 2020 | Pomona Energy Storage | Renewables, RNG, circularity, and sustainability infrastructure | $43 | On July 20, 2020, the Company completed the acquisition of 100% of the 20MW/80MWh Pomona Energy Storage ("Pomona") facility in California from Alta Gas Power Holdings (U.S.) Inc... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 13 SEC-backed facts across 5 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
21
Named deal filings
5
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.21 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 26, 2026 | Annual M&A 10-K | accepted | 1 | $88.7MM | $88.7MM | SEC filing |
| FY2024 | Feb 27, 2025 | Annual M&A 10-K | quarantined (1 issue) | 1 | $275MM | $275MM | SEC filing |
| FY2023 | Feb 23, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Feb 24, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 25, 2022 | Annual M&A 10-K | accepted | 1 | $171MM | $429MM | SEC filing |
| FY2020 | Feb 26, 2021 | Annual M&A 10-K | accepted | 1 | $43.4MM | $43.4MM | SEC filing |
| FY2019 | Mar 2, 2020 | Annual M&A 10-K | warning (1 warn) | 1 | N/A | $2.7MM | SEC filing |
| FY2018 | Mar 1, 2019 | Annual M&A 10-K | accepted | 1 | $95.1MM | $110MM | SEC filing |
| FY2017 | Mar 16, 2018 | Annual M&A 10-K | accepted | 1 | $43.3MM | $47.7MM | SEC filing |
| FY2016 | Mar 1, 2017 | Annual M&A 10-K | warning (1 warn) | 1 | $20.1MM | N/A | SEC filing |
| FY2015 | Feb 26, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 26, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 28, 2014 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2012 | Mar 11, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Feb 29, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Mar 8, 2010 | Annual M&A 10-K | accepted | 1 | $0.3MM | $18.5MM | SEC filing |
| FY2008 | Mar 2, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Mar 5, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Mar 12, 2007 | Annual M&A 10-K | accepted | 2 | $22.8MM | $22.8MM | SEC filing |
| FY2005 | Mar 28, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 28, 2005 | Annual M&A 10-K | accepted | 3 | $176MM | $176MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 26, 2026 | 10-K | Blue Mountain geothermal power plant | Annual M&ANamed deals | SEC filing |
| Feb 27, 2025 | 10-K | Enel Green Power North America | Annual M&ANamed deals | SEC filing |
| Feb 25, 2022 | 10-K | TG Geothermal Portfolio, LLC; Pomona Energy Storage acquisition | Annual M&ANamed deals | SEC filing |
| Feb 26, 2021 | 10-K | USG; Pomona Energy Storage | Annual M&ANamed deals | SEC filing |
| Mar 1, 2019 | 10-K | USG | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Terra-Gen Transaction
10-K - Feb 25, 2022
On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire two contracted geothermal assets in Nevada with a tot...
USG acquisition
10-K - Feb 26, 2021
On April 24, 2018, the Company completed the acquisition of USG. The total cash consideration (exclusive of transaction expenses) was approximately $110 million, comprised of approximately $106 mil...
USG transaction
10-K - Mar 1, 2019
On April 24, 2018, the Company completed the acquisition of USG. The total cash consideration (exclusive of transaction expenses) was approximately $110 million, comprised of approximately $106 mil...
Blue Mountain Purchase Transaction
10-K - Feb 26, 2026
On June 18, 2025, the Company closed a purchase transaction with Cyrq Energy to acquire 100% ownership of the Blue Mountain geothermal power plant for a total consideration of $88.7 million (includ...
Pomona Energy Storage acquisition
10-K - Feb 25, 2022
On July 20, 2020, the Company completed the acquisition of 100% of the 20MW/80MWh Pomona Energy Storage ("Pomona") facility in California from Alta Gas Power Holdings (U.S.) Inc. for a total consid...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.