Ormat is a vertically integrated renewable energy company that develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy power plants globally, along with manufacturing equipment and operating battery energy storage systems. The company generates revenue primarily through long-term power purchase agreements with utilities and corporations for electricity production, with the majority of output from high-capacity-factor geothermal assets, supplemented by equipment sales and engineering services from its manufacturing division, and ancillary services and capacity contracts from its energy storage operations. The company serves investor-owned utilities, municipal utilities, data centers, and corporations across developed markets, with power output contracted under agreements typically denominated in USD or EUR and backed by investment-grade counterparties, while maintaining a diversified capital structure through project-level debt, green bonds, and corporate financing.