Ormat Technologies Inc (ORA) 2026 Q1 法說會逐字稿

Good morning, and welcome to Ormat Technologies first-quarter 2026 earnings conference call. (Operator Instructions)

早安，歡迎參加 Ormat Technologies 2026 年第一季財報電話會議。(接線員指示)

Please note that this event is being recorded. I'd now like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

請注意，本活動將被錄音。現在我想把會議交給 Alpha IR 的 Josh Carroll。請開始。

Thank you, operator. Hosting the call today are Doron Blachar, Chief Executive Officer; Assi Ginzburg, Chief Financial Officer; and Smadar Lavi, Vice President of Investor Relations and ESG Planning Reporting.

謝謝，接線員。今天主持電話會議的有：執行長 Doron Blachar；財務長 Assi Ginzburg；以及投資人關係與 ESG 規劃報告副總裁 Smadar Lavi。

Before beginning, we'd 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 Securities Litigation Reform Act of 1995.

在開始之前，我們想提醒各位，本次電話會議中提供的資訊可能包含前瞻性陳述，涉及對未來事件的當前預期、估計、預測與推估；此類陳述依 1995 年《私人證券訴訟改革法》之定義屬於前瞻性陳述。

These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations and are based on management's current estimates and projections, future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties.For a discussion of such risks and uncertainties, please see risk factors as described in Ormat Technologies' annual report on Form 10-K and quarterly reports on Form 10-Q that have been filed with the SEC.

這些前瞻性陳述通常與公司對未來營運的計畫、目標與預期相關，並以管理層目前的估計與推算、未來結果或趨勢為基礎。由於某些風險與不確定性，實際未來結果可能與預測存在重大差異。關於此類風險與不確定性的討論，請參閱 Ormat Technologies 已向美國證券交易委員會（SEC）提交之 Form 10-K 年報與 Form 10-Q 季報中所述的風險因素。

In addition, during the call, the company will present non-GAAP financial measures such as adjusted EBITDA. Reconciliations to the most directly comparable GAAP measures and management's reason for presenting such information is set forth in the press release that was issued last night as well as in the slides posted 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.

此外，在本次電話會議中，公司將呈現非 GAAP 財務衡量指標，例如調整後 EBITDA。與最直接可比之 GAAP 指標的調節表，以及管理層提出此類資訊的原因，已載於昨晚發布的新聞稿以及網站上張貼的簡報投影片中。由於這些指標並非依 GAAP 計算，因此不應脫離依 GAAP 編製的財務報表而單獨看待。

Before I turn the call over to management, I would like to remind everyone that a slide presentation accompanying this call may be accessed on the company's website at ormat.com under the Presentation link that's found on the Investor Relations tab.

在我把電話會議交給管理層之前，我想提醒各位，本次電話會議的投影片簡報可於公司網站 ormat.com 的投資人關係（Investor Relations）分頁下，點選 Presentation 連結取得。

With all that said, I would now like to turn the call over to Ormat's CEO. Doron?

說明至此，現在我想把電話會議交給 Ormat 的執行長。Doron？

Thank you, Josh. Good morning, everyone, and thank you for joining us today. Let me start with a few key highlights from the first quarter. Then I'll touch on several recent developments beginning on slide 4. We began 2026 with a record first quarter revenue, delivering 75.8% year-over-year growth alongside strong expansion in operating income and adjusted EBITDA. This performance reflects strong execution across our business with particularly strong contribution from our energy storage and product segments, demonstrating the strength and resilience of our diversified portfolio.

謝謝你，Josh。各位早安，感謝今天加入我們。我先從第一季幾項重點摘要開始。接著我將從第 4 頁投影片開始，談幾項近期進展。我們以創紀錄的第一季營收展開 2026 年，營收年增 75.8%，同時營業利益與調整後 EBITDA 亦大幅成長。此表現反映我們在各項業務的強勁執行力，其中以儲能與產品事業部門貢獻尤為突出，展現我們多元化投資組合的實力與韌性。

Our energy storage segment continues to emerge as a key growth engine with revenues increasing 153% year over year, driven by both capacity expansion and our ability to capture favorable merchant pricing. This performance reinforces our strategy of optimizing the balance between contracted revenues and merchant exposure to maximize returns.

我們的儲能事業部門持續成為關鍵成長引擎，營收年增 153%，主要受惠於容量擴增以及我們掌握有利現貨（merchant）價格的能力。此表現再次印證我們的策略：在合約收入與現貨曝險之間取得最佳平衡，以最大化報酬。

Beyond financial performance, this quarter also reflects meaningful strategic progress within our storage segment, including the COD of our Shirk Energy Storage facility, the acquisition of the Ho'oku hybrid solar-plus-storage facility in Hawaii, and the signing of a PPA for Jersey Valley, a 67 megawatt solar paired with a 67 megawatt, 268 megawatt hour storage facility that we expect will come online in late 2027 or early 2028.

除財務表現外，本季也反映儲能部門在策略上的重要進展，包括 Shirk 儲能設施達成商轉（COD）、收購夏威夷 Ho'oku 太陽能加儲能混合設施，以及為 Jersey Valley 簽署購電協議（PPA）。Jersey Valley 為 67 兆瓦太陽能搭配 67 兆瓦、268 兆瓦時的儲能設施，我們預期將於 2027 年底或 2028 年初上線。

Our product segment delivered significant growth, primarily driven by the top two projects, highlighting the strengths of our integrated business model and ability to create value across the full life cycle of our assets. In the electricity segment, we signed PPAs for approximately 200 megawatt at favorable pricing, including agreements with Google and Switch and two blend-and-extend contracts.

我們的產品事業部門實現顯著成長，主要由前兩大專案帶動，突顯我們整合式商業模式的優勢，以及在資產全生命週期中創造價值的能力。在電力事業部門，我們以有利價格簽署約 200 兆瓦的購電協議（PPA），其中包括與 Google 與 Switch 的協議，以及兩份 blend-and-extend（混合並延長）合約。

These agreements, along with future contracts, are creating incremental revenue opportunities for our electricity segment, improve visibility across our development pipeline, and support the value of exploration and drilling investments we have made over the past few years. We also strengthened our balance sheet through recent strategic financing transactions.

這些協議以及未來合約，正為我們的電力事業部門創造增量營收機會，提升我們開發管線的能見度，並支撐我們過去幾年在探勘與鑽井方面的投資價值。我們也透過近期策略性融資交易強化了資產負債表。

Supported by strong investor demand and favorable market conditions, we completed a $1 billion upsized convertible notes offering. This transaction reinforces our financial position, increases flexibility, and expands our capital base to support our growth initiatives. We continue to make significant progress in our next-generation geothermal and EGS strategy and are advancing on multiple fronts. On subsurface technology, we are progressing with two pilots, including our pilot with SLB and our collaboration and investment in Sage Geosystems.

在強勁投資人需求與有利市場條件支持下，我們完成一筆規模上調至 10 億美元的可轉換公司債發行。此交易強化我們的財務狀況、提升彈性，並擴大資本基礎以支持成長計畫。我們在下一代地熱與 EGS 策略方面持續取得重大進展，並在多個面向同步推進。在地下（subsurface）技術方面，我們正推進兩項試點計畫，包括與 SLB 的試點，以及與 Sage Geosystems 的合作與投資。

On the commercial development side, we are expanding our resource base, mapping our existing land position, advancing land acquisition, and initiating PPA framework discussions with hyperscalers. On system innovations, we are developing next-generation high-capacity Ormat Energy Converter solutions tailored for EGS deployment.

在商業開發方面，我們正在擴大資源基礎、盤點既有土地持有部位、推進土地收購，並與超大規模雲端業者（hyperscalers）啟動 PPA 架構討論。在系統創新方面，我們正開發下一代高容量 Ormat Energy Converter 解決方案，以符合 EGS 部署需求。

Taken together, these efforts position Ormat at the forefront of scalable, dispatchable, next-generation geothermal, including EGS solutions with the potential to significantly expand our addressable market over time. Before I provide some additional updates on our business, I would now like to turn the call over to Assi to discuss our financial results. Assi?

綜合而言，這些努力使 Ormat 站在可規模化、可調度的下一代地熱前沿，包括具備隨時間顯著擴大我們可服務市場潛力的 EGS 解決方案。在我提供更多業務更新之前，現在我想把電話會議交給 Assi，請他說明我們的財務結果。Assi？

Thank you, Doron. Let me start my review of our financial highlights on slide 6. First quarter revenue was $403.9 million, up 75.8% versus the prior-year period. This very strong top-line growth was largely driven by the continuing strength in our energy storage and product segments.

謝謝你，Doron。我將從第 6 頁投影片開始回顧我們的財務重點。第一季營收為 4.039 億美元，較去年同期成長 75.8%。這項非常強勁的營收成長，主要由我們儲能與產品事業部門的持續強勢所帶動。

First quarter gross profit was $120.4 million, up 65.1% from $72.9 million in the first quarter of 2025. Driven by contribution from the sale of the top two assets and the performance of our storage assets in the PJM market. First quarter net income attributable to the company stockholders was $44.1 million or $0.71 per diluted share, compared to $40.4 million or $0.66 per diluted share in the prior period.

第一季毛利為 1.204 億美元，較 2025 年第一季的 7,290 萬美元成長 65.1%。成長主要來自前兩大資產出售的貢獻，以及我們儲能資產在 PJM 市場的表現。第一季歸屬於公司股東的淨利為 4,410 萬美元，或稀釋後每股盈餘 0.71 美元；相較前一期間為 4,040 萬美元，或稀釋後每股盈餘 0.66 美元。

The increase is driven by improved business performance, partially offset by approximately $38 million of one-time pre-tax expenses, including $33.7 million related to induced conversion resulting from the repurchase of the 2027 convertible note. $10.2 million in write-offs and immaterial settlement expense, partially offset by $9.6 million gain related to the purchase transaction of the Hoku Storage and Solar facility in Hawaii. Adjusted net income attributable to the company stockholders for the first quarter increased by 93.5% to $80.3 million, or $1.30 per diluted share, compared to $41.5 million or 68% per diluted share in the first quarter of the prior year.

淨利增加主要由營運表現改善所帶動，但部分被約 3,800 萬美元的一次性稅前費用所抵銷，其中包括因回購 2027 年可轉債而引致轉換（induced conversion）所產生的 3,370 萬美元；1,020 萬美元的沖銷與非重大和解費用；並部分被與夏威夷 Hoku 儲能與太陽能設施收購交易相關的 960 萬美元收益所抵銷。第一季歸屬於公司股東的調整後淨利年增 93.5% 至 8,030 萬美元，或稀釋後每股盈餘 1.30 美元；相較去年第一季為 4,150 萬美元，或稀釋後每股盈餘 0.68 美元。

Adjusted EBITDA for the first quarter was $194.9 million, a 29.7% increase compared to last year. The year-over-year growth was primarily driven by higher contribution from the energy storage segment, reflecting favorable PJM pricing and new capacity additions. All further supported by improved performance in the product segment as a result of the top two project sale.

第一季調整後 EBITDA 為 1.949 億美元，較去年成長 29.7%。年增主要由儲能事業部門貢獻提高所帶動，反映 PJM 價格有利以及新增容量投運。此外，產品事業部門因前兩大專案出售而帶來的表現改善亦提供支撐。

Slide 7 breaks down the key financial performance at the segment level. Electricity segment revenue for the first quarter increased by approximately 1% to $181.6 million, mainly due to the recent acquisition of Blue Mountain and the improved performance at our Olkaria facility.The expansion to our operating portfolio helped to more than offset the reduction from lower rates at Puna and extremely high ambient temperature in Nevada, which reduced revenue by approximately $4.8 million.

第 7 張投影片按事業部門層級拆解關鍵財務表現。第一季電力事業部門營收約增加 1% 至 1.816 億美元，主要受近期收購 Blue Mountain 以及我們 Olkaria 設施表現改善所帶動。營運組合的擴充有助於大幅抵銷 Puna 較低電價與內華達州極端高環境溫度所造成的減少；後者使營收約減少 480 萬美元。

Product segment revenues increased by 458.4% to $177.4 million during the first quarter. The performance was driven by $105 million revenue recognition from the top two projects, which we have previously disclosed. Our energy storage segment revenue increased by 153.1% in the first quarter. As Doron highlight earlier, this strong performance was driven mainly by high assets availability, which allow us to capitalize on strong merchant prices in the PJM market, as well as new capacity addition over the past 12 months.

第一季產品事業部門營收增加 458.4% 至 1.774 億美元。此表現主要來自我們先前已揭露之兩大專案合計 1.05 億美元的營收認列。我們的儲能事業部門營收於第一季增加 153.1%。如 Doron 先前強調，這項強勁表現主要由高資產可用率所驅動，使我們得以把握 PJM 市場強勁的商業電價（merchant prices），以及過去 12 個月新增的容量。

The gross margin for the electricity segment decreased to 30.8% in the first quarter. This decline is driven by lower energy rates at Puna and high temperatures in Nevada that I just touched on. In the product segment, gross margin for the quarter was 21.4%.

第一季電力事業部門毛利率下降至 30.8%。此下滑主要由我剛提到的 Puna 較低電價與內華達州高溫所致。產品事業部門方面，本季毛利率為 21.4%。

For the full year 2026, we expect product segment gross margin to be between 18% and 20%, reflecting the segment sales mix. It's worth noting that due to the impact of the top two project sale, we recognize in the 1st quarter approximately 60% of the segment expected annual revenue, gross profit and EBITDA. The energy storage segment reported gross margin of 59.1% during the first quarter, making a significant improvement versus the prior year.

就 2026 全年而言，我們預期產品事業部門毛利率介於 18% 至 20%，反映該部門的銷售組合。值得注意的是，由於前兩大專案出售的影響，我們在第一季認列了約占該部門全年預期營收、毛利與 EBITDA 的 60%。儲能事業部門第一季毛利率為 59.1%，較去年同期顯著改善。

The increase was driven by the effectiveness of our strategic approach to balance between contracted pricing and merchant exposure. For the full year 2026, we expect the storage segment gross margin to be approximately 35% to 40%, reflecting the fact that we currently do not forecast similar merchant prices condition during the remainder of the year.

此增幅主要來自我們在合約定價與商業市場曝險之間取得平衡的策略成效。就 2026 全年而言，我們預期儲能事業部門毛利率約為 35% 至 40%，反映我們目前並未預測今年剩餘期間會出現類似的商業電價條件。

Moving to slide 8. We collected $48.6 million in cash from monetizing PTCs and ITC through tax equity transactions. For the full year 2026, we expect to collect approximately $90 million from ITC tax equity transaction and PTC transfers, including ITC tax equity proceeds from the recently signed Burdock tax equity transaction. As we discussed during our fourth quarter call, in 2026, we expect to record a tax benefit driven by higher ITC level that will result in a negative tax rate of 15% to 20%.

接著看第 8 張投影片。我們透過稅務股權（tax equity）交易將 PTC 與 ITC 變現，取得 4,860 萬美元現金。就 2026 全年而言，我們預期可透過 ITC 稅務股權交易與 PTC 轉讓收取約 9,000 萬美元，其中包含近期簽署的 Burdock 稅務股權交易所帶來的 ITC 稅務股權款項。如同我們在第四季電話會議中所討論，2026 年我們預期將因 ITC 水準提高而認列稅務利益，使有效稅率為負 15% 至 20%。

Slide 9 details our cash flow over the last three months, illustrating Ormat's ability to generate strong cash flow, which allows us to reinvest in our strategic growth while servicing debt obligations and returning capital to shareholders.

第 9 張投影片詳述我們過去三個月的現金流，展現 Ormat 產生強勁現金流的能力，使我們得以在履行債務義務並回饋股東資本的同時，持續再投資於策略性成長。

Cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2026 were approximately $763 million compared to approximately $281 million at the end of 2025. Our total debt as of March 31, 2026 was approximately $3.4 billion net of deferred financing costs. Our cost of debt decreased significantly following the recent convertible notes offering to 3.9%.

截至 2026 年 3 月 31 日，現金及約當現金與受限制現金及約當現金合計約為 7.63 億美元，相較於 2025 年底約 2.81 億美元。截至 2026 年 3 月 31 日，我們的總負債（扣除遞延融資成本後）約為 34 億美元。在近期可轉換公司債發行後，我們的債務成本顯著下降至 3.9%。

Moving to slide 10. Our net debt as of March 31, 2026 was approximately $2.6 billion, equivalent to 4.2 times net debt to EBITDA.

接著看第 10 張投影片。截至 2026 年 3 月 31 日，我們的淨負債約為 26 億美元，相當於淨負債對 EBITDA 的 4.2 倍。

As Doron noted, during the quarter, we successfully completed a $1 billion upsize convertible note offering. We elected to execute this capital raise in the convertible market because it provide us with the best combination of low and no cash coupon and reduced equity dilution through the repurchase of our shares at an attractive price of $108 per share.

如 Doron 所提，本季我們成功完成 10 億美元的擴大規模可轉換公司債發行。我們選擇在可轉債市場進行此一募資，因其能為我們提供最佳組合：低或無現金票息，並透過以每股 108 美元的具吸引力價格回購股份，降低股權稀釋。

We now expect our total capital expenditure for the remainder of 2026 to be $587 million. Our detailed CapEx plans are presented in slide 32 in the appendix. We plan to invest approximately $436 million in the electricity segment for the construction, exploration and drilling, and maintenance in 2026.

我們目前預期 2026 年剩餘期間的資本支出總額為 5.87 億美元。更詳細的資本支出計畫載於附錄第 32 張投影片。我們計畫於 2026 年在電力事業部門投資約 4.36 億美元，用於建設、探勘與鑽井，以及維護。

We also plan to invest $111 million in the construction of our storage assets and approximately $20 million in the pilot with SLB, as well as in other EGS activities. On May 6, 2026, our board of directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share, payable on June 3, 2026 to shareholders of record as of May 20, 2026. In addition, the company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

我們亦計畫投資 1.11 億美元用於儲能資產建設，並投入約 2,000 萬美元於與 SLB 的試點計畫，以及其他 EGS 活動。2026 年 5 月 6 日，本公司董事會宣告、核准並授權支付每股 0.12 美元的季度股利，將於 2026 年 6 月 3 日支付給截至 2026 年 5 月 20 日為止的登記股東。此外，公司預期在接下來三個季度中，每季均將支付每股 0.12 美元的季度股利。

I would like now to turn the call back to Doron to discuss some of our recent developments.

接下來我想把電話會議交回 Doron，請他說明我們近期的一些進展。

Thank you, Assi. On slide 12, you can see that our current total portfolio stands at 1.8 gigawatts of geothermal, solar, and energy storage facility. Turning to slide 13. Our electricity portfolio now stands at approximately 1,340 megawatts globally. We added 30 megawatts in the first quarter of 2026 and currently have approximately 216 megawatts under construction and development through 2028.

謝謝你，Assi。在第 12 張投影片中，你可以看到我們目前的總投資組合規模為 1.8 吉瓦，涵蓋地熱、太陽能與儲能設施。接著看第 13 張投影片。我們的電力投資組合目前在全球約為 1,340 兆瓦。我們在 2026 年第一季新增 30 兆瓦，且目前約有 216 兆瓦正於 2028 年前進行建設與開發。

Earlier this year, we acquired Hoku, a recently built solar-plus storage facility on the Big Island of Hawaii, for approximately $80 million in cash. The acquired assets include a 30-megawatt solar PV facility paired with a 30 megawatts, 120 megawatt-hour battery energy storage system with a 25-year PPA.

今年稍早，我們以約 8,000 萬美元現金收購 Hoku，這是一座位於夏威夷大島、近期完工的太陽能加儲能設施。所收購資產包含一座 30 兆瓦太陽能光電（PV）設施，搭配一套 30 兆瓦、120 兆瓦時的電池儲能系統，並簽有 25 年期 PPA。

Moving to slide 14. Our electricity segment benefited mainly from improved generation at our Olkaria complex and contribution from our Blue Mountain facility, which was acquired during the second quarter of last year. We also experienced lower curtailment during the quarter compared to the year ago period, especially in Nevada. We expect this trend to continue throughout the remainder of the year.

接著看第 14 張投影片。我們的電力事業部門主要受惠於 Olkaria 複合設施發電量提升，以及我們 Blue Mountain 設施的貢獻（該設施於去年第二季完成收購）。與去年同期相比，我們本季亦經歷較低的限電（curtailment），尤其是在內華達州。我們預期此趨勢將在今年剩餘期間持續。

As Assi noted, performance within our electricity segment was partially offset by lower energy rates at Puna and extremely high ambient temperatures in Nevada that impacted our power plants generation. With respect to Puna, we anticipate energy rates in the next few months will improve following the impact of oil prices. Internationally, our Dominica plant is now operational. Full COD is expected in the second quarter of 2026 due to third-party transmission line delays.

如 Assi 所述，我們電力事業部門的表現部分被 Puna 較低電價與內華達州極端高環境溫度所抵銷，這些因素影響了我們電廠的發電量。就 Puna 而言，我們預期未來幾個月的電價將在油價影響之後有所改善。在國際方面，我們的多明尼加電廠目前已投入營運。由於第三方輸電線路延遲，預期將於 2026 年第二季達成完整商轉（Full COD）。

Moving to slide 15. We have negotiated two blend-and-extend PPA for existing plants. The first agreement is for our CD4 geothermal power plant, which is part of our Mammoth geothermal complex in California. The amended agreement extends the original PPA, which was signed in 2022 and scheduled to expire in 2032 by 5 additional years through 2037 and increases contract pricing by approximately 27%.

接著看第 15 張投影片。我們已就既有電廠協商完成兩份「blend-and-extend」PPA。第一份協議適用於我們的 CD4 地熱電廠，該電廠屬於我們位於加州的 Mammoth 地熱複合設施。修訂後的協議將原先於 2022 年簽署、原定於 2032 年到期的 PPA 再延長 5 年至 2037 年，並將合約價格提高約 27%。

The amended PPA terms will go into effect in October of this year. The second blend-and-extend PPA is for another facility that we cannot disclose at this time due to our agreement with the utility provider. These new PPAs show our consistent strategic execution over the past several years. Reinforces our ability to secure high-quality long-term contracts that drive sustainable growth.

修訂後的 PPA 條款將於今年 10 月生效。第二份「blend-and-extend」PPA 是針對另一座設施，但基於我們與公用事業供應商的協議，目前無法披露。這些新的 PPA 展現了我們在過去數年一貫且持續的策略執行力。並強化我們取得高品質長期合約、推動永續成長的能力。

Turning now to slide 16, our product segment backlog stands at $239 million. The decline from the fourth quarter of 2025 was primarily driven by the recognition of $105 million in revenue from the top two project in the first quarter of 2026. Since the start of the year, we've also secured two supply contracts for project in Asia totaling to $56 million.

接著看第 16 頁，我們產品事業的在手訂單為 2.39 億美元。相較 2025 年第四季的下滑，主要是因為 2026 年第一季來自前兩大專案認列了 1.05 億美元營收。自年初以來，我們也在亞洲取得兩份專案供應合約，合計 5,600 萬美元。

Moving to slide 17. Our energy storage segment produced another strong quarter of year-over-year growth, with total revenues increasing by 153%. The COD of Shirk and the addition of the Ho'oku facility in Hawaii brings the total energy storage portfolio to approximately 1.4 gigawatt hours, with the majority operating in California.

來到第 17 頁。我們的儲能事業再度繳出強勁的年增表現，總營收成長 153%。Shirk 專案達到 COD，以及夏威夷 Ho'oku 設施的加入，使儲能資產組合總量提升至約 1.4 GWh，其中多數在加州營運。

On slide 19, we continue to remain on track to achieve our portfolio capacity target of between 2.6 to 2.8 gigawatt by the end of 2028.

在第 19 頁，我們仍按計畫推進，目標於 2028 年底前達成資產組合容量 2.6 至 2.8 GW。

Turning to slide 20 and 21, which display our geothermal and hybrid solar PV projects currently underway. We anticipate adding 216 megawatt to our generating capacity from these projects by the end of 2028. In geothermal, we are planning a 30 megawatt greenfield project that will come online in 2028. We added the Jersey Valley solar plus storage facility following the PPA signing and the Blue Mountain solar facility for the plant auxiliaries.

接著看第 20 與 21 頁，展示我們目前進行中的地熱與混合式太陽能光電（PV）專案。我們預期在 2028 年底前，這些專案將為我們新增 216 MW 的發電容量。在地熱方面，我們規劃一個 30 MW 的綠地（greenfield）專案，預計於 2028 年併網。在簽署 PPA 後，我們新增了 Jersey Valley 太陽能加儲能設施，以及用於廠用輔助設備的 Blue Mountain 太陽能設施。

Moving to slides 22 and 23. We currently have six projects under development in our energy storage segment, expected more than double our portfolio and add approximately 1.5 GWh. As shown on the slide, the Jersey Valley project has been added and is expected to come online late 2027 or early 2028. The 100 megawatt, 400 megawatt hour Griffith facility is now expected to reach COD in 2028 as permitting is still in progress. This timing update is reflected in our plan. It does not impact our long-term targets.

來到第 22 與 23 頁。目前我們在儲能事業有六個開發中專案，預期將使資產組合規模增加一倍以上，並新增約 1.5 GWh。如投影片所示，Jersey Valley 專案已納入，預計於 2027 年底或 2028 年初上線。由於許可程序仍在進行中，100 MW、400 MWh 的 Griffith 設施目前預期將於 2028 年達到 COD。此時程更新已反映在我們的計畫中。不影響我們的長期目標。

Turning to slide 24 for a discussion of our EGS efforts. We continue to advance our next-generation geothermal strategy and are making meaningful progress across both technology and commercial development. We are actively progressing subsurface pilot initiatives with SLB, who have completed initial geoscience groundwork and are advancing well planning appraisal, positioning the project for key milestones over the coming quarters.

請看第 24 頁，討論我們在 EGS 的推進。我們持續推動下一代地熱策略，並在技術與商業開發兩方面都取得實質進展。我們正與 SLB 積極推進地下試點計畫；SLB 已完成初步地球科學基礎工作，並持續推進井位規劃與評估，使專案在未來幾季可達成關鍵里程碑。

At the same time, our collaboration with SADE is moving through planning and early engineering stages, including permitting, drilling design and fracture testing activities. These efforts are designed to validate technical assumptions ahead of commercial-scale deployment. We are also strengthening our internal capabilities to support long-term scale.

同時，我們與 SADE 的合作也正進入規劃與初期工程階段，包括許可申請、鑽井設計與裂縫測試等工作。這些努力旨在於商業規模部署前，驗證技術假設。我們也在強化內部能力，以支援長期擴張。

This includes advancing our above ground system design and optimizing our Ormat Energy Converter for EGS applications, alongside evaluating manufacturing readiness and cost structures. We are investing in resource development, including geographic heat mapping, land acquisition, and state-level resource assessment to build a robust pipeline of future opportunities.

這包括推進地面系統設計，並針對 EGS 應用優化我們的 Ormat Energy Converter（OEC），同時評估製造就緒度與成本結構。我們也投資於資源開發，包括地理熱度測繪、土地取得，以及州級資源評估，以建立穩健的未來機會管線。

Our resource team has already identified two prospects in our existing prospect portfolio, including Dixie Valley, that can potentially support large-scale EGS development. We're actively pursuing external funding opportunities to accelerate development and reduce upfront capital requirements. We have multiple applications underway under various US DOE programs, supporting both EGS field testing and next-generation resource development.

我們的資源團隊已在既有的勘探資產組合中辨識出兩個潛在標的（包括 Dixie Valley），可望支援大規模 EGS 開發。我們正積極尋求外部資金機會，以加速開發並降低前期資本需求。我們已在多項美國能源部（US DOE）計畫下提出多件申請，涵蓋 EGS 現場測試與下一代資源開發。

Overall, these combined efforts position us to effectively bridge the gap from pilot project to commercial deployment while reinforcing our leadership in next-generation geothermal and integrated energy solution.

整體而言，這些綜合性努力使我們能有效銜接從試點專案到商業化部署的落差，同時鞏固我們在下一代地熱與整合式能源解決方案的領導地位。

Please turn to slide 25 for a discussion of our 2026 guidance. We are maintaining our guidance and expect revenue to increase by 14.6% year over year at the midpoint, ranging between $1,110 million and $1,160 million. Electricity segment revenues are projected to be between $715 million and $730 million. Product segment revenues are expected to range between $300 million and $320 million, and energy storage revenues are expected to range between $95 million and $110 million.

請翻到第 25 頁，討論我們對 2026 年的財測指引。我們維持既有指引，預期營收在中位數將年增 14.6%，區間為 11.10 億至 11.60 億美元。電力事業營收預估介於 7.15 億至 7.30 億美元。產品事業營收預期介於 3.00 億至 3.20 億美元，儲能營收預期介於 9,500 萬至 1.10 億美元。

Adjusted EBITDA is expected to increase by approximately 8.2% at the midpoint, ranging between $615 million and $645 million. I will now conclude our prepared remarks with reference to slide 26. The strong performance we delivered in the first quarter across our business segments highlights the strengths of our diversified business and our ability to capitalize on the rising demand for reliable low carbon electricity.

調整後 EBITDA 預期在中位數約成長 8.2%，區間為 6.15 億至 6.45 億美元。接下來我將參照第 26 頁，結束我們的事先準備發言。我們在第一季於各事業部門交出的強勁表現，凸顯了我們多元化業務的優勢，以及把握可靠低碳電力需求上升的能力。

With improving contract pricing, new project entering service, and our pipeline continuing to grow, we have a clear line of sight towards achieving our long-term targets for 2028. Our focus remains on creating long-term value for our shareholders through disciplined execution, strategic investments, and our proven ability to develop and operate world-class clean energy assets.

隨著合約定價改善、新專案投入營運，以及我們的開發管線持續成長，我們對於在 2028 年達成長期目標有清晰的可見度。我們仍聚焦於透過嚴謹執行、策略性投資，以及我們經驗證的世界級潔淨能源資產開發與營運能力，為股東創造長期價值。

This concludes our prepared remarks. Now I would like to open the call for questions. Operator, please.

以上為我們的事先準備發言。現在我想開放提問。請接線生開始。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

I guess maybe let's start on EGS. Obviously, a lot of encouraging and very strong commentary around your developments there. Obviously, there's an IPO going on currently with the, with the new entrants in more of the EGS market. Maybe just if you could expand on it further as far as the technology advances you're making on the surface. You talked about a tailored solution for EGS.

我想也許先從 EGS 開始。顯然你們在那方面的進展有很多令人鼓舞、而且非常強勁的評論。另外，EGS 市場的新進者目前也正在進行 IPO。也許你可以進一步說明一下你們在地面端技術上的進展。你提到為 EGS 量身打造的解決方案。

Maybe if you could help us understand the potential skies, size and scale of some of the progress you're working on with SLB and Sage. You pointed out Dixie Valley as a potential area to scale up EGS. Just it's obviously a very exciting outlook, and this is about to be more under the spotlight as far as EGS and geothermal. Just hoping to get an understanding of how big this could potentially be for you, for Ormat over the medium to long term here.

也許你可以協助我們理解你們與 SLB 以及 Sage 所推進工作的潛在範圍、規模與量體。你指出 Dixie Valley 是一個可望擴大 EGS 的潛在區域。這顯然是非常令人振奮的展望，而 EGS 與地熱也即將受到更多關注。希望能了解，對 Ormat 而言，在中長期這可能會有多大的潛力。

Thank you for the questions. I'll touch it on the different levels that you asked, maybe I'll start with our equipment and technology. We are developing a unique solution, a new OEC, that will be able to work efficiently with EGS. EGS comes with special parameters on the resource that comes out of the ground. This will allow us to standardize our OEC and develop a very much simpler power plant than the power plants we have today, which will over time reduce significantly the cost to construct the power plant.

謝謝你的提問。我會就你提到的不同層面來回應；也許先從我們的設備與技術談起。我們正在開發一套獨特的解決方案，也就是新的 OEC，使其能夠在 EGS 上高效率運作。EGS 的地底資源具有一些特殊參數。這將使我們能將 OEC 標準化，並開發出比我們目前電廠更為簡化的電廠，長期而言可大幅降低電廠建置成本。

On the SLB joint venture that we have, as well as the work that Sage are doing, we are doing multiple phases of land analysis and well engineering. On both cases, with SLB, we are working to file the permit to drill the first well later this year. Sage, on their part, are working similarly to design the well and do all the preparation to file for permitting. Both pilots will be adjacent to our facilities in order to reduce the time to market.

至於我們與 SLB 的合資合作，以及 Sage 正在進行的工作，我們正在進行多階段的土地分析與井工程設計。在兩個案子中，就 SLB 而言，我們正推進於今年稍晚申請鑽第一口井的許可。Sage 方面也以類似方式進行井設計，並完成申請許可前的各項準備。兩個試點都將設在我們既有設施附近，以縮短上市時間。

Once the pilot is successful, the heat can be immediately transferred to our facility to generate electricity and basically allow us to confirm the pilot performance and success. The third element you mentioned, Dixie, obviously Ormat has a unique and a very large presence in California, in Nevada, with multiple sites that we have been looking for hydrothermal. Also over the last few BLM auctions, we were able to acquire some land that we believe are fit to an EGS project. One of them that we mentioned is Dixie, not far from our Dixie Valley asset. We have additional places that we see that are potential for EGS.

一旦試點成功，熱能就可以立即轉移到我們的設施來發電，基本上讓我們能夠確認試點的表現與成功。你提到的第三個要素，Dixie，很明顯 Ormat 在加州、內華達州具有獨特且非常龐大的佈局，我們在多個場址一直在尋找水熱資源。此外，在過去幾次 BLM 拍賣中，我們也取得了一些土地，我們認為適合用於 EGS 專案。其中之一就是我們提到的 Dixie，距離我們的 Dixie Valley 資產不遠。我們還有其他一些地點，我們認為也具備 EGS 的潛力。

We are also, this is part of our business development efforts, scanning multiple states on locations to develop EGS projects. We'll obviously update you as we make progress.

同時，作為我們業務開發工作的一部分，我們也在多個州掃描可用於開發 EGS 專案的地點。我們會在取得進展時，當然也會向各位更新。

Detail comments are very helpful. Maybe just switching to the electricity margins. Fully understand you had some elevated ambient temperatures, and if you add that back, it looks like you're flat year over year from a margin perspective. Just thinking about how should these margins really develop this year into next year? Might be able to take advantage of some of the elevated commodity price with Puna here in the short term.

這些細節性的評論非常有幫助。也許切換到電力毛利率的部分。完全理解你們有一些偏高的環境溫度影響，如果把那部分加回去，從毛利率角度看你們同比基本持平。我在想，這些毛利率在今年到明年應該如何發展？短期內，Puna 這邊或許能受惠於一些較高的大宗商品價格。

As you bring on newer generation or maybe an increase of solar generation, just trying to think through the margin progression as we work through 2026, 2027 through to 2028. Maybe some thoughts around that would be helpful.

當你們新增較新的發電機組，或許太陽能發電占比提高時，我只是想梳理一下，隨著我們走到 2026、2027 一直到 2028，毛利率的演進路徑會是如何。如果能分享一些看法會很有幫助。

Hi, Derek. It's Asi. Good morning, and thank you for joining us. As you know, over the next few quarters, we have roughly 40 megawatts of new blend and extend that should add anywhere from $7 million to $10 million annually to the revenue of the company. That should give you another 1% margin. Then we have another 40 megawatts roughly that is being also already negotiated and already is in new contracts that will be ending around 2027. That should add another $5 million to $6 million to the company. Between the two, we should see to the revenue an improvement of 1% to 2%.

嗨，Derek。我是 Asi。早安，謝謝你加入我們。如你所知，在接下來幾個季度，我們大約有 40 兆瓦的新「blend and extend」將上線，預計每年可為公司增加約 700 萬到 1,000 萬美元的營收。這應該能再帶來約 1% 的毛利率提升。接著我們還有另外約 40 兆瓦，目前也已在談判中，且已納入將於 2027 年左右到期的新合約。這部分應可再為公司增加約 500 萬到 600 萬美元。兩者合計，我們預期營收可改善約 1% 到 2%。

In addition to that, we are looking also on the expense side, reviewing our expenses, trying to focus on reduction expenses. We do not anticipate a similar weather as warm as what we've seen in the Q1. We are very happy that the curtailment is behind us. It was much more favorable in Q1. I would like to say also, Ormat has a large portfolio.

除此之外，我們也在費用端著手，檢視各項支出，並聚焦於降低費用。我們不預期會再出現像第一季那樣偏暖的天氣。我們很高興限發（curtailment）已經成為過去式。第一季的情況要有利得多。我也想說，Ormat 擁有龐大的資產組合。

It was very warm on the West Coast, and it was very cold in the East Coast. When you bundle those together, we lost roughly $5 million on the West Coast, but we made over $20 million in the East Coast. This weather overall does improve Ormat situation, but it does impact the margin of the electricity. I do expect in the next two years to see 1% to 2% increase year over year, starting probably in second half of this year when we don't expect the weather to impact us.

西岸天氣非常暖，而東岸則非常冷。把兩者合在一起看，我們在西岸大約少了 500 萬美元，但在東岸則多賺了超過 2,000 萬美元。整體而言，這樣的天氣確實改善 Ormat 的狀況，但它會影響電力業務的毛利率。我預期未來兩年毛利率將同比增加 1% 到 2%，可能從今年下半年開始，因為我們不預期天氣會再對我們造成影響。

Justin Clare, ROTH Capital Partners.

Justin Clare，ROTH Capital Partners。

Wanted to just follow up on the EGS here. Wondering if you could share just how large the pilot projects are expected to be in terms of megawatts. If you could just update us on the anticipated timing for initial production from those EGS wells. I think previously you've talked about 2027. Just what would you need to see from the pilots, in terms of the data or, yeah, just what would you need to see before expanding to larger scale development of EGS projects? Any sense for the timing of a first commercial plant?

想就 EGS 再追問一下。想請你們分享一下，這些試點專案預期的規模大概會是多少兆瓦。也請更新一下，這些 EGS 井預期何時能開始初始產出。我記得你們之前談到的是 2027 年。另外，在把 EGS 專案擴大到更大規模開發之前，你們需要從試點看到哪些結果——就數據而言，或是，你們需要看到什麼才會擴大？對於第一座商轉電廠的時程，有沒有大概的概念？

Thank you for the question. I'd say that both pilots are looking to generate somewhere between 2 to 4 megawatt each. That should occur based on the drilling schedules and permitting in 2027. I don't know to say exactly who's going to be the first one, but both of them are connected to Ormat. Once the pilot will operate we will need a period of a couple of months, maybe more, to see the performance of these pilots. I think it is going to be a bit different between Sage pilot and ours and SLB pilot. It's a different technology, the two of them.

謝謝你的問題。我想兩個試點都希望各自能發電約 2 到 4 兆瓦。依照鑽井時程與許可進度，這應該會在 2027 年發生。我無法確切說哪一個會先，但兩者都與 Ormat 有連結。一旦試點開始運轉，我們需要一段時間——幾個月，可能更久——來觀察這些試點的表現。我認為 Sage 的試點與我們以及 SLB 的試點之間會有些不同。兩者採用的是不同技術。

I think the duration of the pilot should be a bit different. As the pilot starts and we are in the geothermal area for many years. We're doing flow tests for hydrothermal, we are testing the subsurface. In reality, every day that we do a test we get information. There will be a point in time that we'll feel comfortable enough to release our first EGS project based on the pilot successful.

我認為試點的持續時間也會有所不同。當試點啟動時，我們已在該地熱區域耕耘多年。我們一直在做水熱的流量測試，也在測試地下地層。實際上，我們每天做測試都會獲得資訊。在某個時間點，我們會對試點成功有足夠信心，進而推出我們的第一個 EGS 專案。

Okay. Appreciate it. Then maybe just one on PPA pricing here. You signed, I think 270 megawatts so far in 2026. As you look through the balance of the year could you speak to the opportunity you have to sign additional PPAs for either new projects or recontracting existing assets? Then just any way to quantify the amount of megawatts in terms of capacity that could be eligible for the blend and extend strategy from here over the next several years here.

好的。感謝。那再問一個關於 PPA 定價的問題。我想你們到目前為止已在 2026 年簽了大約 270 兆瓦。展望今年剩餘時間，你們能否談談，針對新專案或既有資產續約，簽署更多 PPA 的機會？另外，是否能以兆瓦容量的角度量化一下，未來幾年有多少容量可能符合「blend and extend」策略？

New PPAs, a thing that we are discussing, and it is basically based on the way we are able to do our exploration. The Jersey Valley Solar and Storage Project that we just signed is basically us maximizing our interconnection that we already have in our assets. We have a couple of more assets with free interconnection that we are looking to see if we can duplicate the Jersey Valley Solar and Storage idea. Basically, building a solar and storage facility not far from a geothermal facility and utilizing the same interconnection.

新的 PPA 是我們正在討論的事項，基本上取決於我們能如何進行勘探。我們剛簽下的 Jersey Valley 太陽能與儲能專案，基本上是我們在既有資產上最大化已經具備的併網（interconnection）能力。我們還有幾個資產擁有閒置的併網容量，我們正在評估是否能複製 Jersey Valley 太陽能與儲能的做法。也就是在地熱設施附近建置太陽能與儲能設施，並使用同一個併網點。

It is something that we are checking today. I hope we'll have some more updates as the year progresses on these two options regarding blend and extend between 2031 and 2034. We have about 190 megawatts that come off contract. Their average PPA rate is in the mid-80s today. All of them are basically item that we are looking for a blend and extend. I don't know to say that we will have it in the next quarter or two since there is some duration. All of them we are speaking with the relevant off takers to see whether blend and extend concept works for them and for us, and at what price.

這是我們目前正在評估的事情。我希望隨著今年進展，我們能就 2031 到 2034 年間、關於 blend and extend 的這兩個選項提供更多更新。我們大約有 190 兆瓦將到期下合約。它們目前的平均 PPA 費率在 80 多美元的中段。這些基本上都是我們在尋求採用 blend and extend 的項目。我不敢說我們會在接下來一兩個季度就完成，因為需要一些時間。我們正與相關的承購方（off takers）逐一洽談，看看 blend and extend 的概念對他們與我們是否可行，以及價格會是多少。

Noah Kaye, Oppenheimer. Please go ahead.

Noah Kaye，Oppenheimer。請開始。

This is Andre Adams on for Noah. Just to go back to the OEC for EGS applications, could you give us a bit more detail on the kind of capacity ranges you're able to produce, efficiency gains from the larger size and how you see the TAM for the product evolving and when we might see initial orders for that product?

我是 Andre Adams，代替 Noah 發言。回到用於 EGS 申請的 OEC，能否請您提供更多細節：你們可提供的容量範圍大概是多少、較大機組尺寸帶來的效率提升，以及你們如何看待該產品的 TAM（總可服務市場）如何演進，還有我們何時可能看到該產品的初始訂單？

We're now in the final stages of design. I expect that in the next few weeks, we will come out to the market with information about the size of the turbine, which will be much bigger than what we have done so far. The specific number, we will come up in a few weeks. We will also try and in that an announcement explain how we see it being a much standardized power plant and by that allow us to have a lower cost. Regarding getting POs, we are in various negotiations with multiple EGS developers on potential projects, and the minute that we sign with one of them, we'll obviously announce and update the market.

我們目前已進入設計的最後階段。我預期在接下來幾週內，我們會向市場發布關於渦輪機尺寸的資訊，該尺寸將比我們迄今所做的要大得多。具體數字我們會在幾週內公布。我們也會嘗試在該公告中說明，我們如何將其打造為更標準化的電廠，並藉此降低成本。至於取得採購訂單（PO），我們正與多家 EGS 開發商就潛在專案進行各種談判；一旦我們與其中一家簽約，我們當然會公告並向市場更新。

Just as a follow-up, given the outperformance of storage and products in the first quarter, could you just give us a little bit of color on the cadence of those businesses for the balance of the year and why the company would be reiterating rather than raising guidance?

再追問一下，鑑於第一季儲能與產品業務表現超出預期，能否請您多分享一些：這些業務在今年剩餘期間的節奏（cadence）會如何，以及公司為何選擇重申而不是上調財測指引？

As you saw the margin achieving was around 59%. With that being said, the whole year we do expect anywhere from 35% to 40%. We usually do not increase, decrease or change the guidance during the main call. We usually do it during the August and the November call, and we decided to stick with that. We need to see where the emerging market will be for the remaining of the year, and then we would make that decision.

如你所見，毛利率達到約 59%。即便如此，全年我們仍預期大約在 35% 到 40% 的區間。我們通常不會在主要電話會議期間上調、下調或更改指引。我們通常會在 8 月與 11 月的電話會議中調整，而我們決定維持這個做法。我們需要觀察今年剩餘期間新興市場的走向，之後再做決定。

Chris Dendrinos, RBC Capital Markets.

RBC Capital Markets 的 Chris Dendrinos。

I guess maybe just to go back to EGS again, you talked about the opportunity at Dixie. I guess what I'm wondering is there additional opportunities to call it at your existing asset base to using EGS well to bring those back up to flush production if you've got extra transmission capacity or maybe capacity on the turbine? I'm just kind of wondering how amicable those, that existing acreage position is with heat in place or something like that. Thanks.

我想再回到 EGS。你們談到 Dixie 的機會。我想問的是，在你們現有資產基礎上，是否還有其他機會可以使用 EGS，把那些資產恢復到更飽滿的產量（flush production），例如你們有額外的輸電容量，或渦輪機還有容量？我只是想了解一下，那些既有的土地/礦權（acreage position）在「就地熱量」（heat in place）或類似條件方面的適配性如何。謝謝。

Okay. Thank you and welcome to join us. Dixie Meadows is one site that we located. We have another site that we believe has potential for EGS projects. Existing interconnection facilities today that we have and free interconnection are not big enough for EGS. EGS projects will be much, much bigger than what we see today. We are looking to see places that we do have enough new interconnection available to build EGS projects. We have some interconnection requests that we've already filed, some that we're working on to file. For EGS projects, we would need much larger interconnection agreements than what we have available today.

好的。謝謝，也歡迎加入我們。Dixie Meadows 是我們定位到的一個場址。我們還有另一個場址，我們認為也具備 EGS 專案的潛力。我們目前既有的併網設施，以及可用的併網容量，對 EGS 來說都不夠。EGS 專案的規模會比我們今天看到的大得多、非常多。我們正在尋找一些地點，在那裡我們有足夠的新併網容量可用，以建置 EGS 專案。我們已經提交了一些併網申請，還有一些正在準備提交。對於 EGS 專案，我們需要比目前可用的更大規模的併網協議。

Maybe as a follow-up here, I think you mentioned additional conversations with potential PPA customers. I think you mentioned data centers. Are you seeing an increase in interest from, call it the non-conventional utility customer outside of switching Google? Have they kind of come in and to the conversation here more recently? Thanks.

再追問一下，我想你提到與潛在 PPA 客戶有更多對話。我記得你提到資料中心。除了像 Google 這類之外，你是否看到來自非傳統公用事業客戶的興趣增加？他們最近是否更積極加入這些討論？謝謝。

Definitely. We have discussions with other hyperscalers on top of the names that you mentioned, that they are looking for renewable energy. As EGS will progress, I believe we'll get much, much more attention and ability to sign more PPAs and larger ones.

確實如此。除了你提到的那些名稱之外，我們也在與其他超大規模雲端業者（hyperscalers）洽談，他們正在尋找再生能源。隨著 EGS 推進，我相信我們會獲得更多、更多的關注，也更有能力簽下更多且更大規模的 PPA。

(Operator Instructions) Ben Kallo, Baird.

（接線員指示）Baird 的 Ben Kallo。

Congrats on the results. Just maybe going on EGS, I think that's the theme. The JV structure with SLB, could you just talk to us about if we advance a couple of years to where you have a commercial project, how you expect or think ownership of the power plant would work, is my first question.

恭喜本季成果。我想繼續談 EGS，我覺得這是今天的主題。關於與 SLB 的合資（JV）架構，能否談談：如果我們往前推進幾年、到了有商業化專案的階段，你們預期或認為電廠的所有權會如何安排？這是我的第一個問題。

Thanks, Ben. The pilot with SLB is designed to develop the EGS solution for the subsurface. The above surface is obviously utilizing the Ormat technology. Once the pilot is successful, we can develop a new EGS project either as part of Ormat, utilizing our knowledge and the expertise that we've gained from the joint venture, or alternatively, utilize the knowledge within the joint venture that will supply services to the new power plant that we will build. SLB, as you know, is a service provider. Ormat is a developer, owner, and operator of power plants, and we will both utilize our expertise.

謝謝，Ben。與 SLB 的試點專案旨在開發用於地下（subsurface）的 EGS 解決方案。地上部分（above surface）顯然會採用 Ormat 的技術。一旦試點成功，我們可以開發新的 EGS 專案：要麼作為 Ormat 的一部分，運用我們從合資中獲得的知識與專業；或者，運用合資內的知識，由合資為我們將建置的新電廠提供服務。如你所知，SLB 是服務供應商。Ormat 是電廠的開發商、所有者與營運商，我們雙方都會運用各自的專長。

Once the JV is successful, we will be buying subsurface services from the JV that SLB will be able to provide, and we will continue build the power plants and operate them and own them.

一旦合資成功，我們將向合資採購 SLB 能提供的地下服務，而我們將持續建置電廠、營運電廠並擁有電廠。

Great. My second question is just on, you're in a unique position with both geothermal and then, developing energy storage as well. I just wonder if that comes up or how much it comes up with hyperscalers, if there's an opportunity for adding storage with hyperscalers, independently or with geothermal. Thank you, guys.

很好。我的第二個問題是：你們同時擁有地熱與儲能開發，處於一個很獨特的位置。我想知道這在與超大規模雲端業者的對話中是否會被提及、以及提及的頻率；是否存在為 hyperscalers 增加儲能的機會，無論是獨立儲能或與地熱搭配。謝謝各位。

With hyperscalers, we haven't had discussions about bundling energy storage with geothermal since geothermal is a 24/7 facility. We have had discussions, and there are RFPs coming out from hyperscalers that are looking for energy storage facilities. We are participating in these tenders and discussing with different hyperscalers about building for them energy storage facilities, standalone energy storage facilities. Once there will be some kind of an agreement on any of these prospects, we will update the market.

就 hyperscalers 而言，我們尚未討論將儲能與地熱打包（bundling），因為地熱是 24/7 的設施。不過我們確實有進行討論，而且 hyperscalers 也陸續釋出尋求儲能設施的 RFP。我們正在參與這些招標，並與不同的 hyperscalers 討論為他們建置儲能設施，也就是獨立型（standalone）的儲能設施。一旦在任何一項潛在機會上達成某種協議，我們會向市場更新。

There are no further questions at this time. I will now turn the conference back over to Doron for closing remarks.

目前沒有進一步的提問。我現在把電話會議交回 Doron 作結語。

Thank you. Thank you all for joining us today. It was a very, very good quarter, for Ormat, and, we are looking to continue, this great year. Thank you.

謝謝。感謝各位今天加入我們。對 Ormat 而言，這是一個非常、非常好的季度，而我們希望能延續今年這個出色的表現。謝謝。