ORMAT TECHNOLOGIES, INC., 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Nov. 01, 2025
Entity Addresses [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-32347  
Registrant Name ORMAT TECHNOLOGIES, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0326081  
Entity Address, State or Province NV  
Entity Address, Address Line One 6884 Sierra Center Parkway,  
Entity Address, City or Town Reno,  
Entity Address, Postal Zip Code 89511-2210  
City Area Code 775  
Local Phone Number 356-9029  
Title of 12(b) Security Common Stock  
Trading Symbol ORA  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Year Focus 2025  
Entity Common Stock, Shares Outstanding   60,781,792
Central Index Key 0001296445  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Former Address    
Entity Addresses [Line Items]    
Entity Address, State or Province NV  
Entity Address, Address Line One 6140 Plumas Street  
Entity Address, City or Town Reno  
Entity Address, Postal Zip Code 89519-6075  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 79,555 $ 94,395
Restricted cash and cash equivalents (primarily related to VIEs) 126,182 111,377
Receivables:    
Trade less allowance for credit losses of $290 and $224, respectively (primarily related to VIEs) 150,066 164,050
Other 38,747 50,792
Inventories 44,604 38,092
Costs and estimated earnings in excess of billings on uncompleted contracts 23,127 29,243
Prepaid expenses and other 42,434 59,173
Total current assets 504,715 547,122
Investment in unconsolidated companies 160,369 144,585
Deposits and other (primarily related to VIEs) 119,873 75,383
Deferred income taxes 159,667 153,936
Property, plant and equipment, net ($3,364,152 and $3,271,248 related to VIEs, respectively) 3,590,567 3,501,886
Construction-in-process ($548,991 and $251,442 related to VIEs, respectively) 1,067,942 755,589
Operating leases right of use ($14,675 and $13,989 related to VIEs, respectively) 35,583 32,114
Finance leases right of use (none related to VIEs) 4,467 2,841
Intangible assets, net 281,804 301,745
Goodwill 167,871 151,023
Total assets 6,092,858 5,666,224
Current liabilities:    
Accounts payable and accrued expenses 190,079 234,334
Short term revolving credit lines with banks (full recourse) 35,000 0
Commercial paper (less deferred financing costs of $19 and $23, respectively) 99,981 99,977
Billings in excess of costs and estimated earnings on uncompleted contracts 32,681 23,091
Current portion of long-term debt:    
Limited and non-recourse (primarily related to VIEs) 79,313 70,262
Full recourse 201,843 161,313
Financing liability 9,749 4,093
Operating lease liabilities 4,310 3,633
Finance lease liabilities 1,881 1,375
Total current liabilities 654,837 598,078
Long-term debt, net of current portion:    
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $13,208 and $8,849, respectively) 664,321 578,204
Full recourse (less deferred financing costs of $4,359 and $4,671, respectively) 951,912 822,828
Convertible senior notes (less deferred financing costs of $4,774 and $6,820, respectively) 471,663 469,617
Financing liability 206,647 216,476
Operating lease liabilities 25,404 22,523
Finance lease liabilities 2,646 1,529
Liability associated with sale of tax benefits 195,364 152,292
Deferred income taxes 74,404 68,616
Liability for unrecognized tax benefits 7,125 6,272
Liabilities for severance pay 11,378 10,488
Asset retirement obligation 139,443 129,651
Other long-term liabilities 34,857 29,270
Total liabilities 3,440,001 3,105,844
Commitments and contingencies (Note 9)
Redeemable noncontrolling interest 9,904 9,448
The Company's stockholders' equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,781,792 and 60,500,580 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 61 61
Additional paid-in capital 1,649,718 1,635,245
Treasury stock, at cost (258,667 shares held as of September 30, 2025 and December 31, 2024, respectively) (17,964) (17,964)
Retained earnings 885,233 814,518
Accumulated other comprehensive income (loss) (7,251) (6,731)
Total stockholders' equity attributable to Company's stockholders 2,509,797 2,425,129
Noncontrolling interest 133,156 125,803
Total equity 2,642,953 2,550,932
Total liabilities, redeemable noncontrolling interest and equity $ 6,092,858 $ 5,666,224
v3.25.3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Trade allowance for credit losses $ 150,066 $ 164,050
Property, plant and equipment, net 3,590,567 3,501,886
Construction-in-process 1,067,942 755,589
Operating leases right of use 35,583 32,114
Finance leases right of use (none related to VIEs) 4,467 2,841
Commercial paper 99,981 99,977
Limited and non-recourse $ 664,321 $ 578,204
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, issued (in shares) 60,781,792 60,500,580
Common stock, outstanding (in shares) 60,781,792 60,500,580
Treasury stock, common (in shares) 258,667 258,667
Senior Unsecured Bonds    
Debt issuance costs, noncurrent, net $ 4,359 $ 4,671
Convertible senior note    
Debt issuance costs, noncurrent, net 4,774 6,820
Commercial Paper    
Commercial paper 19 23
Variable Interest Entity, Primary Beneficiary    
Property, plant and equipment, net 3,364,152 3,271,248
Construction-in-process 548,991 251,442
Operating leases right of use 14,675 13,989
Finance leases right of use (none related to VIEs) 0 0
Variable Interest Entity, Primary Beneficiary    
Trade allowance for credit losses 290 224
Limited and non-recourse $ 13,208 $ 8,849
v3.25.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 249,727 $ 211,784 $ 713,507 $ 648,913
Cost of revenues:        
Total cost of revenues 185,690 152,922 519,648 449,855
Gross profit 64,037 58,862 193,859 199,058
Operating expenses:        
Research and development expenses 1,284 1,816 5,265 5,110
Selling and marketing expenses 4,895 4,248 13,437 13,541
General and administrative expenses 20,174 22,973 57,869 60,536
Other operating income (3,125) (6,250) (10,519) (6,250)
Impairment of long-lived assets 0 323 0 1,280
Write-off of unsuccessful exploration and storage activities 377 77 1,144 1,456
Operating income 40,432 35,675 126,663 123,385
Other income (expense):        
Interest income 1,626 2,051 4,868 6,494
Interest expense, net (35,677) (34,822) (106,832) (99,506)
Derivatives and foreign currency transaction gains (losses) (891) 2,046 6,237 132
Income attributable to sale of tax benefits 14,356 19,760 48,178 53,034
Other non-operating income, net 124 22 422 122
Income from operations before income tax and equity in earnings of investees 19,970 24,732 79,536 83,661
Income tax (provision) benefit 4,283 1,193 13,544 4,518
Equity in earnings (losses) of investees 455 (1,624) 861 437
Net income 24,708 24,301 93,941 88,616
Net income attributable to noncontrolling interest (571) (2,219) (1,396) (5,704)
Net income attributable to the Company's stockholders 24,137 22,082 92,545 82,912
Comprehensive income:        
Net income 24,708 24,301 93,941 88,616
Other comprehensive income (loss), net of related taxes:        
Change in foreign currency translation adjustments (2,578) 4,914 7,730 2,485
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (263) (1,863) (1,373) (924)
Other changes in comprehensive income 10 11 33 36
Total other comprehensive income (loss), net of related taxes: (4,970) (1,988) 1,364 (2,974)
Comprehensive income 19,738 22,313 95,305 85,642
Comprehensive income attributable to noncontrolling interest (555) (3,071) (3,280) (5,992)
Comprehensive income attributable to the Company's stockholders $ 19,183 $ 19,242 $ 92,025 $ 79,650
Earnings per share attributable to the Company's stockholders:        
Earnings per share, basic (US Dollar per share) $ 0.40 $ 0.37 $ 1.53 $ 1.37
Earnings per share, diluted (US Dollar per share) $ 0.39 $ 0.36 $ 1.51 $ 1.37
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:        
Weighted average number of shares used in computation of basic earnings per share 60,749 60,480 60,666 60,439
Weighted average number of shares used in computation of diluted earnings per share 61,252 60,770 61,132 60,726
Cross-currency swap        
Other comprehensive income (loss), net of related taxes:        
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge $ (1,881) $ (2,649) $ (4,023) $ (3,277)
Interest rate swap        
Other comprehensive income (loss), net of related taxes:        
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge (258) (2,401) (1,003) (1,294)
Electricity        
Revenues:        
Total revenues 167,110 164,638 507,263 522,117
Cost of revenues:        
Total cost of revenues 124,588 114,941 365,657 342,186
Product        
Revenues:        
Total revenues 62,247 37,357 153,628 100,018
Cost of revenues:        
Total cost of revenues 48,766 30,166 116,568 83,982
Energy Storage        
Revenues:        
Total revenues 20,370 9,789 52,616 26,778
Cost of revenues:        
Total cost of revenues $ 12,336 $ 7,815 $ 37,423 $ 23,687
v3.25.3
Condensed Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cross currency swap
Interest rate swap
Total
Total
Cross currency swap
Total
Interest rate swap
Common Stock
Additional Paid-in Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cross currency swap
Accumulated Other Comprehensive Income (Loss)
Interest rate swap
Noncontrolling Interest
Balance (in shares) at Dec. 31, 2023             60,359              
Balance at the start of the period at Dec. 31, 2023 $ 2,440,987     $ 2,315,427     $ 60 $ 1,614,769 $ (17,964) $ 719,894 $ (1,332)     $ 125,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 4,769     4,769       4,769            
Exercise of stock-based awards by employees and directors (in shares) [1]             63              
Exercise of stock-based awards by employees and directors [1] 55     55       55            
Cash paid to noncontrolling interest (2,587)                         (2,587)
Cash dividend declared (7,243)     (7,243)           (7,243)        
Net income 40,511     38,587           38,587       1,924
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (2,163)     (1,701)             (1,701)     (462)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 510     510             510      
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge   $ 561 $ 1,066   $ 561 $ 1,066           $ 561 $ 1,066  
Other 53     53             53      
Balance (in shares) at Mar. 31, 2024             60,422              
Balance at the end of the period at Mar. 31, 2024 2,476,519     2,352,084     $ 60 1,619,593 (17,964) 751,238 (843)     124,435
Balance (in shares) at Dec. 31, 2023             60,359              
Balance at the start of the period at Dec. 31, 2023 2,440,987     2,315,427     $ 60 1,614,769 (17,964) 719,894 (1,332)     125,560
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments 2,485                          
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (924)                          
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge     (1,294)                      
Other 36                          
Balance (in shares) at Sep. 30, 2024             60,477              
Balance at the end of the period at Sep. 30, 2024 2,513,983     2,388,797     $ 61 1,630,335 (17,964) 780,959 (4,594)     125,186
Balance (in shares) at Mar. 31, 2024             60,422              
Balance at the start of the period at Mar. 31, 2024 2,476,519     2,352,084     $ 60 1,619,593 (17,964) 751,238 (843)     124,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 5,077     5,077       5,077            
Exercise of stock-based awards by employees and directors (in shares) [1]             31              
Exercise of stock-based awards by employees and directors [1] 94     94     $ 1 93            
Cash paid to noncontrolling interest (90)                         (90)
Cash dividend declared (7,344)     (7,344)           (7,344)        
Net income 24,020     22,243           22,243       1,777
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (266)     (164)             (164)     (102)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 429     429             429      
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge   (1,189) 41   (1,189) 41           (1,189) 41  
Other (28)     (28)             (28)      
Balance (in shares) at Jun. 30, 2024             60,453              
Balance at the end of the period at Jun. 30, 2024 2,497,263     2,371,243     $ 61 1,624,763 (17,964) 766,137 (1,754)     126,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 5,042     5,042       5,042            
Exercise of stock-based awards by employees and directors (in shares) [1]             24              
Exercise of stock-based awards by employees and directors [1] 0                          
Cash paid to noncontrolling interest (1,948)                         (1,948)
Cash dividend declared (7,260)     (7,260)           (7,260)        
Buyout of Class B membership in ORTP and OPAL (1,167)     530       530           (1,697)
Net income 24,041     22,082           22,082       1,959
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments 4,914     4,062             4,062     852
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (1,863)     (1,863)             (1,863)      
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge   (2,649) (2,401)   (2,649) (2,401)           (2,649) (2,401)  
Other 11     11             11      
Balance (in shares) at Sep. 30, 2024             60,477              
Balance at the end of the period at Sep. 30, 2024 2,513,983     2,388,797     $ 61 1,630,335 (17,964) 780,959 (4,594)     125,186
Balance (in shares) at Dec. 31, 2024             60,501              
Balance at the start of the period at Dec. 31, 2024 2,550,932     2,425,129     $ 61 1,635,245 (17,964) 814,518 (6,731)     125,803
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 4,911     4,911       4,911            
Exercise of stock-based awards by employees and directors (in shares) [1]             162              
Exercise of stock-based awards by employees and directors [1] 0                          
Cash paid to noncontrolling interest (2,767)                         (2,767)
Cash dividend declared (7,273)     (7,273)           (7,273)        
Net income 41,317     40,362           40,362       955
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments 2,761     2,183             2,183     578
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (896)     (896)             (896)      
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge   (3,466) (512)   (3,466) (512)           (3,466) (512)  
Other 12     12             12      
Balance (in shares) at Mar. 31, 2025             60,663              
Balance at the end of the period at Mar. 31, 2025 2,585,019     2,460,450     $ 61 1,640,156 (17,964) 847,607 (9,410)     124,569
Balance (in shares) at Dec. 31, 2024             60,501              
Balance at the start of the period at Dec. 31, 2024 2,550,932     2,425,129     $ 61 1,635,245 (17,964) 814,518 (6,731)     125,803
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments 7,730                          
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (1,373)                          
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge     (1,003)                      
Other 33                          
Balance (in shares) at Sep. 30, 2025             60,781              
Balance at the end of the period at Sep. 30, 2025 2,642,953     2,509,797     $ 61 1,649,718 (17,964) 885,233 (7,251)     133,156
Balance (in shares) at Mar. 31, 2025             60,663              
Balance at the start of the period at Mar. 31, 2025 2,585,019     2,460,450     $ 61 1,640,156 (17,964) 847,607 (9,410)     124,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 4,621     4,621       4,621            
Exercise of stock-based awards by employees and directors (in shares) [1]             60              
Exercise of stock-based awards by employees and directors [1] 0                          
Cash dividend declared (7,282)     (7,282)           (7,282)        
Increase in noncontrolling interest related to tax monetization transaction 276                         276
Net income 27,719     28,046           28,046       (327)
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments 7,547     6,225             6,225     1,322
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (214)     (214)             (214)      
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge   1,324 (233)   1,324 (233)           1,324 (233)  
Other 11     11             11      
Balance (in shares) at Jun. 30, 2025             60,723              
Balance at the end of the period at Jun. 30, 2025 2,618,788     2,492,948     $ 61 1,644,777 (17,964) 868,371 (2,297)     125,840
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 4,941     4,941       4,941            
Exercise of stock-based awards by employees and directors (in shares) [1]             58              
Exercise of stock-based awards by employees and directors [1] 0                          
Cash paid to noncontrolling interest (2,941)                         (2,941)
Cash dividend declared (7,275)     (7,275)           (7,275)        
Increase in noncontrolling interest related to tax monetization transaction 9,587                         9,587
Net income 24,823     24,137           24,137       686
Other comprehensive income (loss), net of related taxes:                            
Currency translation adjustments (2,578)     (2,562)             (2,562)     (16)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge (263)     (263)             (263)      
Change in unrealized gains or losses in respect of a cross-currency swap / interest rate swap derivative instrument that qualifies as a cash flow hedge   $ (1,881) $ (258)   $ (1,881) $ (258)           $ (1,881) $ (258)  
Other 10     10             10      
Balance (in shares) at Sep. 30, 2025             60,781              
Balance at the end of the period at Sep. 30, 2025 $ 2,642,953     $ 2,509,797     $ 61 $ 1,649,718 $ (17,964) $ 885,233 $ (7,251)     $ 133,156
[1] Resulted in an amount lower than $1,000.
v3.25.3
Condensed Consolidated Statements of Equity (Parentheticals) - $ / shares
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]            
Common stock, dividends, per share, declared (in dollars per share) $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12
v3.25.3
Condensed Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 93,941 $ 88,616
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 214,789 192,813
Accretion of asset retirement obligation 6,379 5,839
Stock-based compensation 14,474 14,887
Income attributable to sale of tax benefits, net of interest expense (20,612) (24,365)
Equity in earnings of investees (861) (437)
Mark-to-market of derivative instruments (1,206) 870
Disposal of property, plant and equipment (317) 63
Write-off of unsuccessful exploration and storage activities 1,144 1,456
Write-off of long-lived assets 0 1,280
Gain on severance pay fund asset (167) (43)
Gain on foreign currency exchange rates (8,139) (218)
Deferred income tax provision (22,036) (30,601)
Liability for unrecognized tax benefits 853 (813)
Changes in operating assets and liabilities, net of businesses acquired:    
Receivables 19,139 42,527
Costs and estimated earnings in excess of billings on uncompleted contracts 6,623 (12,978)
Long-term costs and estimated earnings in excess of billings on uncompleted contracts (40,063) (12,252)
Inventories (6,512) (2,371)
Prepaid expenses and other (1,535) (10,713)
Change in operating lease right of use asset 3,741 2,950
Deposits and other 2,527 (3,518)
Accounts payable and accrued expenses (34,734) 7,022
Billings in excess of costs and estimated earnings on uncompleted contracts 8,196 (8,664)
Liabilities for severance pay 890 (1,610)
Change in operating lease liabilities (3,656) (5,730)
Other long-term liabilities (2,796) 8,290
Net cash provided by operating activities 230,061 252,300
Cash flows from investing activities:    
Capital expenditures (474,693) (359,941)
Investment in unconsolidated companies (16,296) (1,815)
Buyout of Class B membership in Opal Geo 0 (9,800)
Cash paid for business acquisition, net of cash acquired (88,650) (274,632)
Decrease (increase) in severance pay fund asset, net of payments to retired employees (158) 1,073
Net cash used in investing activities (579,797) (645,115)
Cash flows from financing activities:    
Proceeds from long-term loans, net of transaction costs 444,580 442,639
Proceeds from exercise of options by employees 0 150
Proceeds from issuance of convertible notes, net of transaction costs 0 44,203
Proceeds related to tax monetization transactions 109,828 0
Proceeds from revolving credit lines with banks 1,448,500 134,500
Repayment of revolving credit lines with banks (1,413,500) (154,500)
Cash received from noncontrolling interest 10,276 12,251
Repayments of long-term debt (203,264) (164,616)
Cash paid to noncontrolling interest (7,388) (6,075)
Payments under finance lease obligations (1,284) (1,023)
Debt issuance costs (16,837) (3,652)
Cash dividends paid (21,830) (21,847)
Net cash provided by financing activities 349,081 282,030
Effect of exchange rate changes 620 (210)
Net change in cash and cash equivalents and restricted cash and cash equivalents (35) (110,995)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 205,772 287,770
Cash and cash equivalents and restricted cash and cash equivalents at end of period 205,737 176,775
Supplemental non-cash investing and financing activities:    
Change in accounts payable related to purchases of property, plant and equipment (11,197) (36,245)
Right of use assets obtained in exchange for new lease liabilities $ 7,789 $ 9,045
v3.25.3
GENERAL AND BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL AND BASIS OF PRESENTATION GENERAL AND BASIS OF PRESENTATION
These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated balance sheet as of September 30, 2025, the condensed consolidated statements of operations and comprehensive income, the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the periods presented.
The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not necessarily indicative of the results to be expected for the year. 
These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). The condensed consolidated balance sheet data as of December 31, 2024 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2024 but does not include all disclosures required by U.S. GAAP. 
Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000.
Mammoth Senior Secured Notes 2025 - Limited-Recourse
On September 18, 2025, a wholly-owned indirect subsidiary of the Company (the “Issuer”), entered into a note purchase agreement with certain noteholders under the management of Prudential Investment Management, Inc., pursuant to which the Issuer issued $23.4 million principal amount of senior secured notes (the “Mammoth Senior Secured Notes 2025” or “MSSN 2025”). The note purchase agreement also includes a $3.0 million tranche of floating rate notes to be issued in the event of a shortfall in debt service with respect to the MSSN 2025. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.75% per annum. If drawn, the revolving notes shall bear interest at a rate equal to Term SOFR+2.50%. The MSSN 2025 are secured by the equity interests in the Issuer, and by the Issuer’s 100% ownership interests in a wholly-owned holding subsidiary that owns project subsidiaries including four geothermal power plants known as the Mammoth G1, G2, G3 and Casa Diablo 4 (“CD4”) projects. The MSSN 2025 will be repaid in 15 semi-annual payments, commencing on July 7, 2027. The MSSN 2025 bear interest at a fixed rate of 6.95% per annum and have a final maturity date of July 15, 2034. The Company provided a limited guarantee with respect to certain obligations of the Issuer as a member of CD4 which was amended and restated to accommodate the Mammoth Senior Secured Notes 2025.
The MSSN 2025 contains various customary restrictive covenants under the MSSN 2025, including limitations on additional indebtedness of the Issuer and its subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by the Issuer. In addition, there are restrictions on the ability of the Issuer to make distributions to its shareholders. Among other things, the distribution restrictions include both a historical and projected minimum debt service coverage ratio requirement.
TOPP2 Power Plant in New Zealand
In August 2025, the Company received an option exercise notice (the “Notice”) from Eastland Generation Limited (“EGL”) pursuant to which EGL wishes to acquire the TOPP2 power plant in New Zealand pursuant to a previously signed option agreement between the Company and EGL (the “Parties”). The Company applied the guidance in Accounting Standard Codification 606 - Revenue from Contracts with Customers (“ASC 606”) to this transaction, under which several criteria must be met before a reporting entity can recognize revenue from contracts with customers. The Company concluded that as of September 30, 2025, not all required criteria for identifying a contract have been met, including but not limited to the Parties being required to sign and close on a sale agreement following the Notice. As a result, the Company did not record any revenues from this transaction in the third quarter of 2025.
Heber 1 and 2 Tax Monetization Transaction
On July 10, 2025, one of the Company’s wholly-owned subsidiaries that indirectly owns the Heber 1 and Heber 2 geothermal power plants entered into a partnership agreement with a private investor. Under the terms of the partnership agreement, the private investor acquired membership interests in the two Heber Geothermal power plants for an initial
purchase price of $77.1 million and for which it will pay additional installments that are expected to amount to $25.7 million. The Company continues to operate and maintain the power plants and will receive substantially all the distributable cash flow generated by the power plants, as described below.
Under the terms of the partnership agreement, prior to December 31, 2032 (the “Target Flip Date”), the Company’s wholly-owned subsidiary, Ormat Nevada Inc. (“Ormat Nevada”), receives substantially all of the distributable cash flow generated by the project, while the private investor receives substantially all of the tax attributes of the project. Following the later of the Target Flip Date and the date on which the private investor reaches its target return, Ormat Nevada will receive 95% of the distributable cash and taxable income, on a go-forward basis. In the event that the private investor will not reach its target return by the Target Flip Date, then for the period between the Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 75% of the distributable cash generated by the power plants and 99% of the tax attributes as long as the power plants are generating Production Tax Credits (“PTCs”).
On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the power plants again.
Geothermie Bouillante Loan - Limited-Recourse
On July 31, 2025, Geothermie Bouillante S.A. (“GB”), a subsidiary of the Company that owns and operates the geothermal power plant in Guadeloupe, in which the Company indirectly holds a 63.75% ownership interest, entered into loan agreements (the “GB Loan Agreements”) with a consortium of French banks, pursuant to which GB will borrow up to €99.8 million aggregate principal amount, in connection with GB’s geothermal project in Guadeloupe.
The loan (the “GB Loan”) is comprised of two tranches. One tranche of €33.5 million was drawn on August 14, 2025 to cover the refinancing of investment in the existing power plant. It bears interest of 3-month Euro Interbank Offered Rate (“EUROBOR”) plus 1.8%, and matures in 5 years. The base rate as of August 18, 2025 was 2.14%. The second tranche covers the construction of GB’s 10MW expansion project which is expected to be commissioned in 2026, bears interest of 3-month EUROBOR plus 2.0%, and matures in 21 years. The base rate as of August 14, 2025 was 2.68%. €42.5 million of the second tranche was drawn on August 18, 2025. The remainder of the GB Loan withdrawals are expected to occur during the fourth quarter of 2025 and the first half of 2026.
The GB Loan is secured by all of the assets of GB and by the ownership interests in GB. The GB Loan Agreements require GB to comply with certain covenants, including, among others, restrictions on the incurrence of indebtedness or liens, amendment or modification of material project documents, or the ability of GB to merge or consolidate with another entity. In addition, there are restrictions on the ability of GB to make distributions to its shareholders, which include a required historical and projected debt service cover ratio. The drawdowns are subject to typical conditions for draws, including, among others, verification of project costs, and compliance with certain gearing ratios.
GB Loan Interest Rate Swap
Concurrently with the issuance of the GB Loan, the Company entered into a long-term interest rate swap (the “IR Swap”) transaction with the objective of hedging the variable interest rate fluctuations related to the GB Loan. The first tranche was hedged at a fixed 3-month EUROBOR of 2.29%, and the second tranche was hedged at a 3-month EUROBOR of 2.83%. The Company designated the IR Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly measures the IR Swap instrument at fair value. The changes in the IR Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Interest Expense, Net in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the IR Swap effect in earnings are presented in the same line item in the consolidated statement of operations and comprehensive income.
Dominica Loan - Limited-Recourse
On June 23, 2025, one of the Company’s subsidiaries, Geothermal Power Company of Dominica (“GPCD”), entered into loan agreements (the “Dominica Loan Agreements”) with the Caribbean Development Bank (“CDB”) and Caricom Development Fund (“CDF”), (collectively, the “Lenders”) pursuant to which GPCD will borrow up to $49.8 million aggregate principal amount at an average interest rate of 2.4% (the “Dominica Loan”) in connection with GPCD’s 10MW Geothermal Project in Dominica.
On August 13, 2025, an aggregate principal amount of $37.6 million was drawn under the Dominica Loan, and the remainder is expected to be drawn during the remaining construction period. The proceeds are used to refinance the development and construction of the power plant, which were initially financed using equity.
The Dominica Loan is secured by all of the assets of GPCD. The GPCD Loan Agreements require GPCD to comply with certain covenants, including, among others, restrictions on the incurrence of indebtedness or liens, amendment or modification of material project documents, or the ability of GPCD to merge or consolidate with another entity. In addition, there are restrictions on the ability of GPCD to make distributions to its shareholders after the commercial operation of the power plant, which include a required historical and projected DSCR.
Blue Mountain Purchase Transaction
On June 18, 2025, the Company closed a purchase transaction with Cyrq Energy to acquire 100% ownership of the Blue Mountain geothermal power plant for a total consideration of $88.7 million (including customary post-closing working capital adjustments). The Blue Mountain power plant is a 20MW facility, located in Humboldt County, NV, under a Power Purchase Agreement (the “PPA”) with NV Energy that expires at the end of 2029.
As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the power plant through cost reduction, synergies and upgrades. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the power plant in accordance with ASC 810, Consolidation.
During the three and nine months ended September 30, 2025, the Company incurred $0.5 million and $1.2 million, respectively, of acquisition- related costs. Such costs are included under "General and administrative expenses" in the condensed consolidated statements of operations and comprehensive income for the respective periods. Accounting guidance provides that the allocation of the purchase price may be adjusted for up to one year from the date of the acquisition to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date.
The following table summarizes the preliminary purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$1.7 
Deferred income taxes5.3 
Property, plant and equipment and construction-in-process (2)
86.2 
Operating lease right-of-use
1.4 
Total assets acquired$94.6 
Accounts payable, accrued expenses and others$0.3 
Long-term operating lease liabilities
1.2
Other long-term liability (3)
16.8
Asset retirement obligation3.7
Total liabilities assumed$22.0 
Total assets acquired, and liabilities assumed, net$72.6 
Goodwill (4)
$16.1 
(1) The gross amount of trade receivables was collected subsequent to the acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Other long-term liability is related to the long-term electricity PPA described above, and is amortized over the term of the PPA. The fair value of the long-term liability represents a PPA price that is relatively lower than the related prevailing market price, and was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future enhancements to the geothermal assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
During the three months ended September 30, 2025, the acquired power plant contributed $2.9 million to the Company’s Electricity revenues, and $1.9 million to the Company's earnings which were included in the Company's consolidated statements of operations and comprehensive income for that period.
During the nine months ended September 30, 2025, the acquired power plant contributed $3.3 million to the Company’s Electricity revenues, and $2.1 million to the Company's earnings which were included in the Company's consolidated statements of operations and comprehensive income for that period. Pro forma information is not provided as the Company deemed this information to be immaterial.
Hybrid Tax Equity Partnership
On May 20, 2025, the Company entered into a partnership agreement with a private investor under which the private investor acquired indirect membership interests in the Lower Rio and Arrowleaf storage facilities (the “Project Facilities”) for total estimated consideration of $62.0 million, of which $32.7 million was paid during the second and third quarters of 2025. The remainder of the total consideration will be paid upon the achievement of the substantial completion milestone of the Arrowleaf storage facility. Such milestone is expected to be reached during the fourth quarter of 2025. Following the transaction, the Company continues to operate and maintain the Project Facilities.
Under the transaction agreements, prior to reaching the flip date, which was defined as the later of the date on which the private investor reaches its target return, and the end of the Investment Tax Credits (“ITCs”) recapture period (the “Flip Date”), the private investor receives substantially all of the distributable cash flow generated by the Project Facilities, and substantially all of the tax attributes of the Project Facilities. Following the Flip Date, the Company will receive substantially all of the distributable cash and taxable income, on a go-forward basis.
Following the Flip Date, but no later than May 19, 2033, the Company has the option to purchase the private investor’s interests at the greater of (i) the fair market value of the post-flip residual interest, (ii) five percent of the aggregate capital contributions of the private investor, (iii) the fair market value of the Class A units and (iv) the private investor’s book value investment. If the Company exercises this purchase option, it will become the sole owner of the storage facilities again.
As further described below under the caption “Transferable Production and Investment Tax Credits”, the Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income, and therefore, proceeds allocated to ITCs were included in the “Income tax (provision) benefit” line. Proceeds allocated to other tax attributes, will be included under “Income attributable to the sale of tax benefits” line in the consolidated statement of operations and comprehensive income. The private investor’s contribution of $32.7 million was primarily related to ITC benefits, and thus recorded against the related deferred tax asset. Contributions related to other tax attributes will be recorded to the liability associated with sales of tax benefits on the condensed consolidated balance sheets.
Discount 2025 II Loan
On May 14, 2025, the Company entered into a definitive loan agreement (the “Discount 2025 II Loan Agreement”) with Discount Bank. The Discount 2025 II Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $50.0 million (the “Discount 2025 II Loan”). The outstanding principal amount of the Discount 2025 II Loan will be repaid in 32 quarterly payments of $1.6 million each, commencing on August 22, 2025. The duration of the Discount 2025 II Loan is 8 years and it bears interest of 3-month SOFR+2.40%, payable every three months. The Discount 2025 II Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt-to-adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million and (iii) an equity capital to total assets ratio of not less than 25%. The Discount 2025 II Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
Hapoalim 2025 Loan
On March 31, 2025, the Company entered into a definitive loan agreement (the “Hapoalim Loan Agreement 2025”) with Bank Hapoalim B.M. The Hapoalim Loan Agreement 2025 provides for a loan by Bank Hapoalim B.M. to the Company in an aggregate principal amount of $100.0 million (the “Hapoalim 2025 Loan”). On June 30, 2025, the Company amended and restated the Hapoalim Loan Agreement 2025 in order to increase the original principal amount of the Hapoalim 2025 Loan by an additional aggregated principal amount of $50 million (the “Amended Hapoalim 2025 Loan”). The outstanding principal amount of the Amended Hapoalim 2025 Loan will be repaid in 31 quarterly payments of $4.74 million each, commencing on September 30, 2025. The duration of the Amended Hapoalim 2025 Loan is 8 years and it bears interest of 3-month SOFR+2.45%, payable every three months. The Amended Hapoalim 2025 Loan agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million and (iii) an equity capital to total assets ratio of not
less than 25%. The amended Hapoalim 2025 Loan agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
Discount 2025 Loan
On March 27, 2025, the Company entered into a definitive loan agreement (the “Discount Loan Agreement 2025”) with Discount Bank. The Discount Loan Agreement 2025 provides for a loan by Discount Bank to the Company in an aggregate principal amount of $50.0 million (the “Discount 2025 Loan”). The outstanding principal amount of the Discount 2025 Loan will be repaid in 32 quarterly payments of $1.6 million each, commencing on May 22, 2025. The duration of the Discount 2025 Loan is 8 years and it bears interest of 3-month SOFR+2.40%, payable every three months. The Discount Loan Agreement 2025 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Discount Loan Agreement 2025 includes other customary affirmative and negative covenants, including payment and covenant events of default.
Mizrahi 2025 Loan
On February 2, 2025, the Company entered into a definitive loan agreement (the “Mizrahi Loan Agreement 2025”) with Mizrahi Bank. The Mizrahi Loan Agreement 2025 provides for a loan by Mizrahi Bank to the Company in an aggregate principal amount of $50.0 million (the “Mizrahi 2025 Loan”). The outstanding principal amount of the Mizrahi 2025 Loan will be repaid in 16 semi-annual payments of $3.1 million each, commencing on October 15, 2025. The duration of the Mizrahi 2025 Loan is 8 years and it bears interest of 6-month SOFR+2.35%, payable every six months. The Mizrahi Loan Agreement 2025 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Mizrahi Loan Agreement 2025 includes other customary affirmative and negative covenants, including payment and covenant events of default.
Settlement Agreement
As previously disclosed, on August 1, 2024, the Company entered into a settlement agreement, effective April 2024, (the “Agreement”) with a third-party battery systems supplier (the “Supplier”). Under the Agreement, the Supplier paid to the Company $35.0 million as a recovery of damages, such as significant loss of potential profit due to project delays, as well as additional costs incurred by the Company, related to locating and purchasing substitute battery solutions from alternative vendors (the “Recovery of Damages”), to settle the dispute. On August 16, 2024, the Company received the Recovery of Damages payment contingent upon certain conditions which the Company expects to be met, on a pro-rata basis, during the period until March 31, 2026. The Company accounted for the Recovery of Damages amount under the guidance of ASC 450, Contingencies, and ASC 705, Cost of Sales and Services, and as a result, deemed $25.0 million as a recovery of damages, which is recognized as income once contingency conditions are met, and $10.0 million as a reduction to the cost of battery systems to be purchased under the Agreement. During the three and nine months ended September 30, 2025, the Company recognized income of $2.0 million, and $9.4 million, respectively, and during the three and nine months ended September 30, 2024, the Company recognized income of $6.3 million for both periods. Such income was recorded under “Other operating income” in the consolidated statements of operations and comprehensive income. These amounts represent the non-refundable portion of the recovery of damages for which contingency conditions have been met.
War in Israel
Starting October 7, 2023, Israel has been engaged in a complex multifront war in the Middle East. An agreement for a ceasefire in Gaza was reached in October 2025, conditioned on the parties meeting certain ongoing requirements. As of the date of these consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. Management continuously monitors the effect of the war on the Company's financial position and results of operations. For more information, see Note 1 to the consolidated financial statements in the Company’s 2024 Annual Report.
Write-offs of Unsuccessful Exploration and Storage Activities
 The write-off of unsuccessful exploration and storage activities for the three and nine months ended September 30, 2025 of $0.4 million, and $1.1 million, respectively, are related to a number of storage projects that the Company decided to no longer pursue. The write-off of unsuccessful exploration and storage activities for the three and nine months ended September 30, 2024 of $0.1 million, and $1.5 million, respectively, is related to geothermal exploration projects that the Company decided to no longer pursue.
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
 The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:
September 30,December 31,
20252024
(Dollars in thousands)
Cash and cash equivalents
$79,555 $94,395 
Restricted cash and cash equivalents
126,182 111,377 
Total cash and cash equivalents and restricted cash and cash equivalents
$205,737 $205,772 
Concentration of Credit Risk
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments and accounts receivable.
Cash investments:
The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2025 and December 31, 2024, the Company had deposits totaling $39.3 million and $31.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2025 and December 31, 2024, the Company’s deposits in foreign countries amounted to $66.1 million and $73.9 million, respectively.
Account receivables:
At September 30, 2025 and December 31, 2024, account receivables related to operations in foreign countries amounted to $99.8 million, and $105.2 million, respectively. At September 30, 2025 and December 31, 2024, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to 56% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of September 30, 2025 and December 31, 2024 is $81.3 million, and $99.7 million, respectively.
 The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Southern California Public Power Authority (“SCPPA”)15.1 %17.9 %17.9 %20.9 %
Sierra Pacific Power Company and Nevada Power Company12.1 13.5 13.7 15.0 
Kenya Power and Lighting Co. Ltd. ("KPLC")11.9 13.5 12.1 12.9 
 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2025, the amount overdue from KPLC in Kenya was $36.3 million of which $11.0 million was paid in October of 2025. The Company believes it will be able to collect all past due amounts from KPLC. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).
In Honduras, as of September 30, 2025, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $16.0 million, of which $1.0 million was paid in October of 2025. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts from ENEE.
Allowance for Credit Losses
The following table describes the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024 (all related to trade receivables):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$275 $200 $224 $90 
Change in the provision for expected credit losses for the period15 10 67 120 
Ending balance of the allowance for expected credit losses$290 $210 $290 $210 
Revenues from Contracts with Customers
 Contract assets related to the Company’s Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2025 and December 31, 2024 are as follows:
September 30,December 31,
20252024
(Dollars in thousands)
Contract assets (*) $23,127 $29,243 
Contract liabilities (*) $(32,681)$(23,091)
(*) Contract assets and contract liabilities are presented as “Costs and estimated earnings in excess of billings on uncompleted contracts” and “Billings in excess of costs and estimated earnings on uncompleted contracts”, respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the nine months ended September 30, 2025 as a result of performance obligations having been fully satisfied as of September 30, 2025, except for certain immaterial amounts. Additionally, as of September 30, 2025 and December 31, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $66.1 million and $26.0 million, respectively, are included under “Deposits and other” in the condensed consolidated balance sheets, and not under the contract assets and contract liabilities above, due their long-term nature.
On September 30, 2025, the Company had approximately $208.3 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.
Disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2025, and 2024 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements.
Leases in which the Company is a Lessor
The table below presents lease income recognized as a lessor:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Lease income relating to lease payments from operating leases$143,109 $131,441 $417,820 $407,962 
Derivative Instruments 
The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
Transferable Production and Investment Tax Credits
The Inflation Reduction Act (“IRA”) that was signed into law in August 2022, introduced a transferability provision for certain tax credits related to the clean production of energy. The recent enactment of the One Big Beautiful Bill (“OBBB” or “OBBBA”) continues to allow the transfer of certain clean energy tax credits. Under the OBBB act, a reporting entity can monetize such credits through sale to a third party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects, which are not currently part of a tax monetization transaction, generate eligible tax credits, such as ITCs and PTCs, that are eligible to be transferred to a third-party under the provisions of the OBBB. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the condensed consolidated statement of operations and comprehensive income. PTCs are accounted similarly to refundable or direct-pay credits outside of the “Income tax (provision) benefit” line with income recognized in the “Income attributable to sale of tax benefits” line in the condensed consolidated statement of operations and comprehensive income. Income recognized related to the expected sale of such transferable PTCs during the three and nine months ended September 30, 2025, was $2.7 million and $16.0 million, respectively, net of discount, and $7.1 million, and $15.1 million, respectively, net of discount, for the three and nine months ended September 30, 2024. Tax benefits recognized under Income tax (provision) benefit related to transferable ITCs during the three and nine months ended September 30, 2025, was $9.6 million and $33.8 million, respectively, net of discount, and $9.6 million, and $27.3 million, respectively, net of discount, for the three and nine months ended September 30, 2024.
v3.25.3
NEW ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS NEW ACCOUNTING PRONOUNCEMENTS
New Accounting Pronouncements Effective in the Nine Months Ended September 30, 2025
None.
New Accounting Pronouncements Effective in Future Periods
Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract
In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)” to address concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments in this ASU expand the scope exception for application of derivative accounting for certain contracts not traded on an exchange to include contracts for which settlement is based on operations or activities specific to one of the parties to the contract. The amendments in this ASU also clarify that an entity should apply the guidance in Topic 606 to a contract with share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU may be applied prospectively or on a modified retrospective basis. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Measurement of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments – Credit Losses (Topic 326)” to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. Under the current accounting guidance, an entity estimates expected credit losses based on relevant information about past events, current economic conditions, and reasonable and supportable forecasts of future economic conditions that affect the collectability of the reported amounts. The amendments in this ASU introduce a practical expedient that allows all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of ASU 2025-05 will not have a material impact on its consolidated financial statements.
Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
In May 2025, the FASB issued ASU 2025-03 “Business Combinations (Topic 805) and Consolidation (Topic 810)” to modify the Topic 805 framework for identifying the accounting acquirer in certain business combinations when the legal acquiree is a variable interest entity (“VIE”). Under current accounting guidance, when a VIE is acquired, the primary beneficiary (i.e., the entity that consolidates the VIE) is the accounting acquirer. The amendments in this ASU revise current guidance to: (1) limit situations in which entities must identify the primary beneficiary as the accounting acquirer in certain business combinations, and (2) require that when a business combination involving a VIE is primarily effected through exchanging equity interests, entities must consider the general factors in Topic 805 to determine which entity is the accounting acquirer. This ASU is effective for annual and interim reporting periods beginning after December 15, 2026. This ASU should be applied prospectively to any acquisition transaction that occurs after the initial application date. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2025-03 will not have a material impact on its consolidated financial statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is near completion of the evaluation of the impact of ASU 2023-09, and plans to implement these amendments in its 2025 consolidated annual financial statements.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosure about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU require disclosure of the following items in the notes to the financial statements at each interim and annual reporting date:
1The amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contain any of the expense categories listed in (a) through (e).
2A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
3The total amount of selling expenses recognized in continuing operations, and the entity’s definition of selling expenses.
The amendments of this ASU also require that an entity include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of the ASU or (2) retrospectively to any or all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04 “Debt – Debt with Conversion and Other Options (Subtopic 470-20)” to improve the relevance and consistency in application of induced conversion guidance. The amendments in this ASU clarify the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible
debt when changes are made to conversion features as part of an offer to settle the instrument. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU can be adopted either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2024-04 will not have a material impact on its consolidated financial statements.
v3.25.3
INVENTORIES
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consist of the following:
September 30,December 31,
20252024
(Dollars in thousands)
Raw materials and purchased parts for assembly $24,724 $20,575 
Self-manufactured assembly parts and finished products 19,880 17,517 
Total inventories $44,604 $38,092 
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value measurement guidance clarifies that fair value is an exit price, representing the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the fair value measurement guidance are described below: 
Level 1 — unadjusted observable inputs that reflect quoted prices for identical assets or liabilities in active markets; 
Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; 
Level 3 — unobservable inputs.
The following table sets forth certain fair value information at September 30, 2025 and December 31, 2024 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.
September 30, 2025
Fair Value
Carrying Value at September 30, 2025TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$45,002 $45,002 $45,002 $— $— 
Derivatives: cross-currency swap (1)
288 288 — 288 — 
Derivatives: currency forward contracts (2)
1,757 1,757 — 1,757 — 
Long-term assets:
Derivatives: cross-currency swap (1)
4,070 4,070 — 4,070 — 
Derivatives: interest rate swap (3)
677 677 — 677 — 
Liabilities:
Current liabilities:
Derivatives: interest rate swap (3)
(1,043)(1,043)— (1,043)— 
Long term liabilities:
Derivatives: interest rate swap (3)
(536)(536)— (536)— 
$50,215 $50,215 $45,002 $5,213 $— 
 
December 31, 2024
Fair Value
Carrying Value at December 31, 2024
TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$52,031 $52,031 $52,031 $— $— 
Derivatives: interest rate swap (3)
180 180 — 180 — 
Derivatives: currency forward contracts (2)
550 550 — 550 — 
Liabilities:
Current liabilities:
Derivatives: cross-currency swap (1)
(3,500)(3,500)— (3,500)— 
Long-term liabilities:
Derivatives: cross-currency swap (1)
(6,653)(6,653)— (6,653)— 
$42,607 $42,607 $52,031 $(9,424)$— 
1.These amounts relate to cross-currency swap contracts valued primarily based on the present value of the cross-currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of September 30, 2025 and December 31, 2024, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the consolidated balance sheets on September 30, 2025 and December
31, 2024. There were no cash collateral deposits as of September 30, 2025. Cash collateral deposits in the amount of $9.7 million as of December 31, 2024, are presented under “Receivables, other” in the consolidated balance sheets.
2.These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the consolidated balance sheets on September 30, 2025 and December 31, 2024, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
3.This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR and EUROBOR prices, based on USD and Euro zero yield curves as of September 30, 2025 and December 31, 2024. These amounts are included within “Receivables, other”, “Deposits and other”, “Accounts payable and accrued expenses”, or “Other long-term liabilities”, as applicable, in the consolidated balance sheets on September 30, 2025.

The following table presents the amounts of gain (loss) recognized in the condensed consolidated statements of operations and comprehensive income on derivative instruments:
Amount of recognized gain (loss)Amount of recognized gain (loss)
Derivative instruments
Location of recognized gain (loss)Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Derivatives not designated as hedging instruments
Currency forward contracts (1)
(a)
$399 $735 $4,092 $222 
Derivatives designated as cash flow hedging instruments
Cross-currency swap (2)
(a)
$3,552 $2,460 $18,535 $(2,903)
Interest rate swap (2)
(b)
$27 $412 229 1,302 
Total
$3,579 $2,872 $18,764 $(1,601)
(a) Derivatives and foreign currency transaction gains (losses)
(b) Interest expense, net
1.The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
2. The foregoing cross-currency and interest rate swap transactions were designated as a cash flow hedging instruments. The changes in the cross-currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The changes in the interest rate swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2025 and 2024.
 The following table presents the effect of derivative instruments designated as cash flow hedges on the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2025, and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period
$(2,204)$162 $684 $(318)
Gain or (loss) recognized in Other comprehensive income (loss):
Cross-currency swap
1,670 (189)14,511 (6,179)
Interest rate swap
(231)(1,989)(774)8 
Amounts reclassified from Other comprehensive income (loss) into earnings:
Cross-currency swap
(3,552)(2,460)(18,535)2,903 
Interest rate swap
(27)(412)(229)(1,302)
Balance in Accumulated other comprehensive income (loss) end of period$(4,343)$(4,889)$(4,343)$(4,889)
The estimated net amount of existing gain (loss) that is reported in “Accumulated other comprehensive income (loss)” as of September 30, 2025 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.
The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: 
Fair Value
Fair Value
Carrying Amount (*)
 Hierarchy Level
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
(Dollars in millions)(Dollars in millions)
Limited and non-recourse loans: fixed rate
3
$747.8 $636.5 $757.0 $657.3 
Full recourse loans:
Fixed-rate
3
822.1 920.4 826.8 940.4 
Variable-rate
3
341.3 48.5 331.2 48.4 
Financing liability: fixed-rate
3
217.7 223.4 216.4 220.6 
Convertible senior note
2
576.3 471.2 476.4 476.4 
 (*) The carrying amount value of the loans excludes the related deferred financing costs.
The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology, and utilizes assumptions of current borrowing rates, except for the fair value of the Convertible senior notes for which the fair value was estimated based on a quoted bid price of the notes in an over-the-counter market on the last trading day of the reporting period. A hypothetical change in the quoted bid price will result in a corresponding change in the estimated fair value of these notes. The carrying value of the deposits of $13.2 million, the short term revolving credit lines with banks of $35.0 million, and the commercial paper of $100.0 million, approximate their fair value. Future changes to the interest rate may have a direct impact on the fair value of the Company's long-term debt.
v3.25.3
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
In March 2025, the Company granted certain members of its management and employees an aggregate of 210,961 restricted stock units ("RSUs") and 45,190 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 3 years from the grant date.
The fair value of each RSU and PSU on the grant date was $68.9 and $70.9, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model, and the Monte Carlo simulation, based on the following assumptions:
Risk-free interest rates3.95%—4.08%
Expected life (in years)1—3
Dividend yield0.69%
Expected volatility (weighted average)27.0%—31.0%
 
There were no other significant grants that were made by the Company during the nine months ended September 30, 2025.
v3.25.3
INTEREST EXPENSE, NET
 9 Months Ended
Sep. 30, 2025
Interest Expense, Operating and Nonoperating [Abstract]  
INTEREST EXPENSE, NET INTEREST EXPENSE, NET
The components of interest expense are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Interest related to sale of tax benefits $5,330 $5,119 $12,828 $14,358 
Interest expense 39,593 33,461 111,310 96,206 
Less — amount capitalized (9,246)(3,758)(17,306)(11,058)
Total interest expense, net$35,677 $34,822 $106,832 $99,506 
v3.25.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share attributable to the Company’s stockholders is computed by dividing net income or loss attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period. The Company does not have any equity instruments that are dilutive, except for employee stock-based awards and convertible senior notes (the “Notes”). 
The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Weighted average number of shares used in computation of basic earnings per share
60,749 60,480 60,666 60,439 
Additional shares from the assumed exercise of employee stock awards 503 290 466 287 
Weighted average number of shares used in computation of diluted earnings per share 61,252 60,770 61,132 60,726 
 
The number of stock-based awards that could potentially dilute future earnings per share and that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 0.5 thousand, and 29.5 thousand for the three months ended September 30, 2025 and 2024, respectively, and 7.9 thousand, and 42.3 thousand, for the nine months ended September 30, 2025 and 2024, respectively.
As per ASU 2020-06, the if-converted method is required for calculating any potential dilutive effect from convertible instruments. For the three and nine months ended September 30, 2025, the average price of the Company's common stock did not exceed the per share conversion price of the Notes of $90.27, and other requirements for the Notes to be convertible were not met and as such, there was no dilutive effect from the Notes in respect with the aforementioned periods.
v3.25.3
BUSINESS SEGMENTS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets.
•Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sells the electricity generated by those power plants.
•Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants.
•Under the Energy Storage segment, the Company owns and operates grid connected In-Front-of-the-Meter battery energy storage systems ("BESS"), which provide capacity, energy and/or ancillary services directly to the electric grid.
The accounting policies of the segments are the same as those described under Note 1 to the condensed consolidated financial statements. Transfer prices between the segments were determined on current market values or cost plus markup of the seller’s segment. The Company’s Chief Operating Decision Maker (“CODM”) is comprised of its CEO and CFO. To evaluate segment performance and allocate the Company’s resources, the CODM uses segment measures of gross profit and operating income. The CODM reviews budget-to-actual variances of both profit measures on a monthly basis when making decisions about allocation of the Company’s resources to the segments. 
Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers as required by ASC 606, Revenue from Contracts with Customers (“ASC 606”). Total consolidated revenues, gross profit (loss) and operating income (loss) of the Company’s business segments exclude intersegment revenues, gross profit (loss) and operating income (loss) as these activities are eliminated in consolidation and are not included in CODM’s evaluation of performance of each segment.
ElectricityProductEnergy StorageConsolidated
(Dollars in thousands)
Three Months Ended September 30, 2025:
Revenues from external customers:
United States (1)
$118,391 $3,021 $20,370 $141,782 
Foreign (2)
48,719 59,226 — 107,945 
Net revenue from external customers 167,110 62,247 20,370 249,727 
Less:
Depreciation and amortization expenses (3)
60,140 2,661 7,467 70,269 
Other cost of revenues expenses (4)
64,448 46,105 4,869 115,421 
Segment gross profit (loss)
42,522 13,481 8,034 64,037 
Less:
Segment operating expenses (income) (5)
17,340 6,492 (227)23,605 
Segment operating income
$25,182 $6,989 $8,261 $40,432 
Total depreciation and amortization expense (6)
$64,506 $3,006 $7,469 $74,981 
Segment assets at period end (7) (*)
5,262,660 245,858 584,340 6,092,858 
Expenditures for long-lived assets110,793 4,089 32,385 147,267 
* Including unconsolidated investments 160,369 — — 160,369 
Three Months Ended September 30, 2024:
Revenues from external customers:
United States (1)
$116,914 $3,202 $9,789 $129,905 
Foreign (2)
47,724 34,155 — 81,879 
Net revenue from external customers 164,638 37,357 9,789 211,784 
Less:
Depreciation and amortization expenses (3)
55,675 2,745 4,885 63,305 
Other cost of revenues expenses (4)
59,266 27,421 2,930 89,617 
Segment gross profit (loss)49,697 7,191 1,974 58,862 
Less:
Segment operating expenses (5)
18,720 4,157 310 23,187 
Segment operating income (loss)$30,977 $3,034 $1,664 $35,675 
Total depreciation and amortization expense (6)
$58,704 $3,100 $4,858 $66,661 
Segment assets at period end (7) (*)
5,001,907 189,824 398,610 5,590,341 
Expenditures for long-lived assets101,895 1,940 5,881 109,716 
* Including unconsolidated investments126,767 — — 126,767 
Nine Months Ended September 30, 2025:
Revenues from external customers:
United States (1)
$364,021 $9,783 $52,616 $426,420 
Foreign (2)
143,242 143,845 — 287,087 
Net revenue from external customers 507,263 153,628 52,616 713,507 
Less:
Depreciation and amortization expense (3)
175,117 7,864 21,390 204,371 
Other cost of revenues expenses (4)
190,540 108,704 16,033 315,277 
Segment gross profit (loss)
141,606 37,060 15,193 193,859 
Less:
Segment operating expenses (income) (5)
53,610 16,235 (2,649)67,196 
Segment operating income
87,996 20,825 17,842 126,663 
Total depreciation and amortization expenses (6)
184,427 8,855 21,506 214,789 
Segment assets at period end (7) (*)
5,262,660 245,858 584,340 6,092,858 
Expenditures for long-lived assets316,548 7,098 151,047 474,693 
* Including unconsolidated investments 160,369 — — 160,369 
Nine Months Ended September 30, 2024:
Revenues from external customers:
United States (1)
$380,424 $5,693 $26,778 $412,895 
Foreign (2)
141,693 94,325 — 236,018 
Net revenue from external customers 522,117 100,018 26,778 648,913 
Less
Depreciation and amortization expense (3)
160,691 7,775 14,120 182,586 
Other cost of revenues expenses (4)
181,495 76,207 9,567 267,269 
Segment gross profit (loss)179,931 16,036 3,091 199,058 
Less:
Segment operating expenses (income) (5)
60,859 11,134 3,680 75,673 
Segment operating income (loss)
119,072 4,902 (589)123,385 
Total depreciation and amortization expenses (6)
170,009 8,753 14,051 192,813 
Segment assets at period end (7) (*)
5,001,907 189,824 398,610 5,590,341 
Expenditures for long-lived assets300,925 4,952 54,064 359,941 
* Including unconsolidated investments 126,767 — — 126,767 
(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $32.3 million and $103.9 million, in the three and nine months ended September 30, 2025, respectively, and $33.9 million and $116.2 million, in the three and nine months ended September 30, 2024, respectively, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, except for Energy Storage revenues of $8.3 million and $14.4 million, for the three and nine months ended September 30, 2025, respectively, and $0.7 million and $2.1 million, for the three and nine months ended September 30, 2024, respectively, that are accounted for under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
(3)Depreciation and amortization expense amounts align with the segment-level information that is regularly provided to the CODM, and do not include intersegment transactions. Depreciation and amortization expenses included in the segment measure of gross profit are related to the specific tangible and intangible assets associated with each of the reportable segments.
(4)Other cost of revenues expenses for each reportable segment include:
Electricity: primarily cost of manpower, utilities, repair and maintenance, royalties, and property taxes.
Products: primarily cost of raw materials and finished goods used in manufacturing, manpower, transportation, and third-party subcontractors.
Energy Storage: primarily cost of manpower, utilities, and insurance.
(5)Segment operating expenses include research and development expenses, selling and marketing expenses, and general and administrative expenses such as manpower, depreciation and amortization, legal and professional services. Such expenses do not include intersegment transactions. Segment operating expenses related to the Energy Storage segment are directly related to this segment. Segment operating expenses related to the Electricity and Product segments are allocated between these two segments based on their weighted contribution to revenues, except for certain specific expenses or gains that are specifically allocated to one of these segments, as applicable, such as impairment of long-lived assets, write-off of unsuccessful exploration activities, and other operating income.
(6)Total depreciation and amortization expenses for each segment are related to the specific tangible and intangible assets associated with the respective reportable segment.
(7)Electricity segment assets include goodwill in the amount of $163.2 million, and $146.7 million as of September 30, 2025 and 2024, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million, and $4.6 million as of September 30, 2025 and 2024, respectively. No goodwill is included in the Product segment assets as of September 30, 2025 and 2024.
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit (loss)
$64,037 $58,862 $193,859 $199,058 
Less operating expenses:
Research and development expenses
1,284 1,816 5,265 5,110 
Selling and marketing expenses4,895 4,248 13,437 13,541 
General and administrative expenses20,174 22,973 57,869 60,536 
Other operating income(3,125)(6,250)(10,519)(6,250)
Impairment of long-lived assets
— 323 — 1,280 
Write-off of unsuccessful exploration and storage activities
377771,1441,456
Operating income $40,432 $35,675 $126,663 $123,385 
Interest income 1,626 2,051 4,868 6,494 
Interest expense, net (35,677)(34,822)(106,832)(99,506)
Derivatives and foreign currency transaction gains (losses) (891)2,046 6,237 132 
Income attributable to sale of tax benefits 14,356 19,760 48,178 53,034 
Other non-operating income, net 124 22 422 122 
Total consolidated income before income taxes and equity in income of investees
$19,970 $24,732 $79,536 $83,661 
Reconciliation of profit or loss (segment operating income):
Total segment operating income$40,432 $35,675 $126,663 $123,385 
Interest income
1,626 2,051 4,868 6,494 
Interest expenses, net
(35,677)(34,822)(106,832)(99,506)
Derivatives and foreign currency transaction gains (losses)
(891)2,046 6,237 132 
Income attributable to sale of tax benefits14,356 19,760 48,178 53,034 
Other non-operating income, net124 22 422 122 
Total consolidated income before income taxes and equity in income of investees
$19,970 $24,732 $79,536 $83,661 
v3.25.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
On July 29, 2024, a former employee filed a class action against the Company in Imperial County, California seeking to act in a representative capacity for other Ormat employees in California alleging violations of the California Labor Code’s wage and hour regulations. The complaint was amended on September 12, 2024 to add companion Private Attorneys General Act claims. The complaint seeks recovery of various damages as well as equitable relief. The parties attended a mediation in April 2025 and have reached a settlement for an immaterial amount. A hearing for the court to approve the settlement is scheduled to take place in January 2026.
On February 7, 2025, Engie Resources, LLC and certain of its affiliates filed an action against one of the Company’s wholly owned subsidiaries in the United States District Court for the Northern District of Texas. The matter was dismissed for lack of jurisdiction and refiled in state court. The complaint alleges that the Company breached its contractual obligations, including certain indemnity obligations, under certain service agreements with or involving the plaintiffs, by failing to properly schedule responsive reserve service on behalf of the plaintiffs during the power crisis in Texas in February 2021. The complaint seeks recovery from the Company of $47.5 million in damages. No amounts have been accrued for potential
losses under this matter, as the Company considers it has strong legal defenses and intends to vigorously defend itself against the claims and take all necessary legal actions to have them dismissed. Due to the early stage of the matter, the Company cannot reasonably predict the outcome of the proceedings, which is inherently uncertain, however, the Company believes that the probability of the claimant receiving a material award is low.
Additionally, from time to time, the Company is named as a party to other various lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of the Company's business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable, and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will not be material to the Company’s consolidated financial statements as a whole.
Other Matters
In Kenya, since 2021, various task forces have been appointed by the President and/or the Senate to review and analyze Power Purchase Agreements (“PPA”s) entered into between KPLC and various independent power producers (including our long-term PPA for the Olkaria complex), with the recommendation that KPLC review its contracts and attempt renegotiation with these independent power producers to reduce PPA tariffs within existing contractual arrangements. The Company has been approached by certain of these task forces and has participated in requested discussions with them, which remain ongoing.
v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 The Company’s effective tax rate benefit for the three months ended September 30, 2025 and 2024 was (21.4)% and (4.8)%, respectively, and (17.0)% and (5.4)%, for the nine months ended September 30, 2025 and 2024, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the generation of investment tax credits, and the jurisdictional mix of earnings at differing tax rates.
The Organization for Economic Co-operation and Development (“OECD”) issued a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2). Certain aspects of Pillar 2 became effective January 1, 2024, and other aspects became effective January 1, 2025. Effective January 1, 2025, the Company met the revenue threshold requirements and is now subject to Pillar 2. The impact of Pillar 2 is not a material component of income tax expense in the nine months ended September 30, 2025.
On July 4, 2025, the OBBBA was enacted into law in the United States. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017 and numerous changes to the energy tax credits initially introduced and expanded under the IRA. The OBBBA allows for geothermal and battery storage to qualify for 100% PTC or ITC related to projects that start construction by the end of December 2033, 75% PTC or ITC by the end of December 2034 and 50% PTC or ITC by the end of December 2035. In order to qualify for 100% energy credit, solar projects must start construction by July 4, 2026 and be placed-in-service within four years, or start construction after July 3, 2026 and be placed-in-service by December 31, 2027. The law seeks to limit content from foreign entities of concern (“FEOC”) used in energy related projects that start construction after December 31, 2025. The FEOC restrictions apply at both the product and taxpayer levels, which primarily affects products and ownership related to China. As a result of the enactment of the OBBB, the Company does not expect there to be a material impact to its to the consolidated financial statements for 2025.
v3.25.3
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Cash Dividend
On November 3, 2025, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $7.3 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on November 17, 2025, payable on December 1, 2025.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
GENERAL AND BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting
These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated balance sheet as of September 30, 2025, the condensed consolidated statements of operations and comprehensive income, the condensed consolidated statements of cash flows and the condensed consolidated statements of equity for the periods presented.
The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the periods presented are not necessarily indicative of the results to be expected for the year. 
These condensed unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). The condensed consolidated balance sheet data as of December 31, 2024 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2024 but does not include all disclosures required by U.S. GAAP. 
Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000.
Settlement Agreement and War in Israel Settlement Agreement
As previously disclosed, on August 1, 2024, the Company entered into a settlement agreement, effective April 2024, (the “Agreement”) with a third-party battery systems supplier (the “Supplier”). Under the Agreement, the Supplier paid to the Company $35.0 million as a recovery of damages, such as significant loss of potential profit due to project delays, as well as additional costs incurred by the Company, related to locating and purchasing substitute battery solutions from alternative vendors (the “Recovery of Damages”), to settle the dispute. On August 16, 2024, the Company received the Recovery of Damages payment contingent upon certain conditions which the Company expects to be met, on a pro-rata basis, during the period until March 31, 2026. The Company accounted for the Recovery of Damages amount under the guidance of ASC 450, Contingencies, and ASC 705, Cost of Sales and Services, and as a result, deemed $25.0 million as a recovery of damages, which is recognized as income once contingency conditions are met, and $10.0 million as a reduction to the cost of battery systems to be purchased under the Agreement. During the three and nine months ended September 30, 2025, the Company recognized income of $2.0 million, and $9.4 million, respectively, and during the three and nine months ended September 30, 2024, the Company recognized income of $6.3 million for both periods. Such income was recorded under “Other operating income” in the consolidated statements of operations and comprehensive income. These amounts represent the non-refundable portion of the recovery of damages for which contingency conditions have been met.
War in Israel
Starting October 7, 2023, Israel has been engaged in a complex multifront war in the Middle East. An agreement for a ceasefire in Gaza was reached in October 2025, conditioned on the parties meeting certain ongoing requirements. As of the date of these consolidated financial statements, none of the Company's facilities or infrastructure have been damaged nor have its supply chains been significantly impacted since the war broke out. Management continuously monitors the effect of the war on the Company's financial position and results of operations. For more information, see Note 1 to the consolidated financial statements in the Company’s 2024 Annual Report.
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
 The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:
September 30,December 31,
20252024
(Dollars in thousands)
Cash and cash equivalents
$79,555 $94,395 
Restricted cash and cash equivalents
126,182 111,377 
Total cash and cash equivalents and restricted cash and cash equivalents
$205,737 $205,772 
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash investments and accounts receivable.
Cash investments:
The Company places its cash investments with high credit quality financial institutions located in the United States (“U.S.”) and in foreign countries. At September 30, 2025 and December 31, 2024, the Company had deposits totaling $39.3 million and $31.2 million, respectively, in ten U.S. financial institutions that were federally insured up to $250,000 per account. At September 30, 2025 and December 31, 2024, the Company’s deposits in foreign countries amounted to $66.1 million and $73.9 million, respectively.
Account receivables:
At September 30, 2025 and December 31, 2024, account receivables related to operations in foreign countries amounted to $99.8 million, and $105.2 million, respectively. At September 30, 2025 and December 31, 2024, accounts receivable from the Company’s primary customers, which each accounted for revenues in excess of 10% of total consolidated revenues for the related period, amounted to 56% and 57% of the Company’s trade receivables, respectively. The aggregate amount of notes receivable exceeding 10% of total receivables as of September 30, 2025 and December 31, 2024 is $81.3 million, and $99.7 million, respectively.
 The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Southern California Public Power Authority (“SCPPA”)15.1 %17.9 %17.9 %20.9 %
Sierra Pacific Power Company and Nevada Power Company12.1 13.5 13.7 15.0 
Kenya Power and Lighting Co. Ltd. ("KPLC")11.9 13.5 12.1 12.9 
 The Company has historically been able to collect on substantially all of its receivable balances. As of September 30, 2025, the amount overdue from KPLC in Kenya was $36.3 million of which $11.0 million was paid in October of 2025. The Company believes it will be able to collect all past due amounts from KPLC. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).
In Honduras, as of September 30, 2025, the total amount overdue from Empresa Nacional de Energía Eléctrica ("ENEE") was $16.0 million, of which $1.0 million was paid in October of 2025. In addition, due to the financial situation in Honduras, the Company may experience further delays in collection. The Company believes it will be able to collect all past due amounts from ENEE.
Allowance for Credit Losses
Allowance for Credit Losses
The following table describes the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024 (all related to trade receivables):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$275 $200 $224 $90 
Change in the provision for expected credit losses for the period15 10 67 120 
Ending balance of the allowance for expected credit losses$290 $210 $290 $210 
Revenues from Contracts with Customers
Revenues from Contracts with Customers
 Contract assets related to the Company’s Product segment reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect payments received in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of September 30, 2025 and December 31, 2024 are as follows:
September 30,December 31,
20252024
(Dollars in thousands)
Contract assets (*) $23,127 $29,243 
Contract liabilities (*) $(32,681)$(23,091)
(*) Contract assets and contract liabilities are presented as “Costs and estimated earnings in excess of billings on uncompleted contracts” and “Billings in excess of costs and estimated earnings on uncompleted contracts”, respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the nine months ended September 30, 2025 as a result of performance obligations having been fully satisfied as of September 30, 2025, except for certain immaterial amounts. Additionally, as of September 30, 2025 and December 31, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $66.1 million and $26.0 million, respectively, are included under “Deposits and other” in the condensed consolidated balance sheets, and not under the contract assets and contract liabilities above, due their long-term nature.
On September 30, 2025, the Company had approximately $208.3 million of remaining performance obligations not yet satisfied or partly satisfied related to our Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.
Disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2025, and 2024 are disclosed under Note 8 - Business Segments, to the condensed consolidated financial statements.
Leases in which the Company is a Lessor
Leases in which the Company is a Lessor
The table below presents lease income recognized as a lessor:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Lease income relating to lease payments from operating leases$143,109 $131,441 $417,820 $407,962 
Derivative Instruments
Derivative Instruments 
The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
Transferable Production and Investment Tax Credits
Transferable Production and Investment Tax Credits
The Inflation Reduction Act (“IRA”) that was signed into law in August 2022, introduced a transferability provision for certain tax credits related to the clean production of energy. The recent enactment of the One Big Beautiful Bill (“OBBB” or “OBBBA”) continues to allow the transfer of certain clean energy tax credits. Under the OBBB act, a reporting entity can monetize such credits through sale to a third party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects, which are not currently part of a tax monetization transaction, generate eligible tax credits, such as ITCs and PTCs, that are eligible to be transferred to a third-party under the provisions of the OBBB. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the condensed consolidated statement of operations and comprehensive income. PTCs are accounted similarly to refundable or direct-pay credits outside of the “Income tax (provision) benefit” line with income recognized in the “Income attributable to sale of tax benefits” line in the condensed consolidated statement of operations and comprehensive income. Income recognized related to the expected sale of such transferable PTCs during the three and nine months ended September 30, 2025, was $2.7 million and $16.0 million, respectively, net of discount, and $7.1 million, and $15.1 million, respectively, net of discount, for the three and nine months ended September 30, 2024. Tax benefits recognized under Income tax (provision) benefit related to transferable ITCs during the three and nine months ended September 30, 2025, was $9.6 million and $33.8 million, respectively, net of discount, and $9.6 million, and $27.3 million, respectively, net of discount, for the three and nine months ended September 30, 2024.
New accounting pronouncements effective in future periods
New Accounting Pronouncements Effective in Future Periods
Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract
In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)” to address concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments in this ASU expand the scope exception for application of derivative accounting for certain contracts not traded on an exchange to include contracts for which settlement is based on operations or activities specific to one of the parties to the contract. The amendments in this ASU also clarify that an entity should apply the guidance in Topic 606 to a contract with share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU may be applied prospectively or on a modified retrospective basis. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Measurement of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments – Credit Losses (Topic 326)” to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. Under the current accounting guidance, an entity estimates expected credit losses based on relevant information about past events, current economic conditions, and reasonable and supportable forecasts of future economic conditions that affect the collectability of the reported amounts. The amendments in this ASU introduce a practical expedient that allows all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of ASU 2025-05 will not have a material impact on its consolidated financial statements.
Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
In May 2025, the FASB issued ASU 2025-03 “Business Combinations (Topic 805) and Consolidation (Topic 810)” to modify the Topic 805 framework for identifying the accounting acquirer in certain business combinations when the legal acquiree is a variable interest entity (“VIE”). Under current accounting guidance, when a VIE is acquired, the primary beneficiary (i.e., the entity that consolidates the VIE) is the accounting acquirer. The amendments in this ASU revise current guidance to: (1) limit situations in which entities must identify the primary beneficiary as the accounting acquirer in certain business combinations, and (2) require that when a business combination involving a VIE is primarily effected through exchanging equity interests, entities must consider the general factors in Topic 805 to determine which entity is the accounting acquirer. This ASU is effective for annual and interim reporting periods beginning after December 15, 2026. This ASU should be applied prospectively to any acquisition transaction that occurs after the initial application date. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2025-03 will not have a material impact on its consolidated financial statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is near completion of the evaluation of the impact of ASU 2023-09, and plans to implement these amendments in its 2025 consolidated annual financial statements.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosure about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU require disclosure of the following items in the notes to the financial statements at each interim and annual reporting date:
1The amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contain any of the expense categories listed in (a) through (e).
2A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
3The total amount of selling expenses recognized in continuing operations, and the entity’s definition of selling expenses.
The amendments of this ASU also require that an entity include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of the ASU or (2) retrospectively to any or all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04 “Debt – Debt with Conversion and Other Options (Subtopic 470-20)” to improve the relevance and consistency in application of induced conversion guidance. The amendments in this ASU clarify the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible
debt when changes are made to conversion features as part of an offer to settle the instrument. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU can be adopted either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2024-04 will not have a material impact on its consolidated financial statements.
v3.25.3
GENERAL AND BASIS OF PRESENTATION (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the preliminary purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$1.7 
Deferred income taxes5.3 
Property, plant and equipment and construction-in-process (2)
86.2 
Operating lease right-of-use
1.4 
Total assets acquired$94.6 
Accounts payable, accrued expenses and others$0.3 
Long-term operating lease liabilities
1.2
Other long-term liability (3)
16.8
Asset retirement obligation3.7
Total liabilities assumed$22.0 
Total assets acquired, and liabilities assumed, net$72.6 
Goodwill (4)
$16.1 
(1) The gross amount of trade receivables was collected subsequent to the acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Other long-term liability is related to the long-term electricity PPA described above, and is amortized over the term of the PPA. The fair value of the long-term liability represents a PPA price that is relatively lower than the related prevailing market price, and was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future enhancements to the geothermal assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
Schedule of Cash and Cash Equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents as reported on the balance sheet to the total of the same amounts shown on the statement of cash flows:
September 30,December 31,
20252024
(Dollars in thousands)
Cash and cash equivalents
$79,555 $94,395 
Restricted cash and cash equivalents
126,182 111,377 
Total cash and cash equivalents and restricted cash and cash equivalents
$205,737 $205,772 
Schedules of Concentration of Risk, by Risk Factor The Company's revenues from its primary customers as a percentage of total revenues are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Southern California Public Power Authority (“SCPPA”)15.1 %17.9 %17.9 %20.9 %
Sierra Pacific Power Company and Nevada Power Company12.1 13.5 13.7 15.0 
Kenya Power and Lighting Co. Ltd. ("KPLC")11.9 13.5 12.1 12.9 
Accounts Receivable, Allowance for Credit Loss
The following table describes the changes in the allowance for expected credit losses for the three and nine months ended September 30, 2025 and 2024 (all related to trade receivables):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$275 $200 $224 $90 
Change in the provision for expected credit losses for the period15 10 67 120 
Ending balance of the allowance for expected credit losses$290 $210 $290 $210 
Contract with Customer, Contract Asset, Contract Liability, and Receivable Total contract assets and contract liabilities as of September 30, 2025 and December 31, 2024 are as follows:
September 30,December 31,
20252024
(Dollars in thousands)
Contract assets (*) $23,127 $29,243 
Contract liabilities (*) $(32,681)$(23,091)
(*) Contract assets and contract liabilities are presented as “Costs and estimated earnings in excess of billings on uncompleted contracts” and “Billings in excess of costs and estimated earnings on uncompleted contracts”, respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was fully recognized as product revenues during the nine months ended September 30, 2025 as a result of performance obligations having been fully satisfied as of September 30, 2025, except for certain immaterial amounts. Additionally, as of September 30, 2025 and December 31, 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $66.1 million and $26.0 million, respectively, are included under “Deposits and other” in the condensed consolidated balance sheets, and not under the contract assets and contract liabilities above, due their long-term nature.
Operating Lease, Lease Income
The table below presents lease income recognized as a lessor:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Lease income relating to lease payments from operating leases$143,109 $131,441 $417,820 $407,962 
v3.25.3
INVENTORIES (Tables)
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories consist of the following:
September 30,December 31,
20252024
(Dollars in thousands)
Raw materials and purchased parts for assembly $24,724 $20,575 
Self-manufactured assembly parts and finished products 19,880 17,517 
Total inventories $44,604 $38,092 
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table sets forth certain fair value information at September 30, 2025 and December 31, 2024 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.
September 30, 2025
Fair Value
Carrying Value at September 30, 2025TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$45,002 $45,002 $45,002 $— $— 
Derivatives: cross-currency swap (1)
288 288 — 288 — 
Derivatives: currency forward contracts (2)
1,757 1,757 — 1,757 — 
Long-term assets:
Derivatives: cross-currency swap (1)
4,070 4,070 — 4,070 — 
Derivatives: interest rate swap (3)
677 677 — 677 — 
Liabilities:
Current liabilities:
Derivatives: interest rate swap (3)
(1,043)(1,043)— (1,043)— 
Long term liabilities:
Derivatives: interest rate swap (3)
(536)(536)— (536)— 
$50,215 $50,215 $45,002 $5,213 $— 
December 31, 2024
Fair Value
Carrying Value at December 31, 2024
TotalLevel 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)
$52,031 $52,031 $52,031 $— $— 
Derivatives: interest rate swap (3)
180 180 — 180 — 
Derivatives: currency forward contracts (2)
550 550 — 550 — 
Liabilities:
Current liabilities:
Derivatives: cross-currency swap (1)
(3,500)(3,500)— (3,500)— 
Long-term liabilities:
Derivatives: cross-currency swap (1)
(6,653)(6,653)— (6,653)— 
$42,607 $42,607 $52,031 $(9,424)$— 
1.These amounts relate to cross-currency swap contracts valued primarily based on the present value of the cross-currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and the applicable exchange rate as of September 30, 2025 and December 31, 2024, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, “Accounts payable and accrued expenses” or “Other long-term liabilities”, as applicable, in the consolidated balance sheets on September 30, 2025 and December
31, 2024. There were no cash collateral deposits as of September 30, 2025. Cash collateral deposits in the amount of $9.7 million as of December 31, 2024, are presented under “Receivables, other” in the consolidated balance sheets.
2.These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the consolidated balance sheets on September 30, 2025 and December 31, 2024, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
3.This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR and EUROBOR prices, based on USD and Euro zero yield curves as of September 30, 2025 and December 31, 2024. These amounts are included within “Receivables, other”, “Deposits and other”, “Accounts payable and accrued expenses”, or “Other long-term liabilities”, as applicable, in the consolidated balance sheets on September 30, 2025.
Derivative Instruments, Gain (Loss)
The following table presents the amounts of gain (loss) recognized in the condensed consolidated statements of operations and comprehensive income on derivative instruments:
Amount of recognized gain (loss)Amount of recognized gain (loss)
Derivative instruments
Location of recognized gain (loss)Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Derivatives not designated as hedging instruments
Currency forward contracts (1)
(a)
$399 $735 $4,092 $222 
Derivatives designated as cash flow hedging instruments
Cross-currency swap (2)
(a)
$3,552 $2,460 $18,535 $(2,903)
Interest rate swap (2)
(b)
$27 $412 229 1,302 
Total
$3,579 $2,872 $18,764 $(1,601)
(a) Derivatives and foreign currency transaction gains (losses)
(b) Interest expense, net
1.The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
2. The foregoing cross-currency and interest rate swap transactions were designated as a cash flow hedging instruments. The changes in the cross-currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income. The changes in the interest rate swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the condensed consolidated statements of operations and comprehensive income.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following table presents the effect of derivative instruments designated as cash flow hedges on the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2025, and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period
$(2,204)$162 $684 $(318)
Gain or (loss) recognized in Other comprehensive income (loss):
Cross-currency swap
1,670 (189)14,511 (6,179)
Interest rate swap
(231)(1,989)(774)8 
Amounts reclassified from Other comprehensive income (loss) into earnings:
Cross-currency swap
(3,552)(2,460)(18,535)2,903 
Interest rate swap
(27)(412)(229)(1,302)
Balance in Accumulated other comprehensive income (loss) end of period$(4,343)$(4,889)$(4,343)$(4,889)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair value of the Company’s long-term debt approximates its carrying amount, except for the following: 
Fair Value
Fair Value
Carrying Amount (*)
 Hierarchy Level
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
(Dollars in millions)(Dollars in millions)
Limited and non-recourse loans: fixed rate
3
$747.8 $636.5 $757.0 $657.3 
Full recourse loans:
Fixed-rate
3
822.1 920.4 826.8 940.4 
Variable-rate
3
341.3 48.5 331.2 48.4 
Financing liability: fixed-rate
3
217.7 223.4 216.4 220.6 
Convertible senior note
2
576.3 471.2 476.4 476.4 
 (*) The carrying amount value of the loans excludes the related deferred financing costs.
v3.25.3
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract]  
Schedule of share-based payment award, valuation assumptions The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model, and the Monte Carlo simulation, based on the following assumptions:
Risk-free interest rates3.95%—4.08%
Expected life (in years)1—3
Dividend yield0.69%
Expected volatility (weighted average)27.0%—31.0%
v3.25.3
INTEREST EXPENSE, NET (Tables)
 9 Months Ended
Sep. 30, 2025
Interest Expense, Operating and Nonoperating [Abstract]  
Schedule of Other Nonoperating Expense, by Component
The components of interest expense are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Interest related to sale of tax benefits $5,330 $5,119 $12,828 $14,358 
Interest expense 39,593 33,461 111,310 96,206 
Less — amount capitalized (9,246)(3,758)(17,306)(11,058)
Total interest expense, net$35,677 $34,822 $106,832 $99,506 
v3.25.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of weighted average number of shares The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Weighted average number of shares used in computation of basic earnings per share
60,749 60,480 60,666 60,439 
Additional shares from the assumed exercise of employee stock awards 503 290 466 287 
Weighted average number of shares used in computation of diluted earnings per share 61,252 60,770 61,132 60,726 
v3.25.3
BUSINESS SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers as required by ASC 606, Revenue from Contracts with Customers (“ASC 606”). Total consolidated revenues, gross profit (loss) and operating income (loss) of the Company’s business segments exclude intersegment revenues, gross profit (loss) and operating income (loss) as these activities are eliminated in consolidation and are not included in CODM’s evaluation of performance of each segment.
ElectricityProductEnergy StorageConsolidated
(Dollars in thousands)
Three Months Ended September 30, 2025:
Revenues from external customers:
United States (1)
$118,391 $3,021 $20,370 $141,782 
Foreign (2)
48,719 59,226 — 107,945 
Net revenue from external customers 167,110 62,247 20,370 249,727 
Less:
Depreciation and amortization expenses (3)
60,140 2,661 7,467 70,269 
Other cost of revenues expenses (4)
64,448 46,105 4,869 115,421 
Segment gross profit (loss)
42,522 13,481 8,034 64,037 
Less:
Segment operating expenses (income) (5)
17,340 6,492 (227)23,605 
Segment operating income
$25,182 $6,989 $8,261 $40,432 
Total depreciation and amortization expense (6)
$64,506 $3,006 $7,469 $74,981 
Segment assets at period end (7) (*)
5,262,660 245,858 584,340 6,092,858 
Expenditures for long-lived assets110,793 4,089 32,385 147,267 
* Including unconsolidated investments 160,369 — — 160,369 
Three Months Ended September 30, 2024:
Revenues from external customers:
United States (1)
$116,914 $3,202 $9,789 $129,905 
Foreign (2)
47,724 34,155 — 81,879 
Net revenue from external customers 164,638 37,357 9,789 211,784 
Less:
Depreciation and amortization expenses (3)
55,675 2,745 4,885 63,305 
Other cost of revenues expenses (4)
59,266 27,421 2,930 89,617 
Segment gross profit (loss)49,697 7,191 1,974 58,862 
Less:
Segment operating expenses (5)
18,720 4,157 310 23,187 
Segment operating income (loss)$30,977 $3,034 $1,664 $35,675 
Total depreciation and amortization expense (6)
$58,704 $3,100 $4,858 $66,661 
Segment assets at period end (7) (*)
5,001,907 189,824 398,610 5,590,341 
Expenditures for long-lived assets101,895 1,940 5,881 109,716 
* Including unconsolidated investments126,767 — — 126,767 
Nine Months Ended September 30, 2025:
Revenues from external customers:
United States (1)
$364,021 $9,783 $52,616 $426,420 
Foreign (2)
143,242 143,845 — 287,087 
Net revenue from external customers 507,263 153,628 52,616 713,507 
Less:
Depreciation and amortization expense (3)
175,117 7,864 21,390 204,371 
Other cost of revenues expenses (4)
190,540 108,704 16,033 315,277 
Segment gross profit (loss)
141,606 37,060 15,193 193,859 
Less:
Segment operating expenses (income) (5)
53,610 16,235 (2,649)67,196 
Segment operating income
87,996 20,825 17,842 126,663 
Total depreciation and amortization expenses (6)
184,427 8,855 21,506 214,789 
Segment assets at period end (7) (*)
5,262,660 245,858 584,340 6,092,858 
Expenditures for long-lived assets316,548 7,098 151,047 474,693 
* Including unconsolidated investments 160,369 — — 160,369 
Nine Months Ended September 30, 2024:
Revenues from external customers:
United States (1)
$380,424 $5,693 $26,778 $412,895 
Foreign (2)
141,693 94,325 — 236,018 
Net revenue from external customers 522,117 100,018 26,778 648,913 
Less
Depreciation and amortization expense (3)
160,691 7,775 14,120 182,586 
Other cost of revenues expenses (4)
181,495 76,207 9,567 267,269 
Segment gross profit (loss)179,931 16,036 3,091 199,058 
Less:
Segment operating expenses (income) (5)
60,859 11,134 3,680 75,673 
Segment operating income (loss)
119,072 4,902 (589)123,385 
Total depreciation and amortization expenses (6)
170,009 8,753 14,051 192,813 
Segment assets at period end (7) (*)
5,001,907 189,824 398,610 5,590,341 
Expenditures for long-lived assets300,925 4,952 54,064 359,941 
* Including unconsolidated investments 126,767 — — 126,767 
(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $32.3 million and $103.9 million, in the three and nine months ended September 30, 2025, respectively, and $33.9 million and $116.2 million, in the three and nine months ended September 30, 2024, respectively, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, except for Energy Storage revenues of $8.3 million and $14.4 million, for the three and nine months ended September 30, 2025, respectively, and $0.7 million and $2.1 million, for the three and nine months ended September 30, 2024, respectively, that are accounted for under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
(3)Depreciation and amortization expense amounts align with the segment-level information that is regularly provided to the CODM, and do not include intersegment transactions. Depreciation and amortization expenses included in the segment measure of gross profit are related to the specific tangible and intangible assets associated with each of the reportable segments.
(4)Other cost of revenues expenses for each reportable segment include:
Electricity: primarily cost of manpower, utilities, repair and maintenance, royalties, and property taxes.
Products: primarily cost of raw materials and finished goods used in manufacturing, manpower, transportation, and third-party subcontractors.
Energy Storage: primarily cost of manpower, utilities, and insurance.
(5)Segment operating expenses include research and development expenses, selling and marketing expenses, and general and administrative expenses such as manpower, depreciation and amortization, legal and professional services. Such expenses do not include intersegment transactions. Segment operating expenses related to the Energy Storage segment are directly related to this segment. Segment operating expenses related to the Electricity and Product segments are allocated between these two segments based on their weighted contribution to revenues, except for certain specific expenses or gains that are specifically allocated to one of these segments, as applicable, such as impairment of long-lived assets, write-off of unsuccessful exploration activities, and other operating income.
(6)Total depreciation and amortization expenses for each segment are related to the specific tangible and intangible assets associated with the respective reportable segment.
(7)Electricity segment assets include goodwill in the amount of $163.2 million, and $146.7 million as of September 30, 2025 and 2024, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million, and $4.6 million as of September 30, 2025 and 2024, respectively. No goodwill is included in the Product segment assets as of September 30, 2025 and 2024.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit (loss)
$64,037 $58,862 $193,859 $199,058 
Less operating expenses:
Research and development expenses
1,284 1,816 5,265 5,110 
Selling and marketing expenses4,895 4,248 13,437 13,541 
General and administrative expenses20,174 22,973 57,869 60,536 
Other operating income(3,125)(6,250)(10,519)(6,250)
Impairment of long-lived assets
— 323 — 1,280 
Write-off of unsuccessful exploration and storage activities
377771,1441,456
Operating income $40,432 $35,675 $126,663 $123,385 
Interest income 1,626 2,051 4,868 6,494 
Interest expense, net (35,677)(34,822)(106,832)(99,506)
Derivatives and foreign currency transaction gains (losses) (891)2,046 6,237 132 
Income attributable to sale of tax benefits 14,356 19,760 48,178 53,034 
Other non-operating income, net 124 22 422 122 
Total consolidated income before income taxes and equity in income of investees
$19,970 $24,732 $79,536 $83,661 
Reconciliation of profit or loss (segment operating income):
Total segment operating income$40,432 $35,675 $126,663 $123,385 
Interest income
1,626 2,051 4,868 6,494 
Interest expenses, net
(35,677)(34,822)(106,832)(99,506)
Derivatives and foreign currency transaction gains (losses)
(891)2,046 6,237 132 
Income attributable to sale of tax benefits14,356 19,760 48,178 53,034 
Other non-operating income, net124 22 422 122 
Total consolidated income before income taxes and equity in income of investees
$19,970 $24,732 $79,536 $83,661 
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Mammoth Senior Secured Notes 2025 (Details)
$ in Millions
Sep. 18, 2025
USD ($)
geothermalPowerPlant
Payments
Project Subsidiaries, Geothermal Power Plants | Mammoth Pacific, LLC  
Debt Instrument [Line Items]  
Equity ownership, excluding consolidated entity and equity method investee (in percentage) 100.00%
Number of contracted geothermal power plants, business combination | geothermalPowerPlant 4
Mammoth Senior Secured Notes | Senior Notes  
Debt Instrument [Line Items]  
Debt instrument, face amount $ 23.4
Debt instrument floating rate notes to be issued $ 3.0
Debt instrument commitment fee (in percentage) 0.75%
Debt instrument, basis spread on variable rate 2.50%
Debt instrument number of semiannual installment | Payments 15
Debt instrument, interest 6.95%
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Heber 1 and 2 Tax Monetization Transaction (Details) - Heber Geothermal Power Plants - Ormat Nevada
$ in Millions
Jul. 10, 2025
USD ($)
geothermalPowerPlant
Finite-Lived Intangible Assets [Line Items]  
Number of contracted geothermal power plants, business combination | geothermalPowerPlant 2
Partnership agreement, initial purchase price $ 77.1
Partnership agreement, expected additional installments $ 25.7
Percentage of distributable cash and taxable income generated 95.00%
Percentage of distributable cash flow generated to private investor if target return not reached 75.00%
Percentage of taxable income to private investor if target return not reached 99.00%
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Geothermie Bouillante Loan - Limited-Recourse (Details)
€ in Millions
Aug. 18, 2025
EUR (€)
Aug. 14, 2025
EUR (€)
Jul. 31, 2025
EUR (€)
tranches
Secured debt | GB Loan Interest Rate Swap | Geothermie Bouillante S.A.      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity     € 99.8
Debt instrument, number of tranches | tranches     2
Secured debt | GB Loan Interest Rate Swap | Geothermie Bouillante S.A. | Tranche one      
Debt Instrument [Line Items]      
Proceeds from issuance of long-term debt   € 33.5  
Debt instrument, basis spread on variable rate   1.80%  
Debt instrument, term   5 years  
Debt instrument, base rate 2.14%    
Secured debt | GB Loan Interest Rate Swap | Geothermie Bouillante S.A. | Tranche two      
Debt Instrument [Line Items]      
Proceeds from issuance of long-term debt € 42.5    
Debt instrument, basis spread on variable rate 2.00%    
Debt instrument, term 21 years    
Debt instrument, base rate   2.68%  
Geothermie Bouillante S.A.      
Debt Instrument [Line Items]      
Subsidiary, ownership percentage     63.75%
v3.25.3
GENERAL AND BASIS OF PRESENTATION - GB Loan Interest Rate Swap (Details) - GB Loan Interest Rate Swap - Interest rate swap
Aug. 18, 2025
Tranche one  
Debt Instrument [Line Items]  
Debt instrument, basis spread on variable rate 2.29%
Tranche two  
Debt Instrument [Line Items]  
Debt instrument, basis spread on variable rate 2.83%
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Dominica Loan - Limited-Recourse (Details) - Secured debt - Dominica Loan Agreements - Loans Payable - USD ($)
$ in Millions
Aug. 13, 2025
Jun. 23, 2025
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 49.8
Debt instrument, interest   2.40%
Proceeds from issuance of long-term debt $ 37.6  
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Blue Mountain Purchase Transaction - Narrative (Details) - Cyrq Energy - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 18, 2025
Sep. 30, 2025
Sep. 30, 2025
Business Combination [Line Items]      
Business acquisition, percentage of voting interests acquired 100.00%    
Business combination, consideration transferred $ 88.7    
Business combination, acquisition related costs   $ 0.5 $ 1.2
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual   1.9 2.1
Electricity      
Business Combination [Line Items]      
Business combination, pro forma information, revenue of acquiree since acquisition date, actual   $ 2.9 $ 3.3
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Blue Mountain Purchase Transaction (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 18, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Goodwill $ 167,871   $ 151,023
Cyrq Energy      
Business Combination [Line Items]      
Trade receivables and others   $ 1,700  
Deferred income taxes   5,300  
Property, plant and equipment and construction-in-process   86,200  
Operating lease right-of-use   1,400  
Total assets acquired   94,600  
Accounts payable, accrued expenses and others   300  
Long-term operating lease liabilities   1,200  
Other long-term liability   16,800  
Asset retirement obligation   3,700  
Total liabilities assumed   22,000  
Total assets acquired, and liabilities assumed, net   72,600  
Goodwill   $ 16,100  
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Hybrid Tax Equity Partnership (Details) - Lower Rio and Arrowleaf storage facilities - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
May 20, 2025
Business Combination [Line Items]      
Partnership agreement, purchase price     $ 62.0
Partnership agreement, initial contribution $ 32.7 $ 32.7  
Purchase option, percent of the aggregate capital contributions     5.00%
Partnership agreement, initial purchase price allocated to tax benefits     $ 32.7
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Loan Agreements (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
payment
May 14, 2025
USD ($)
payment
Mar. 27, 2025
USD ($)
payment
Feb. 02, 2025
USD ($)
payment
Mar. 31, 2025
USD ($)
Discount 2025 II Loan          
Debt Instrument [Line Items]          
Debt instrument, face amount   $ 50,000      
Debt instrument, number of quarterly installment | payment   32      
Debt instrument, periodic payment   $ 1,600      
Debt instrument, term   8 years      
Debt instrument, basis spread on variable rate   2.40%      
Debt instrument, frequency of interest payment   3 months      
Debt instrument, covenant, debt to adjusted EBITDA ratio   6.0      
Debt instrument, covenant, minimum equity capital   $ 750,000      
Debt instrument, covenant, equity capital to total assets ratio   25.00%      
Hapoalim 2025 Loan          
Debt Instrument [Line Items]          
Debt instrument, face amount         $ 100,000
Amended Hapoalim 2025 Loan          
Debt Instrument [Line Items]          
Debt instrument, face amount $ 50,000        
Debt instrument, number of quarterly installment | payment 31        
Debt instrument, periodic payment $ 4,740        
Debt instrument, term 8 years        
Debt instrument, basis spread on variable rate 2.45%        
Debt instrument, frequency of interest payment 3 months        
Debt instrument, covenant, debt to adjusted EBITDA ratio 6.0        
Debt instrument, covenant, minimum equity capital $ 750,000        
Debt instrument, covenant, equity capital to total assets ratio 25.00%        
Discount 2025 Loan          
Debt Instrument [Line Items]          
Debt instrument, face amount     $ 50,000    
Debt instrument, number of quarterly installment | payment     32    
Debt instrument, periodic payment     $ 1,600    
Debt instrument, term     8 years    
Debt instrument, basis spread on variable rate     2.40%    
Debt instrument, frequency of interest payment     3 months    
Debt instrument, covenant, debt to adjusted EBITDA ratio     6.0    
Debt instrument, covenant, minimum equity capital     $ 750,000    
Debt instrument, covenant, equity capital to total assets ratio     25.00%    
Mizrahi 2025 Loan          
Debt Instrument [Line Items]          
Debt instrument, face amount       $ 50,000  
Debt instrument, periodic payment       $ 3,100  
Debt instrument, term       8 years  
Debt instrument, basis spread on variable rate       2.35%  
Debt instrument, frequency of interest payment       6 months  
Debt instrument, covenant, debt to adjusted EBITDA ratio       6.0  
Debt instrument, covenant, minimum equity capital       $ 750,000  
Debt instrument, covenant, equity capital to total assets ratio       25.00%  
Debt Instrument, number of semi annual payments | payment       16  
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Settlement Agreement (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 16, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Loss Contingencies [Line Items]          
Litigation settlement, gain   $ 2.0 $ 6.3 $ 9.4 $ 6.3
Settlement Agreement          
Loss Contingencies [Line Items]          
Loss contingency, receivable, proceeds $ 35.0        
Loss contingency, damages paid, value 25.0        
Purchase agreement, reduction to the cost of good purchased $ 10.0        
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Write-off of assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Write-off of unsuccessful exploration and storage activities $ 377 $ 77 $ 1,144 $ 1,456
Energy Storage        
Segment Reporting Information [Line Items]        
Write-off of unsuccessful exploration and storage activities   $ 100   $ 1,500
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Cash and Equivalents (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 79,555 $ 94,395    
Restricted cash and cash equivalents 126,182 111,377    
Total cash and cash equivalents and restricted cash and cash equivalents $ 205,737 $ 205,772 $ 176,775 $ 287,770
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Concentration of credit risk (Details)
$ in Thousands
 1 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
financialInstitution
Dec. 31, 2024
USD ($)
financialInstitution
Concentration Risk [Line Items]      
Cash, FDIC insured amount   $ 39,300 $ 31,200
Number of financial Institutions, cash investment | financialInstitution   10 10
Cash, uninsured amount   $ 66,100 $ 73,900
Trade allowance for credit losses   150,066 164,050
Total receivables | Customer Concentration Risk      
Concentration Risk [Line Items]      
Financing receivable, after allowance for credit loss   $ 81,300 $ 99,700
Primary customers | Accounts receivable | Customer Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (in percentage)   56.00% 57.00%
Kenya Power and Lighting Co. Ltd. ("KPLC")      
Concentration Risk [Line Items]      
Accounts receivable, past due   $ 36,300  
Kenya Power and Lighting Co. Ltd. ("KPLC") | Subsequent Event      
Concentration Risk [Line Items]      
Proceeds over due accounts receivable $ 11,000    
ENEE      
Concentration Risk [Line Items]      
Accounts receivable, past due   16,000  
ENEE | Subsequent Event      
Concentration Risk [Line Items]      
Proceeds over due accounts receivable $ 1,000    
Non-US      
Concentration Risk [Line Items]      
Trade allowance for credit losses   $ 99,800 $ 105,200
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Principal customers, total revenues (Details) - Revenue Benchmark - Customer Concentration Risk
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Southern California Public Power Authority (“SCPPA”)        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 15.10% 17.90% 17.90% 20.90%
Sierra Pacific Power Company and Nevada Power Company        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 12.10% 13.50% 13.70% 15.00%
Kenya Power and Lighting Co. Ltd. ("KPLC")        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 11.90% 13.50% 12.10% 12.90%
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Allowance for credit losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance of the allowance for expected credit losses $ 275 $ 200 $ 224 $ 90
Change in the provision for expected credit losses for the period 15 10 67 120
Ending balance of the allowance for expected credit losses $ 290 $ 210 $ 290 $ 210
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Revenues from contracts with customers (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Contract assets $ 23,127 $ 29,243
Contract liabilities (32,681) (23,091)
Contract with customer, asset, noncurrent $ 66,100 $ 26,000
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Revenues from contracts with customers (Details) - Product
$ in Millions
Sep. 30, 2025
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 208.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, (in percentage) 100.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (month) 24 months
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Leases in which the Company is a lessor (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Lease income relating to lease payments from operating leases $ 143,109 $ 131,441 $ 417,820 $ 407,962
v3.25.3
GENERAL AND BASIS OF PRESENTATION - Transferable production and investment tax credits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Income related to transferable production tax credits $ 2.7 $ 7.1 $ 16.0 $ 15.1
Income related to transferable investment tax credits $ 9.6 $ 9.6 $ 33.8 $ 27.3
v3.25.3
INVENTORIES (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials and purchased parts for assembly $ 24,724 $ 20,575
Self-manufactured assembly parts and finished products 19,880 17,517
Total inventories $ 44,604 $ 38,092
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cross-currency swap | Other receivables    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivatives, cash collateral deposits $ 0 $ 9,700
Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (primarily restricted cash accounts) 45,002 52,031
Fair value, net asset (liability) 50,215 42,607
Reported Value Measurement | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 288  
Derivative asset, noncurrent 4,070  
Derivative liability, current   (3,500)
Derivative liability, noncurrent   (6,653)
Reported Value Measurement | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,757 550
Reported Value Measurement | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   180
Derivative asset, noncurrent 677  
Derivative liability, current (1,043)  
Derivative liability, noncurrent (536)  
Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (primarily restricted cash accounts) 45,002 52,031
Fair value, net asset (liability) 50,215 42,607
Estimate of Fair Value Measurement | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 288  
Derivative asset, noncurrent 4,070  
Derivative liability, current   (3,500)
Derivative liability, noncurrent   (6,653)
Estimate of Fair Value Measurement | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,757 550
Estimate of Fair Value Measurement | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   180
Derivative asset, noncurrent 677  
Derivative liability, current (1,043)  
Derivative liability, noncurrent (536)  
Estimate of Fair Value Measurement | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (primarily restricted cash accounts) 45,002 52,031
Fair value, net asset (liability) 45,002 52,031
Estimate of Fair Value Measurement | Level 1 | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0  
Derivative asset, noncurrent 0  
Derivative liability, current   0
Derivative liability, noncurrent   0
Estimate of Fair Value Measurement | Level 1 | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0 0
Estimate of Fair Value Measurement | Level 1 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   0
Derivative asset, noncurrent 0  
Derivative liability, current 0  
Derivative liability, noncurrent 0  
Estimate of Fair Value Measurement | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (primarily restricted cash accounts) 0 0
Fair value, net asset (liability) 5,213 (9,424)
Estimate of Fair Value Measurement | Level 2 | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 288  
Derivative asset, noncurrent 4,070  
Derivative liability, current   (3,500)
Derivative liability, noncurrent   (6,653)
Estimate of Fair Value Measurement | Level 2 | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,757 550
Estimate of Fair Value Measurement | Level 2 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   180
Derivative asset, noncurrent 677  
Derivative liability, current (1,043)  
Derivative liability, noncurrent (536)  
Estimate of Fair Value Measurement | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (primarily restricted cash accounts) 0 0
Fair value, net asset (liability) 0 0
Estimate of Fair Value Measurement | Level 3 | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0  
Derivative asset, noncurrent 0  
Derivative liability, current   0
Derivative liability, noncurrent   0
Estimate of Fair Value Measurement | Level 3 | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0 0
Estimate of Fair Value Measurement | Level 3 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   $ 0
Derivative asset, noncurrent 0  
Derivative liability, current 0  
Derivative liability, noncurrent $ 0  
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Amount of gain (loss) recognized $ 3,579 $ 2,872 $ 18,764 $ (1,601)
Currency forward contracts        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Amount of gain (loss) recognized 399 735 4,092 222
Cross-currency swap        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Amount of gain (loss) recognized 3,552 2,460 18,535 (2,903)
Interest rate swap        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Amount of gain (loss) recognized $ 27 $ 412 $ 229 $ 1,302
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at the start of the period $ 2,618,788 $ 2,497,263 $ 2,550,932 $ 2,440,987
Balance at the end of the period 2,642,953 2,513,983 2,642,953 2,513,983
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at the start of the period (2,204) 162 684 (318)
Balance at the end of the period (4,343) (4,889) (4,343) (4,889)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Cross-currency swap        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Gain or (loss) recognized in Other comprehensive income (loss) 1,670 (189) 14,511 (6,179)
Amount reclassified from other comprehensive income (loss) into earnings (3,552) (2,460) (18,535) 2,903
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate swap        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Gain or (loss) recognized in Other comprehensive income (loss) (231) (1,989) (774) 8
Amount reclassified from other comprehensive income (loss) into earnings $ (27) $ (412) $ (229) $ (1,302)
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing liability: fixed-rate $ 216.4 $ 220.6
Convertible senior note | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Convertible senior note 476.4 476.4
Nonrecourse | Fixed-rate | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 757.0 657.3
Recourse | Fixed-rate | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 826.8 940.4
Recourse | Variable-rate | Reported Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 331.2 48.4
Level 3 | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing liability: fixed-rate 217.7 223.4
Level 3 | Nonrecourse | Fixed-rate | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 747.8 636.5
Level 3 | Recourse | Fixed-rate | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 822.1 920.4
Level 3 | Recourse | Variable-rate | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 341.3 48.5
Level 2 | Convertible senior note | Estimate of Fair Value Measurement    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Convertible senior note $ 576.3 $ 471.2
v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Deposits $ 13,200  
Commercial paper 99,981 $ 99,977
Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Short term revolving credit lines with banks (full recourse) $ 35,000  
v3.25.3
STOCK-BASED COMPENSATION - Narrative (Details) - The 2018 Incentive Compensation Plan
 1 Months Ended
Mar. 31, 2025
$ / shares
shares
Restricted Stock Units (RSUs)  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) | shares 210,961
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares $ 68.9
Performance Stock Units (PSU)  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) | shares 45,190
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares $ 70.9
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) | Minimum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Share-based compensation arrangement by share-based payment award, award vesting period (year) 1 year
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) | Maximum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Share-based compensation arrangement by share-based payment award, award vesting period (year) 3 years
v3.25.3
STOCK-BASED COMPENSATION - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
 1 Months Ended
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Dividend yield 0.69%
Minimum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Risk-free interest rates 3.95%
Expected life (in years) 1 year
Expected volatility (weighted average) 27.00%
Maximum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Risk-free interest rates 4.08%
Expected life (in years) 3 years
Expected volatility (weighted average) 31.00%
v3.25.3
INTEREST EXPENSE, NET (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest Expense, Operating and Nonoperating [Abstract]        
Interest related to sale of tax benefits $ 5,330 $ 5,119 $ 12,828 $ 14,358
Interest expense 39,593 33,461 111,310 96,206
Less — amount capitalized (9,246) (3,758) (17,306) (11,058)
Total interest expense, net $ 35,677 $ 34,822 $ 106,832 $ 99,506
v3.25.3
EARNINGS PER SHARE - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Weighted average number of shares used in computation of basic earnings per share 60,749 60,480 60,666 60,439
Additional shares from the assumed exercise of employee stock awards 503 290 466 287
Weighted average number of shares used in computation of diluted earnings per share 61,252 60,770 61,132 60,726
v3.25.3
EARNINGS PER SHARE - Narrative (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 500 29,500 7,900 42,300
Convertible senior note        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Debt instrument, convertible, conversion price (in dollars per share) $ 90.27   $ 90.27  
v3.25.3
BUSINESS SEGMENTS - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.3
BUSINESS SEGMENTS - Summarized Financial Information Concerning Reportable Segments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Segment
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segment Reporting Information [Line Items]          
Net revenue from external customers $ 249,727 $ 211,784 $ 713,507 $ 648,913  
Depreciation and amortization expenses 74,981 66,661 214,789 192,813  
Gross profit 64,037 58,862 193,859 199,058  
Operating income 40,432 35,675 126,663 123,385  
Segment assets 6,092,858 5,590,341 6,092,858 5,590,341 $ 5,666,224
Expenditures for long-lived assets 147,267 109,716 $ 474,693 359,941  
Number of segment, allocation of other segment items | Segment     2    
Goodwill 167,871   $ 167,871   $ 151,023
Electricity          
Segment Reporting Information [Line Items]          
Depreciation and amortization expenses 64,506 58,704 184,427 170,009  
Expenditures for long-lived assets 110,793 101,895 316,548 300,925  
Goodwill 163,200 146,700 163,200 146,700  
Electricity | Accounted for Under ASC 606          
Segment Reporting Information [Line Items]          
Net revenue from external customers 32,300 33,900 103,900 116,200  
Product          
Segment Reporting Information [Line Items]          
Depreciation and amortization expenses 3,006 3,100 8,855 8,753  
Expenditures for long-lived assets 4,089 1,940 7,098 4,952  
Goodwill 0 0 0 0  
Energy Storage          
Segment Reporting Information [Line Items]          
Depreciation and amortization expenses 7,469 4,858 21,506 14,051  
Expenditures for long-lived assets 32,385 5,881 151,047 54,064  
Goodwill 4,600 4,600 4,600 4,600  
Energy Storage | Accounted for Under ASC 606          
Segment Reporting Information [Line Items]          
Net revenue from external customers 8,300 700 14,400 2,100  
Operating Segments          
Segment Reporting Information [Line Items]          
Net revenue from external customers 249,727 211,784 713,507 648,913  
Depreciation and amortization expenses 70,269 63,305 204,371 182,586  
Other cost of revenues expenses 115,421 89,617 315,277 267,269  
Gross profit 64,037 58,862 193,859 199,058  
Segment operating expenses (income) 23,605 23,187 67,196 75,673  
Operating income 40,432 35,675 126,663 123,385  
Operating Segments | Electricity          
Segment Reporting Information [Line Items]          
Net revenue from external customers 167,110 164,638 507,263 522,117  
Depreciation and amortization expenses 60,140 55,675 175,117 160,691  
Other cost of revenues expenses 64,448 59,266 190,540 181,495  
Gross profit 42,522 49,697 141,606 179,931  
Segment operating expenses (income) 17,340 18,720 53,610 60,859  
Operating income 25,182 30,977 87,996 119,072  
Segment assets 5,262,660 5,001,907 5,262,660 5,001,907  
Operating Segments | Product          
Segment Reporting Information [Line Items]          
Net revenue from external customers 62,247 37,357 153,628 100,018  
Depreciation and amortization expenses 2,661 2,745 7,864 7,775  
Other cost of revenues expenses 46,105 27,421 108,704 76,207  
Gross profit 13,481 7,191 37,060 16,036  
Segment operating expenses (income) 6,492 4,157 16,235 11,134  
Operating income 6,989 3,034 20,825 4,902  
Segment assets 245,858 189,824 245,858 189,824  
Operating Segments | Energy Storage          
Segment Reporting Information [Line Items]          
Net revenue from external customers 20,370 9,789 52,616 26,778  
Depreciation and amortization expenses 7,467 4,885 21,390 14,120  
Other cost of revenues expenses 4,869 2,930 16,033 9,567  
Gross profit 8,034 1,974 15,193 3,091  
Segment operating expenses (income) (227) 310 (2,649) 3,680  
Operating income 8,261 1,664 17,842 (589)  
Segment assets 584,340 398,610 584,340 398,610  
Operating Segments | United States          
Segment Reporting Information [Line Items]          
Net revenue from external customers 141,782 129,905 426,420 412,895  
Operating Segments | United States | Electricity          
Segment Reporting Information [Line Items]          
Net revenue from external customers 118,391 116,914 364,021 380,424  
Operating Segments | United States | Product          
Segment Reporting Information [Line Items]          
Net revenue from external customers 3,021 3,202 9,783 5,693  
Operating Segments | United States | Energy Storage          
Segment Reporting Information [Line Items]          
Net revenue from external customers 20,370 9,789 52,616 26,778  
Operating Segments | Foreign          
Segment Reporting Information [Line Items]          
Net revenue from external customers 107,945 81,879 287,087 236,018  
Operating Segments | Foreign | Electricity          
Segment Reporting Information [Line Items]          
Net revenue from external customers 48,719 47,724 143,242 141,693  
Operating Segments | Foreign | Product          
Segment Reporting Information [Line Items]          
Net revenue from external customers 59,226 34,155 143,845 94,325  
Operating Segments | Foreign | Energy Storage          
Segment Reporting Information [Line Items]          
Net revenue from external customers 0 0 0 0  
Segment Reconciling Items          
Segment Reporting Information [Line Items]          
Segment assets 160,369 126,767 160,369 126,767  
Segment Reconciling Items | Electricity          
Segment Reporting Information [Line Items]          
Segment assets 160,369 126,767 160,369 126,767  
Segment Reconciling Items | Product          
Segment Reporting Information [Line Items]          
Segment assets 0 0 0 0  
Segment Reconciling Items | Energy Storage          
Segment Reporting Information [Line Items]          
Segment assets $ 0 $ 0 $ 0 $ 0  
v3.25.3
BUSINESS SEGMENTS - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting [Abstract]        
Segment gross profit (loss) $ 64,037 $ 58,862 $ 193,859 $ 199,058
Operating expenses:        
Research and development expenses 1,284 1,816 5,265 5,110
Selling and marketing expenses 4,895 4,248 13,437 13,541
General and administrative expenses 20,174 22,973 57,869 60,536
Other operating income (3,125) (6,250) (10,519) (6,250)
Impairment of long-lived assets 0 323 0 1,280
Write-off of unsuccessful exploration and storage activities 377 77 1,144 1,456
Operating income 40,432 35,675 126,663 123,385
Interest income 1,626 2,051 4,868 6,494
Interest expense, net (35,677) (34,822) (106,832) (99,506)
Derivatives and foreign currency transaction gains (losses) (891) 2,046 6,237 132
Income attributable to sale of tax benefits 14,356 19,760 48,178 53,034
Other non-operating income, net 124 22 422 122
Income from operations before income tax and equity in earnings of investees $ 19,970 $ 24,732 $ 79,536 $ 83,661
v3.25.3
COMMITMENTS AND CONTINGENCIES (Details) - Breach of contractual obligations
Feb. 07, 2025
USD ($)
Other Commitments [Line Items]  
Loss contingency, damages sought, value $ 47,500,000
Loss contingency accrual $ 0
v3.25.3
INCOME TAXES (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate reconciliation (in percent) (21.40%) (4.80%) (17.00%) (5.40%)
Effective income tax rate reconciliation, at federal statutory income tax rate, (in percents) 21.00%      
v3.25.3
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Nov. 03, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Subsequent Event [Line Items]              
Dividends, common stock   $ 7,275 $ 7,282 $ 7,273 $ 7,260 $ 7,344 $ 7,243
Common stock, dividends, per share, declared (in dollars per share)   $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12
Subsequent Event              
Subsequent Event [Line Items]              
Dividends, common stock $ 7,300            
Common stock, dividends, per share, declared (in dollars per share) $ 0.12