Ormat Technologies Inc (ORA) 2025 Q1 法說會逐字稿

Good morning and welcome to the Ormat Technologies First quarter 2025 earnings conference call. All participants will be in listen-only mode. After today's presentation, [operator instruction]

早安，歡迎參加 Ormat Technologies 2025 年第一季財報電話會議。所有參與者將處於只聽模式。今天的演講結束後，[操作員指令]

I would now like to turn the conference over to Joshua Carroll with Alpha IR. Please go ahead.

現在我想將會議交給 Alpha IR 的 Joshua Carroll。請繼續。

Thank you, operator. Both in the call today are Doron Blachar Chief Executive Officer, and Assi Ginzburg, Chief Financial Officer, and Smadar Lavi, Vice President of investor relations and ESG Planning Reporting. Before beginning, we would like to remind you that the information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts, and projections about future events that are forward-looking, as defined in the Private Security Litigation Reform Act of 1,995. These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations that are based on management's current estimates and projections, future results or trends.

謝謝您，接線生。今天參加電話會議的有執行長 Doron Blachar、財務長 Assi Ginzburg 和投資者關係及 ESG 規劃報告副總裁 Smadar Lavi。在開始之前，我們想提醒您，本次電話會議中提供的資訊可能包含與當前預期、估計、預測和對未來事件的預測有關的前瞻性陳述，這些陳述屬於 1995 年《私人安全訴訟改革法案》中的前瞻性定義。這些前瞻性陳述通常涉及公司基於管理層當前估計和預測、未來結果或趨勢的未來營運計劃、目標和預期。

Actual future results may differ materially from those projected as a result of certain risk and uncertainties. For a discussion of such risk and uncertainties, please see the risk factors as described in Ormat Technologies' annual report on Form 10K and core reports on Form 10Q that are filed with the FEC. In addition, during the call, the company will present non-gap financial measures such as adjusted EBITDA. Reconciliation to the most directly comparable GAAP measures and management reasons for presenting such information is set forth in the press release that was issued last night, as well as in the slide post on the website. Because these measures are not calculated in accordance with GAAP, they should not be considered in isolation from the financial statements prepared in accordance with GAAP.

由於某些風險和不確定性，實際未來結果可能與預測結果有重大差異。有關此類風險和不確定性的討論，請參閱 Ormat Technologies 向 FEC 提交的 10K 表年度報告和 10Q 表核心報告中所述的風險因素。此外，在電話會議中，該公司還將展示調整後的 EBITDA 等非缺口財務指標。昨晚發布的新聞稿以及網站上的幻燈片中闡述了與最直接可比較的 GAAP 指標的協調以及管理層呈現此類資訊的原因。由於這些指標並非按照 GAAP 計算，因此不應將其與依照 GAAP 編制的財務報表分開考慮。

Before I turn the call over to management, I would like to remind everyone that this live presentation accompanying this call may be accessed on the company's website at www.ormat.com under the presentation link that's found on the investor relations tab. With all that said, I would now like to turn the call over to our CEO Doron Blachar. Daron.

在我將電話轉給管理層之前，我想提醒大家，可以透過公司網站 www.ormat.com 上的「投資者關係」標籤上的演示連結訪問本次電話會議的現場演示。說了這麼多，現在我想把電話轉給我們的執行長 Doron Blachar。達龍。

Thank you, Josh. Good morning, everyone, and thank you for joining us today. We began 2025 with a strong first quarter, achieving a 2.5% increase in revenue, a 4.6% rise in net income attributable to the company's stockholders, and the record quarterly adjusted EBITDA growth of 6.4% compared to the first quarter of last year. This growth was driven by robust performance and significant expansion in both our storage and product segments. In our storage segment, our strategic approach to maintaining approximately 50% market exposure has yielded favourable outcome.

謝謝你，喬希。大家早安，感謝大家今天加入我們。我們以強勁的第一季開啟了 2025 年，實現了營收成長 2.5%，歸屬於公司股東的淨收入成長 4.6%，季調整後 EBITDA 與去年第一季相比創紀錄地成長 6.4%。這一成長得益於我們儲存和產品領域的強勁表現和顯著擴張。在我們的儲存領域，我們保持約 50% 市場佔有率的策略方針已取得良好成果。

We benefited from stable contracted revenues due to the bottleneck tolling agreement. While on the other hand, capitalized on higher merchant prices and additional capacity in the PGM market due to the colder winter weather. This improved performance was supported by revenue generation from our expanded portfolio, notably our East Lemington, Montague, and bottleneck energy storage facilities, which commenced commercial operation in 2024. Despite near term uncertainty in energy storage project development due to target changes and IRA uncertainty, we believe we will continue to see a solid performance in our storage segment throughout 2025 and 2026 due to the progress in securing safe harbour and batteries with low tariffs.

由於瓶頸收費協議，我們受益於穩定的合約收入。另一方面，由於冬季天氣寒冷，鉑族金屬市場商品價格上漲，產能增加。業績的提升得益於我們擴大投資組合所產生的收入，特別是我們的東萊明頓、蒙塔古和瓶頸能源儲存設施，這些設施於 2024 年開始商業營運。儘管由於目標變化和 IRA 不確定性，儲能專案開發在短期內存在不確定性，但我們相信，由於在確保安全港和低關稅電池方面取得的進展，我們的儲能領域在 2025 年和 2026 年將繼續保持穩健的表現。

Despite a slight year over year decline in our electricity segment due to curtailments in California and Nevada, our geothermal operations have continued to deliver consistent, solid performance and results in line with our expectations. We're optimistic about the growth potential of our geothermal business in 2025 and beyond supported by potential easing of project permitting timelines, increased focus on geothermal exploration, strong demand for base load renewable sources, and high PPA pricing. I am pleased to announce that we've signed an agreement to acquire the 20-megawatt Blue Mountain geothermal power plant for Cyrq Energy for $88 million subject to standard working capital adjustment. This plant, located in Humboldt County, Nevada, was originally built by Ormat in 2009 and currently sells power to Cyrq Energy under a PPA expiring at the end of 2029.

儘管由於加州和內華達州的限電，我們的電力部門同比略有下降，但我們的地熱業務仍然保持著穩定、穩健的業績，結果符合我們的預期。我們對 2025 年及以後地熱業務的成長潛力持樂觀態度，這得益於專案許可時間的潛在放寬、對地熱勘探的更多關注、對基載可再生能源的強勁需求以及高 PPA 定價。我很高興地宣布，我們已經簽署了一項協議，以 8,800 萬美元的價格為 Cyrq Energy 收購 20 兆瓦的藍山地熱發電廠，但須進行標準營運資金調整。該電廠位於內華達州洪堡縣，最初由 Ormat 於 2009 年建造，目前根據 2029 年底到期的 PPA 向 Cyrq Energy 出售電力。

We plan to upgrade the plan, adding an additional 3.5 megawatts of capacity expected by 2027. In addition, we plan to install 13 megawatts of solar to support the plant's auxiliary system subject to permitting and approval. We anticipate finalizing this acquisition towards the end of the second quarter. Now before I turn the call over to Assi to review the financial results for the quarter, I would like to briefly address the impact of tariffs announced by the US government, a situation which is very fluid and being monitored closely by us. We expect minimal impact to the electricity segment project development due to its limited exposure to China and the improved permitting process expected to be implemented in the United States.

我們計劃升級該計劃，預計到 2027 年將增加 3.5 兆瓦的容量。此外，我們計劃安裝 13 兆瓦的太陽能來支援該工廠的輔助系統，但需獲得許可和批准。我們預計此次收購將在第二季末完成。現在，在我將電話轉給阿西來審查本季度的財務業績之前，我想簡要談談美國政府宣布的關稅的影響，這種情況非常不穩定，我們正密切關注。由於電力部門專案在中國的業務有限，且美國預計將實施改進的許可程序，我們預計其開發將受到很小的影響。

Our energy storage segment may face interim headwinds due to the tariffs on China, affecting the import of storage equipment components. We are actively engaging with our suppliers and offtakes to mitigate these impacts and are evaluating other alternatives, including the evaluation of alternative supply chain strategies [in princi] procurement from the United States and other diversification strategies to ensure our project timelines and budgets remain on.

由於對中國徵收關稅，我們的儲能部門可能會面臨暫時的阻力，影響儲能設備零件的進口。我們正在積極與我們的供應商和承購商合作，以減輕這些影響，並正在評估其他替代方案，包括評估替代供應鏈策略（原則上）從美國採購和其他多樣化策略，以確保我們的專案時間表和預算保持不變。

We've also taken proactive measures to safeguard our growth in light of recent executive orders related to IRA tax credits. We have ensured that our geothermal projects qualify for PTC eligibility through 2028 and that our energy storage projects are eligible for ITC benefits through 2026 and beyond, securing our near-term growth trajectory. The demand for reliable renewable energy remains strong, and we believe that our proactive measures will allow us to effectively execute our strategy and go in line with this demand. I will now turn the call over to Assi to discuss our financial results. Assi.

鑑於最近與 IRA 稅收抵免相關的行政命令，我們也採取了積極措施來保障我們的成長。我們確保我們的地熱專案在 2028 年之前符合 PTC 資格，並且我們的儲能專案在 2026 年及以後符合 ITC 福利資格，從而確保我們近期的成長軌跡。對可靠的再生能源的需求仍然強勁，我們相信，我們的積極措施將使我們能夠有效地執行我們的策略並滿足這一需求。現在我將把電話轉給阿西來討論我們的財務表現。阿西。

Thank you, the Doron. Let me start my review of our financial highlights on slide 6. Total revenue for the first quarter was $229.8 million a 2.5% increase compared to last year's first quarter. This topline expansion was written by strong performance in our storage and product segment. Often by reduction in the electricity segments. Gross profit for the first quarter was $72.9 million down 7.5% from $78.8 billion in the first quarter of 2024. Resulting in a consolidated growth margin of 31.7% versus 35.2% last year. The decline was largely due to the electricity segment gross mountain decrease, partially offset by improved performance in storage and product segments. Net income attributable to the company's stockholders was $40.4 million or $0.66 per diluted share compared to $38.6 million or $0.64 per diluted share in the first quarter of the prior year. Adjusted net income attributable to the company's stockholders was $41.5 million or $0.68 per diluted share, an increase of 4.8% and 4.6% respectively. Adjusted EBITDA for the first quarter was $150.3 million. A 6.4% increase compared to last year. The strong year over year increase was ridden by a better performance in our energy storage segment and improve of stability in our product segments. Leading to a quarterly record adjusted EBITDA in history.

謝謝你，多倫。讓我從第 6 張投影片開始回顧我們的財務亮點。第一季總營收為 2.298 億美元，比去年第一季成長 2.5%。此次營收成長得益於我們儲存和產品部門的強勁表現。通常是透過減少電力部分來實現的。第一季毛利為 7,290 萬美元，較 2024 年第一季的 788 億美元下降 7.5%。綜合成長率為 31.7%，而去年同期為 35.2%。下降的主要原因是電力部門總收入的下降，但被儲存和產品部門績效的改善部分抵消。歸屬於公司股東的淨利潤為 4,040 萬美元，即每股攤薄收益 0.66 美元，而去年同期為 3,860 萬美元，即每股攤薄收益 0.64 美元。調整後歸屬於公司股東的淨利潤為 4,150 萬美元，即每股攤薄收益 0.68 美元，分別成長 4.8% 和 4.6%。第一季調整後的 EBITDA 為 1.503 億美元。比去年同期成長6.4%。強勁的同比增長得益於我們能源儲存部門的更好表現以及我們產品部門穩定性的提高。從而創下歷史上季度調整後EBITDA的最高紀錄。

Slide 6 breaks down the revenue performance at the segment level. Electricity segment revenues for the first quarter decreased by 5.8% to $180.2 million. This decline was due to the anticipated curtailment in Nevada from third-valley transmission, maintenance and curtailment in California due to wildfire. The decline was partially offset by the performance of the [Buawi] power plant. Which completed its upgrade in 2024. And is operating under an improved PPA prices starting Q1 2025. Product segment revenues increased by 27.9% to $31.8 million during the first quarter, driven by a strong backlog. Energy storage segment revenue increased by nearly 120% in the first quarter. Many due to our new energy storage facilities which commenced commercial operation during 2024 and strong merchant prices in the PJM market.

幻燈片 6 按細分市場細分了收入表現。第一季電力部門營收下降 5.8% 至 1.802 億美元。下降的原因是，預計內華達州將削減第三谷輸電線路的電力，加州將因野火而進行維護和削減電力。這一下降被[Buawi]發電廠的業績部分抵銷。並於2024年完成升級。並從 2025 年第一季開始按照改進的 PPA 價格運作。受強勁積壓訂單的推動，第一季產品部門營收成長 27.9%，達到 3,180 萬美元。一季儲能板塊營收成長近120%。這在很大程度上歸功於我們新的能源儲存設施於 2024 年開始商業運營，以及 PJM 市場強勁的商業價格。

Moving to slide 7, gross margin for the electricity segment was 33.5% in the first quarter, down from 39% from last year. This modern conversion was due to lower revenue resulting from curtailment in Nevada and California. In the product segment, gross margin was 22.3%, up from 14.8% last year. Driven by improved stability on our contracts, we now expect gross margins for the year to be in the range of 19% to 21% of this segment. The energy storage segment reported gross margin of 30.6%, a significant improvement from 7.5% in Q1 2024. This was driven by strong performance in the PJM merchant market where cold weather along the east coast contributed to elevated merchant pricing. We have made progress in transitioning the revenue and margin profile of the segment, achieving a greater degree of contracted revenues while benefiting from periodically pricing strengths. With improved Q1 performance, we now anticipate fully gross profits as high as 20%. Breaking down adjusted EBITDA slide 7. The electricity segment generated 83% of our mass total consolidated adjusted DB in the first quarter of 2025.

轉到第 7 張投影片，第一季電力部門的毛利率為 33.5%，低於去年的 39%。此次現代化轉型是由於內華達州和加州的限電導致收入減少。在產品領域，毛利率為22.3%，高於去年的14.8%。受合約穩定性提高的推動，我們目前預計今年該部門的毛利率將在 19% 至 21% 之間。儲能部門的毛利率為 30.6%，較 2024 年第一季的 7.5% 有顯著提高。這是由於 PJM 商業市場表現強勁所致，東海岸的寒冷天氣導致商業價格上漲。我們在轉變該部門的收入和利潤率狀況方面取得了進展，實現了更大程度的合約收入，同時受益於週期性的定價優勢。隨著第一季業績的改善，我們預計總毛利將高達 20%。細分調整後的 EBITDA 投影片 7。2025 年第一季度，電力部門產生了我們大規模合併調整後 DB 總產量的 83%。

The product segment generates 7% and the energy storage segment contributed 10% compared to 3% last year. Reconciliation of EBITDA and adjusted EBITDA are provided in the appendix slide. Moving to slide 8, we recorded $17.6 million in income related to tax benefits in the first quarter. Compared to $17.5 million last year. In the first quarter, we recorded a $13.9 million of ICC benefits in the income tax line related to two storage facility expected to come online in 2025. We anticipate receiving approximately $160 million in cash proceeds related to PTC and ITC benefits in 2025. Mainly from tax equity transaction for the heater complex, ITC benefits for storage assets that will COD in 2025 and PTC transfers. We expect our tax rates will be positively impacted by the ICC benefits in 2025. With an annual tax benefit rate between 5% and 10%, excluding changes the law or one-time event.

產品部門貢獻了 7% 的收入，而儲能部門貢獻了 10% 的收入，而去年同期僅為 3%。附錄投影片提供了 EBITDA 和調整後的 EBITDA 的對帳。轉到第 8 張投影片，我們在第一季記錄了與稅收優惠相關的 1760 萬美元收入。相較於去年的 1750 萬美元。第一季度，我們在所得稅項目中記錄了與預計 2025 年上線的兩個儲存設施相關的 1,390 萬美元的 ICC 收益。我們預計 2025 年將收到與 PTC 和 ITC 福利相關的約 1.6 億美元現金收益。主要來自加熱器綜合設施的稅收股權交易、2025年COD的儲存資產的ITC收益以及PTC轉移。我們預計，到 2025 年，我們的稅率將受到 ICC 優惠的正面影響。年度稅收優惠率在5%至10%之間，不包括法律變更或一次性事件。

Looking at slide 9, our net debt as of March 31st, 2025, was approximately $2.3 billion equivalent to 4.2 times related to EBITDA. Cash and cash equivalent and restricted cash and cash equivalent as of March 31st, 2025, were approximately $225 million compared to $206 million at the end of 2024. Slide 9 breaks our use of cash flow over the last 12 months. Illustrating Ormat ability to generate strong cash flows, to reinvest in a strategically grow the businesses while servicing our debt obligation and returning capital to shareholders. Our total debt as of March 31st, 2025, was approximately $2.6 billion net of deferred financing cost with a cost of debt of 4.79%. The majority of our net liabilities are at fixed interest rates, providing stability and protection for market fluctuations.

從第 9 張投影片可以看出，截至 2025 年 3 月 31 日，我們的淨債務約為 23 億美元，相當於 EBITDA 的 4.2 倍。截至 2025 年 3 月 31 日的現金及現金等價物以及受限現金及現金等價物約為 2.25 億美元，而 2024 年底為 2.06 億美元。幻燈片 9 顯示了我們過去 12 個月的現金流量使用情況。說明 Ormat 有能力產生強勁的現金流，在償還債務和向股東返還資本的同時，對策略性業務成長進行再投資。截至 2025 年 3 月 31 日，我們的總債務扣除遞延融資成本後約為 26 億美元，債務成本為 4.79%。我們的淨負債大多是固定利率，從而提供穩定性並保護市場波動。

During the first quarter, the company raised $200 million with variable interest rates. Moving to slide 10, we have approximately $690.6 million of total available liquidity. Our total expected capital expenditure for 2025 increased to $597 million mainly due to incremental capEx for the geothermal and storage resulting from increase in import areas. As well as CapEx required to secure safe harbour for storage assets expected to come online beyond 2026. Liter CapEx is presented in slide 29 in the appendix. We plan to invest approximately $275 million in the electricity segment for construction, exploration, drilling, and maintenance in the last three quarters of 2025.

第一季度，該公司以浮動利率籌集了 2 億美元。轉到第 10 張投影片，我們總共擁有約 6.906 億美元的可用流動資金。我們預計 2025 年的總資本支出將增加至 5.97 億美元，主要原因是進口區域的增加導致地熱和儲存的資本支出增加。以及為預計在 2026 年後上線的儲存資產確保安全港所需的資本支出。升資本支出在附錄的第 29 張投影片中展示。我們計劃在 2025 年最後三個季度向電力領域投資約 2.75 億美元用於建設、勘探、鑽探和維護。

Additionally, we plan to invest $130 million for the construction of our storages. On May 7, 2025, our board of directors declared, approved and authorized payments of quarterly dividends of $0.12 per share, payable on June 4, 2025, to shareholders of record as of May 21, 2025. The company expects to pay a quarterly dividend of $0.12 per share in each of the next two quarters. That concludes my financial overview. I would like now to turn the call to Doron to discuss some of our recent developments.

此外，我們計劃投資1.3億美元用於建造倉庫。2025 年 5 月 7 日，我們的董事會宣布、批准並授權向截至 2025 年 5 月 21 日登記在冊的股東派發每股 0.12 美元的季度股息，該股息將於 2025 年 6 月 4 日支付。該公司預計未來兩個季度每季將派發每股 0.12 美元的季度股息。這就是我的財務概況。現在我想請多倫討論一下我們最近的一些進展。

Thank you, Assi Turning to slide12 for a look at our electricity segment operating portfolio. Portfolio growth during the quarter was positively supported by the recent COD of the Ajian Geothermal Power Plant, which we jointly owned with PT Medical Power Indonesia. As we noted during our fourth quarter call, the aging facility began operations of its first phase, delivering 35 megawatts to the Java grid with our share of the facility being 17 megawatts. We also recently signed a 10-year PPA with Calpine Energy Solutions for up to 15 megawatts of carbon-free geothermal capacity, it's favourable term. This PPA will replace the current lower price PPA with Southern California Edison for Mamos in the first quarter of 2027.

謝謝，Assi 翻到幻燈片 12 來了解我們的電力部門營運組合。本季投資組合的成長得益於我們與 PT Medical Power Indonesia 共同擁有的 Ajian 地熱發電廠近期的完工投產。正如我們在第四季度電話會議上所指出的，這座老化的發電廠已開始第一階段的運營，為爪哇電網輸送 35 兆瓦電力，其中我們佔有 17 兆瓦。我們最近也與 Calpine Energy Solutions 簽署了一份為期 10 年的 PPA，涉及高達 15 兆瓦的無碳地熱發電能力，這是一個優惠條款。該電力購買協議 (PPA) 將於 2027 年第一季取代目前與南加州愛迪生為 Mamos 簽訂的較低價格電力購買協議 (PPA)。

Let's move to slide 13 for an update on the operations of the electricity segment. At our Puna power plant in Hawaii, we are conducting maintenance work on one of the wells, which will result in a temporary decrease in electricity generation in the second quarter of 2025. This decrease is expected to negatively impact second quarter revenues and EBITDA by approximately $4 million and net profit by approximately $3 million. Additionally, we anticipate continued curtailment in the US due to the maintenance work on the NV Energy transmission line as previously announced. Despite these impacts, we do not anticipate any changes to annual guidance for revenue and EBITDA due to the expected completion of the Blue Mountain product acquisition by the end of the second quarter and improve our profitability and EBITDA in our product and storage.

讓我們翻到第 13 張幻燈片來了解電力部門營運的最新情況。在我們位於夏威夷的普納發電廠，我們正在對其中一口油井進行維護工作，這將導致 2025 年第二季的發電量暫時下降。預計這一下降將對第二季的收入和 EBITDA 產生約 400 萬美元的負面影響，對淨利潤產生約 300 萬美元的負面影響。此外，我們預計，由於 NV Energy 輸電線路的維護工作（如先前宣布的），美國將繼續出現限電現象。儘管有這些影響，但由於預計將在第二季末完成對 Blue Mountain 產品的收購，我們預計年度收入和 EBITDA 指導不會發生任何變化，並且我們的產品和儲存的盈利能力和 EBITDA 也會提高。

Before moving on to the product segment, I would like to inform you of a recent management decision. Given the expansion in the number of power plants we own, our expected organic and emanate growth, and the significant interest in drilling and exploration activities. I have decided to restructure the role of the electricity segment into two distinct management positions. One will oversee the power plant operations while the other will be responsible for drilling and exploration activity. I am confident that these changes will support's ongoing operation and growth.

在進入產品部分之前，我想先告知您最近的一項管理決策。鑑於我們擁有的發電廠數量的擴大、我們預期的有機增長和排放增長以及對鑽探和勘探活動的濃厚興趣。我決定將電力部門的職能重組為兩個不同的管理職位。其中一個將負責監督發電廠的運營，另一個將負責鑽探和勘探活動。我相信這些變化將支持公司的持續營運和發展。

Turning now to slide 14, our product saving backlog stands at $314 million up 142% compared to the first quarter of 2024. This increase was largely driven by the signing of a large GPC contract in New Zealand for the Temihi 2A 100-megawatt power plant. And the Dominica beauty as we have previously highlighted, the revenues from this backlog will continue to be recognized over two years.

現在翻到第 14 張投影片，我們的產品節省積壓訂單為 3.14 億美元，與 2024 年第一季相比成長了 142%。這一成長主要得益於紐西蘭簽署了Temihi 2A 100兆瓦發電廠大型GPC合約。正如我們之前強調的那樣，多明尼加的美麗之處在於，這些積壓訂單的收入將在兩年內繼續確認。

Moving to slide 15, our energy storage segment experienced strong growth on a year over year basis, with total revenues increasing 120%. Additionally, revenues in the PGM markets were up by approximately 150% due to higher merchant prices and recent facilities that came online during the previous year. We anticipate that this strong performance will continue throughout 2025, that we continue to see the benefit of our recently achieved CO the energy storage facility. We made great progress during the quarter in advancing our energy storage portfolio expansion outside the US. We announced two separate [50/15] new stalling agreements in Israel in partnership with Allied Infrastructure SED, the leading Israeli infrastructure company. Our share of the project is 150 megawatts or 600 megawatt hours. These tolling agreements will provide stability and growth to our storage segments, which are an essential element of our growth strategy.

轉到第 15 張投影片，我們的能源儲存部門年比強勁成長，總營收成長了 120%。此外，由於商家價格上漲以及去年新上線的設施，鉑族金屬市場的收入成長了約 150%。我們預計這種強勁的表現將持續到 2025 年，我們將繼續看到我們最近實現的 CO 能源儲存設施的好處。本季度，我們在推動美國以外地區的能源儲存組合擴張方面取得了巨大進展。我們與以色列領先的基礎設施公司 Allied Infrastructure SED 合作，在以色列宣布了兩項單獨的 [50/15] 新的拖延協議。我們在該專案中的份額是150兆瓦或600兆瓦時。這些收費協議將為我們的儲存部門提供穩定性和成長，這是我們成長策略的重要組成部分。

Moving to slide 17. Despite the uncertain regulatory environment, we continue to remain on track to reach our portfolio capacity target of between 2.6 gigawatts to 2.8 gigawatts by year end 2028. Our confidence is supported by the promising growth we are seeing in geothermal development. In our efforts to ramp up exploration. It is further supported by progress we made in the storage segment to secure both batteries and safe harbour of additional projects and by the new expected development in Israel.

移至投影片 17。儘管監管環境不確定，我們仍有望在 2028 年底前實現 2.6 千兆瓦至 2.8 千兆瓦之間的投資組合容量目標。地熱開發的良好發展前景增強了我們的信心。我們正在努力加大探索力度。我們在儲存領域的進展進一步支持了這一點，以確保電池和其他項目的安全港，以及以色列新的預期發展。

Turning to slide 18 and 19, which displays our geothermal and hybrid solar PV project underway. We anticipate adding an additional 168 megawatts, including Blue Mountain, to our generating capacity from geothermal and solar TV projects by the end of 2026. Moving to slide 20 and 21. We currently have 6 projects under development in our energy storage segment, which are expected to have 385 megawatts, or 1.3 gigawatt hour stock portfolio. Our focus continues to remain on balancing contracted revenues and merchant market pricing exposure for profitability upside in our storage portfolio.

翻到幻燈片 18 和 19，展示了我們正在進行的地熱和混合太陽能光伏專案。我們預計到 2026 年底，包括藍山在內的地熱和太陽能電視專案發電能力將增加 168 兆瓦。移至投影片 20 和 21。目前，我們的儲能部門有 6 個專案正在開發中，預計將有 385 兆瓦或 1.3 千兆瓦時的庫存組合。我們的重點仍然是平衡合約收入和商家市場定價風險，以提高我們的儲存組合的獲利能力。

Please turn to slide 22 for a discussion of our 2025 guidance. We expect total revenues to increase by 9% year over year at the midpoint, ranging between $935 million and $975 million. Electricity segments revenues are projected to be between $710 to $725 million. Product segment revenues between $172 and $187 million and energy storage revenues between $53million and $63 million. Adjusted EBITDA is expected to increase by approximately 5% at the midpoint, ranging between $563million and $593 million with annual adjusted EBITDA attributable to minority interest at approximately $21 million.

請翻到投影片 22，了解我們 2025 年的指導方針。我們預計總收入中位數將年增 9%，介於 9.35 億美元至 9.75 億美元之間。電力部門收入預計在 7.1 億美元至 7.25 億美元之間。產品部門收入在 1.72 億美元至 1.87 億美元之間，能源儲存收入在 5,300 萬美元至 6,300 萬美元之間。調整後的 EBITDA 預計中位數成長約 5%，介於 5.63 億美元至 5.93 億美元之間，歸屬於少數股東權益的年度調整後 EBITDA 約為 2,100 萬美元。

I will end our prepared remarks on slide 23. Despite potential tariff impact and potential changes in the IRA program that increase uncertainty. We believe the short-term impact on our operating segments is minimal. We remain committed to achieving our growth trajectory of 2.6 to 2.8 gigawatts of generating capacity by the end of 2028. Here are the reasons behind our confidence. First, we have proactively ensured that our geothermal projects are safe harbour for PTC eligibility through 2028. In ITC benefits for energy storage to 2026. And in some cases beyond with efforts ongoing to secure additional projects.

我將在第 23 張投影片上結束我們的準備好的發言。儘管潛在的關稅影響和 IRA 計劃的潛在變化增加了不確定性。我們認為，短期內對我們經營部門的影響很小。我們仍致力於在 2028 年底實現發電能力 2.6 至 2.8 千兆瓦的成長軌跡。以下是我們充滿信心的原因。首先，我們積極確保我們的地熱計畫在 2028 年之前成為 PTC 資格的安全港。到 2026 年，ITC 將為能源儲存帶來益處。在某些情況下，我們還在不斷努力爭取更多的專案。

These measures will help us navigate any changes to the IRA. Second, we continue to see exciting growth opportunities for geothermal, driven by the expected easing of productizing timelines and increased focus on geothermal exploration, which will further support growth in our electricity. Third, we are staying agile by collaborating closely with our suppliers and customers to mitigate tariff impact through supply chain adjustment and procurement enhancement, with the goal that all our energy storage projects remain on schedule. Next, the demand for electricity, especially from renewable energy sources, remains enormous to support AI data center and the transition to a cleaner energy future. Is well positioned to meet this demand. And finally, we are committed to continuous innovation and are exploring how to best develop and integrate EGS technology into operation and future growth. We are evaluating service technologies that enhance underutilized power plants using EGS drilling techniques.

這些措施將幫助我們應對 IRA 的任何變化。其次，我們繼續看到地熱能令人興奮的成長機會，這得益於預期的產品化時間表放寬和對地熱勘探的更多關注，這將進一步支持我們電力的成長。第三，我們保持靈活性，與供應商和客戶密切合作，透過調整供應鏈和加強採購來減輕關稅影響，目標是我們所有的儲能項目都能按計劃進行。其次，為了支持人工智慧資料中心和向更清潔能源未來的過渡，對電力的需求，尤其是來自再​​生能源的需求仍然巨大。能夠很好地滿足這一需求。最後，我們致力於不斷創新，並正在探索如何最好地開發和整合 EGS 技術到營運和未來成長。我們正在評估利用 EGS 鑽井技術來增強未充分利用的發電廠的服務技術。

Additionally, Ormat is pursuing strategic partnership to develop new EGS projects and offer advanced solutions to potential EGS customers in our product segment. We believe the new management structure will enable us a greater focus on EGS. This is an exciting time for Ormat If we look ahead, we will continue to focus on delivering reliable and sustainable energy solutions and leveraging our capabilities to deliver attractive and expanded shareholder value. This concludes our prepared remarks. Now I would like to open the call for questions. Operator, please.

此外，Ormat 正在尋求策略合作夥伴關係，以開發新的 EGS 專案並為我們產品領域的潛在 EGS 客戶提供先進的解決方案。我們相信新的管理結構將使我們更加專注於 EGS。對於 Ormat 來說，這是一個令人興奮的時刻。如果我們展望未來，我們將繼續專注於提供可靠且永續的能源解決方案，並利用我們的能力來提供有吸引力和擴大的股東價值。我們的準備好的演講到此結束。現在我想開始提問。接線員，請說。

[operator instruction]

[操作員指令]

Your first question comes from the line of Justin Clare with Roth Capital.

您的第一個問題來自 Roth Capital 的 Justin Clare。

Please go ahead.

請繼續。

Yes, hi, thanks for taking our questions. I wanted to start out here just on the storage project development pipeline and just wondering, it sounds like you had all of the batteries for 2025 and 2026 projects already. Imported before the significant increase in tariffs, but when we look a little further out, how could your development of storage projects be affected? Are you slowing anything down and kind of waiting to see how the supply chain develops? Maybe you could just share a little bit about what you're seeing now.

是的，您好，感謝您回答我們的問題。我想從這裡開始討論儲存專案開發管道，只是想知道，聽起來您已經擁有了 2025 年和 2026 年專案的所有電池。在關稅大幅提高之前就進口了，但是如果我們看得更遠一些，你們的儲存專案開發會受到什麼影響？您是否正在放慢任何速度並等待觀察供應鏈如何發展？也許您可以分享一下您現在所看到的情況。

Hi, thank you. Thank you, Justin. So first of all, we need to see how the tariff will settle down at what price, what percentage, and how it will impact the different countries. But regardless of this, we see multiple alternatives to acquire batteries from different locations, not just from China. We are in contact with a few battery manufacturers that are building. Manufacturing facilities in the US and are willing to commit to sell batteries from the US that would also have a potentially a benefit of the IRA of the made in the US benefits.

你好，謝謝。謝謝你，賈斯汀。所以首先我們要看關稅最終會如何決定，價格是多少，百分比是多少，對不同國家會產生什麼影響。但無論如何，我們看到了從不同地方採購電池的多種替代方案，而不僅僅是從中國。我們正在與一些正在生產的電池製造商保持聯繫。在美國設有製造工廠並願意承諾銷售來自美國的電池，這也可能受益於美國製造的 IRA 福利。

So, we see that the market is getting ready to work on the dealing with this tariff internally we are continuing all of our business development efforts, buying land as needed, interconnection, developing the project, getting them ready to release. Once we have a better, clear understanding of the tariffs and the IRA issue. And the last element that we're doing is we are developing products also in Israel. We have two very large tenders that we want in Israel both the tenders are 300 megawatts, 1,200-megawatt hour, and our share is 50% of that. In addition to that, we have additional projects that we are developing in Israel. I think if you look all around, we are continuing. We do believe that the energy storage market will continue to grow. It might be a different balancing point between cost and pricing, but we see that other developers as well as all the battery manufacturers are getting prepared significant tariffs but still maintain low pricing.

因此，我們看到市場正準備在內部處理這個關稅問題，我們正在繼續我們所有的業務發展努力，根據需要購買土地、進行互連、開發項目，並準備好發布它們。一旦我們對關稅和愛爾蘭共和軍問題有了更好、更清晰的了解。我們正在進行的最後一項工作是在以色列開發產品。我們在以色列有兩個非常大的招標項目，兩個招標項目的容量都是 300 兆瓦、1,200 兆瓦時，我們的份額為其中的 50%。除此之外，我們也在以色列開發其他項目。我想如果你環顧四周，你會發現我們還在繼續。我們確實相信儲能市場將持續成長。這可能是成本和定價之間的不同平衡點，但我們看到其他開發商以及所有電池製造商都準備了高額關稅，但仍保持低價。

Got it. Okay, very helpful. And I just wanted to check in on how the tariffs may affect your cost for geothermal. I believe that your equipment is manufactured in Israel and then would be subject to the 10% universal tariff. So I just wanted to confirm that and then just how much of the impact could that have on the total CapEx for geothermal Plants.

知道了。好的，非常有幫助。我只是想了解關稅會如何影響地熱成本。我相信您的設備是在以色列製造的，因此需要支付 10% 的統一關稅。所以我只是想確認這一點，然後看看這對地熱發電廠的總資本支出有多大的影響。

All in all, the impact is not material because when you look into the cost of the capital of a power plant, it starts with the exploration which is pure US, then the development and drilling, all of that is pure US power. So the power that comes from Israel might be 25%, maybe 30% of the total cost. So if you add to that, 10%, the general. A worldwide tariff, it's not very material. Israel had a 3% tariff before that and all in all, it's not that material and on top of that, we see the increasing PPA pricing that more than compensates for this increase.

總而言之，影響並不大，因為當你研究發電廠的資本成本時，它始於純粹的美國勘探，然後是開發和鑽探，所有這些都是純粹的美國電力。因此，來自以色列的電力可能佔總成本的 25% 甚至 30%。因此，如果你再加上 10%，那麼一般來說。全球關稅並不是很重要。此前，以色列的關稅為 3%，總體而言，關稅並不那麼重要，而且，我們看到電力購買協議 (PPA) 價格上漲，足以彌補這一上漲。

Right, okay, that makes sense. And then just one final one on the EGS technology, just wondering if you could talk about potential timing in which that technology might be implemented and then do you see that as more expanding the opportunity set in terms of where you could develop geothermal plants or did I hear you say that you could actually enhance the performance of existing plants? Is that a possible opportunity?

好的，好的，這很有道理。最後我想問一下關於 EGS 技術的問題，您能否談談這項技術可能實施的時間，您是否認為這將進一步擴大開發地熱發電廠的機會，或者我是否聽到您說過，這項技術實際上可以提高現有發電廠的性能？這是一個可能的機會嗎？

Well, I would say both, if we have power plants that have the capability to generate more electricity, so building an EGS wells. Using EGS technology, what might increase the output of these facilities that we already have. On the EGS technology, I would say that We're working with partners and others to develop some technology, and we will have some more information to update as we progress with this. However, we need to take into account the technological challenges. It's not just a question of the cost of the drilling. It's a question of how much water you use, how much water you lose during the working on the operating the EGS facility, how the rocks cool due to the water that is running on them, so there are still some technological issues. But if and when the EGS technology will be available, I see that as a very nice upside to Ormat. We'll be able to develop much more power plants in more locations and not just be tied to specific locations.

嗯，我想說兩者都有，如果我們擁有能夠產生更多電力的發電廠，那麼就建造一個 EGS 井。使用 EGS 技術可能會增加我們現有設施的產量。關於 EGS 技術，我想說我們正在與合作夥伴和其他方合作開發一些技術，隨著技術的進展，我們將更新更多資訊。然而，我們需要考慮技術挑戰。這不僅是鑽井成本的問題。問題在於使用多少水，在操作 EGS 設施的過程中損失多少水，岩石如何因流經其上的水而冷卻，因此仍然存在一些技術問題。但如果 EGS 技術能夠面世，我認為這對 Ormat 來說將是一個非常好的優勢。我們將能夠在更多地方開發更多發電廠，而不僅限於特定地點。

Okay, I appreciate it. Thank you.

好的，我很感激。謝謝。

The next question comes from the line of Mark Strauss with JP Morgan.

下一個問題來自摩根大通的馬克‧史特勞斯。

Please go ahead.

請繼續。

Hey, this is Michael Fairbanks on from Mark. Maybe just ignoring potential changes to the IRA for a second. Are you hearing anything from a policy or a regulatory perspective that you think could help speed up the development of greenfield geothermal in the US?

嘿，我是馬克的麥可費爾班克斯。也許只是暫時忽略 IRA 的潛在變化。您是否從政策或監管角度聽到任何有助於加快美國綠地地熱開發的消息？

Yes, it's a great question. A couple of weeks ago, the interior issued an executive order dealing with permitting on BLM land, basically issuing a new. I don't think it's exactly a new, but basically replacing the current process, a process that used to take us between one to three years under the order, it should take between 14 to 28 days. So, since the order was issued, we have been working to prepare all the relevant and new documentation to file it and see how the process works. It's a new process, so not everybody knows exactly how the outcome will be, but we are definitely pushing forward all of our Greenfields that are eligible for this because it's only on federal land. Forward getting the relevant permits, drilling permits to expedite the development of green in the US.

是的，這是一個很好的問題。幾週前，內政部發布了一項行政命令，涉及 BLM 土地的許可，基本上是發布了一項新的行政命令。我認為這不是一個新的流程，而只是基本上取代了當前的流程，根據命令，這個過程過去需要一到三年的時間，現在應該只需要 14 到 28 天。因此，自從命令發布以來，我們一直在努力準備所有相關和新的文件以提交，並了解流程如何運作。這是一個新的流程，所以不是每個人都知道確切的結果，但我們肯定會推動所有符合條件的綠地項目，因為它只位於聯邦土地上。推動取得相關許可證、鑽探許可證，加速美國綠色發展。

Great and then maybe. Just as a follow up. Given the strong quarter on storage and some of the headwinds and electricity. Do you have an updated view on where gross margins should shake out for those segments for the year and maybe just how that progresses throughout the year.

太好了，也許吧。只是作為後續行動。考慮到本季儲存業務表現強勁以及一些不利因素和電力市場。您是否對今年這些部門的毛利率走勢以及全年的走勢有何最新看法？

So, as we said in our prepared remark, storage margin this year is going to be on the towards the higher end of 20%. And initially we thought at the beginning of the year that it would be slightly less than that. We also said that the marks that the product segment is moving up from 18% to 20% initially to 19% to 21%. I think on the electricity segment we still need to finalize the numbers and to move because of curtailment, but we are seeing a few points lower versus last year.

因此，正如我們在準備好的評論中所說，今年的儲存利潤率將接近 20% 的高端。最初，我們在年初就認為這個數字會略低於這個數字。我們也表示，這標誌著產品細分市場的份額將從最初的 18% 至 20% 上升至 19% 至 21%。我認為，在電力領域，我們仍然需要最終確定數字，並因限電而採取行動，但我們看到的數字與去年相比有所下降。

Okay, thank you.

好的，謝謝。

The next question comes from the line of Noah Kaye with Oppenheimer.

下一個問題來自奧本海默的諾亞凱伊 (Noah Kaye)。

Please go ahead.

請繼續。

Hi there, this is Andre Adams on for Noah. Congrats on the Blue Mountains acquisition agreement. It sounds like you have a couple of value creation levers there. Could you give us some parameters on expected EBITDA contribution from the asset as it stands today and what timing and investment costs might be on the capacity expansion and solar project and what the contribution revenue and EBITDA would be once Completed.

大家好，我是 Andre Adams，為 Noah 報道。恭喜藍山收購協議達成。聽起來你有幾個價值創造槓桿。您能否為我們提供一些關於該資產目前預期 EBITDA 貢獻的參數，以及產能擴張和太陽能專案的時間和投資成本，以及完成後的貢獻收入和 EBITDA 是多少。

So, first, good morning. This is Assi. I'll start by saying that this is a very important introduction to Ormat because it shows how we can continue to grow in the US and enhance. Second, we will provide more detailed information once we own the asset, but as always, these assets, the multiple is the lower double digit. And we, once we completed the lower multiple and once we complete all the upgrade, we're expecting it to go down significantly anywhere from 30% to 40% like we did in the prior transaction.

首先，早安。這是阿西。首先我要說的是，這是對 Ormat 的一個非常重要的介紹，因為它顯示了我們如何在美國繼續發展和提升。其次，一旦我們擁有該資產，我們將提供更詳細的信息，但與往常一樣，這些資產的倍數是較低的兩位數。一旦我們完成了較低的倍數，並且完成了所有的升級，我們預計它會像之前的交易一樣大幅下降 30% 到 40%。

I will also point out that it has a relatively short PPA which is by the end of 2029. In this case, it's a big upside and the covin prices are materially above OPPA prices and all historical prices that we've seen in the [geoL] for many years. And therefore, that will be another upside that once we complete the transaction and have a new PPA in 2029 and forward 2030 and forward it will be another upset to the number. I would say though that on timing. The first step will be to enhance the facility and to add 3.5 megawatts, and that's one we can start doing, once we have the facility on hand, and we don't need any special approvals for it. On the other hand, in order to add the solar, which is the key component for additional performance of this asset, we will need approval from the off taker, and we believe that over time we can get it because this off taker in the past agreed. For new PPAs that will allow solar. Hopefully that answered the question.

我還要指出的是，它的 PPA 期限相對較短，截止到 2029 年底。在這種情況下，這是一個很大的上漲空間，而且 covin 價格大大高於 OPPA 價格以及我們多年來在 [geoL] 中看到的所有歷史價格。因此，這將是另一個好處，一旦我們完成交易並在 2029 年和 2030 年及以後獲得新的 PPA，它將再次顛覆這個數字。不過我想說的是，時機問題。第一步是增強設施並增加 3.5 兆瓦，一旦我們有了設施，我們就可以開始做這件事，而且我們不需要任何特殊批准。另一方面，為了增加太陽能（這是該資產額外性能的關鍵組成部分），我們需要獲得承購商的批准，我們相信隨著時間的推移我們可以獲得批准，因為該承購商過去已經同意了。對於允許太陽能的新 PPA。希望這能回答這個問題。

Yeah, thank you so much. And on the topic of PPA pricing and conversations, if you could just give us an update on PPA talks with hyperscale's in particular and how much of the post 2029 recontacting opportunity you'll now have line of sight to for the existing portfolio.

是的，非常感謝。關於 PPA 定價和對話的話題，如果您可以向我們介紹一下與超大規模的 PPA 談判的最新情況，以及您現在對現有投資組合在 2029 年之後的重新聯繫機會有多少了解。

On the recontacting and the PPA pricing, they remain high say that the changes in the market haven't impacted the demand for geothermal with PPA pricing above 100 from scales as well as from utilities companies as well as from CCAs across the industry. PPA is above 100. We are negotiating multiple PPAs. Once we will sign, the PPA will obviously issue a press release and announce it to the market. But I can say that all of our negotiations have advanced since the last time we spoke, and hopefully we'll be able to. Announce one once we sign it.

關於重新聯繫和 PPA 定價，他們表示市場變化並未影響地熱需求，PPA 定價高於 100，來自規模、公用事業公司以及整個行業的 CCA 均表示。PPA 高於 100。我們正在就多項電力購買協議進行談判。一旦我們簽署，PPA 顯然會發布新聞稿並向市場宣布。但我可以說，自上次談判以來，我們所有的談判都取得了進展，希望我們能夠取得進展。一旦我們簽署，就立即宣布。

Great, thank you so much. I'll pass it.

太好了，非常感謝。我會通過的。

The next question comes from the line of David Anderson with Barclays. Please go ahead.

下一個問題來自巴克萊銀行的戴維·安德森。請繼續。

Great, thank you. Good morning. So, sort of more of a conceptual question. So, we're hearing about the hyper scalers and data center demand is increasing and obviously higher PPA prices put you in a good position, but overall, you don't have a lot of contracting option right over the next five years with all your assets. Just curious how you What are some of the leverages you have to capture some of that higher EPA? You mentioned the M&A, and that takes a little longer. Are there M&A opportunities out there? How are you thinking about Greenfield? And then you've mentioned a few times EGS. I'm just kind of curious where you are on that. So how can we capture this sort of This market dynamic today in your numbers.

太好了，謝謝。早安.所以，這更像是概念性問題。因此，我們聽說超大規模和資料中心的需求正在增加，顯然更高的 PPA 價格會讓您處於有利地位，但總的來說，在未來五年內，您沒有太多的承包選擇來處理您的所有資產。只是好奇你如何利用哪些槓桿來獲得更高的 EPA？您提到了併購，這需要更長的時間。是否存在併購機會？您對 Greenfield 有什麼看法？然後您幾次提到了 EGS。我只是有點好奇你對此的看法。那麼我們如何在您的數據中捕捉到當今這種市場動態呢？

Look, we have increased significantly our exploration activities over the last two years, and we see quite a few green fields. That are in advanced exploration stages and should get to the market in '28 and '29 and onwards all of these green fields will be under this new PPA regime of the higher PPA. Some of them will probably go to higher scales. Some will go to. Utilities, others might be a three-way contract between Ormat, the higher, and the utility, but the most utilizing better of the PPA will be through these new prints coming online. As well as recontacting, Blue Mountain is one at the end of '29, but we have still water and salt that are also coming online, and we see this demand increase. Regarding EGS, as I said, we are focusing on a few new technologies and new investments that we are looking into the EGS, as well as developing. Some specific with partners of EGS processes and technologies. And once we will have something more concrete, we will announce to the market.

你看，過去兩年我們大幅增加了勘探活動，並且看到了不少綠地。這些綠地目前處於後期勘探階段，應該會在 28 年和 29 年進入市場，並且從現在起，所有這些綠地都將受到更高 PPA 的新 PPA 制度的約束。其中一些人可能會達到更高的水平。有的會去。公用事業，其他可能是 Ormat、上級和公用事業之間的三方合同，但 PPA 的最大利用將是透過這些新上線的印刷品。除了重新接觸之外，藍山也是 29 年底的一個，但我們的水和鹽也正在上線，我們看到這種需求正在增加。關於 EGS，正如我所說，我們正專注於研究和開發 EGS 的一些新技術和新投資。與 EGS 流程和技術的合作夥伴進行一些具體合作。一旦我們有了更具體的消息，我們就會向市場公佈。

So, on that exploration you're talking about presumably that's going to be developed with your with your binary cycle current techniques. I'm just curious on the exploration side. I know you have an agreement with Schamberger or a partnership, or I'm not exactly sure what it is. Perhaps you can talk about how you see them helping you get there. I'm assuming there's potential for efficiencies and completions and all that. I'm just, could you talk through a little bit on that exploration and how you get to commerciality?

因此，您所談論的探索大概是利用您的二進位循環電流技術來開發的。我只是對探索方面感到好奇。我知道您與 Schamberger 有協議或合作關係，但我不太清楚它是什麼。也許您可以談談您認為他們如何幫助您實現目標。我認為它有提高效率、完成度等等的潛力。我只是想知道，您能否稍微談談那次探索以及如何實現商業化？

Yes, so exploration, as you said, all of our power plants that we build are built based on the binary and normal techno technology, so we build them ourselves to us. We do not use the technology. We believe our technology is superior to others. Regarding Shambo, we have a cooperation agreement with them on developing a new project that either us or them could bring to the table. Obviously once a project will come from this collaboration, they will do the drilling, we will do the above ground construction and that will. Increase our product sales on one hand, and if it will be an Ormat project, then Ormat growth numbers.

是的，所以探索，正如你所說，我們建造的所有發電廠都是基於二進制和正常技術建造的，所以我們自己建造它們。我們不使用該技術。我們相信我們的技術優於其他人。關於 Shambo，我們與他們達成了合作協議，將開發一個新項目，我們或他們都可以提出這個項目。顯然，一旦此次合作產生一個項目，他們將進行鑽探，我們將進行地面施工，就這樣。一方面增加我們的產品銷量，另一方面如果這是一個 Ormat 項目，那麼 Ormat 的數量也會成長。

Interesting. Thank you.

有趣的。謝謝。

[operator instruction]

[操作員指令]

The next question comes from the line of Ben Kallo with Baird.

下一個問題來自貝爾德的本卡洛 (Ben Kallo)。

Please go ahead.

請繼續。

Hey, good morning. Thanks for taking my question. Just first, as we look at your 28 targets, there's several moving pieces, with higher PPA prices maybe than you anticipated, and then maybe some uncertainty and energy storage. I'm just wondering, I mean, we're still at '25, in the middle of '25, how you guys are thinking about your ability to meet those targets at this point, and then I have a follow up.

嘿，早安。感謝您回答我的問題。首先，當我們看您的 28 個目標時，有幾個變動因素，其中 PPA 價格可能比您預期的要高，然後可能還存在一些不確定性和能源儲存。我只是想知道，我的意思是，我們仍然處於 25 年，在 25 年的中間，你們如何看待自己目前實現這些目標的能力，然後我會跟進。

Hi and welcome to join us. When we looked at 2028 targets based on the geothermal and the energy storage, we have a detailed plan internally that lists all the potential projects that will come online. We know what we're drilling today on the geothermal part what exploration. On what sites we're doing exploration. We know that there's not 100% success, so we are using some statistics over there to see which one will come online and on the energy storage part we've announced all the 25, 26 projects. We now also mentioned the two Israeli large very large projects that we are building. We have additional projects that we are building in Israel, and we are continuing to develop projects in the US to be ready once the uncertainty of the tariffs and the IRA will go away. To tell you that the fact that there is uncertainty is not a mystery, and we are negotiating with some of our potential customers, taking into account this uncertainty and sharing the risk with our customers in order to continue to develop the project, but I don't think that the energy storage in the US is going to disappear regardless of the outcome of the tariffs or the IRA. I believe it's going to get to a new. A structure, maybe a new steady state will be a bit higher, the pricing will be higher. We do see a continuous reduction in battery prices that offset some of the increase in the tariffs. I believe it will continue, but we do have a detailed plan on how to get to the 2028 end of the year. A target that we put for both geothermal and the energy storage.

您好，歡迎加入我們。當我們根據地熱和能源儲存制定 2028 年目標時，我們內部有一個詳細的計劃，列出了所有可能上線的項目。我們知道今天我們在地熱部分進行的鑽探是什麼勘探。我們正在進行哪些站點的探索。我們知道不可能 100% 成功，所以我們正在使用一些統計數據來查看哪一個項目會上線，在能源儲存部分，我們已經宣布了所有 25、26 個項目。我們現在也提到了我們正在建造的兩個以色列大型計畫。我們在以色列還有其他項目正在建設中，我們正在繼續在美國開發項目，以便在關稅和愛爾蘭共和軍的不確定性消失後做好準備。告訴你，存在不確定性這一事實並不是什麼秘密，我們正在與一些潛在客戶進行談判，考慮到這種不確定性，並與我們的客戶分擔風險，以便繼續開發該項目，但我不認為美國的能源存儲會消失，無論關稅或 IRA 的結果如何。我相信它會走向一個新的高度。一個結構，也許一個新的穩定狀態會更高一點，定價也會更高。我們確實看到電池價格持續下降，抵消了部分關稅的上漲。我相信它會繼續下去，但我們確實有一個關於如何走到 2028 年底的詳細計劃。這是我們為地熱和能源儲存設定的目標。

Thank you, I appreciate that. Just, maybe, if you could expand on the electricity restructure, you mentioned, like what the change is operationally or financially or anything kind of details you can get there.

謝謝，我很感激。只是，也許，如果您可以詳細說明您提到的電力重組，例如營運或財務方面的變化，或者您可以獲得的任何細節。

Yes, thank you. It's over the last couple of years we have increased our fleet to acquisition of the assets and now the Blue Mountain assets and organic growth that we have and the growth that we see coming in the next few years. And in parallel to that we increased significantly the exploration and drilling. This year we're planning around $150 million of carpets only on exploration and drilling. We believe we will keep the same level in the coming years and as such, and in order to respond to the great demand in the US. I thought it was right to have two separate management members focused and dedicated on these two on one hands, maintaining and increasing the performance of the electricity segment and on the other hand, making sure that the drilling is efficient resource is working across multiple sites at the same time and also the ability to focus on EGS in addition. So, it's a way for Ormat to get more aligned with the market demand and to be able to respond to the market demands for renewable electricity.

是的，謝謝。在過去的幾年裡，我們擴大了船隊規模，收購了資產，現在又收購了藍山資產，實現了有機成長，並預計未來幾年將實現成長。同時，我們大幅增加了勘探和鑽探。今年我們計劃僅在勘探和鑽探方面投入約 1.5 億美元。我們相信，未來幾年我們將保持同樣的水平，以滿足美國的巨大需求。我認為設立兩個獨立的管理成員專注於這兩個領域是正確的，一方面，維持和提高電力部門的業績；另一方面，確保鑽探資源高效，同時在多個站點工作，並且有能力專注於 EGS。因此，這是 Ormat 更好地適應市場需求並能夠響應再生電力市場需求的一種方式。

Great. Thank you, guys, very much.

偉大的。非常感謝你們。

Thank you.

謝謝。

I will now turn the call back over to Doron Blachar for closing remarks. Please go ahead.

現在我將把電話轉回給 Doron Blachar 做結束語。請繼續。

Thank you all for joining us on the call today and your continued support.

感謝大家今天參加我們的電話會議並感謝大家一直以來的支持。

We see the increased demand for renewable energy. We see the increased support from the administration for geothermal, for developing geothermal across the US, and we are doing everything that we can in order to capture this potential and translate it into profitable growth. So, thank you.

我們看到對再生能源的需求不斷增加。我們看到政府對地熱能以及美國各地地熱能開發的支持力度不斷加大，我們正在竭盡全力抓住這一潛力，並將其轉化為獲利成長。所以，謝謝你。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。