ORMAT TECHNOLOGIES, INC., 10-K filed on 2/23/2024
Annual Report
v3.24.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 20, 2024
Jun. 30, 2023
Document Information [Line Items]      
Entity Central Index Key 0001296445    
Entity Registrant Name ORMAT TECHNOLOGIES, INC.    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2023    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 001-32347    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 88-0326081    
Entity Address, Address Line One 6140 Plumas Street    
Entity Address, City or Town Reno    
Entity Address, State or Province NV    
Entity Address, Postal Zip Code 89519-6075    
City Area Code 775    
Local Phone Number 356-9029    
Title of 12(b) Security Common Stock $0.001 Par Value    
Trading Symbol ORA    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 4,311,389,318
Entity Common Stock, Shares Outstanding   60,358,887  
Auditor Firm ID 1309    
Auditor Location Tel-Aviv, Israel    
Auditor Name Kesselman & Kesselman    
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 195,808 $ 95,872
Restricted cash and cash equivalents (primarily related to VIEs) 91,962 130,804
Receivables:    
Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) 208,704 128,818
Other 44,530 32,415
Inventories 45,037 22,832
Costs and estimated earnings in excess of billings on uncompleted contracts [1] 18,367 16,405
Prepaid expenses and other 41,595 29,571
Total current assets 646,003 456,717
Investment in unconsolidated companies 125,439 115,693
Deposits and other 44,631 39,762
Deferred income taxes 152,570 161,365
Property, plant and equipment, net 2,998,949 2,493,457
Construction-in-process 814,967 893,198
Operating leases right of use 24,057 23,411
Finance leases right of use 3,510 3,806
Intangible assets, net 307,609 333,845
Goodwill 90,544 90,325
Total assets [2],[3] 5,208,279 4,611,579
Current liabilities:    
Accounts payable and accrued expenses 214,518 149,423
Commercial paper (less deferred financing costs of $29) 99,971 0
Billings in excess of costs and estimated earnings on uncompleted contracts 18,669 8,785
Current portion of long-term debt:    
Limited and non-recourse (primarily related to VIEs): 57,207 64,044
Full recourse 116,864 101,460
Financing liability [4] 5,141 16,270
Operating lease liabilities 3,329 2,347
Finance lease liabilities 1,313 1,581
Total current liabilities 537,012 343,910
Long-term debt, net of current portion:    
Financing liability [4] 220,619 225,759
Operating lease liabilities 19,790 19,788
Finance lease liabilities 2,238 2,262
Liability associated with sale of tax benefits 184,612 166,259
Deferred income taxes 66,748 83,465
Liability for unrecognized tax benefits 8,673 6,559
Liabilities for severance pay 11,844 12,833
Asset retirement obligation 114,370 97,660
Other long-term liabilities 22,107 3,317
Total liabilities 2,756,693 2,581,014
Commitments and contingencies (Note 20)
Redeemable noncontrolling interest 10,599 9,590
Equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,358,887 and 56,095,918 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively 60 56
Additional paid-in capital 1,614,769 1,259,072
Treasury stock, at cost (258,667 shares held as of December 31, 2023 and 2022, respectively) (17,964) (17,964)
Retained earnings 719,894 623,907
Accumulated other comprehensive gain (loss) (1,332) 2,500
Total stockholders' equity attributable to Company's stockholders 2,315,427 1,867,571
Noncontrolling interest 125,560 153,404
Total equity 2,440,987 2,020,975
Total liabilities, redeemable noncontrolling interest and equity 5,208,279 4,611,579
Senior Secured Notes [Member]    
Long-term debt, net of current portion:    
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $7,889 and $10,272, respectively) 447,389 521,885
Senior Unsecured Bonds [Member]    
Long-term debt, net of current portion:    
Full recourse (less deferred financing costs of $3,056 and $2,995, respectively) 698,187 676,512
Convertible Senior Notes [Member]    
Long-term debt, net of current portion:    
Convertible senior notes (less deferred financing costs of $8,146 and $10,445, respectively) 423,104 420,805
Revolving Credit Facility [Member]    
Current liabilities:    
Short term revolving credit lines with banks (full recourse) $ 20,000 $ 0
[1] 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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was partially recognized as product revenues during the year ended December 31, 2022 as a result of performance obligations that were partially satisfied.
[2] Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021.
[3] Including unconsolidated investments
[4] the amounts presented exclude deferred financing costs, if any
v3.24.0.1
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Trade, allowance for credit losses $ 90 $ 90
Property, plant and equipment, net 2,998,949 2,493,457
Construction-in-process 814,967 893,198
Operating leases right of use 24,057 23,411
Finance leases right of use 3,510 $ 3,806
Deferred financing costs, current $ 29  
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 60,358,887 56,095,918
Common stock, shares outstanding (in shares) 60,358,887 56,095,918
Treasury stock, shares (in shares) 258,667 258,667
Senior Secured Notes [Member]    
Deferred financing costs $ 7,889 $ 10,272
Senior Unsecured Bonds [Member]    
Deferred financing costs 3,056 2,995
Convertible Senior Notes [Member]    
Deferred financing costs 8,146 10,445
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net 2,802,920 2,326,491
Construction-in-process 376,602 360,508
Operating leases right of use 9,326 9,662
Finance leases right of use $ 0 $ 75
v3.24.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Revenue [1] $ 829,424 $ 734,159 $ 663,084
Cost of revenues:      
Cost of revenues 565,406 465,335 398,746
Gross profit 264,018 268,824 264,338
Operating expenses:      
Research and development expenses 7,215 5,078 4,129
Selling and marketing expenses 18,306 16,193 15,199
General and administrative expenses 68,179 61,274 75,901
Impairment of long-lived assets 0 32,648 0
Write-off of unsuccessful exploration activities 3,733 828 0
Business interruption insurance income 0 0 (248)
Operating income 166,585 152,803 169,357
Other income (expense):      
Interest income 11,983 3,417 2,124
Interest expense, net (98,881) (87,743) (82,658)
Derivatives and foreign currency transaction gains (losses) (3,278) (6,044) (14,720)
Income attributable to sale of tax benefits 61,157 33,885 29,582
Other non-operating income (expense), net 1,519 (709) (134)
Income from operations before income tax and equity in earnings (losses) of investees 139,085 95,609 103,551
Income tax (provision) benefit (5,983) (14,742) (24,850)
Equity in earnings (losses) of investees 35 (3,072) (2,624)
Net income 133,137 77,795 76,077
Net income attributable to noncontrolling interest (8,738) (11,954) (13,985)
Net income attributable to the Company's stockholders 124,399 65,841 62,092
Comprehensive income:      
Net income 133,137 77,795 76,077
Other comprehensive income (loss), net of related taxes:      
Change in foreign currency translation adjustments 1,257 (2,486) (3,236)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge (470) 8,370 3,892
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively) (4,237) (1,825) 2,379
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax) 0 40 (40)
Other changes in comprehensive income 53 59 228
Comprehensive income 129,740 81,953 79,300
Comprehensive income attributable to noncontrolling interest (9,173) (11,421) (12,779)
Comprehensive income attributable to the Company's stockholders $ 120,567 $ 70,532 $ 66,521
Earnings per share attributable to the Company's stockholders:      
Basic: (in dollars per share) $ 2.09 $ 1.17 $ 1.11
Diluted: (in dollars per share) $ 2.08 $ 1.17 $ 1.1
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:      
Basic (in shares) 59,424 56,063 56,004
Diluted (in shares) 59,762 56,503 56,402
Electricity [Member]      
Revenues:      
Revenue $ 666,767 $ 631,727 $ 585,771
Cost of revenues:      
Cost of revenues 422,549 380,361 337,019
Product [Member]      
Revenues:      
Revenue 133,763 71,414 46,920
Cost of revenues:      
Cost of revenues 115,802 60,479 41,374
Energy Storage and Management Services [Member]      
Revenues:      
Revenue 28,894 31,018 30,393
Cost of revenues:      
Cost of revenues $ 27,055 $ 24,495 $ 20,353
[1] Revenues as reported in the geographic area in which they originate.
v3.24.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amortization of unrealized gains in respect of derivative instruments designated for cash flow hedge, tax $ 1,511 $ 464  
Change in unrealized gains or losses on marketable securities available-for-sale , tax $ 0 $ 0 $ 0
v3.24.0.1
Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Thousands
Cross Currency Interest Rate Contract [Member]
Common Stock [Member]
Cross Currency Interest Rate Contract [Member]
Additional Paid-in Capital [Member]
Cross Currency Interest Rate Contract [Member]
Treasury Stock, Common [Member]
Cross Currency Interest Rate Contract [Member]
Retained Earnings [Member]
Cross Currency Interest Rate Contract [Member]
AOCI Attributable to Parent [Member]
Cross Currency Interest Rate Contract [Member]
Parent [Member]
Cross Currency Interest Rate Contract [Member]
Noncontrolling Interest [Member]
Cross Currency Interest Rate Contract [Member]
Common Stock Outstanding [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2020                 55,983                
Balance in Other comprehensive income (loss) beginning of period at Dec. 31, 2020                   $ 56 $ 1,262,446 $ 0 $ 550,103 $ (6,620) $ 1,805,985 $ 135,452 $ 1,941,437
Stock-based compensation                   0 9,168 0 0 0 9,168 0 9,168
Exercise of options by employees and directors (*) (in shares)                 73                
Exercise of options by employees and directors (*)                   0 0 0 0 0 0 0 0
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (5,507) (5,507)
Cash dividend declared                   0 0 0 (26,986) 0 (26,986) 0 (26,986)
Stock issuance costs reimbursement                   0 311 0 0 0 311 0 311
Increase in noncontrolling interest                   0 0 0 0 0 0 1,357 1,357
Net income                   0 0 0 62,092 0 62,092 13,366 75,458
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax                   0 0 0 0 (2,030) (2,030) (1,206) (3,236)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge                   0 0 0 0 3,892 3,892 0 3,892
Change in respect of derivative instruments designated for cash flow hedge $ 0 $ 0 $ 0 $ 0 $ 2,379 $ 2,379 $ 0 $ 2,379                 2,379
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 (40) (40) 0 (40)
Other                   0 0 0 0 228 228 0 228
Issuance of common stock                   0 311 0 0 0 311 0 311
Net income                   0 0 0 62,092 0 62,092 13,366 75,458
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively) 0 0 0 0 2,379 2,379 0 2,379                 2,379
Balance (in shares) at Dec. 31, 2021                 56,056                
Balance in Other comprehensive income (loss) end of period at Dec. 31, 2021                   56 1,271,925 0 585,209 (2,191) 1,854,999 143,462 1,998,461
Stock-based compensation                   0 11,646 0 0 0 11,646 0 11,646
Exercise of options by employees and directors (*) (in shares)                 299                
Exercise of options by employees and directors (*)                   0 39 0 0 0 39 0 39
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (4,811) (4,811)
Cash dividend declared                   0 0 0 (27,143) 0 (27,143) 0 (27,143)
Increase in noncontrolling interest                   0 0 0 0 0 0 3,970 3,970
Net income                   0 0 0 65,841 0 65,841 11,316 77,157
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax                   0 0 0 0 (1,953) (1,953) (533) (2,486)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge                   0 0 0 0 8,370 8,370 0 8,370
Change in respect of derivative instruments designated for cash flow hedge 0 0 0 0 (1,825) (1,825) 0 (1,825)                 (1,825)
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                   0 0 0 0 40 40 0 40
Other                   0 0 0 0 59 59 0 59
Purchase of treasury stock (in shares)                 (259)                
Purchase of treasury stock                   0 0 (17,964) 0 0 (17,964) 0 (17,964)
Purchase of capped call transactions                   0 (24,538) 0 0 0 (24,538) 0 (24,538)
Net income                   0 0 0 65,841 0 65,841 11,316 77,157
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively) $ 0 $ 0 $ 0 $ 0 $ (1,825) $ (1,825) $ 0 $ (1,825)                 (1,825)
Balance (in shares) at Dec. 31, 2022                 56,096                
Balance in Other comprehensive income (loss) end of period at Dec. 31, 2022                   56 1,259,072 (17,964) 623,907 2,500 1,867,571 153,404 2,020,975
Stock-based compensation                   0 15,478 0 0 0 15,478 0 15,478
Exercise of options by employees and directors (*) (in shares) [1]                 123                
Exercise of options by employees and directors (*) [1]                   0 314 0 0 0 314 0 314
Cash paid to noncontrolling interest                   0 0 0 0 0 0 (7,648) (7,648)
Cash dividend declared                   0 0 0 (28,412) 0 (28,412) 0 (28,412)
Stock issuance costs reimbursement                   4 341,667 0 0 0 341,671 0 341,671
Net income                   0 0 0 124,399 0 124,399 7,799 132,198
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax                   0 0 0 0 822 822 435 1,257
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge                   0 0 0 0 (470) (470) 0 (470)
Change in respect of derivative instruments designated for cash flow hedge                   0 0 0 0 (4,237) (4,237) 0 (4,237)
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax)                                 0
Other                   0 0 0 0 53 53 0 53
Issuance of common stock (in shares)                 4,140                
Issuance of common stock                   4 341,667 0 0 0 341,671 0 341,671
Change in noncontrolling interest rights (net if related tax of $338)                   0 901 0 0 0 901 (2,038) (1,137)
Transaction with noncontrolling interest                   0 (2,663) 0 0 0 (2,663) (26,392) (29,055)
Net income                   0 0 0 124,399 0 124,399 7,799 132,198
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively)                   0 0 0 0 (4,237) (4,237) 0 (4,237)
Balance (in shares) at Dec. 31, 2023                 60,359                
Balance in Other comprehensive income (loss) end of period at Dec. 31, 2023                   $ 60 $ 1,614,769 $ (17,964) $ 719,894 $ (1,332) $ 2,315,427 $ 125,560 $ 2,440,987
[1] Resulted in an amount lower than $1 thousand.
v3.24.0.1
Consolidated Statements of Equity (Parentheticals)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Cross Currency Interest Rate Contract [Member]  
Change in respect of derivative instruments designated for cash flow hedge, tax $ 1,500
Cash dividend declared, per share (in dollars per share) | $ / shares $ 0.48
Change in respect of derivative instruments designated for cash flow hedge, tax $ 1,511
Change in noncontrolling interest rights, tax $ 338
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 133,137 $ 77,795 $ 76,077
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 224,797 198,792 182,972
Accretion of asset retirement obligation 6,164 5,257 3,977
Stock-based compensation 15,478 11,646 9,168
Income attributable to sale of tax benefits, net of interest expense (23,462) (13,153) (12,201)
Equity in losses (earnings) of investees, net (35) 3,072 2,624
Mark-to-market of derivative instruments (2,206) 1,613 741
Loss (gain) on disposal of property, plant and equipment 35 (89) 0
Write-off of unsuccessful exploration activities 3,733 828 0
Impairment of long-lived assets 0 32,648 0
Loss from prepayment of a long-term loan 0 1,102 0
Loss (gain) on severance pay fund asset 154 1,019 (1,335)
Deferred income tax provision (6,017) (18,979) (3,115)
Liability for unrecognized tax benefits 2,114 829 3,760
Other 0 575 526
Changes in operating assets and liabilities, net of businesses acquired:      
Receivables (97,640) (19,929) 26,738
Costs and estimated earnings in excess of billings on uncompleted contracts (1,962) (6,713) 14,852
Inventories (22,205) 5,613 4,127
Prepaid expenses and other (3,248) 4,888 (19,105)
Change in operating lease right of use asset 3,761 2,717 3,010
Deposits and other (7,900) 2,571 (4,154)
Accounts payable and accrued expenses 68,590 (2,045) (21,936)
Billings in excess of costs and estimated earnings on uncompleted contracts 9,884 (463) (1,931)
Liabilities for severance pay (989) (2,861) (3,055)
Change in operating lease liabilities (3,435) (3,581) (2,816)
Other liabilities, net 10,653 (2,178) (102)
Net cash provided by operating activities 309,401 280,974 258,822
Cash flows from investing activities:      
Purchase of marketable securities 0 (19,192) (60,070)
Maturities of marketable securities 0 32,645 16,272
Sale of marketable securities 0 29,355 0
Capital expenditures (618,383) (563,476) (419,272)
Cash received from insurance recoveries 0 600 0
Investment in unconsolidated companies (10,181) (4,509) (6,401)
Cash paid for acquisition of a business, net of cash acquired 0 0 (171,000)
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 221 1,171 3,189
Other investing activities 0 0 (911)
Net cash used in investing activities (628,343) (523,406) (638,193)
Cash flows from financing activities:      
Proceeds from long-term loans, net of transaction costs 149,837 135,259 275,000
Proceeds from exercise of options by employees 314 39 0
Proceeds from issuance of common stock, net of stock issuance costs 341,671 0 311
Proceeds from issuance of convertible notes, net of transaction costs 0 419,698 0
Purchase of capped call instruments 0 (24,538) 0
Purchase of treasury stock 0 (17,964) 0
Proceeds from the sale of limited liability company interest, net of transaction costs 42,329 50,330 37,141
Repayments of commercial paper and prepayments of long-term debt 0 (219,126) 0
Proceeds from issuance of commercial paper, net of transaction costs 99,971 0 0
Proceeds from revolving credit lines with banks 55,000 0 0
Repayment of revolving credit lines with banks (35,000) 0 0
Cash received from noncontrolling interest 7,341 5,443 5,390
Transaction with noncontrolling interest (30,000) 0 0
Repayments of long-term debt and financing liability (207,039) (185,163) (93,046)
Cash paid to noncontrolling interest (9,856) (5,880) (6,903)
Payments under finance lease obligations (1,963) (2,983) (3,181)
Deferred debt issuance costs (4,229) (1,699) (1,341)
Cash dividends paid (28,412) (27,143) (26,986)
Net cash provided by (used in) financing activities 379,964 126,273 186,385
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 72 (609) (348)
Net change in cash and cash equivalents and restricted cash and cash equivalents 61,094 (116,768) (193,334)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 226,676 343,444 536,778
Cash and cash equivalents and restricted cash and cash equivalents at end of period 287,770 226,676 343,444
Supplemental disclosure of cash flow information:      
Interest, net of interest capitalized 72,236 69,132 66,627
Income taxes, net 26,250 29,004 34,357
Supplemental non-cash investing and financing activities:      
Increase (decrease) in accounts payable related to purchases of property, plant and equipment (12,417) 4,764 7,976
Right of use assets obtained in exchange for new lease liabilities 6,402 8,759 6,175
Increase in asset retirement cost and asset retirement obligation $ 10,546 $ 7,512 $ 12,153
v3.24.0.1
Note 1 - Business and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

 

Business

 

The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services.

 

Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements for certain of such facilities are dependent upon their maintaining Qualifying Facility status.

 

Rounding

 

Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, unless otherwise indicated.

 

Basis of presentation

 

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation.

 

Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss).

 

Use of estimates in preparation of financial statements

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes.

 

Cash and cash equivalents

 

The Company considers all highly liquid instruments, with an original maturity of three months or less, to be cash equivalents.

 

Restricted cash, cash equivalents, and marketable securities

 

Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 months are classified as current restricted cash and cash equivalents, with the remainder classified as non-current restricted cash and cash equivalents, if applicable. Such amounts are invested primarily in money market accounts and commercial paper with a minimum investment grade of “A”.

 

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 reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows:

 

  

December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $195,808  $95,872  $239,278 

Restricted cash and cash equivalents

  91,962   130,804   104,166 

Total cash and cash equivalents and restricted cash and cash equivalents

 $287,770  $226,676  $343,444 

 

Marketable securities

 

The Company’s investments in marketable securities consisted of debt securities with maturity of up to one year and a high credit rating. The investments in marketable securities were classified as available-for-sale ("AFS") and thus measured at fair value based on quoted market prices. Unrealized gains and losses from AFS debt securities were excluded from earnings and reported net of the related tax effect in "Accumulated other comprehensive income (loss)". Realized gains and losses from sale of marketable securities, as determined on a specific identification basis, as well as interest income earned, were included in earnings. The Company considered available evidence in evaluating potential impairments of its investments, including credit market conditions, credit ratings of the security as well as the extent to which fair value is less than amortized cost. The Company estimated the lifetime expected credit losses for all AFS debt securities in an unrealized loss position under its allowance for credit losses model. The Company assessed the security’s credit indicators, including credit ratings when estimating a security’s probability of default. If the assessment indicated that an expected credit loss existed, the Company determined the portion of the unrealized loss attributable to credit deterioration and records an allowance for the expected credit loss in earnings. Unrealized gains and losses attributable to non-credit factors were recorded in "Accumulated other comprehensive income (loss)", net of tax. Marketable debt securities with original maturities of three months or less that are readily convertible into a known amount of cash are presented under "Cash and cash equivalents" in the consolidated balance sheets. The Company sold all of its investments in marketable securities during the second quarter of 2022.

 

Concentration of credit risk

 

Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments, accounts receivable and the cross-currency swap transaction.

 

The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2023 and 2022, the Company had deposits totaling $43.2 million and $10.0 million, respectively, in ten United States financial institutions that were federally insured up to $250,000 per account. At December 31, 2023 and 2022, the Company’s deposits in foreign countries of approximately $57.5 million and $64.3 million, respectively, were not insured.

 

At December 31, 2023 and 2022, accounts receivable related to operations in foreign countries amounted to approximately $152.2 million and $78.9 million, respectively. At December 31, 2023 and 2022, accounts receivable from the Company’s major customers (see Note 17) amounted to approximately 57% and 60%, respectively, of the Company’s accounts receivable. The aggregate amount of notes receivable exceeding 10% of total receivables for the year ended December 31, 2023 and 2022 is $161.0 million and $89.8 million, respectively.

 

The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2023, the amount overdue from KPLC in Kenya was $62.8 million of which $32.2 million was paid in January and February of 2024. The Company believes it will be able to collect all past due amounts in Kenya. 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 where caused by government actions and/or political events).

 

In Honduras, as of December 31, 2023, the total amount overdue from ENEE was $15.7 million of which $2.5 million was collected in January and February of 2024. In addition, due to the financial situation in Honduras, the Company may experience additional delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

Additionally, the Company considers the counterparty credit risk related to the cross-currency swap, as further described in note 11 to the consolidated financial statements, when assessing the hedge effectiveness, noting such risk to be low as of December 31, 2023.

 

Inventories

 

Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not material at December 31, 2023 and 2022.

 

Deposits and other

 

Deposits and other consist primarily of performance bonds for construction and storage projects, long-term insurance contract funds and receivables, certain deferred costs and derivative instrument receivables, as applicable.

 

Property, plant and equipment, net

 

Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets:

 

  

Years

Buildings          

 

25

Leasehold improvements          

 

15

 

30

Machinery and equipment — manufacturing and drilling          

 

10

Machinery and equipment — computers          

 

3

 

5

Energy storage equipment          

 

15

Solar facility equipment         

 

30

Office equipment — furniture and fixtures          

 

5

 

15

Office equipment — other         

 

5

 

10

Vehicles          

 

5

 

7

 

The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations.

 

The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $17.3 million, $18.7 million, and $14.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

 

During the fourth quarter of 2022, the Company recorded a non-cash impairment charge, primarily related to its Brawley power plant as further detailed below under the caption "Impairment of long-lived assets"

 

Exploration and development costs

 

The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2023, 2022 and 2021. It normally takes two to three years from the time active exploration of a particular geothermal resource begins to the time a production well is in operation, assuming the resource is commercially viable. However, in certain sites the process may take longer due to permitting delays, transmission constraints or any other commercial milestones that are required to be reached in order to pursue the development process.

 

In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses under “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss).

 

Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may include drilling of temperature gradient holes, drilling of slim holes, building access roads to drilling locations, drilling full size production and/or injection wells and flow tests. If the slim hole supports a conclusion that the geothermal resource will support a commercially viable power plant, it may be converted to a full-size commercial well, used either for extraction or re-injection of geothermal fluids, or be used as an observation well to monitor and define the geothermal resource. Costs associated with these activities and other directly attributable costs, including interest once physical exploration activities begin and permitting costs are capitalized and included in “Construction-in-process”. If the Company concludes that a geothermal resource will not support commercial operations, capitalized costs are expensed in the period such determination is made.

 

When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. During the years ended December 31, 2023 and 2022, the Company wrote-off $3.7 million and $0.8 million of unsuccessful exploration activities, respectively, that the Company decided to no longer pursue. There were no write-offs of unsuccessful exploration activities in 2021.

 

All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences.

 

Asset retirement obligation

 

The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing and storage sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss.

 

Deferred financing costs

 

Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2023, 2022 and 2021 amounted to $5.9 million, $4.2 million, and $3.2 million, respectively. During the years ended December 31, 2023, 2022 and 2021, no material amounts were written-off as a result of extinguishment of liabilities.

 

Goodwill

 

Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not amortized but rather subject to a periodic impairment testing on an annual basis, which the Company performs on December 31 of each year, or if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Additionally, it is permitted to first assess qualitative factors to determine whether a quantitative goodwill impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. Otherwise, no further impairment testing is required. An entity has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative goodwill impairment test. This would not preclude the entity from performing the qualitative assessment in any subsequent period. The quantitative assessment compares the fair value of the reporting unit to its carrying value, including goodwill. Under ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), an entity should recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For further information relating to goodwill see Note 9 - Intangible Assets and Goodwill to the consolidated financial statements.

 

Intangible assets

 

Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 6 to 19-year terms of the agreements (see Note 9) as well as acquisition costs allocation related to the Company's Energy Storage segment activities that are amortized over a period of between approximately 6 and 19 years. Intangible assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In case there are no such events or change in circumstances, there is no need to perform an impairment testing. The recoverability is tested by comparing the net carrying value of the intangible assets to the undiscounted net cash flows to be generated from the use and eventual disposition of these assets. If the carrying amount of a long-lived asset (or asset group) is not recoverable, the fair value of the asset (asset group) is measured and if the carrying amount exceeds the fair value, an impairment loss is recognized.

 

Impairment of long-lived assets and long-lived assets to be disposed of

 

The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors which could trigger an impairment include, among others, significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of assets or its overall business strategy, negative industry or economic trends, a determination that an exploration project will not support commercial operations, a determination that a suspended project is not likely to be completed, a significant increase in costs necessary to complete a project, legal factors relating to its business or when it concludes that it is more likely than not that an asset will be disposed of or sold.

 

The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one central control room that controls all of the power plants in a complex and one maintenance group that services all of the power plants in a complex. As a result, the cash flows from individual plants within a complex are not largely independent of the cash flows of other plants within the complex. The Company tests for impairment of its operating plants which are not operated as a complex as well as its projects under exploration, development or construction that are not part of an existing complex at the plant or project level. To the extent an operating plant becomes part of a complex, the Company will test for impairment at the complex level.

 

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset.

 

If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Management believes that as of December 31, 2023, no impairment exists for long-lived assets, however, estimates as to the recoverability of such assets may change based on revised circumstances. If actual cash flows differ significantly from the Company’s current estimates, a material impairment charge may be required in the future.

 

During the fourth quarter of 2022, the Company recorded a non-cash impairment charge of $30.5 million relating to its Brawley power plant. Further information relating to this impairment charge is disclosed under Note 8 - Property, Plant and Equipment to the consolidated financial statements.

 

Derivative instruments

 

Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" into earnings to offset the impact of the underlying hedge transaction when it affects earnings under the same line item in the consolidated statements of operations and comprehensive income.

 

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.

 

Foreign currency translation

 

The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except the Guadeloupe power plant and the Company's operations under the Product segment in New Zealand. For those entities, all gains and losses from currency translations are included under “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Company's operations in Guadeloupe and New Zealand, respectively, and thus the impact from currency translation adjustments in those locations is included as currency translation adjustments in "Accumulated other comprehensive income" in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to a debit of $2.3 million and a debit of $3.1 million as of December 31, 2023 and 2022, respectively. 

 

Comprehensive income

 

Comprehensive income includes net income plus other comprehensive income (loss), which for the Company consists primarily of changes in foreign currency translation adjustments, changes 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, changes in respect of derivative instruments designated as a cash flow hedge and changes in unrealized gains or losses on marketable securities available-for-sale. The changes in foreign currency translation adjustments included under other comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021 amounted to $1.3 million, $(2.5) million and $(3.2) million, respectively. The changes in the Company’s share in derivative instruments of an unconsolidated investment and gains or losses in respect of derivative instruments designated as a cash flow hedge are disclosed under Note 5 – Investment in unconsolidated companies and Note 7 - Fair value of financial instruments, respectively, to the consolidated financial statements.

 

Power purchase agreements

 

Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2025 to 2047. Generally, capacity payments are calculated based on the amount of time that the power plants are available to generate electricity. The energy payments are calculated based on the amount of electrical energy delivered at a designated delivery point. The price terms are customary in the industry and include, among others, a fixed price, SRAC (the incremental cost that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others), and a fixed price with an escalation clause that includes the value for environmental attributes, known as renewable energy credits. Certain of the PPAs provide for bonus payments in the event that the Company is able to exceed certain target levels and potential payments by the Company if it fails to meet minimum target levels. The Company has PPAs that give the power purchaser or its designee a right of first refusal or a right of first offer to acquire the geothermal power plants at fair market value as negotiated between the parties. One of the Company’s subsidiaries in Guatemala sells power at an agreed upon price subject to terms of a “take or pay” PPA.

 

Pursuant to the terms of certain of the PPAs, the Company may be required to make payments to the relevant power purchaser under certain conditions, such as shortfall in delivery of renewable energy and energy credits, and not meeting certain performance threshold requirements, as defined in the relevant PPA. The amount of payment required is dependent upon the level of shortfall in delivery or performance requirements and is recorded in the period the shortfall occurs. In addition, if the Company does not meet certain minimum performance requirements, the capacity of the power plant may be permanently reduced.

 

Revenues and cost of revenues

 

Revenues from contracts with customers are recognized in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Company is required to apply each of the following steps: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contracts; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

 

Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) Energy storage and related services.

 

Electricity segment revenues: Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. The Company assesses whether PPAs entered into, modified, or acquired in business combinations contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. In the Electricity segment, revenues for all but eight power plants are accounted as operating leases, and therefore equipment related to geothermal and recovered energy generation power plants as described in Note 8 is considered held for leasing. For power plants in the scope of ASC 606, the Company identified electricity as a separate performance obligation. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the invoiced amounts reasonably represents the value to customers of performance obligations fulfilled to date. The transaction price is determined based on the price per actual mega-watt output or available capacity as agreed to in the respective PPA. Customers are generally billed on a monthly basis and payment is typically due within 30 to 60 days after the issuance of the invoice.

 

Product segment revenues: Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third parties are recognized over time since control is transferred continuously to the Company's customers. The majority of the Company's contracts include a single performance obligation which is essentially the promise to transfer the individual goods or services that are not separately identifiable from other promises in the contracts and therefore deemed as not distinct. Performance obligations are satisfied over-time if the customer receives the benefits as we perform work, if the customer controls the asset as it is being constructed, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. In the Company's Product segment, revenues are spread over a period of one to two years and are recognized over time based on the cost incurred to date in ratio to total estimated costs which represents the input method that best depicts the transfer of control over the performance obligation to the customer. Costs include direct material, labor, and indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.

 

In contracts for which the Company determines that control is not transferred continuously to the customer, the Company recognizes revenues at the point in time when the customer obtains control of the asset. Revenues for such contracts are recorded upon delivery and acceptance by the customer. This generally is the case for the sale of spare parts, generators or similar products.

 

Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are based on historical experience, anticipated performance and the Company's best judgment at the time.

 

The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not distinct from those already provided. The Company includes the additional revenues related to the modifications in its transaction price when both parties to the contract approved the modification. As a significant change in one or more of these estimates could affect the profitability of the Company's contracts, the Company reviews and updates its contract-related estimates regularly. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period in which it is identified.

 

Energy Storage segment revenues: Battery energy storage systems as a service and related services revenues are recorded based on energy management of load curtailment capacity delivered or service provided at rates specified under the relevant contract terms. The Company determined that such revenues are in the scope of ASC 606 and identified energy management services as a separate performance obligation. Performance obligations are satisfied once the Company provides verification to the electric power grid operator or utility of its ability to meet the committed capacity, the power curtailment requirements or the ancillary services and thus entitled to cash proceeds. Such verification may be provided by the Company bi-weekly, monthly or under any other frequency as set by the related program and are typically followed by a payment shortly after. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the amounts included in the verification document reasonably represent the value of performance obligations fulfilled to date. The transaction price is determined based on mechanisms specified in the contract with the customer.

 

Contract assets related to the Company's Product segment reflect revenues recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect customer billing 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 December 31, 2023 and 2022 are as follows:

 

  

December 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Contract assets (*)

 $18,367  $16,405 

Contract liabilities (*)

 $(18,669) $(8,785)

 

(*) 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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was recognized as product revenues during the year ended December 31, 2023 as a result of performance obligations that were partially satisfied.

 

The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2023 and 2022:

 

  

Years Ended December 31,

 
  

2023

  

2022

 
  

Contract

assets

  

Contract

liabilities

  

Contract

assets

  

Contract

liabilities

 
  

(Dollars in thousands)

 

Recognition of contract liabilities as revenue as a result of performance obligations satisfied

 $—  $6,883  $—  $— 

Cash received in advance for which revenues have not yet recognized, net of expenditures made

  —   (16,766)  —   (2,604)

Reduction of contract assets as a result of rights to consideration becoming unconditional

  (4,094)  —   (23,000)  — 

Contract assets recognized, net of recognized receivables

  6,056   —   32,780   — 

Net change in contract assets and contract liabilities

 $1,962  $(9,883) $9,780  $(2,604)

 

The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract.  The majority of payments are received no later than the completion of the project and satisfaction of the Company's performance obligation.

 

On December 31, 2023, the Company had approximately $150.8 million of remaining performance obligations not yet satisfied or partly satisfied related to its Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

The following schedule reconciles revenues accounted under lease accounting and under ASC 606, Revenues from Contracts with Customers, to total consolidated revenues for the three years ended December 31, 2023, 2022 and 2021:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Electricity revenues accounted under lease accounting

 $542,065  $529,264  $502,355 

Electricity, Product and Energy Storage revenues accounted under ASC 606

  287,359   204,895   160,729 

Total consolidated revenues

 $829,424  $734,159  $663,084 

 

Disaggregated revenues from contracts with customers for the years ended December 31, 2023, 2022 and 2021 are disclosed under Note 17 - Business Segments, to the consolidated financial statements.

 

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses. Such instruments are primarily cash and cash equivalents, restricted cash and cash equivalents, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on class of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate. The Company considered the current and expected future economic and market conditions related to inflation and rising interest rates and determined that the estimate of credit losses was not significantly impacted.

 

The following table describes the changes in the allowance for expected credit losses for the years ended December 31, 2023 and 2022 (all related to trade receivables):

 

  

Years Ended December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  —   — 

Ending balance of the allowance for expected credit losses

 $90  $90 

 

Leases

 

ASU 2016-02, Leases (Topic 842), defines a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset, and (b) the right to direct the use of the asset.

 

The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company is a lessee in finance lease transactions related to fleet vehicles. As further described under Note 2 - Business Acquisitions to the consolidated financial statements, one of the Company's power plant assets is subject to a sale and leaseback transaction that is accounted as a "failed" sale and leaseback. Additionally, as further described above under Revenues and cost of revenues, the Company acts as a lessor in PPAs that are accounted under ASC 842, Leases.

 

In accordance with the lease standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement.

 

The Company, both as a lessee and as a lessor, applies the following permitted practical expedients:

 

 

1.

Not reassess whether any existing contracts are or contain a lease;

 

2.

Applying the practical expedient for a lessee to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease as a single component.

 

3.

Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 months from the commencement date. Instead, the Company continued to recognize the lease payments for those leases in profit or loss on a straight-line basis over the lease term.

 

The Company applies the following significant accounting policies regarding leases it enters into following the adoption of the lease guidance on January 1, 2019: :

 

 

1.

Determining whether an arrangement contains a lease: on the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

 

 

2.

The Company as a lessee:

 

 

a.

Lease classification: at the commencement date, a lease is a finance lease if it meets any one of the criteria below; otherwise the lease is an operating lease:

 

•

The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

 

•

The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise;

 

•

The lease term is for the major part of the remaining economic life of the underlying asset;

 

•

The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset;

 

•

The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of lease term.

 

 

b.

Leased assets and lease liabilities - initial recognition: upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not readily determinable, the incremental borrowing rate of the Company is used. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease.

 

c.     The lease term: the lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option.

 

 

d.

Subsequent measurement of operating leases: after lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not been updated as a result of a reassessment event). The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company recognizes lease expense on a straight-line basis over the lease term.

 

 

e.

Subsequent measurement of finance leases: after lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect lease payments made during the period. The Company determines the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset. The amortization period related to the finance lease transactions on fleet vehicles is 3-4 years. The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods.

 

 

f.

Variable lease payments:

 

•    Variable lease payments that depend on an index or a rate: on the commencement date, the lease payments may include variability and depend on an index or a rate (such as the Consumer Price Index or a market interest rate). The Company does not remeasure the lease liability for changes in future lease payments arising from changes in an index or rate unless the lease liability is remeasured for another reason. Therefore, after initial recognition, such variable lease payments are recognized in profit or loss as they are incurred.

 

•    Other variable lease payments: variable payments that depend on performance or use of the underlying asset are not included in the lease payments. Such variable payments are recognized in profit or loss in the period in which the event or condition that triggers the payment occurs.

 

 

3.

The Company as a lessor

 

At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease, however, the Company has no such leases as a lessor. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally as earned or on a straight-line basis.

 

Termination fee

 

Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. No termination fees were incurred during 2023, 2022 and 2021.

 

Warranty on products sold

 

The Company generally provides a one to two year warranty against defects in workmanship and materials related to the sale of products for electricity generation. The Company considers the warranty to be an assurance type warranty since the warranty provides the customer the assurance that the product complies with agreed-upon specifications. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended December 31, 2023, 2022 and 2021.

 

Research and development

 

Research and development costs incurred by the Company for the development of technologies related to its existing and new geothermal and recovered energy power plants as well as storage facilities are expensed as incurred.

 

Stock-based compensation

 

The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Complex Lattice, Three-based Option Pricing model to calculate the fair value of the stock-based compensation awards.

 

Tax monetization Transactions

 

The Company has six tax monetization transactions, Opal Geo, Tungsten, McGinness Hills 3, Steamboat Hills, CD4 and North Valley as further described under Note 12 – Tax Monetization Transactions. The purpose of these transactions is to form tax partnerships, whereby investors provide cash in exchange for equity interests that provide the holder a right to the majority of tax benefits associated with a renewable energy project. The Company accounts for a portion of the proceeds from the transaction as debt under ASC 470. Given that a portion of these transactions is structured as a purchase of an equity interest the Company also classifies a portion as noncontrolling interest consistent with guidance in ASC 810. The portion recorded to noncontrolling interest is initially measured at the fair value of the discounted tax attributes and cash distributions which represents the partner's residual economic interest. The residual proceeds are recognized as the initial carrying value of the debt which is classified as a "Liability associated with the sale of tax benefits". The Company applies the effective interest rate method to the liability associated with the tax monetization transaction component as described by ASC 835 and CON 7. The tax benefits and cash distributions realized by the partner each period are treated as the debt servicing amounts, with the tax benefit amounts giving rise to income attributable to the sale of tax benefits. The deferred transaction costs are capitalized and amortized using the effective interest method.

 

Income taxes

 

Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are  more likely than not expected to be realized. A valuation allowance has been established to offset the Company’s U.S. deferred tax assets. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income.

 

Earnings per share

 

Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) is computed by dividing net income attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period, net of treasury shares. The Company does not have any equity instruments that are dilutive, except for stock-based awards and convertible senior notes.

 

The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(In thousands)

 

Weighted average number of shares used in computation of basic earnings per share

  59,424   56,063   56,004 

Add:

            

Additional shares from the assumed exercise of employee stock-based awards

  338   440   398 

Weighted average number of shares used in computation of diluted earnings per share

  59,762   56,503   56,402 

 

The number of stock-based awards that could potentially dilute future earnings per share which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 82.5 thousand, 29.2 thousand, and 142.4 thousand, respectively, for the years ended December 31, 2023, 2022 and 2021.

 

As per ASU 2020-06, the if-converted method is required for calculating any potential dilutive effect from convertible instruments. For the years ended December 31, 2023 and 2022, the average price of the Company's common stock did not exceed the per share conversion price of its convertible senior notes (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. Further information on the Notes is detailed under Note 11 to the consolidated financial statements.

 

Redeemable noncontrolling interest

 

Redeemable noncontrolling interest is currently redeemable and relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. The carrying value of the redeemable noncontrolling interest balance as of December 31, 2023 and 2022 approximates the redemption price of such interests. Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows:

 

  

2023

  

2022

 
  

(Dollars in thousands)

 

Redeemable noncontrolling interest as of January 1,

 $9,590  $9,329 

Redeemable noncontrolling interest in results of operation of a consolidated subsidiary

  939   638 

Cash paid to noncontrolling interest

  (246)  — 

Currency translation adjustments

  316   (377)

Redeemable noncontrolling interest as of December 31,

 $10,599  $9,590 

 

Cash dividends

 

During the years ended December 31, 2023, 2022 and 2021, the Company’s Board of Directors (the “Board”) declared, approved, and authorized the payment of cash dividends in the aggregate amount of $28.4 million ($0.48 per share), $27.1 million ($0.48 per share), and $27.0 million ($0.48 per share), respectively. Such dividends were paid in the years declared.

 

Equity Offering

 

On March 14, 2023, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, as the sole underwriter (the “Underwriter”), in connection with a public offering, pursuant to which the Company agreed to issue and sell 3,600,000 shares of common stock, par value $0.001 per share, and the Underwriter agreed to purchase these shares at a price of $82.60 per share. In addition, the Company granted the Underwriter a 30-day option to purchase up to an additional 540,000 shares of common stock at the same price per share, which was fully exercised by the Underwriters on April 3, 2023. The total net proceeds from the offering, including the option, were approximately $341.7 million, after deducting offering expenses.

 

ORPD Transaction

 

On July 11, 2023, ORPD LLC ("ORPD"), a subsidiary of the Company in which Northleaf Geothermal Holdings, LLC ("Northleaf") and the Company hold 36.75% and 63.25% equity interest, respectively, sold OREG 1, OREG 2, OREG 3 ("OREGs") and the Don A. Campbell complex to Ormat Nevada Inc. ("ONI"), a fully owned subsidiary of the Company. The proceeds from the sale were partially used by ORPD to make a distribution to its shareholders in which Northleaf's share was $30.0 million. Following this purchase transaction with the noncontrolling interest, the Company fully owns the OREGs and the Don A. Campbell power plant complex and ORPD remains the holder of the Puna geothermal power plant. The Company accounted for this transaction as an equity transaction.

 

Short-term Commercial Paper

 

On October 19, 2023, the Company entered into a framework agreement for participation in the issuance of commercial paper (the "Commercial Paper Agreement") with Barak Capital Underwriting Ltd. under which the Company allowed the participants to submit proposals for purchasing and to purchase the Company's commercial paper ("Commercial Paper") in accordance with the provisions of the Commercial Paper Agreement. On October 23, 2023, the Company completed the issuance of the Commercial Paper in the aggregate amount of $73.2 million, and subsequently on December 11, 2023, the Company issued an additional amount of $26.8 million, under the same terms. The Commercial Paper was issued for a period of 90 days and extends automatically for additional 90 day periods for up to five years, unless the Company notifies the participants otherwise or a notice of termination is provided by the participants in accordance with the provisions of the Commercial Paper Agreement. The Commercial Paper bears an annual interest of three months SOFR +1.1% which will be paid at the end of each 90 day period. Base rate was 5.3%.

 

War in Israel

 

On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port.

 

As of the approval 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. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management will continue to monitor the effect of the war on the Company's financial position and results of operations.

 

Heber 1 power plant fire

 

The Company's Heber 1 geothermal power plant located in California experienced an outage following a fire on February 25, 2022 that caused damage primarily to the steam turbine-generator area. The Heber 1 power plant is part of the 81 MW Heber complex and sells its electricity under a long-term contract with the Southern California Public Power Authority. In mid- April, 2022 the Company gradually re-started operation of the binary units and in May 2023 the Heber 1 power plant successfully resumed operations. In 2022, the Company recognized $21.8 million of insurance recoveries in respect of the Heber 1 fire event, of which $8.0 million was attributable to property damage and thus recorded against the related receivable and offset the loss from the damaged equipment. The remainder of $13.8 million, was related to business interruption and thus recorded as income under electricity cost of revenues in the consolidated statements of operations and comprehensive income. The Company has received all insurance proceeds related to the Heber 1 fire event.

 

February 2021 power crisis in Texas

 

In February 2021, extreme weather conditions in Texas resulted in a significant increase in demand for electricity on the one hand and a decrease in electricity supply in the region on the other hand. On February 15, 2021, the Electricity Reliability Council of Texas (“ERCOT”) issued an Energy Emergency Alert Level 3 ("EEA 3") prompting rotating outages in Texas. This ultimately led to a significant increase in the Responsive Reserve Service (“RRS”) market prices, where the Company operates its Rabbit Hill battery energy storage facility which provides ancillary services and energy optimization to the wholesale markets managed by ERCOT. Due to the electricity supply shortage, ERCOT restricted battery charging in the Rabbit Hill facility from February 16, 2021 to February 19, 2021, resulting in a limited ability of the Rabbit Hill storage facility to provide RRS. As a result, the Company incurred losses of approximately $9.1 million, net of associated revenues, from a hedge transaction in relation to its inability to provide RRS during that period. Starting February 19, 2021, the Rabbit Hill energy storage facility resumed operation at full capacity.

 

In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may be unable to collect such receivables. The provision for uncollectible receivables is included in "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the year ended December 31, 2021.

 

The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may impact the final amount.

 

New Accounting Pronouncements

 

New accounting pronouncements effective in the year ended December 31, 2023

 

Revenue Contracts Acquired in a Business Combination

 

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). ASU 2021-08 is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing the following topics: (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity that is the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 at the acquisition date as if it had originated the contracts. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted this guidance as prescribed, and the adoption of this update did not have a material impact on its consolidated financial statements.

 

New accounting pronouncements effective in future periods

 

Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

 

In March 2023, the FASB issued ASU 2023-02 “Investments - Equity Method and Joint Ventures (Topic 323),” which permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in ASU 2023-02 are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments in this update should be applied on either a modified retrospective or a retrospective basis. The Company is still evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of ASU 2023-02 will not have an impact on its consolidated financial statements.

 

Improvements to Reportable Segments Disclosures

 

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting–Improvements to Reportable Segments Disclosures (Topic 280)” to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures; and (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure or measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments 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 currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.

 
v3.24.0.1
Note 2 - Business Acquisitions
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

NOTE 2 —BUSINESS ACQUISITIONS

 

Business combination - geothermal assets purchase transaction

 

On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire two contracted geothermal assets in Nevada with a total net generating capacity of 67.5 MW, a greenfield development asset adjacent to one of the plants, and an underutilized transmission line (the "Terra-Gen Transaction"). The Company paid approximately $171.0 million in cash (excluding working capital adjustment of approximately $10.8 million) for 100% of the equity interests in the entities holding those assets and assumed a financing obligation with a fair value at acquisition date of approximately $258.4 million. The two contracted geothermal assets include the Dixie Valley and Beowawe geothermal power plants which sell power under existing power purchase agreements with Southern California Edison under a long term PPA expiring in 2038 and with NV Power, Inc. under a PPA expiring in December 2025, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company accounted for the transaction in accordance with ASC 805, Business Combinations. Following the transaction, the Company consolidates the Dixie Valley and Beowawe power plants as well as the other geothermal assets included in the transaction in accordance with ASC 810, Consolidation. In 2021, the Company incurred approximately $4.7 million of acquisition-related costs included under "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the year December 30, 2021.

 

The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):

 

Cash and cash equivalents and restricted cash

   $ 10.9  

Trade receivables and others (1)

     8.6  

Deferred income taxes

     22.8  

Property, plant and equipment and construction-in-process

     152.0  

Intangible assets (2)

     191.6  

Goodwill (3)

     66.2  

Total assets acquired

   $ 452.1  
         

Accounts payable, accrued expenses and others

   $ 6.6  

Financing liability (4)

     258.4  

Asset retirement obligation

     5.3  

Total liabilities assumed

   $ 270.3  
         

Total assets acquired, and liabilities assumed, net

   $ 181.8  

 

 

(1) 

The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million . These receivables were fully collected during the third quarter of 2021.

 

 

(2) 

Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.

 

 

(3) 

Goodwill is primarily related to the synergies and cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.

 

 

(4) 

Financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financing liability. This financing liability, as well as the related power plant asset, were measured at their acquisition-date fair value.

 

During the year ended December 31, 2023, the acquired geothermal power plants contributed $51.7 million to the Company Electricity revenues, $3.8 million to earnings, net of $8.3 million related to tax and interest expense in respect of the related finance liability. During the year ended December 31, 2022, the acquired geothermal power plants contributed $48.0 million to the Company Electricity revenues, $3.3 million to earnings, net of $7.4 million related to tax and interest expense in respect of the related finance liability. During the year ended 31, 2021, starting from acquisition date, the acquired geothermal power plants contributed $26.2 million to the Company Electricity revenues, $5.5 million to earnings, net of $4.9 million related to tax and interest expense in respect of the related finance liability.

 

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred on January 1, 2020. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs incurred as of the acquisition date, and interest expense on related borrowings, and in each case, the related income tax effects, as well as certain other post-acquisition adjustments. This pro forma presentation does not include any impact from transaction synergies.

 

   

Pro forma for the Year

Ended December 31, 2021

  
   

(Dollars in millions)

  

Electricity revenues

   $ 613.3  

Total revenues

   $ 690.6  

Net income attributable to the Company's stockholders

   $ 69.6  

 

Business combination - Geothermal and solar assets purchase transaction

 

On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America, a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two contracted geothermal power plants, one triple hybrid power plant which consists of geothermal, solar PV and solar thermal units, two stand alone solar power plants, and two greenfield development assets, for a total cash consideration of $272 million (subject to a customary post-closing working capital adjustment to the purchase price, based on the levels of net working capital of the acquired companies) for 100% of the equity interests in the entities holding those assets. See further details on this business combination transaction under Note 22 - Subsequent Events, to the consolidated financial statements.

  
v3.24.0.1
Note 3 - Inventories
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

 

Inventories consist of the following:

 

   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 20,588     $ 10,629  

Self-manufactured assembly parts and finished products

     24,449       12,203  

Total

   $ 45,037     $ 22,832  

 
v3.24.0.1
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Long-Term Contracts or Programs Disclosure [Text Block]

NOTE 4 — COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

 

Cost and estimated earnings on uncompleted contracts consist of the following:

 

   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Costs and estimated earnings incurred on uncompleted contracts

   $ 267,111     $ 155,407  

Less billings to date

     (267,413 )     (147,787 )

Total

   $ (302 )   $ 7,620  

 

These amounts are included in the consolidated balance sheets under the following captions:

 

   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Costs and estimated earnings in excess of billings on uncompleted contracts

   $ 18,367     $ 16,405  

Billings in excess of costs and estimated earnings on uncompleted contracts

     (18,669 )     (8,785 )

Total

   $ (302 )   $ 7,620  

 

The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term.

  
v3.24.0.1
Note 5 - Investment in Unconsolidated Companies
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 5 — INVESTMENT IN UNCONSOLIDATED COMPANIES

 

Investment in unconsolidated companies consists of the following:

 

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Investment in Sarulla

 $71,744  $74,881 

Investment in Ijen

  51,695   40,812 

Other investment, at cost

  2,000   — 

Total investment in unconsolidated companies

 $125,439  $115,693 

 

The Sarulla Complex

 

The Company holds a 12.75% equity interest in a consortium that developed the 330 MW Sarulla geothermal power plant project in Tapanuli Utara, North Sumatra, Indonesia. The Sarulla project is comprised of three separately constructed 110 MW units, the most recent of which, NIL 2, was completed in April 2018. The Sarulla project is owned and operated by the consortium members under the framework of a joint operating contract and energy sales contract that were both executed on April 4, 2013. Under the joint operating contract, PT Pertamina Geothermal Energy, the concession holder for the project, provided the consortium with the right to use the geothermal field, and under the energy sales contract, PT PLN, the state electric utility, is the off-taker at the Sarulla complex for a period of 30 years. The Company has a significant influence over the Sarulla project through representation on Sarulla's board of directors and thus accounts for its investment in the Sarulla geothermal project under the equity method prescribed by ASC 323 - Investments - Equity Method and Joint Ventures.

 

During the years ended December 31, 2023, 2022 and 2021, the Company made no cash equity investment in the Sarulla complex. As of December 31, 2023, total cash investment in the Sarulla complex since its inception is $62.0 million.

 

The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of June 4, 2014, and accounted for the interest rate swap as a cash flow hedge upon which changes in the fair value of the hedging instrument, relative to the effective portion, are recorded in other comprehensive income. The Company’s share of such gains (losses) recorded in other comprehensive income (loss) are as follows:

 

  

Year Ended

December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge

 $(470) $8,370  $3,892 

 

The related accumulated gain recorded by the Company under accumulated other comprehensive income as of December 31, 2023, 2022 and 2021 and was $1.5 million, $2.0 million and 6.4 million, respectively.

 

The Sarulla power plant complex has been experiencing a reduction in generation primarily due to wellfield issues at one of its power plants, as well as equipment failures which resulted in a decrease in profitability. In the second quarter of 2022, Sarulla agreed with its banks on a framework to perform remediation works that are aimed to restore the power plants' performance. The outcome of the first phase of the recovery plan is under evaluation after which we will make a decision regarding the implementation of the second phase. As we determined that the current situation and circumstances related to our equity method investment in Sarulla are temporary, no impairment testing was required for the period.

 

The Ijen Project

 

On July 2, 2019, the Company acquired 49% of the Ijen geothermal project from a subsidiary of Medco Power (“Medco”), which is a party to a Power Purchase Agreement and holds a geothermal license to develop the Ijen project in East Java in Indonesia for a total consideration of approximately $2.7 million. As part of the transaction, the Company committed to make additional funding for the exploration and development of the project, subject to specific conditions. During 2023, 2022 and 2021, the Company made additional cash investments of approximately $6.1 million, $4.5 million and $6.4 million, respectively, and $48.7 million in total. Medco retains 51% ownership in the project company and the Company and Medco are developing the project jointly. The Company accounted for its investment in the Ijen geothermal project company under the equity method prescribed by ASC 323 - Investments - Equity Method and Joint Ventures. The construction of the power plant has started and major equipment was shipped.

  
v3.24.0.1
Note 6 - Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Disclosure Of Variable Interest Entities [Text Block]

NOTE 6 — VARIABLE INTEREST ENTITIES

 

The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) accounting and disclosure requirements includes the following two steps: (i) determining whether the entity meets the criteria to qualify as a VIE; and (ii) determining whether the Company is the primary beneficiary of the VIE.

 

In performing the first step, the significant factors and judgments that the Company considers in making the determination as to whether an entity is a VIE include: (i) the design of the entity, including the nature of its risks and the purpose for which the entity was created, to determine the variability that the entity was designed to create and distribute to its interest holders; (ii) the nature of the Company’s involvement with the entity; (iii) whether control of the entity may be achieved through arrangements that do not involve voting equity; (iv) whether there is sufficient equity investment at risk to finance the activities of the entity; and (v) whether parties other than the equity holders have the obligation to absorb expected losses or the right to receive residual returns.

 

If the Company identifies a VIE based on the above considerations, it then performs the second step and evaluates whether it is the primary beneficiary of the VIE by considering the following significant factors and judgments: (i) whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

 

The Company’s VIEs include certain of its wholly owned subsidiaries that own one or more power plants with long-term PPAs. In most cases, the PPAs require the utility to purchase substantially all of the plant’s electrical output over a significant portion of its estimated useful life. Some of the VIEs have associated project financing debt that is non-recourse to the general creditors of the Company, is collateralized by substantially all of the assets of the VIE and those of its wholly owned subsidiaries (also VIEs) and is fully and unconditionally guaranteed by such subsidiaries. The Company has concluded that such entities are VIEs primarily because the entities do not have sufficient equity at risk and/or subordinated financial support is provided through the long-term PPAs. The Company has evaluated each of its VIEs to determine the primary beneficiary by considering the party that has the power to direct the most significant activities of the entity. Such activities include, among others, construction of the power plant, operations and maintenance, dispatch of electricity, financing and strategy. Except for power plants that it acquired, the Company is responsible for the construction of its power plants and generally provides operation and maintenance services. Primarily due to its involvement in these and other activities, the Company has concluded that it directs the most significant activities at each of its VIEs and, therefore, is considered the primary beneficiary. The Company performs an ongoing reassessment of the VIEs to determine the primary beneficiary for each. The Company has aggregated its consolidated VIEs into the following categories: (i) wholly owned subsidiaries with project debt; and (ii) wholly owned subsidiaries with PPAs.

 

The tables below detail the assets and liabilities (excluding intercompany balances which are eliminated in consolidation) for the Company’s VIEs, combined by VIE classifications, that were included in the consolidated balance sheets as of December 31, 2023 and 2022:

 

   

December 31, 2023

  
   

Project Debt

    

PPAs

  
   

(Dollars in thousands)

  

Assets:

                

Restricted cash and cash equivalents

   $ 91,586     $ —  

Other current assets

     154,781       46,501  

Property, plant and equipment, net

     1,646,973       1,155,947  

Construction-in-process

     112,469       264,133  

Other long-term assets

     306,183       43,478  

Total assets

   $ 2,311,992     $ 1,510,059  
                 

Liabilities:

                

Accounts payable and accrued expenses

   $ 33,357     $ 14,619  

Long-term debt

     545,954       —  

Other long-term liabilities

     440,621       61,285  

Total liabilities

   $ 1,019,932     $ 75,904  

 

   

December 31, 2022

  
   

Project Debt

    

PPAs

  
   

(Dollars in thousands)

  

Assets:

                

Restricted cash and cash equivalents

   $ 127,972     $ —  

Other current assets

     128,414       29,377  

Property, plant and equipment, net

     1,516,107       810,384  

Construction-in-process

     104,956       255,552  

Other long-term assets

     304,766       51,037  

Total assets

   $ 2,182,215     $ 1,146,350  
                 

Liabilities:

                

Accounts payable and accrued expenses

   $ 42,577     $ 8,552  

Long-term debt

     637,080       —  

Other long-term liabilities

     400,271       50,348  

Total liabilities

   $ 1,079,928     $ 58,900  

 
v3.24.0.1
Note 7 - Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

 NOTE 7— FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The fair value measurement guidance clarifies that fair value represents the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants at the measurement date. 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 December 31, 2023 and 2022 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.

 

      

December 31, 2023

 
      

Fair Value

 
  

Carrying Value at December 31, 2023

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $53,877  $53,877  $53,877  $—  $— 

Derivatives:

                    

Currency forward contracts (1)

  1,406   1,406   —   1,406   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (2)

  (3,686)  (3,686)  —   (3,686)  — 

Long-term liabilities:

                    

Cross currency swap (2)

  (8,137)  (8,137)  —   (8,137)  — 
  $43,461  $43,461  $53,877  $(10,416) $— 

 

      

December 31, 2022

 
      

Fair Value

 
  

Carrying Value at December 31, 2022

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $34,832  $34,832  $34,832  $—  $— 

Marketable securities

  136   136   136   —   — 

Derivatives:

                    

Long-term assets:

                    

Cross currency swap (2)

  3,029   3,029   —   3,029   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (2)

  (2,777)  (2,777)  —   (2,777)  — 

Currency forward contracts (1)

  (800)  (800)  —   (800)  — 
  $34,420  $34,420  $34,968  $(548) $— 

 

(1) 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" and "Accounts payable and accrued expenses" on December 31, 2023 and December 31, 2022, as applicable, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.

 

(2) These amounts relate to cross currency swap contracts valued primarily based on the present value of the Cross Currency Swap future settlement prices for USD and NIS zero yield curves and the applicable exchange rate as of December 31, 2023. These amounts are included within “Accounts payable and accrued expenses” and “Other long-term liabilities” on December 31, 2023 and within "Prepaid expenses and other" and “Accounts payable and accrued expenses” on December 31, 2022 in the consolidated balance sheets. Cash collateral deposits in respect of the cross currency swap are presented under “Receivables, others” in the consolidated balance sheet, and amounted to $10.6 million as of December 31, 2023, and none as of December 31, 2022.

 

The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income (loss):

 

Derivatives not designated as

hedging instruments

 

Location of recognized gain (loss)

 

Amount of recognized gain (loss)

 
    

2023

  

2022

  

2021

 
    

(Dollars in thousands)

 

Swap transaction on RRS prices (1)

 

Derivative and foreign currency transaction gains (losses)

 $—  $—  $(14,540)

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

  (2,190)  (5,466)  1,368 
    $(2,190) $(5,466) $(13,172)
               

Derivatives designated as cash flow

hedging instruments

              
               

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(6,201) $(36,803) $10,501 

 

(1) The foregoing currency forward and price swap 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. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility. The price swap transaction was terminated effective April 1, 2021.

 

(2) The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. 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 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 year ended December 31, 2023.

 

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 years ended December 31, 2023, 2022 and 2021 :

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

            

Balance in Other comprehensive income (loss) beginning of period

 $3,920  $5,745  $3,366 

Gain or (loss) recognized in Other comprehensive income (loss) (1)

  1,963   (38,628)  12,880 

Amount reclassified from Other comprehensive income (loss) into earnings

  (6,201)  36,803   (10,501)

Balance in Other comprehensive income (loss) end of period

 $(318) $3,920  $5,745 

 

(1) The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 is net of tax of $1.5 million, $0.5 million and $0.8 million, respectively.

 

The estimated net amount of existing gain (loss) that is reported in "Accumulated other comprehensive income (loss)" as of December 31, 2023 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 fair value, except for the following:

 

  

Fair Value

  

Carrying Amount (*)

 
  

2023

  

2022

  

2023

  

2022

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Mizrahi Loan

 $61.4  $71.4  $60.9  $70.3 

Mizrahi Loan 2023

  52.0   —   50.0   — 

Convertible Senior Notes

  444.6   505.3   431.3   431.3 

HSBC Loan

  33.8   40.3   35.7   42.9 

Hapoalim Loan

  75.0   91.1   80.4   98.2 

Hapoalim Loan 2023

  99.7   —   95.0   — 

Discount Loan

  69.9   81.1   75.0   87.5 

Financing Liability - Dixie Valley

  207.2   219.8   225.8   242.0 

Olkaria III Loan - DFC

  116.4   134.2   120.7   138.7 

Olkaria III plant 4 Loan - DEG 2

  21.6   26.5   22.5   27.5 

Olkaria III plant 1 Loan - DEG 3

 

19.0

   23.3   19.7   24.0 

Platanares Loan - DFC

  71.3   80.2   71.7   79.9 

Amatitlan Loan

  —   14.7   —   15.8 

OFC 2 LLC Senior Secured Notes ("OFC 2")

  134.2   149.8   142.5   158.0 

Don A. Campbell 1 Senior Secured Notes ("DAC 1")

  52.3   57.4   57.4   62.7 

USG Prudential - NV

  22.3   23.7   23.9   25.0 

USG Prudential - ID Refinancing (prior year: USG Prudential - ID)

  54.1   56.8   58.9   61.6 

USG DOE

  30.0   32.8   30.2   32.8 

Senior Unsecured Bonds

  202.8   235.1   220.6   255.8 

Senior Unsecured Loan

  150.4   166.4   158.0   174.8 

Plumstriker

  —   11.2   —   11.4 

Other long-term debt

  6.8   9.2   7.7   10.4 

(*) The carrying amount value 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 the Notes. The carrying value of the deposits, the short term revolving credit lines with banks and the commercial paper approximate their fair value.

 

Recently, interest rate for both short-term and long-term debt have increased sharply which may have a direct impact on the fair value of the Company's long-term debt.

 

The following table presents the fair value of financial instruments as of December 31, 2023:

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $61.4  $61.4 

Mizrahi Loan 2023

  —   —   52.0   52.0 

Convertible Senior Notes

  —   444.6   —   444.6 

HSBC Loan

  —   —   33.8   33.8 

Hapoalim Loan

  —   —   75.0   75.0 

Hapoalim Loan 2023

  —   —   99.7   99.7 

Discount Loan

  —   —   69.9   69.9 

Financing Liability - Dixie Valley

  —   —   207.2   207.2 

Olkaria III - DFC

  —   —   116.4   116.4 

Olkaria III plant 4 - DEG 2

  —   —   21.6   21.6 

Olkaria III plant 1 - DEG 3

  —   —   19.0   19.0 

Platanares Loan - DFC

  —   —   71.3   71.3 

OFC 2 Senior Secured Notes

  —   —   134.2   134.2 

DAC 1 Senior Secured Notes

  —   —   52.3   52.3 

USG Prudential - NV

  —   —   22.3   22.3 

USG Prudential - ID - Refinancing

  —   —   54.1   54.1 

USG DOE

  —   —   30.0   30.0 

Senior Unsecured Bonds

  —   —   202.8   202.8 

Senior Unsecured Loan

  —   —   150.4   150.4 

Other long-term debt

  —   —   6.8   6.8 

Deposits

 

20.9

   —   —   20.9 

 

The following table presents the fair value of financial instruments as of December 31, 2022:

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $71.4  $71.4 

Convertible Senior Notes

  —   505.3   —   505.3 

HSBC Loan

  —   —   40.3   40.3 

Hapoalim Loan

  —   —   91.1   91.1 

Discount Loan

  —   —   81.1   81.1 

Financing Liability - Dixie Valley

  —   —   219.8   219.8 

Olkaria III Loan - DFC

  —   —   134.2   134.2 

Olkaria III plant 4 - DEG 2

  —   —   26.5   26.5 

Olkaria III plant 1 - DEG 3

  —   —   23.3   23.3 

Platanares Loan - DFC

  —   —   80.2   80.2 

Amatitlan Loan

  —   14.7   —   14.7 

OFC 2 Senior Secured Notes

  —   —   149.8   149.8 

DAC 1 Senior Secured Notes

  —   —   57.4   57.4 

USG Prudential - NV

  —   —   23.7   23.7 

USG Prudential - ID

  —   —   56.8   56.8 

USG DOE

  —   —   32.8   32.8 

Senior Unsecured Bonds

  —   —   235.1   235.1 

Senior Unsecured Loan

  —   —   166.4   166.4 

Plumstriker

  —   11.2   —   11.2 

Other long-term debt

  —   —   9.2   9.2 

Deposits

  13.9   —   —   13.9 

  
v3.24.0.1
Note 8 - Property, Plant and Equipment and Construction-in-process
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 8 — PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS

 

Property, plant and equipment

 

Property, plant and equipment, net, consist of the following:

 

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Land owned by the Company where the geothermal resource is located

 $47,612  $42,335 

Leasehold improvements

  12,588   13,230 

Machinery and equipment

  341,931   350,584 

Land, buildings and office equipment

  127,970   52,222 

Vehicles

  17,097   14,115 

Energy storage equipment

  158,604   91,025 

Solar facility equipment

  59,214   32,003 

Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs:

        

United States of America, net of cash grants

  3,191,505   2,641,280 

Foreign countries

  868,289   897,657 

Asset retirement cost

  59,123   48,578 
   4,883,933   4,183,029 

Less accumulated depreciation

  (1,884,984)  (1,689,572)
         

Property, plant and equipment, net

 $2,998,949  $2,493,457 

 

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 amounted to $186.5 million, $163.2 million and $153.0 million, respectively. Depreciation expense for the years ended December 31, 2023, 2022, and 2021 is net of the impact of the cash grant in the amount of $6.9 million, $7.5 million and $7.4 million, respectively.

 

U.S. Operations

 

The net book value of the property, plant and equipment, including construction-in-process, located in the United States was approximately $3,059.7 million and $2,830.3 million as of December 31, 2023 and 2022, respectively. These amounts as of December 31, 2023 and 2022 are net of cash grants in the amount of $128.0 million and $144.4 million, respectively.

 

Foreign Operations

 

The net book value of property, plant and equipment, including construction-in-process, located outside of the United States was approximately $754.2 million and $556.4 million as of December 31, 2023 and 2022, respectively.

 

The Company, through its wholly owned subsidiary, OrPower 4, Inc. (“OrPower 4”), owns and operates geothermal power plants in Kenya. The net book value of assets associated with the power plants was $377.6 million and $301.5 million as of December 31, 2023 and 2022, respectively. The Company sells the electricity produced by the power plants to Kenya Power and Lighting Co. Ltd. (“KPLC”) under a 20 year PPA ending between 2033 and 2036.

 

The Company, through its wholly owned subsidiary, Orzunil I de Electricidad, Limitada (Orzunil), owns a 97% interest in a geothermal power plant in Guatemala. The net book value of the assets related to the power plant was $31.9 million and $27.1 million at December 31, 2023 and 2022, respectively. The Company sells the electricity produced by the power plants to INDE, a Guatemalan power company under a PPA ending in 2034.

 

The Company, through its wholly owned subsidiary, Ortitlan, Limitada (“Ortitlan”), owns a power plant in Guatemala. The net book value of the assets related to the power plant was $42.8 million and $42.3 million at December 31, 2023 and 2022, respectively.

 

The Company, through its wholly owned subsidiary, GeoPlatanares, signed a BOT contract for the Platanares geothermal project in Honduras with ELCOSA, a privately owned Honduran energy company, for 15 years from the commercial operation date. Platanares sells the electricity produced by the power plants to ENEE, the national utility of Honduras under a 30-year PPA which expires in 2047. The net book value of the assets related to the power plant was $81.9 million and $79.5 million at December 31, 2023 and 2022, respectively.

 

The Company, through its subsidiary, Guadeloupe Bouillante ("GB"), owns a power plant in Guadeloupe. The net book value of the assets related to the power plant was $101.7 million and $43.5 million at December 31, 2023 and 2022, respectively. GB sells the electricity produced by the power plants to EDF, the French electric utility, under a 15-year PPA ending in 2030.

 

Construction-in-process

 

Construction-in-process consists of the following:

 

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Projects under exploration and development:

        

Up-front bonus costs

 $5,335  $5,335 

Exploration and development costs

  156,438   89,230 

Interest capitalized

  703   703 
   162,476   95,268 

Projects under construction:

        

Up-front bonus costs

  11,156   11,156 

Drilling and construction costs

  618,416   761,129 

Interest capitalized

  22,919   25,645 
   652,491   797,930 

Total

 $814,967  $893,198 

 

  

Projects under exploration and development

 
  

Up-front Bonus

Costs

  

Exploration and

Development Costs

  

Interest

Capitalized

  

Total

 
  

(Dollars in thousands)

 

Balance at December 31, 2020

 $5,347  $45,478  $703  $51,528 

Cost incurred during the year

  —   2,680   —   2,680 

Transfer of projects under exploration and development to projects under construction

  (12)  (3,494)  —   (3,506)

Balance at December 31, 2021

  5,335   44,664   703   50,702 

Cost incurred during the year

  —   44,566   —   44,566 

Balance at December 31, 2022

  5,335   89,230   703   95,268 

Cost incurred during the year

  —   70,667   —   70,667 

Write off of unsuccessful exploration costs

  —   (3,459)  —   (3,459)

Balance at December 31, 2023

 $5,335  $156,438  $703  $162,476 

 

  

Projects under construction

 
  

Up-front Bonus

Costs

  

Drilling and

Construction

Costs

  

Interest

Capitalized

  

Total

 
  

(Dollars in thousands)

 

Balance at December 31, 2020

 $39,144  $379,117  $9,526  $427,787 

Cost incurred during the year

  —   403,296   10,546   413,842 

Transfer of projects under exploration and development to projects under construction

  12   3,494   —   3,506 

Transfer of completed projects to property, plant and equipment

  —   (174,354)  —   (174,354)

Balance at December 31, 2021

  39,156   611,553   20,072   670,781 

Cost incurred during the year

  —   489,953   5,573   495,526 

Transfer of completed projects to property, plant and equipment

  (28,000)  (340,377)  —   (368,377)

Balance at December 31, 2022

  11,156   761,129   25,645   797,930 

Cost incurred during the year

  —   473,422   15,181   488,603 

Cost write off

  —   (993)  —   (993)

Transfer of completed projects to property, plant and equipment

  —   (615,142)  (17,907)  (633,049)

Balance at December 31, 2023

 $11,156  $618,416  $22,919  $652,491 

 

Impairment of long-lived assets

 

The Brawley power plant has been generating electricity below its generating capacity of 13MW due to continuous wellfield issues which have resulted in higher-than-expected operating costs and lower-than-expected electricity revenues. The Company implemented a number of remediation plans and technical solutions involving additional investments in the power plant in order to improve its performance and reduce operating costs, however, during the fourth quarter of 2022, as a result of the failure of the recent remediation plan and the lower than forecasted performance of the power plant during that quarter, the Company decided that it was no longer economical to continue investing in the Brawley power plant as the probability of success of additional wellfield work to increase capacity and reduce operating costs is low. The Company concluded that the power plant can be operated at optimal capacity of 7MW which will require lower investment and results in lower operating costs.

 

Based on the above circumstances and indicators, the Brawley power plant was tested for recoverability during the fourth quarter of 2022 by comparing the carrying amount of its assets to the estimated future net undiscounted cash flows expected to be generated by such assets, the result of which was that the carrying amount of the asset was above the estimated future net undiscounted cash flows. The Company then estimated the fair value of those assets using the expected future discounted cash flow approach using Level 3 inputs under ASC 820, as a measure of fair value as it deemed it to be the most appropriate for the power plant. As a result of the impairment analysis, the Brawley power plant was written down to its fair value of $13.6 million and the Company recorded a non-cash impairment loss of $30.5 million which was presented in the consolidated statement of operations and comprehensive income (loss) under “Impairment of long-lived-assets” for the year ended December 31, 2022. This write-down is allocated to the Electricity segment.

 

In estimating the fair value for the power plant, the Company utilized the discounted cash flow approach ("DCF") which is a form of the Income Approach. The DCF approach is based on the present value of the estimated cash flow expected to be generated by the Brawley power plant which is the asset group. The expected cash flow was discounted using a rate of return that reflects the relative risk of the asset, as well as the time value of money. The determination of the Company and asset specific risk-adjusted discount rate is based on the weighted-average cost of capital ("WACC") taking into consideration the value of equity and interest-bearing debt. The Company applied a WACC rate of 9% in the estimation of the Brawley power plant. The Company noted that a 1% change to the WACC or long-term growth rates would not yield a significant change in the estimated fair value of the Brawley power plant. In addition to the WACC rate of 9%, other significant inputs of the future net cash flow estimates were generation capacity output, average realized price, and operating costs growth rate. These future net cash flow estimates are classified as Level 3 within the fair value hierarchy. Below are the significant unobservable inputs included in the valuation as of the year ended December 31, 2022.

 

Significant unobservable inputs:

    

Average generation capacity (MW)

  7 

Electricity price escalation (%)

  2.2%

Cost long-term growth rate

  2.2 

Average realized electricity price ($/MW)

  92.2 

  
v3.24.0.1
Note 9 - Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

NOTE 9 — INTANGIBLE ASSETS AND GOODWILL

 

As of December 31, 2023 and 2022, intangible assets amounted to $307.6 million and $333.8 million, respectively, net of accumulated amortization of $150.2 million and $122.8 million, respectively. Intangible assets are mainly related to the Company’s PPAs acquired in business combinations and to its energy storage activities, .

 

The following table summarizes the information related to the Company's intangible assets as of December 31, 2023 and 2022:

 

  

December 31, 2023

  

December 31, 2022

 
  

Gross Carrying Amount

  

Accumulated Amortization

  

Gross Carrying Amount

  

Accumulated Amortization

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Amortized intangible assets

                

Electricity segment

 $403,511  $(127,324) $402,340  $(104,601)

Storage segment

  54,310   (22,888)  54,310   (18,204)

Total

 $457,821  $(150,212) $456,650  $(122,805)

 

Amortization expense for the years ended December 31, 2023, 2022 and 2021 amounted to $26.8 million, $27.2 million and $21.7 million, respectively.

 

There were no additions to intangible assets during 2023 and 2022.

 

During 2022, the Company wrote-off specific certain customer related assets in the total amount of $0.9 million. The Company tested the intangible assets for recoverability in December 2023, 2022 and 2021 and assessed whether there were events or change in circumstances which may indicate that the intangible assets are not recoverable. The Company's assessment resulted in that there were no write-offs of intangible assets in 2023, 2022 and 2021, except as noted above.

 

Estimated future amortization expense for the intangible assets as of December 31, 2023 is as follows:

 

  

(Dollars in thousands)

 

Year ending December 31:

    

2024

 $26,277 

2025

  25,911 

2026

  24,056 

2027

  22,176 

2028

  21,903 

Thereafter

  187,286 

Total

 $307,609 

 

Goodwill

 

Goodwill amounting to $90.5 million and $90.3 million as of December 31, 2023 and 2022, respectively, represents the excess of the fair value of consideration transferred in business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and non-controlling interest (as applicable) in the acquisitions. For the years 2023, 2022 and 2021, the Company's impairment assessment of goodwill related to its reporting units resulted in no impairment.

 

Changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2023 and 2022 were as follows:

 

  

2023

  

2022

 
  

(Dollars in thousands)

 

Goodwill as of January 1,

 $90,325  $89,954 

Translation differences

  219   371 

Goodwill as of December 31,

 $90,544  $90,325 

There was no goodwill acquired during 2023 and 2022.

 
v3.24.0.1
Note 10 - Accounts Payable and Accrued Expenses
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 10 — ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following:

 

   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Trade payable

   $ 140,694     $ 77,551  

Salaries and other payroll costs

     28,302       24,205  

Customer advances

     769       1,060  

Accrued interest

     17,826       14,063  

Income tax payable

     6,995       8,393  

Property tax payable

     2,606       3,271  

Scheduling and transmission

     1,892       1,000  

Royalty accrual

     5,445       9,825  

Warranty accrual

     1,812       1,705  

Other

     8,177       8,350  

Total

   $ 214,518     $ 149,423  

  
v3.24.0.1
Note 11 - Long-term Debt, Credit Agreements and Finance Liability
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Long-Term Debt [Text Block]

NOTE 11 — LONG-TERM DEBT, CREDIT AGREEMENTS AND FINANCE LIABILITY

 

Long-term debt consists of the following loan agreements:

 

   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Limited and non-recourse agreements (1):

                

Limited recourse:

                

Loan agreement with DFC (the Olkaria III power plant)

   $ 120,668     $ 138,663  

Loan agreement with DFC (the Platanares power plant)

     71,687       79,880  

Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited

     —       15,750  

Loan agreement with a global industrial company (the Plumstriker battery energy storage projects)

     —       11,392  

Idaho Refinancing, U.S. Department of Energy and Prudential Capital Group Nevada

     112,959       119,392  

OFC 2 Senior Secured Notes

     142,464       158,036  

Other loans

     3,460       4,585  

Non-recourse:

                

DAC 1 Senior Secured Notes

     57,397       62,698  

Other loans

     4,216       5,805  

Total limited and non-recourse agreements

     512,852       596,201  

Less current portion

     (57,207 )     (64,044 )

Noncurrent portion

   $ 455,645     $ 532,157  

Full recourse agreements (1):

                

Senior Unsecured Bonds - Series 4

   $ 220,568     $ 255,754  

Senior Unsecured Loan (Migdal)

     158,000       174,800  

Hapoalim, Hapoalim 2023, Mizrahi, Mizrahi 2023, HSBC and Discount loans

     397,009       298,884  

Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade)

     42,160       51,528  

Total full recourse agreements

   $ 817,737     $ 780,966  

Less current portion

     (116,864 )     (101,460 )

Noncurrent portion

   $ 700,873     $ 679,506  
                 

Convertible senior notes (all noncurrent) (1)

   $ 431,250     $ 431,250  

Financing liability

   $ 225,760     $ 242,029  

Less current portion

     (5,141 )     (16,270 )

Noncurrent portion

   $ 220,619     $ 225,759  

(1) the amounts presented exclude deferred financing costs, if any

 

Full-Recourse Third-Party Debt

 

Mizrahi 2023 Loan

 

On November 1, 2023, the Company entered into a definitive loan agreement (the "Mizrahi 2023 Loan Agreement") with Mizrahi Tefahot Bank Ltd. (“Mizrahi Bank”). The Mizrahi 2023 Loan Agreement provides for a loan by Mizrahi Bank to the Company in an aggregate principal amount of $50.0 million (the “Mizrahi 2023 Loan”). The outstanding principal amount of the Mizrahi 2023 Loan will be repaid in 16 semi-annual payments of $3.1 million each, commencing on April 12, 2024. The duration of the Mizrahi 2023 Loan is 8 years. The Mizrahi 2023 Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial 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 2023 Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Mizrahi Loan 2023

   $ 50.0     $ 50.0       7.15 %

October 2031

(1) payable semi-annually

 

Hapoalim 2023 Loan

 

On February 27, 2023, the Company entered into a definitive loan agreement (the "BHI Loan Agreement") with Bank Hapoalim B.M. (“Hapoalim Bank”). The BHI Loan Agreement provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $100.0 million (the “BHI Loan” or “Hapoalim 2023 Loan”). The outstanding principal amount of the BHI Loan will be repaid in 20 semi-annual payments of $5.0 million each, commencing on August 27, 2023. The duration of the BHI Loan is 10 years. The BHI Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial 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 BHI Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Hapoalim 2023 Loan

   $ 100.0     $ 95.0       6.45 %

February 2033

(1) payable semi-annually

 

Mizrahi Bank Loan

 

On April 12, 2022, the Company entered into a definitive loan agreement (the "Mizrahi Loan Agreement") with Mizrahi Tefahot Bank Ltd. (“Mizrahi Bank”). The Mizrahi Loan Agreement provides for a loan by Mizrahi Bank to the Company in an aggregate principal amount of $75.0 million (the “Mizrahi Loan”). The outstanding principal amount of the Mizrahi Loan will be repaid in 16 semi-annual payments of $4.7 million each, commencing on October 12, 2022. The duration of the Mizrahi Loan is 8 years. The Mizrahi Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial 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 includes other customary affirmative and negative covenants, including payment and covenant events of default. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Mizrahi Loan

   $ 75.0     $ 60.9       4.10 %

April 2030

(1) payable semi-annually

 

Bank Hapoalim Loan

 

On July 12, 2021, the Company entered into a definitive loan agreement (the "Hapoalim Loan Agreement") with Bank Hapoalim B.M. (“Bank Hapoalim”). The Hapoalim Loan Agreement provides for a loan by Bank Hapoalim to the Company in an aggregate principal amount of $125 million (the “Hapoalim Loan”). The outstanding principal amount of the Hapoalim Loan will be repaid in 14 semi-annual payments of $8.9 million each, commencing on December 12, 2021. The duration of the Hapoalim Loan is 7 years. The Hapoalim Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (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 Hapoalim Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Hapoalim Loan

   $ 125.0     $ 80.4       3.45 %

June 2028

(1) payable semi-annually

 

HSBC Bank Loan

 

On July 15, 2021, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement") with HSBC Bank PLC (“HSBC Bank”). The HSBC Loan Agreement provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $50 million (the “HSBC Loan”). The outstanding principal amount of the HSBC Loan will be repaid in 14 semi-annual payments of $3.6 million each, commencing on January 19, 2022. The duration of the HSBC Loan is 7 years. The HSBC Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (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 HSBC Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

HSBC Loan

   $ 50.0     $ 35.7       3.45 %

July 2028

(1) payable semi-annually

 

Discount Bank Loan

 

On September 2, 2021, the Company entered into a definitive loan agreement (the "Discount Loan Agreement") with Israel Discount Bank Ltd. (“Discount Bank”). The Discount Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $100 million (the “Discount Loan”). The outstanding principal amount of the Discount Loan will be repaid in 16 semi-annual payments of $6.25 million each, commencing on March 2, 2022. The duration of the Discount Loan is 8 years. The Discount Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (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 includes other customary affirmative and negative covenants, including payment and covenant events of default. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Discount Loan

   $ 100.0     $ 75.0       2.9 %

September 2029

(1) payable semi-annually

 

Senior Unsecured Bonds - Series 4

 

On July 1, 2020, the Company concluded an auction tender and accepted subscriptions for New Israeli Shekels ("NIS") 1.0 billion aggregate principal amount of senior unsecured bonds (the “Senior Unsecured Bonds - Series 4”). The Senior Unsecured Bonds - Series 4 are denominated in NIS and were converted to approximately $289.8 million using a cross-currency swap transaction shortly after the completion of such issuance as further detailed below. The Senior Unsecured Bonds - Series 4 are payable semi-annually in arrears starting December 2020 and will be repaid in 10 equal annual payments commencing June 2022 unless prepaid earlier by the Company pursuant to the terms and conditions of the trust instrument that governs the Senior Unsecured Bonds - Series 4. As of December 31, 2023, the covenants relating to the Senior Unsecured Bonds - Series 4 have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Senior Unsecured Bonds - Series 4

   $ 289.8     $ 220.6       3.35 %

June 2031

(1) payable semi-annually

 

Cross Currency Swap

 

Concurrently with the issuance of the Senior Unsecured Bonds - Series 4, the Company entered into a long-term cross currency swap with the objective of hedging the currency rate fluctuations related to the aggregated principal amount and interest of the Senior Unsecured Bonds - Series 4 at an average fixed rate of 4.34%. The terms of the Cross Currency Swap match those of the Senior Unsecured Bonds - Series 4, including the notional amount of the principal and interest payment dates. The Company designated the Cross Currency Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging and accordingly measures the Cross Currency Swap instrument at fair value. The changes in the Cross Currency Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Derivatives and foreign currency transaction gains (losses) in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the Senior Unsecured Bonds - Series 4 effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income.

 

Senior Unsecured Loan 

 

On March 22, 2018 the Company entered into a definitive loan agreement (the "Migdal Loan Agreement") with Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd. and Yozma Pension Fund of Self-Employed Ltd., all entities within the Migdal Group, a leading Israeli insurance company and institutional investor in Israel. The Migdal Loan Agreement provides for a loan by the lenders to the Company in an aggregate principal amount of $100.0 million (the "Migdal Loan"). The Migdal Loan is repaid in 15 semi-annual payments of $4.2 million each, commencing on September 15, 2021, with a final payment of $37.0 million on March 15, 2029.

 

The Loan is subject to early redemption by the Company prior to maturity from time to time (but not more frequently than once per quarter) and at any time in whole or in part, at a redemption price set forth in the Migdal Loan Agreement. If the rating of the Company is downgraded to "ilA-"(or equivalent), of any of Standard and Poor’s, Moody’s or Fitch (whether in Israel or outside of Israel) (each a “Credit Rating Agency”), the interest rate applicable to the Migdal Loan will increase by 0.50%. If the rating of the Company is further downgraded to a lower level by any Credit Rating Agency, the interest rate applicable to the Migdal Loan will be increased by 0.25% for each additional downgrade. In no event will the cumulative increase in the interest rate applicable to the Loan exceed 1% regardless of the cumulative rating downgrade. A subsequent upgrade or reinstatement of a rating by any Credit Rating Agency will reduce the interest rate applicable to the Migdal Loan by 0.25% for each upgrade (but in no event will the interest rate applicable the Migdal Loan fall below the base interest rate of 4.8%). Additionally, if the ratio between short-term and long-term debt to financial institutions and bondholders, deducting cash and cash equivalents to EBITDA is equal to or higher than 4.5, the interest rate on all amounts then outstanding under the Migdal Loan shall be increased by 0.5% per annum over the interest rate then-applicable to the Migdal Loan.

 

The Migdal Loan Agreement includes various affirmative and negative covenants, including a covenant that the Company maintain (i) a debt to adjusted EBITDA ratio below 6, (ii) a minimum equity amount (as shown on its consolidated financial statements, excluding noncontrolling interests) of not less than $750 million, and (iii) an equity attributable to Company's stockholders to total assets ratio of not less than 25%. The Migdal Loan Agreement includes other customary affirmative and negative covenants and events of default.

 

On March 25, 2019, the Company entered into a first addendum (“First Addendum”) to the Migdal Loan Agreement with the Migdal Group dated March 22, 2018. The First Addendum provides for an additional loan by the lenders to the Company in an aggregate principal amount of $50.0 million (the “Additional Migdal Loan”). The Additional Migdal Loan is repaid in 15 semi-annual payments of $2.1 million each, commencing on September 15, 2021, with a final payment of $18.5 million on March 15, 2029. The Additional Migdal Loan was entered into under substantially the same terms and conditions of the Migdal Loan Agreement as disclosed above.

 

In April 2020, the Company entered into a second addendum (the “Second Addendum”) to the loan agreement with the Migdal Group dated March 22, 2018. The Second Addendum provides for an additional loan by the lenders to the Company in an aggregate principal amount of $50.0 million (the “Second Addendum Migdal Loan”). The principal amount of $31.5 million of the Second Addendum Migdal Loan will be repaid in 15 equal semi-annual payments commencing on September 15, 2021 and ending on September 15, 2028. The principal amount of $18.5 million is repaid in one bullet payment on March 15, 2029. The Second Addendum Migdal Loan was entered into under substantially the same terms and conditions of the Migdal Loan Agreement. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Migdal Loan

   $ 100.0     $ 79.0       4.80 %

March 2029

Additional Migdal Loan

     50.0       39.5       4.60 %

March 2029

Second Addendum Migdal Loan

     50.0       39.5       5.44 %

March 2029

Total Senior Unsecured Loan

   $ 200.0     $ 158.0            

 

(1) payable semi-annually in arrears.

 

Loan Agreements with DEG (the Olkaria III Complex)

 

On October 20, 2016, OrPower 4 entered into a new $50.0 million subordinated loan agreement with Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG") (the “DEG 2 Loan Agreement”) and on December 21, 2016, OrPower 4 completed a drawdown of the full loan amount of $50 million, with a fixed interest rate of 6.28% for the duration of the loan (the “DEG 2 Loan”). The DEG 2 Loan is being repaid in 20 equal semi-annual principal installments which commenced on December 21, 2018, with a final maturity date of  June 21, 2028. Proceeds of the DEG 2 Loan were used by OrPower 4 to refinance Plant 4 of the Olkaria III Complex, which was originally financed using equity. The DEG 2 Loan is subordinated to the senior loan provided by DFC for Plants 1-3 of the Olkaria III Complex. The DEG 2 Loan is guaranteed by the Company.

 

On January 4, 2019, OrPower 4 entered into an additional $41.5 million subordinated loan agreement with DEG (the “DEG 3 Loan Agreement”) and on February 28, 2019, OrPower 4 completed a drawdown of the full loan amount, with a fixed interest rate of 6.04% for the duration of the loan (the “DEG 3 Loan”). The DEG 3 Loan is being repaid in 19 equal semi-annual principal installments, which commenced on June 21, 2019, with a final maturity date of  June 21, 2028. Proceeds of the DEG 3 Loan were used by OrPower 4 to refinance upgrades to Plant 1 of the Olkaria III Complex, which were originally financed using equity. The DEG 3 Loan is subordinated to the senior loan provided by DFC (formerly OPIC) for Plants 1-3 of the Olkaria III Complex. The DEG 3 Loan is guaranteed by the Company. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

DEG 2 Loan

   $ 50.0     $ 22.5       6.28 %

June 2028

DEG 3 Loan

     41.5       19.7       6.04 %

June 2028
    $ 91.5     $ 42.2            

 

(1) payable semi-annually

 

Non-Recourse and Limited-Recourse Third-Party Debt

 

Finance Agreement with DFC (formerly OPIC) (the Olkaria III Complex)

 

On August 23, 2012, OrPower 4, the Company’s wholly owned subsidiary, entered into a Finance Agreement with U.S. International Development Finance Corporation, an agency of the U.S. government, to provide limited-recourse senior secured debt financing in an aggregate principal amount of up to $310.0 million (the “OPIC Loan”) for the refinancing and financing of the Olkaria III geothermal power complex in Kenya.

 

The OPIC Loan is comprised of up to three tranches:

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

OPIC Loan - Tranche I

   $ 85.0     $ 33.0       6.34 %

December 2030

OPIC Loan - Tranche II

     180.0       68.8       6.29 %

June 2030

OPIC Loan - Tranche III

     45.0       18.8       6.12 %

December 2030

Total OPIC Loan

   $ 310.0     $ 120.6            

 

(1) payable quarterly

 

The OPIC Loan is collateralized by substantially all of OrPower 4’s assets and by a pledge of all of the equity interests in OrPower 4. There are various restrictive covenants under the OPIC Loan, which include a required historical and projected 12-month DSCR. As of December 31, 2023, the covenants have been met.

 

Finance Agreement with DFC (the Platanares power plant)

 

On April 30, 2018, Geotérmica Platanares, S.A. de C.V. (“Platanares”), a Honduran sociedad anónima de capital variable and an indirect subsidiary of Ormat Technologies, Inc., entered into a Finance Agreement (the “Finance Agreement”) with DFC, pursuant to which DFC will provide to Platanares senior secured non-recourse debt financing in an aggregate principal amount of up to $114.7 million (the “Platanares Loan”), the proceeds of which will be used principally for the refinancing and financing of the Platanares 35 MW geothermal power plant located in western Honduras. The finance agreement was amended and closed in October of 2018. 

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

DFC - Platanares Loan

   $ 114.7     $ 71.7       7.02 %

September 2032

 

(1) payable quarterly

 

The Platanares Loan is secured by a first priority lien on all of the assets and ordinary shares of Platanares. The Finance Agreement contains various restrictive covenants applicable to Platanares, among others (i) to maintain a projected and historic debt service coverage ratio; (ii) to maintain on deposit in a debt service reserve account and well reserve account funds or assets with a value in excess of a minimum threshold and (iii) covenants that restrict Platanares from making certain payments or other distributions to its equity holders. As of December 31, 2023, the covenants have been met.

 

Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited

 

On July 31, 2015, Ortitlan, Limitada, the Company’s wholly owned subsidiary, obtained a 12-year secured term loan in the principal amount of $42.0 million (the "Amatitlan Loan") for the 20 MW Amatitlan power plant in Guatemala. The loan had a maturity date of June 2027 and bore interest at a rate per annum equal to the sum of LIBOR (which cannot be lower than 1.25%) plus a margin of (i) 4.35% as long as the Company’s guaranty of the loan is outstanding or (ii) 4.75% otherwise. On September 29, 2023, the Company voluntarily fully prepaid the Amatitlan Loan in the amount of $14.0 million.

 

Plumstriker Loan

 

On May 4, 2019, a wholly owned indirect subsidiary of the Company (“Plumstriker”) and its two subsidiaries entered into a $23.5 million loan agreement with a United States (“U.S.”) financing division of a leading global industrial company for the financing of two 20 MW battery energy storage projects located in New Jersey. On May 30, 2019, Plumstriker completed the drawdown of the full loan amount. The Plumstriker Loan bore interest of three months U.S. Libor plus a 3.5% margin and had a maturity date of May 2026. On April 4, 2023, the Company voluntarily fully prepaid the Plumstriker Loan in the amount of $11.1 million.

 

Don A. Campbell Senior Secured Notes — Non-Recourse

 

On November 29, 2016, ORNI 47 LLC (“ORNI 47”), the Company’s subsidiary,  entered into a note purchase agreement (the “ORNI 47 Note Purchase Agreement”) with MUFG Union Bank, N.A., as collateral agent, Munich Reinsurance America, Inc. and Munich American Reassurance Company (the “Purchasers”) pursuant to which ORNI 47 issued and sold to the Purchasers $92.5 million aggregate principal amount of its Senior Secured Notes (the “DAC 1 Senior Secured Notes”) in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. ORNI 47 is the owner of the first phase of the Don A. Campbell geothermal power plant (“DAC 1”), and part of the ORPD LLC (“ORPD”) portfolio.

 

The net proceeds from the sale of the DAC 1 Senior Secured Notes, were used to refinance the development and construction costs of the DAC 1 geothermal power plant, which were originally financed using equity.

 

The DAC 1 Senior Secured Notes constitute senior secured obligations of ORNI 47 and are secured by all of the assets of ORNI 47. The ORNI 47 Note Purchase Agreement requires ORNI 47 to comply with certain covenants, including, among others, restrictions on the incurrence of indebtedness or liens, amendment or modification of material project documents, the ability of ORNI 47 to merge or consolidate with another entity. In addition, there are restrictions on the ability of ORNI 47 to make distributions to its shareholders, which include a required historical and projected DSCR. As of December 31, 2023, the covenants for this loan have not been met which resulted in certain restrictions on equity distribution by ORNI 47.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

DAC 1 Senior Secured Notes

   $ 92.5     $ 57.4       4.03 %

September 2033

 

(1) payable quarterly

 

OFC 2 Senior Secured Notes

 

In September 2011, OFC 2, the Company’s wholly owned subsidiary and OFC 2’s wholly owned project subsidiaries (collectively, the “OFC 2 Issuers”) entered into a note purchase agreement (the “Note Purchase Agreement”) with OFC 2 Noteholder Trust, as purchaser, John Hancock Life Insurance Company (U.S.A.), as administrative agent, and the DOE, as guarantor, in connection with the offer and sale of up to $350.0 million aggregate principal amount of OFC 2 Senior Secured Notes (“OFC 2 Senior Secured Notes”) due December 31, 2034. The DOE will guarantee payment of 80% of principal and interest on the OFC 2 Senior Secured Notes pursuant to Section 1705 of Title XVII of the Energy Policy Act of 2005, as amended. The conditions precedent to the issuance of the OFC 2 Senior Secured Notes includes certain specified conditions required by the DOE in connection with its guarantee of the OFC 2 Senior Secured Notes.

 

On October 31, 2011, the OFC 2 Issuers completed the sale of $151.7 million in aggregate principal amount Series A Notes due 2032 (the “Series A Notes”). The net proceeds from the sale of the Series A Notes were used to finance a portion of the construction costs of Phase I of the McGinness Hills and Tuscarora power plants and to fund certain reserves.

 

On August 29, 2014, OFC 2 sold $140.0 million of OFC 2 Senior Secured Notes (the “Series C Notes”) to finance the construction of the second phase of the McGinness Hills project. The Series C Notes are the last tranche under the Note Purchase Agreement with John Hancock Life Insurance Company and are guaranteed by the DOE’s Loan Programs Office in accordance with and subject to the DOE's Loan Guarantee Program under Section 1705 of Title XVII of the Energy Policy Act of 2005.

 

The OFC 2 Senior Secured Notes are collateralized by substantially all of the assets of OFC 2 and those of its wholly owned subsidiaries and are fully and unconditionally guaranteed by all of the wholly owned subsidiaries of OFC 2. There are various restrictive covenants under the OFC 2 Senior Secured Notes, which include limitations on additional indebtedness of OFC 2 and its wholly owned subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by OFC 2.  In addition, there are restrictions on the ability of OFC 2 to make distributions to its shareholders. Among other things, the distribution restrictions include a historical debt service coverage ratio requirement and a projected future DSCR requirement. As of December 31, 2023, the covenants have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

OFC 2 Senior Secured Notes - Series A

   $ 151.7     $ 63.9       4.69 %

December 2032

OFC 2 Senior Secured Notes - Series C

     140.0       78.6       4.61 %

December 2032

Total OFC 2 Senior Secured Notes

   $ 291.7     $ 142.5            

 

(1) payable quarterly in arrears

 

The Company provided a guaranty in connection with the issuance of the Series A Notes and Series C Notes. The guaranty may be drawn in the event of, among other things, the failure of any facility financed by the relevant series of OFC 2 Senior Secured Notes to reach completion and meet certain operational performance levels (the “non-performance trigger”) which gives rise to a prepayment obligation on the OFC 2 Senior Secured Notes. The guarantee may also be drawn if there is a payment default on the OFC 2 Senior Secured Notes or upon the occurrence of certain fundamental defaults that result in the acceleration of the OFC 2 Senior Secured Notes, in each case, prior to the date that the relevant facility(ies) financed by such OFC 2 Senior Secured Notes reaches completion and meets the applicable operational performance levels. The Company’s liability under the guaranty with respect to the non-performance trigger is limited to an amount equal to the prepayment amount on the OFC 2 Senior Secured Notes necessary to bring the OFC 2 Issuers into compliance with certain coverage ratios. The Company’s liability under the guaranty with respect to the other trigger event described above is not so limited.  

 

Idaho Refinancing Note

 

On November 28, 2022, Idaho USG Holdings, LLC (the “Issuer”) entered into a note purchase agreement with the Prudential Insurance Company of America and other noteholders, pursuant to which the Issuer issued approximately $61.6 million in aggregate principal amount of senior secured notes (“Idaho Refinancing Note”). Proceeds of the Idaho Refinancing Note were used by the Issuer for the refinancing of the Prudential Capital Group - Idaho non-recourse loan which had a remaining balance of approximately $16.0 million due in full in March 2023 (the “Idaho Refinancing”).

 

The Idaho Refinancing note purchase agreement also includes an approximately $4.3 million revolving note tranche to be issued in the event of a shortfall in debt service with respect to the Idaho Refinancing Note. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.5% per annum. If drawn, the revolving notes shall bear interest at a rate of Term SOFR + 140bps.

 

The Idaho Refinancing is secured by the Issuer’s 100% ownership interests in Raft River Energy I LLC, which owns the Raft River geothermal project, and by the Issuer’s 60% ownership interests in Oregon USG Holdings, LLC, the owner of USG Oregon LLC, which owns the Neal Hot Springs geothermal project. The Idaho Refinancing Note will be repaid in 31 semi-annual payments, commencing on March 31st, 2023. The Idaho Refinancing Note bears interest at a fixed rate of 6.26% per annum and has a final maturity date of March 31, 2038. The Company has provided a limited guarantee with respect to certain insurance obligations of the Issuer.

 

There are various restrictive covenants under the Idaho Refinancing, 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. As of December 31, 2023, the covenants for this loan have been met.

 

As part of the security package, the note purchase agreement states the Issuer shall establish and maintain customary reserve accounts which include a debt service reserve account, a make-up well reserve account, a maintenance reserve account and a construction reserve account.

 

U.S. Department of Energy Loan

 

On August 31, 2011, USG Oregon LLC (“USG Oregon”), completed the first funding drawdown associated with the U.S. Department of Energy (“DOE”) loan guarantee of $96.8 million (“Loan Guarantee”) to construct its power plant at Neal Hot Springs project in Eastern Oregon. In connection with the Loan Guarantee, the DOE has been granted a security interest in all of the equity interests of USG Oregon, as well as in the assets of USG Oregon, including a mortgage on real property interests relating to the Neal Hot Springs site. As of December 31, 2023, the covenants for this loan have been met.

 

Prudential Capital Group – Nevada

 

On September 26, 2013, USG Nevada LLC, entered into a note purchase agreement with the Prudential Capital Group to finance Phase I of the San Emidio geothermal project located in northwest Nevada. Principal payments are due quarterly based upon minimum debt service coverage ratios established according to projected operating results made at the loan origination date and available cash balances. The loan agreement is secured by USG Nevada LLC’s right, title and interest in and to its real and personal property, including the San Emidio project and the equity interests in USG Nevada LLC. As of December 31, 2023, the covenants for this loan have been met.

 

   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Idaho Refinancing Note

   $ 61.6     $ 58.9       6.26 %

March 2038

U.S. Department of Energy

     96.8       30.2       2.60 %

February 2035

Prudential Capital Group – Nevada

     30.7       23.9       6.75 %

December 2037

Total

   $ 189.1     $ 113.0            

 

(1) payable semi-annually, except for Prudential Capital Group - Nevada which is payable quarterly

 

Bpifrance Loan - Non Recourse

 

On April 4, 2019, an indirect subsidiary of the Company (“Guadeloupe”), entered into a $8.9 million loan agreement with Banque Publique d’Investissement (“Bpifrance”). On April 29, 2019, Guadeloupe completed the drawdown of the full loan amount, bearing a fixed interest rate of 1.93%. The loan will be repaid in 20 equal quarterly principal installments, commencing June 30, 2021. The final maturity date of the loan is March 31, 2026. The loan is not guaranteed by the Company or any of its other subsidiaries. As of December 31, 2023, $4.2 million is outstanding under the Bpifrance Loan.

 

Société Générale Loan - Limited Recourse

 

On April 9, 2019, Guadeloupe, entered into a $8.9 million loan agreement with Société Générale. On April 29, 2019, Guadeloupe completed the drawdown of the full loan amount of the loan, bearing a fixed interest rate of 1.52%. The loan is being repaid in 28 quarterly principal installments, which commenced on July 29, 2019. The final maturity date of the loan is April 29, 2026. The loan has a limited guarantee by one of the Company’s subsidiaries. As of December 31, 2023, $3.5 million was outstanding under the Société Géneralé Loan.

 

Convertible Senior Notes

 

On June 22, 2022, the Company issued $375.0 million aggregate principal amount of its 2.5% convertible senior notes ("Notes") due 2027. The Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, pursuant to an indenture between the Company and U.S. Bank National Association, as trustee. Additionally, the Company granted the initial purchasers an option to purchase up to an additional $56.25 million aggregate principal amount of the Notes. The initial purchasers executed their option on June 27, 2022, and by that, increased the total aggregated principal amount of the Notes issued to $431.25 million. The Notes bear annual interest of 2.5%, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2023. The Notes mature on July 15, 2027, unless earlier converted, redeemed or repurchased and are the Company's senior unsecured obligations.

 

Holders of the Notes may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding January 15, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2022 (and only during such calendar quarter), if the last reported sale price of the Company's common stock, par value $0.001 per share (the “Common Stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (equivalent to an initial conversion price of approximately $90.27 per share of common stock); (2) during the five consecutive business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of Notes, as determined following a request by a holder or holders of the Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company's Common Stock and the conversion rate on each such trading day; (3) if the Company calls any or all of the Notes for redemption (the Company may not redeem the notes prior to July 21, 2025), at any time prior to the close of business on the second scheduled trading day prior to the redemption date, but only with respect to the Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events. On or after January 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.

 

The initial conversion rate was 11.0776 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $90.27 per share of common stock, subject to adjustment in certain events. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, it will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event or notice of redemption, as the case may be. The Company may not redeem the notes prior to July 21, 2025. The Company may redeem for cash all or any portion of the Notes, at its option, on or after July 21, 2025 and on or before the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, but excluding, the redemption date. No sinking fund is provided for the Notes. Additionally, if the Company undergoes a fundamental change (other than certain exempted fundamental changes), holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest.

 

The Company incurred approximately $11.6 million of issuance costs in respect of the issuance of the Notes, which were deferred and are presented as a reduction to the Notes principal amounts on the consolidated balance sheets. The deferred issuance costs are amortized over the term of the Notes into interest expenses, net in the consolidated statements of operations and comprehensive income. During the year ended December 31, 2023, $2.3 million was recorded as amortized issuance costs under interest expenses, net. The effective interest rate on the Notes, including the impact of the deferred debt issuance costs, is 3.1%.

 

Based on the closing market price of the Company's common stock on December 31, 2023, the if-converted value of the Notes was less than their aggregate principal amount.

 

Capped Call Transactions

 

In connection with the issuance of the convertible notes described above, the Company entered into capped call transactions (the "Capped Calls") with certain counterparties. The capped call transactions will cover, subject to customary adjustments, the number of shares of our common stock initially underlying the Notes of approximately 4.8 million shares of common stock and at an initial strike price of $90.27 per share. The Capped Calls are generally intended to reduce the potential dilution to the Company's Common Stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, in the event that at the time of conversion, the Common Stock price exceeds the conversion price. If, however, the market price per share of Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Calls.

 

The Capped Calls exercise price is equal to the $90.27 initial conversion price of each of the Notes and the cap price of the Capped Calls is initially $107.63 per share, which represents a premium of approximately 55% above the closing price of the Company's common stock on the date of the Notes offering and is subject to customary anti-dilution adjustments. The Capped Calls transactions are separate transactions entered into by the Company with the option counterparties, are not part of the terms of the Notes and will not change the holders’ rights under the Notes.

 

The Company paid approximately $24.5 million for the Capped Calls which was recorded as a reduction to Additional Paid-in Capital in the consolidated statements of equity in the second quarter of 2022, as such transactions qualify for the equity classification with no subsequent adjustment to fair value under ASU 815, Derivatives and Hedging. The Capped Calls are not included in the calculation of diluted earnings per share because their impact is anti-dilutive.

 

Purchase of Treasury Stock

 

In connection with the issuance of the Notes as described above, the Company used approximately $18.0 million of the net proceeds from the issuance of these Notes to repurchase 258,667 shares of its common stock in privately negotiated transactions at a price of $69.45 per share. The Company recorded this purchase of treasury stock as a reduction to its equity on the consolidated statements of equity in the second quarter of 2022.

 

Prepayment of Series 3 Bonds

 

Additionally, in connection with the issuance of the Notes as described above, on June 27, 2022, the Company used approximately $221.9 million of the net proceeds from the issuance of these Notes to prepay its Series 3 Bonds that were set to mature in September 2022 in a single bullet payment. This amount included an aggregated principal amount of $218.0 million, $2.8 million of accrued interest and $1.1 million of make-whole premium which was recorded in the second quarter of 2022 under Other non-operating income (expense), net in the consolidated statements of operations and comprehensive income.

 

Financing Liability

 

On July 13, 2021, the Company closed a transaction with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) (the "Seller") to acquire a number of geothermal assets and a transmission line. The financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. During the fourth quarter of 2023, the Company decided to defer the buy-out payment to June 2038, as permitted under the lease transaction agreement, which resulted in an adjustment to the effective interest rate of the financing liability. The adjusted rate increased from 2.55% to 6.12%, prospectively. Further details on the Terra-Gen business combination are described under Note 2 to the consolidated financial statements. As of December 31, 2023, the covenants have been met.

 

   

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

December 31, 2023

    

Interest Rate (1)

  

Date (2)
   

(Dollar in millions)

            

Financing Liability - Dixie Valley

   $ 225.8       6.12 %

June 2038

 

(1) payable semi-annually

(2) final maturity date of the financing liability is assuming execution of the buy-out option in June 2038.

 

Revolving Credit Lines with Commercial Banks

 

As of December 31, 2023, the Company has credit agreements for committed and uncommitted credit lines with a number of financial institutions for an aggregate amount of $608.0 million (including $60.0 million from MUFG Union Bank, N.A. (“Union Bank”) and $35.0 million from HSBC Bank USA N.A. as described below). Under the terms of these credit agreements, the Company, or its Israeli subsidiary, Ormat Systems Ltd. (“Ormat Systems), can request: (i) extensions of credit in the form of loans and/or the issuance of one or more letters of credit in the amount of up to $453.0 million; and (ii) the issuance of one or more letters of credit in the amount of up to $155.0 million. The credit agreements mature between March 2024 and August 2025. Loans and draws under the credit agreements or under any letters of credit will bear interest at the respective bank’s cost of funds or SOFR plus a margin. As of December 31, 2023, short-term credit lines of $20.0 million were outstanding and letters of credit with an aggregate amount of $302.8 million were issued and outstanding under committed and non-committed lines under such credit agreements (including the amounts outstanding under the section Credit Agreements below with MUFG Union bank and HSBC bank).

 

Credit Agreements

 

Credit Agreement with MUFG Union Bank

 

Ormat Nevada has a credit agreement with MUFG Union Bank under which it has an aggregate available credit of up to $60.0 million as of December 31, 2023. The credit termination date is June 30, 2024.

 

The facility is limited to the issuance, extension, modification or amendment of letters of credit. Union Bank is currently the sole lender and issuing bank under the credit agreement, but is also designated as an administrative agent on behalf of banks that may, from time to time in the future, join the credit agreement as lenders. In connection with this transaction, the Company entered into a guarantee in favor of the administrative agent for the benefit of the banks, pursuant to which the Company agreed to guarantee Ormat Nevada’s obligations under the credit agreement. Ormat Nevada’s obligations under the credit agreement are otherwise unsecured.

 

There are various restrictive covenants under the credit agreement, which include a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12-month debt to EBITDA ratio not to exceed 4.5; (ii) 12-month DSCR of not less than 1.35; and (iii) distribution leverage ratio not to exceed 2.0. As of December 31, 2023: (i) the actual 12-month debt to EBITDA ratio was 1.24; (ii) the 12-month DSCR was 5.75; and (iii) the distribution leverage ratio was 0.7. In addition, there are restrictions on dividend distributions in the event of a payment default or noncompliance with such ratios, and subject to specified carve-outs and exceptions, a negative pledge on the assets of Ormat Nevada in favor of Union Bank. As of December 31, 2023, the covenants have been met.

 

As of December 31, 2023, letters of credit in the aggregate amount of $59.3 million were issued and outstanding under this credit agreement.

 

Credit Agreement with HSBC Bank USA N.A.

 

Ormat Nevada has a credit agreement with HSBC Bank USA, N.A for one year with annual renewals. The current expiration date of the facility under this credit agreement is October 31, 2024. On December 31, 2023, the aggregate amount available under the credit agreement was $35.0 million. This credit line is limited to the issuance, extension, modification or amendment of letters of credit. In addition, Ormat Nevada has an uncommitted discretionary demand line of credit in the aggregate amount of $65.0 million available for letters of credit including up to $20 million of credit. In connection with this transaction, the Company entered into a guarantee in favor of the administrative agent for the benefit of the banks, pursuant to which the Company agreed to guarantee Ormat Nevada’s obligations under the credit agreement. Ormat Nevada’s obligations under the credit agreement are otherwise unsecured.

 

There are various restrictive covenants under the credit agreement, including a requirement to comply with the following financial ratios, which are measured quarterly: (i) a 12-month debt to EBITDA ratio not to exceed 4.5; (ii) 12-month DSCR of not less than 1.35; and (iii) distribution leverage ratio not to exceed 2.0. As of December 31, 2023: (i) the actual 12-month debt to EBITDA ratio was 1.24; (ii) the 12-month DSCR was 5.75; and (iii) the distribution leverage ratio was 0.7. In addition, there are restrictions on dividend distributions in the event of a payment default or noncompliance with such ratios, and subject to specified carve-outs and exceptions, a negative pledge on the assets of Ormat Nevada in favor of HSBC. As of December 31, 2023, the covenants have been met.

 

As of December 31, 2023, letters of credit in the aggregate amount of $34.3 million were issued and outstanding under the committed portion of this credit agreement and $36.3 million under the uncommitted portion of the agreement.

 

Surety Bonds 

 

The Company entered into surety bond agreements (the “Surety Agreements”) with Chubb Limited, Travelers, Allianz and certain other third parties (the “Surety”) pursuant to which the Company may request that the Surety issue up to an aggregate amount of $635.0 million of surety bonds with respect to the contractual obligations of the Company and its subsidiaries in exchange for bank letters of credit or as otherwise may be required. There is no expiration date for the Surety Agreements, but they may be terminated by the Company at any time upon between twenty and thirty days’ prior written notice to the Surety. Delivery of such termination notice will not affect any surety bonds issued and outstanding prior to the date on which such notice is delivered. As of December 31, 2023, the Surety issued surety bonds in the amount of $237.7 million under the Surety Agreement.

 

Restrictive Covenants

 

The Company’s obligations under the credit agreements, the loan agreements, and the trust instrument governing the bonds, described above, are unsecured, but are subject to a negative pledge in favor of the banks and the other lenders and certain other restrictive covenants. These include, among other things, a prohibition on: (i) creating any floating charge or any permanent pledge, charge or lien over the Company's assets without obtaining the prior written approval of the lender; (ii) guaranteeing the liabilities of any third party without obtaining the prior written approval of the lender; and (iii) selling, assigning, transferring, conveying or disposing of all or substantially all of the Company's assets, or a change of control in the Company's ownership structure. Some of the credit agreements, the term loan agreements, as well as the trust instrument contain cross-default provisions with respect to other material indebtedness owed by us to any third party. In some cases, the Company has agreed to maintain certain financial ratios, which are measured quarterly, such as: (i) equity of at least $750 million and in no event less than 25% of total assets; and (ii) 12-month debt, net of cash, cash equivalents marketable securities and short-term bank deposits to Adjusted EBITDA ratio not to exceed 6. As of December 31, 2023: (i) total equity was $2,441 million and the actual equity to total assets ratio was 46.9%, and (ii) the 12-month debt, net of cash, cash equivalents marketable securities and short-term bank deposits to Adjusted EBITDA ratio was 3.74 and as such, the covenants have been met as of December 31, 2023. During the year ended December 31, 2023, the Company distributed dividends in an aggregate amount of $28.4 million.

 

Future minimum payments

 

Future minimum payments under long-term obligations, including long-term debt and financing liability, as of December 31, 2023 are as follows:

 

   

(Dollars in

thousands)

  
         

Year ending December 31:

        

2024

   $ 178,954  

2025

     178,982  

2026

     182,654  

2027

     612,045  

2028

     167,848  

Thereafter

     669,074  

Total

   $ 1,989,557  

  
v3.24.0.1
Note 12 - Tax Monetization Transactions
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Disclosure Of Investments In And Advances To Affiliates [Text Block]

NOTE 12 —TAX MONETIZATION TRANSACTIONS

 

North Valley Tax Equity Transaction

 

On October 27, 2023, one of the Company’s wholly-owned subsidiaries that indirectly owns the North Valley Geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the North Valley Geothermal power plant project for an initial purchase price of approximately $43.1 million and for which it will pay additional installments that are expected to amount to approximately $6.1 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.

 

Under the transaction documents, prior to December 31, 2032 (“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 97.5% 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 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating Production Tax Credits ("PTCs") (and 5% of the tax attributes afterwards).

 

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 project again.

 

Transferable production and investment tax credits

 

The Inflation Reduction Act was signed into law in August 2022 and introduces a transferability provision for certain tax credits related to the clean production of energy. Under this provision, 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 that 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 IRA. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. PTC’s are accounted similarly to refundable or direct-pay credits outside of the tax line with income recognized in the “Income attributable to sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Income related to the expected sale of such transferable PTC’s recorded during 2023 amounted to $10.8 million, net of discount. Tax benefits recognized related to such transferable ITC’s during 2023 was $18.7 million, net of discount.

 

In December 2023, the Company entered into tax credit purchase agreements with a third-party under which it sold in cash to the third party PTC's in the amount of $3.3 million, net, which were generated by its eligible power plants and ITC's in the amount of $21.8 million, attributable to its investment in storage facilities.

 

Casa Diablo IV ("CD4") tax monetization transaction

 

On December 23, 2022, one of the Company’s wholly-owned subsidiaries that indirectly owns the CD4 Geothermal power plant entered into a partnership agreement with JPM. Under the transaction documents, the private investor acquired membership interests in the CD4 Geothermal power plant project for an initial purchase price of approximately $50.3 million and for which it will pay additional installments that are expected to amount to approximately $7.3 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.

 

Under the transaction documents, prior to December 31, 2031 (“CD 4 Target Flip Date”), the Company receives substantially all of the distributable cash flow generated by the project, while the private investor receives substantially 99% of the tax attributes of the project. Following the later of the CD4 Target Flip Date and the date on which the private investor reaches its target return, the Company will receive 97.5% of the distributable cash and 95.0% of the taxable income, on a go forward basis. In the event that JPM will not reach its target return by the CD4 Target Flip Date, then for the period between the CD4 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 plant and 99% of the tax attributes as long as the project is generating Production Tax Credits ("PTCs") (and 5% of the tax attributes afterwards).

 

On the Target Flip Date, the Company has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes JPM to reach its target return, if needed. If the Company exercises this purchase option, it will become the sole owner of the project again.

 

JPM’s capital contribution of $50.3 million was recorded as allocation to noncontrolling interests of $3.9 million and to liability associated with sale of tax benefits of $46.4 million.

 

Steamboat Hills tax monetization transaction

 

On October 25, 2021, one of the Company’s wholly-owned subsidiaries that indirectly owns the Steamboat Hills Repower Geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the Steamboat Hills Repower Geothermal power plant project for an initial purchase price of approximately $38.9 million and for which it will pay additional installments that are expected to amount to approximately $5.3 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.

 

Under the transaction documents, prior to December 31, 2029 (“Steamboat Hills 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 Steamboat Hills Target Flip Date and the date on which the private investor reaches its target return, Ormat Nevada will receive 97.5% of the distributable cash and 95.0% of the taxable income, on a go forward basis. In the event that the private investor will not reach its target return by the Steamboat Hills Target Flip Date, then for the period between the Steamboat Hills Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating PTCs (and 5% of the tax attributes afterwards).

 

On the Steamboat Hills 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 project again.

 

McGinness Hills 3 tax monetization transaction  

 

On August 14, 2019, one of the Company’s wholly-owned subsidiaries that indirectly owns the McGinness Hills phase 3 geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the McGinness Hills phase 3 geothermal power plant for an initial purchase price of approximately $59.3 million and for which it will pay additional installments that are expected to amount to approximately $9.0 million and can reach up to $22.0 million based on the actual generation. The Company continues to consolidate, operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant and the private investor will receive substantially all of the tax attributes, as described below.

 

Pursuant to the transaction documents, prior to December 31, 2027 (“MGH3 Target Flip Date”), one of the Company’s wholly owned subsidiaries receives substantially all of the distributable cash flow generated by the McGinness Hills phase 3 power plant, while the private investor receives substantially all of the tax attributes of the project. Following the later of the MGH3 Target Flip Date and the date on which the private investor reaches its target return, the Company will receive 97.5% of the distributable cash generated by the power plant and 95.0% of the tax attributes, on a go forward basis. In the event that the private investor will not reach its target return by the MGH3 Target Flip Date, then for the period between the MGH3 Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating PTCs (and 5% of the tax attributes afterwards).

 

On the MGH3 Target Flip Date, the Company, through one of its wholly-owned subsidiaries, 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 the Company exercises this purchase option, it will become the sole owner of the project again.

 

Tungsten Mountain tax monetization transaction  

 

On May 17, 2018, one of the Company’s wholly-owned subsidiaries that indirectly owns the Tungsten Mountain Geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the Tungsten Mountain Geothermal power plant project for an initial purchase price of approximately $33.4 million and for which it will pay additional installments that are expected to amount to approximately $13.0 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.

 

Under the transaction documents, prior to December 31, 2026 (“Tungsten Mountain 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 Tungsten Mountain Target Flip Date and the date on which the private investor reaches its target return, Ormat Nevada will receive 97.5% of the distributable cash and 95.0% of the taxable income, on a go forward basis. In the event that the private investor will not reach its target return by the Tungsten Mountain Target Flip Date, then for the period between the Tungsten Mountain Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating PTCs (and 5% of the tax attributes afterwards).

 

On the Tungsten Mountain 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 project again.

 

Opal Geo tax monetization transaction

 

On December 16, 2016, Ormat Nevada entered into an equity contribution agreement (the “Equity Contribution Agreement”) with OrLeaf LLC (“OrLeaf”) and JPM with respect to Opal Geo. Also on December 16, 2016, OrLeaf, a newly formed limited liability company formed by Ormat Nevada and ORPD LLC, entered into an amended and restated limited liability company agreement of Opal Geo (the “LLC Agreement”) with JPM. The transactions contemplated by the Equity Contribution Agreement and LLC Agreement will allow the Company to monetize federal PTCs and certain other tax benefits relating to the operation of five geothermal power plants located in Nevada, until JPM reaches its target internal rate of return which was expected to be on December 31, 2022. On December 22, 2022, the Equity Contribution Agreement was amended (the "Amendment") and the target internal rate of return date was postponed by an additional one year in order to allow allocation of additional PTCs to JPM, as further described below.

 

In connection with the transactions contemplated by the Equity Contribution Agreement and the LLC Agreement, Ormat Nevada transferred its indirect ownership interest in the McGinness Hills (Phase I and Phase II), Tuscarora, Jersey Valley and second phase of the Don A. Campbell (“DAC 2”) geothermal power plants to Opal Geo. Prior to such transfer, Ormat Nevada held an approximately 63.25% indirect ownership interest in DAC 2 through ORPD LLC, a joint venture between Ormat Nevada and Northleaf Geothermal Holdings LLC (“Northleaf”), an affiliate of Northleaf Capital Partners, and held, directly or indirectly, a 100% ownership interest in the remaining geothermal power plants that were transferred to Opal Geo.

 

Pursuant to the Equity Contribution Agreement, in December 2016, JPM contributed approximately $62.1 million to Opal Geo in exchange for 100% of the Class B Membership Interests of Opal Geo. JPM also agreed to make deferred capital contributions to Opal Geo based on the amount of electricity generated by the DAC 2 and McGinness Hills Phase II power plants which are eligible for the federal PTC. The aggregate amount of such contributions totaled $15.3 million, as of December 31, 2022. Pursuant to the Amendment, JPM will not make additional deferred capital contributions during 2023, and the Company will indemnify JPM for tax losses incurred during the extended one year period.

 

Under the original LLC Agreement, until December 31, 2022, OrLeaf received distributions of 97.5% of any distributable cash generated by operation of the power plants while JPM received distributions of 2.5% of any distributable cash generated by operation of the power plants. Starting December 31, 2022, until JPM has achieved its target internal rate of return, JPM will receive 100% of any distributable cash generated by operation of the power plants. Thereafter, OrLeaf will receive distributions of 97.5%, and JPM will receive 2.5%, of any distributable cash generated by operation of the power plants.

 

Under the LLC Agreement, all items of Opal Geo income and loss, gain, deduction and credit (including the federal production tax credits relating to the operation of the two PTC eligible power plants) will be allocated, until JPM has achieved its target internal rate of return on its investment in Opal Geo (and for so long as the two PTC eligible power plants are generating PTCs), 99% to JPM and 1% to OrLeaf, or 5% to JPM and 95% to OrLeaf if PTCs are no longer available to either of the two PTC eligible power plants. Once JPM achieves its target internal rate of return, all items of Opal Geo income and loss, gain, deduction and credit will be allocated 5% to JPM and 95% to OrLeaf.

 

Under the LLC Agreement, OrLeaf, which owns 100% of the Class A Membership Interests in Opal Geo, serves as the managing member of Opal Geo and control the day-to-day management of Opal Geo and its portfolio of five power plants. However, in certain limited circumstances (such as bankruptcy of OrLeaf, fraud or gross negligence by OrLeaf) JPM may remove OrLeaf as the managing member of Opal Geo. JPM, as the Class B Member of Opal Geo, has consent and approval rights with respect to certain items that are designated as major decisions for Opal Geo and the five power plants. In addition, by virtue of certain provisions in OrLeaf’s own limited liability company agreement, and consistent with the ORPD LLC formation documents, Northleaf has similar consent and approval rights with respect to OrLeaf’s determination of major decisions pertaining to the DAC 2 power plant. In both cases, these major decisions are generally equivalent to customary minority protection rights. As a result, the Company’s wholly owned subsidiary, Ormat Nevada, which serves as the managing member of OrLeaf and as the managing member of ORPD LLC, effectively retains the day-to-day control and management of Opal Geo and its portfolio of five power plants.

 

The LLC Agreement contains certain customary restrictions on transfer applicable to both OrLeaf and JPM with respect to their respective Membership Interests in Opal Geo, and also provides OrLeaf with a right of first offer in the event JPM desires to transfer any of its Class B Membership Interests, pursuant to which OrLeaf may purchase such Class B Membership Interests. Following the Amendment to the LLC Agreement made on December 22, 2022, the Target Flip Date was extended to December 31, 2023, entitling JPM to receive $2.0 million on such date. During the extended period, JPM shall not be required to make deferred contributions. The OrLeaf option to purchase all of the Class B Membership Interests at a price equal to the greater of (i) the fair market value of the Class B Membership Interests as of the date of purchase (subject to certain adjustments) and (ii) $3.0 million, was extended to December 31, 2023. The final settlement of amounts due and payable to JPM shall take place during the first quarter of 2024.

 

Pursuant to the Equity Contribution Agreement, the Company has provided a guaranty for the benefit of JPM of certain of OrLeaf’s indemnification obligations to JPM under the LLC Agreement. In addition, Ormat Nevada also provided a guaranty for the benefit of JPM of all present and future payment and performance obligations of OrLeaf under the LLC Agreement and each ancillary document to which OrLeaf is a party.

  
v3.24.0.1
Note 13 - Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Asset Retirement Obligation Disclosure [Text Block]

NOTE 13 — ASSET RETIREMENT OBLIGATION

 

The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Balance at beginning of year

   $ 97,660     $ 84,891     $ 63,457  

Revision in estimated cash flows

     2,056       (1,802 )     10,504  

Liabilities incurred and acquired

     8,490       9,314       6,953  

Accretion expense

     6,164       5,257       3,977  

Balance at end of year

   $ 114,370     $ 97,660     $ 84,891  

  
v3.24.0.1
Note 14 - Stock-based Compensation
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 14 — STOCK-BASED COMPENSATION

 

The Company makes an estimate of expected forfeitures and recognizes compensation costs only for those stock-based awards expected to vest. As of December 31, 2023, the total future compensation cost related to unvested stock-based awards that are expected to vest is $15.8 million, which will be recognized over a weighted average period of 1.25 years.

 

During the years ended December 31, 2023, 2022 and 2021, the Company recorded compensation related to stock-based awards as follows:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Cost of revenues

   $ 6,899     $ 6,382     $ 4,656  

Selling and marketing expenses

     866       1,230       766  

Research and development expenses

     94       —       —  

General and administrative expenses

     7,620       4,034       3,746  

Total stock-based compensation expense

     15,479       11,646       9,168  

Tax effect on stock-based compensation expense

     1,598       1,270       872  

Net effect of stock-based compensation expense

   $ 13,881     $ 10,376     $ 8,296  

 

During the fourth quarter of 2023, 2022 and 2021, the Company evaluated the trends the employees stock-based award forfeiture rate and determined that the actual rates are 11.6%, 11.5% and 11.1%, respectively. This represents an increase of 0.9%, 3.6%, and 2.8%, respectively, from prior estimates. As a result of the change in the estimated forfeiture rate, there was an immaterial impact on stock-based compensation expense for each of the respective periods.

 

Valuation assumptions

 

The Company estimates the fair value of the stock-based awards using the Complex Lattice, Tree-based option-pricing model. The dividend yield forecast is expected to be at least 20% of the Company’s yearly net profit, which is equivalent to a 0.6% yearly weighted average dividend rate in the year ended December 31, 2023. The risk-free interest rate was based on the yield from U.S. constant treasury maturities bonds with an equivalent term. The forfeiture rate is based on trends in actual stock-based awards forfeitures.

 

The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  

For stock based awards issued by the Company:

                        

Risk-free interest rates

     4.2 %     1.7 %     0.7 %

Expected lives (in weighted average years)

     2.5       5.3       3.8  

Dividend yield

     0.6 %     0.7 %     0.6 %

Expected volatility (weighted average)

     38.2 %     34.6 %     36.7 %

 

The Company estimated the forfeiture rate (on a weighted average basis) as follows:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  

Weighted average forfeiture rate

     8.0 %     10.2 %     6.1 %

 

Stock-based awards

 

The 2012 Incentive Compensation Plan

 

In May 2012, the Company’s shareholders adopted the 2012 Incentive Plan, which provides for the grant of the following types of awards: incentive stock options, non-qualified stock options, restricted stock units ("RSUs"), stock appreciation rights ("SARs”), stock units, performance awards, phantom stock, incentive bonuses, and other possible related dividend equivalents to employees of the Company, directors and independent contractors. Under the 2012 Incentive Plan, a total of 4,000,000 shares of the Company’s common stock were reserved for issuance, all of which could be issued as options or as other forms of awards. Options and SARs granted to employees under the 2012 Incentive Plan typically vest and become exercisable as follows: 50% on the two year anniversary of the grant date and 25% on each of the three year and four year anniversaries of the grant date. Options granted to non-employee directors under the 2012 Incentive Plan will vest and become exercisable one year after the grant date. Restricted stock units granted to directors and members of senior management vest according to a vesting schedule as follows: for the directors, 100% on the one year anniversary of the grant date and for members of senior management, 25% on each of the first, second, third and fourth anniversaries of the grant date.  The term of stock-based awards typically ranges from six to ten years from the grant date. The shares of common stock issued in respect of awards under the 2012 Incentive Plan are issued from the Company’s authorized share capital upon exercise of options or SARs. The 2012 Incentive Plan expired in May 2018 upon adoption of the 2018 Incentive Compensation Plan (“2018 Incentive Plan”), except as to stock-based awards outstanding under the 2012 Incentive Plan on that date.

 

The 2018 Incentive Compensation Plan

 

In May 2018, the Company held its 2018 Annual Meeting of Stockholders at which the Company's stockholders approved the 2018 Incentive Plan. The 2018 Incentive Plan provides for the grant of the following types of awards: incentive stock options, RSUs, SARs, Performance Stock Units ("PSUs"), stock units, performance awards, phantom stock, incentive bonuses and other possible related dividend equivalents to employees of the Company, directors and independent contractors. Under the 2018 Incentive Plan, a total of 5,000,000 shares of the Company’s common stock were authorized and reserved for issuance, all of which could be issued as options or as other forms of awards. SARs, RSUs and PSUs granted to employees under the 2018 Incentive Plan typically vest and become exercisable as follows: 50% on the second anniversary of the grant date and 25% on each of the third and fourth anniversaries of the grant date.  SARs, RSUs and PSUs granted to directors under the 2018 Incentive Plan typically vest and become exercisable (100%) on the first anniversary of the grant date. The term of stock-based awards typically ranges from six to ten years from the grant date. The shares of common stock issued in respect of awards under the 2018 Incentive Plan are issued from the Company’s authorized share capital upon exercise of options or SARs. In June 2022, the 2018 Incentive Compensation Plan was amended and restated to increase the number of shares authorized for issuance by 1,700,000 shares, to change the fungible ratio, and to implement a one year mandatory minimum vesting period.

 

As of December 31, 2023, 3,313,670 shares of the Company’s common stock are available for future grants under the 2018 Incentive Plan.

 

In March 2023, the Company granted certain members of its management and employees an aggregate of 174,422 RSUs and 35,081 PSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 4 years from the grant date. The fair value of each RSU and PSU on the grant date was $79.9 and $79.6, 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 based on the following assumptions:

 

Risk-free interest rates

3.86%

—

4.68%

Expected life (in years)         

2

—

5.75

Dividend yield         

0.59%

Expected volatility (weighted average)         

36.0%

—

42.2%

 

In May 2023, the Company granted its directors an aggregate of 10,852 RSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs have vesting periods 1 year from the grant date. The fair value of each RSU on the grant date was $82.9. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:

 

Risk-free interest rates

     4.70%  

Expected life (in years)

     1%  

Dividend yield

     0.56%  

Expected volatility (weighted average)

     34.80%  

 

On  November 30, 2022, the Company granted certain employees an aggregate of 19,750 RSUs under the Company’s 2018 Incentive Plan. The RSUs have a vesting period of between 2 to 3 years from the grant date. The fair value of each RSU on the grant date was $89. The Company calculated the fair value of each RSU on the grant date using the Complex Lattice, Tree-based option-pricing model based on the following assumptions:

 

Risk-free interest rates         

4.13%

—

(4.38)%

Expected life (in years)

2

—

3

Dividend yield         

0.56%

Expected volatility (weighted average)         

43.17%

—

40.57%

 

On March 1, 2022, the Company granted certain directors, members of its management and employees an aggregate of 513,385 SARs, 72,303 RSUs and 19,581 PSUs under the Company’s 2018 Incentive Plan. The exercise price of each SAR was $71.15 which represented the fair market value of the Company’s common stock on the grant date. The SARs will expire in six years from date of the grant and the SARs, RSUs and PSUs have a vesting period of between 2 to 4 years from grant date. The average fair value of each SAR, RSU and PSU on the grant date was $22.3, $69.6 and $75.3, respectively. The Company calculated the fair value of each SAR on the grant date using the Complex Lattice, Tree-based option-pricing model based on the following assumptions:

 

Risk-free interest rates         

1.31%

—

1.62%

Expected life (in years)         

2

—

6

Dividend yield         

0.67%

Expected volatility (weighted average)         

32.85%

—

46.07%

 

On November 2021, the Company granted its directors an aggregate of 11,804 RSUs under the Company’s 2018 Incentive Plan. The RSUs have a vesting period of one year from the grant date. The average fair value of each RSU on the grant date was $76.2. The Company calculated the fair value of each RSU on the grant date using the Complex Lattice, Tree-based option-pricing model based on the following assumptions:

 

Risk-free interest rates

   0.14% — (0.16)%

Expected life (in years)

     1  

Dividend yield

     0.65%  

Expected volatility (weighted average)

     43.26%  

 

Information on the awards outstanding and the related weighted average exercise price as of and for the years ended December 31, 2023, 2022 and 2021 are presented in the table below:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

Awards

(In

thousands)

    

Weighted

Average

Exercise

Price

    

Awards

(In

thousands)

    

Weighted

Average

Exercise

Price

    

Awards

(In

thousands)

    

Weighted

Average

Exercise

Price

  

Outstanding at beginning of year

     1,810     $ 60.08       2,025     $ 58.70       2,240     $ 57.68  

Granted:

                                                

SARs (1)

     —       —       513       71.15       15       77.22  

RSUs (2)

    189       —       109       —       12       —  

PSUs (3)

     35       —       20       —       —       —  

Exercised

     (492 )     56.00       (728 )     52.73       (159 )     40.47  

Forfeited

     (59 )     54.09       (129 )     62.27       (83 )     64.34  

Expired

     —       —       —       —       —       —  

Outstanding at end of year

     1,483       52.57       1,810       60.08       2,025       58.70  

Options and SARs exercisable at end of year

     606       66.81       749       58.30       881       53.20  

Weighted-average fair value of awards granted during the year

           $ 79.98             $ 33.02             $ 46.23  

 

(1)

Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.

 

(2)

An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU approximates the value of the underlying stock.

 

(3)

The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in the S&P 500 index or based on achievement of three-year megawatt COD production targets.

 

The following table summarizes information about stock-based awards outstanding at December 31, 2023 (shares in thousands):

 

     

Awards Outstanding

  

Awards Exercisable

 
 

Exercise Price

  

Number of

Stock-based

Awards

Outstanding

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

  

Number of

Stock-based

Awards

Exercisable

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

 
                            
 $—   345   1.6  $26,127         $— 
  51.71   8   1.0   193   8   1.0   193 
  53.16   3   0.9   73   3   0.9   73 
  53.44   78   0.5   1,736   78   0.5   1,736 
  57.97   8   0.6   134   8   0.6   134 
  63.40   45   2.5   562   34   2.5   422 
  67.54   7   2.9   54   7   2.9   54 
  68.34   47   2.4   349   35   2.4   261 
  69.14   470   2.4   3,128   316   2.4   2,101 
  71.15   448   4.2   2,077   101   4.2   468 
  71.71   4   1.6   16   4   1.6   16 
  76.43   5   1.9   —   5   1.9   — 
  76.54   9   3.9   —   4   3.9   — 
  78.53   6   3.3   —   3   3.3   — 
  90.28   1   3.0   —   —   3.0   — 
      1,483   2.6  $34,449   606   2.4  $5,458 

 

The following table summarizes information about stock-based awards outstanding at December 31, 2022 (shares in thousands):

 

     

Awards Outstanding

  

Awards Exercisable

 
 

Exercise Price

  

Number of

Stock-based

Awards

Outstanding

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

  

Number of

Stock-based

Awards

Exercisable

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

 
                            
 $—   157   2.1  $13,536   —   —  $— 
  51.71   8   2.0   278   6   2.0   209 
  53.16   3   1.9   108   3   1.9   108 
  53.44   103   1.5   3,405   103   1.5   3,405 
  55.16   295   0.9   9,236   295   0.9   9,236 
  57.97   8   1.6   214   8   1.6   214 
  63.35   74   0.9   1,719   74   0.9   1,719 
  63.40   45   3.5   1,047   23   3.5   524 
  67.54   7   3.9   125   7   3.9   125 
  68.34   47   3.4   849   23   3.4   424 
  69.14   539   3.4   9,357   199   3.4   3,456 
  71.15   499   5.2   7,644   —   5.2   — 
  71.71   4   2.6   59   3   2.6   44 
  76.43   5   2.9   49   5   2.9   49 
  76.54   9   4.9   85   —   4.9   — 
  78.53   6   4.3   51   —   4.3   — 
  90.28   1   4.0   —   —   4   — 
      1,810   3.1  $47,762   749   1.8  $19,513 

 

The aggregate intrinsic value in the above tables represents the total pretax intrinsic value, based on the Company’s stock price of $75.79 and $86.48 as of December 31, 2023 and 2022, respectively, which would have potentially been received by the stock-based award holders had all stock-based award holders exercised their stock-based award as of those dates. The total number of in-the-money stock-based awards exercisable as of December 31, 2023 and 2022 was 605,753 and 749,101, respectively.

 

The total pretax intrinsic value of options exercised during the year ended December 31, 2023 and 2022 was $11.5 million and $21.9 million, respectively, based on the average stock price of $79.4 and $82.8 during the years ended December 31, 2023 and 2022, respectively.

  
v3.24.0.1
Note 15 - Interest Expense, Net
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Interest Expense Disclosure [Text Block]

NOTE 15 — INTEREST EXPENSE, NET

 

The components of interest expense are as follows:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 15,289     $ 14,853     $ 12,246  

Interest expense

     100,853       91,617     $ 84,994  

Less — amount capitalized

     (17,261 )     (18,727 )   $ (14,582 )
    $ 98,881     $ 87,743     $ 82,658  

  
v3.24.0.1
Note 16 - Income Taxes
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 16 — INCOME TAXES

 

U.S. and foreign components of income from continuing operations, before income taxes and equity in income (losses) of investees consisted of:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

U.S

 $53,984  $23,709  $37,032 

Non-U.S. (foreign)

  85,101   71,900   66,519 

Total income from continuing operations, before income taxes and equity in losses

 $139,085  $95,609  $103,551 

 

The components of the provision (benefit) for income taxes, net are as follows:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Current:

            

Federal

 $672  $641  $— 

State

  (1,806)  2,227   400 

Foreign

  35,379   29,370   25,096 

Total current income tax expense

 $34,245  $32,238  $25,496 
             

Deferred:

            

Federal

  (12,780)  (17,179)  (3,267)

State

  6,041   2,649   9,301 

Foreign

  (21,523)  (2,966)  (6,680)

Total deferred tax provision (benefit)

  (28,262)  (17,496)  (646)

Total Income tax provision

 $5,983  $14,742  $24,850 

 

Reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 

U.S. federal statutory tax rate

  21.0%  21.0%  21.0%

Foreign tax credits

  (3.8)  (3.8)  (0.4)

Withholding tax

  1.0   0.2   6 

Valuation allowance - U.S.

  —   (9.3)  (10.4)

State income tax, net of federal benefit

  2.4   5.3   8.8 

Uncertain tax positions

  1.5   0.9   3.6 

Foreign tax rate change

  (5.7)  —   — 

Effect of foreign income tax, net

  0.4   6.2   (5.2)

Production tax credits

  —   (4.0)  (4.2)

Investment tax credits

  (14.0)  —   — 

Tax on global intangible low-tax income

  4.1   4.8   9.3 

Noncontrolling interest

  (1.0)  (2.2)  (2.5)

Other, net

  (1.6)  (3.7)  (1.9)

Effective tax rate

  4.3%  15.4%  24.0%

 

The net deferred tax assets and liabilities consist of the following:

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Deferred tax assets (liabilities):

        

Net foreign deferred taxes, primarily depreciation

 $(27,623) $(49,295)

Depreciation

  40,993   50,214 

Intangible drilling costs

  (17,543)  (13,855)

Net operating loss carryforward - U.S.

  24,822   26,824 

Tax monetization transaction

  (125,462)  (84,585)

Right-of-use assets

  (5,218)  (5,824)

Lease liabilities

  5,105   5,527 

Production tax credits

  109,556   109,109 

Foreign tax credits

  33,412   32,333 

Withholding tax

  (20,437)  (21,007)

Basis difference in partnership interest

  (12,448)  (51,392)

Excess business interest

  6,162   522 

Sale and leaseback transaction

  58,608   62,939 

Other assets

  12,404   13,655 

Accrued liabilities and other

  6,361   5,208 

Total

  88,692   80,373 

Less - valuation allowance

  (2,870)  (2,473)

Total, net

 $85,822  $77,900 

 

The following table presents a reconciliation of the beginning and ending valuation allowance:

 

  

2023

  

2022

 
  

(Dollars in thousands)

 

Balance at beginning of the year

 $2,473  $11,298 

Additions to valuation allowance

  479   35 

Release of valuation allowance

  (82)  (8,860)

Balance at end of the year

 $2,870  $2,473 

 

At December 31, 2023, the Company had U.S. federal net operating loss (“NOL”) carryforwards of approximately $35.4 million, all of which was generated before 2018 and expires by 2038.

 

At December 31, 2023, the Company had PTCs in the amount of $109.6 million . These PTCs are available for a 20 years period and begin to expire in 2026. At December 31, 2023, the Company had U.S. foreign tax credits (“FTCs”) in the amount of $33.4 million. These FTCs are available for a 10 year period and begin to expire in 2027.

 

At December 31, 2023, the Company had state NOL carryforwards of approximately $268.0 million, $268.3 million which expire between 2025 and 2034 and $4.7 million are available to be carried forward for an indefinite period. At December 31, 2023, the Company had state tax credits in the amount of $0.8 million. These state tax credits are available to be carried forward for an indefinite period.

 

The Company has recorded deferred tax assets for net operating losses, foreign tax credits, and production tax credits.  Realization of the deferred tax assets and tax credits is dependent on generating sufficient taxable income in appropriate jurisdictions prior to expiration of the NOL carryforwards and tax credits. Based upon available evidence of the Company’s ability to generate additional taxable income in the future and historical losses in prior years, a valuation allowance in the amount of $2.9 million and $2.5 million is recorded against the U.S. deferred tax assets as of December 31, 2023 and 2022, respectively, as it is more likely than not that the deferred tax assets will not be realized. The overall decrease in the valuation allowance of $0.4 million is due to changes in state tax apportionment rates in various states. The Company is maintaining a valuation allowance of $2.9 million against a portion of its state NOLs and capital loss carryforward that are expected to expire before they can be utilized in future periods.

 

On April 24, 2018, the Company acquired 100% of stock of USG for approximately $110 million. Under the acquisition method of accounting, the Company recorded a net deferred tax asset of $1.7 million comprised primarily of federal and state NOLs netted against deferred tax liabilities for partnership basis differences and fixed assets. The total amount of acquired federal and state NOLs, which are subject to limitations under Section 382, were $113.9 million and $49.9 million, respectively.  A valuation allowance of $1.8 million has been recorded against such acquired state NOLs, as it is more likely than not that the deferred tax asset will not be realized.

 

The FASB released guidance Staff Q&A, Topic 740, No. 5, that states a company can make an accounting policy election to either recognize deferred taxes related to GILTI or to provide for the GILTI tax expense in the year the tax is incurred as a period cost.  The Company has elected to treat any GILTI inclusions as a period cost. We have elected and applied the tax law ordering approach when considering GILTI as part of our valuation allowance.

 

The Company uses the flow-through method to account for investment tax credit earned on eligible battery storage projects. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis.

 

The following table presents the deferred taxes on the balance sheet as of the dates indicated:

 

  

Year Ended December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 
         

Non-current deferred tax assets

 $152,570  $161,365 

Non-current deferred tax liabilities

  (66,748)  (83,465)

Non-current deferred tax assets, net

  85,822   77,900 

Uncertain tax benefit offset (1)

  (95)  (95)
  $85,727  $77,805 

 

(1) The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes.

 

At December 31, 2023, the Company is no longer indefinitely reinvested with respect to the earnings of its foreign subsidiaries due to forecasted changes in cash needs and the impact of U.S. tax reform. The Company has accrued withholding taxes that would be owed upon future distributions of such earnings. Accordingly, as of December 31, 2023, the Company has accrued $15.5 million of foreign withholding taxes on future distributions of foreign earnings.

 

Uncertain tax positions

 

The Company is subject to income taxes in the United States (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite evidence supporting the position. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered probable.

 

At December 31, 2023 and 2022, there are $8.7 million and $6.6 million of unrecognized tax benefits, respectively, that if recognized would reduce the effective tax rate. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income.

 

A reconciliation of the Company's unrecognized tax benefits is as follows:

 

  

Year Ended December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Balance at beginning of year

 $5,300  $5,076 

Additions based on tax positions taken in prior years

  395   — 

Additions based on tax positions taken in the current year

  1,376   364 

Reduction based on tax positions taken in prior years

  (141)  (47)

Reduction based on tax positions taken in the current year

  —   (93)

Balance at end of year

 $6,930  $5,300 

 

The Company and its U.S. subsidiaries file consolidated income tax returns for federal and state (where applicable) purposes. As of December 31, 2023, the Company has not been subject to U.S. federal or state income tax examinations.

 

The Company remains open to examination by the Internal Revenue Service for the years 2006-2022 and by local state jurisdictions for the years 2008-2022. These examinations may lead to ordinary course adjustments or proposed adjustments to the Company's taxes or the Company's net operating losses with respect to years under examination as well as subsequent periods.

 

The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated:

 

Israel          

2019

–

2023

Kenya          

2018

–

2023

Guatemala          

2019

–

2023

Honduras          

2018

–

2023

Guadeloupe          

2020

–

2023

 

Management believes that the liability for unrecognized tax benefits is adequate for all open tax years based on its assessment of many factors, including among others, past experience and interpretations of local income tax regulations. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. As a result, it is possible that federal, state and foreign tax examinations will result in assessments in future periods. To the extent any such assessments occur, the Company will adjust its liability for unrecognized tax benefits. The Company is not able to reasonably estimate the amount of unrecognized tax benefits that will be reduced within the next twelve months.

 

Tax benefits in the United States

 

On August 16, 2022, the Inflation Reduction Act was signed into law in the United States. The Company believes that the construction and operations of its geothermal power plants, recovered energy-based power plants, battery energy storage systems and solar PV will benefit in the future from the IRA and enhance the economic feasibility of projects in the United States. PTC’s can be generated from 2.75 cents per kWh, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 3.30 cents per kWh. ITC’s can be earned on investments from 30.0%, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 50.0%. Battery Energy Storage Systems are eligible for ITC for projects placed-in-service after December 31, 2022. In addition, the Company can now monetize PTC’s and ITC’s earned by transferring the credits to a third party without having to enter into a tax equity transaction.

 

Income taxes related to foreign operations

 

Guadeloupe - The Company’s operations in Guadeloupe are taxed at a maximum rate of 28% in 2020, 26.5% in 2021, 25% in 2022 and 25% in 2023.

 

Guatemala — The enacted tax rate is 25%. Orzunil, a wholly owned subsidiary, was granted a benefit under a law which promotes development of renewable power sources. The law allows Orzunil to reduce the investment made in its geothermal power plant from income tax payable, which currently reduces the effective tax rate to zero. Ortitlan pays income tax of 7% on its Electricity revenues.

 

Honduras - The Company’s operations in Honduras are exempt from income taxes for the first ten years starting at the commercial operation date of the power plant, which was in September 2017.

 

Israel — The Company’s operations in Israel through its wholly owned Israeli subsidiary, Ormat Systems Ltd. (“Ormat Systems”), were taxed at a reduced corporate tax rate of 16% in 2017 and 23% in 2018 and 16% thereafter, under the “Benefited Enterprise” tax regime of the Encouragement of Capital Investments Law, 1959 (the “Investment Law”), with respect to two of its investment programs. In January 2011, new legislation amending the Investment Law by adding, inter alia, the Preferred Enterprise Regime was enacted. Under the Preferred Enterprise Regime, a uniform reduced corporate tax rate would apply to all qualified income of certain industrial companies, as opposed to the Investment Law incentives that are limited to income from a “Benefited Enterprise” during their benefits period. According to the amendment, the uniform tax rate applicable to the zone where the production facilities of Ormat Systems are located would be 16% in 2014 and thereafter. Ormat Systems decided to irrevocably comply with the new law starting in 2011.

 

On December 29, 2016, the Investment Law was amended (“73 Amendment”), which includes, inter alia, two new tax incentive opportunities. These are the Preferred Technological Enterprise (“PTE”) and Special Preferred Technological Enterprise (“SPTE”). In order to benefit from either of these options, a company must meet certain qualifications and receive formal approval from the Israel Innovation Authority (“IIA”). The Company received such approval on January 20, 2021, which allowed the Company to use the reduced corporate tax rate of 12% on its "Preferred Technological Income" for the tax years 2021, 2022 and 2023. The benefit of the reduced corporate tax rate has been reflected in these financial statements.

 

The Investment Law also included a specific order that allowed companies to distribute earnings that were previously untaxed after paying a reduced corporate tax rate of 10% versus 25% under the prior tax regime. Ormat elected to pay the 10% corporate rate on such previously untaxed earnings during 2021 which now allows such earnings to be dividended.

 

Kenya - On June 26, 2023, the President of Kenya signed into law the 2023 Finance Act ("Finance Act"). On June 30, 2023, the Kenyan High Court issued a Temporary Conservatory Order against the Finance Act which barred the implementation of the Finance Act until a decision was made by the High Court. The Finance Act, among several other changes, reduces the statutory corporate income tax rate for Branches from 37.5% to 30%, introduces a Branch Profits tax based on the change in Net Assets and limits interest deductions to 30% of EBITDA. On July 28, 2023, the Kenya appeals court lifted the Temporary Conservatory Order on the Finance Act which results in the Finance Act being implemented as signed. As a result, the Company recorded a tax benefit associated with the corporate tax rate change for Branches from 37.5% to 30.0% in 2023, in the amount of approximately $7.4 million. This benefit is recorded as a reduction to income tax expense in the condensed consolidated statements of comprehensive operations and income.

 
v3.24.0.1
Note 17 - Business Segments
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 17 — 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 in the United States and geothermal power plants in foreign countries, and sell 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 of geothermal and recovered energy-based power plants.

 

•

 Under the Energy Storage segment, the Company provides battery energy storage systems as a service as well as related services. 

 

Transfer prices between the operating segments were determined on current market values or cost plus markup of the seller’s business segment.

 

Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including, as further described under Note 1 to the consolidated financial statements, the Company's disaggregated revenues from contracts with customers as required by ASC 606:

 

  

Electricity

  

Product

  

Energy Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Year Ended December 31, 2023:

                

Revenues from external customers:

                

United States (1)

 $473,323  $7,610  $28,894  $509,827 

Foreign (2)

  193,444   126,153   —   319,597 

Net revenues from external customers

  666,767   133,763   28,894   829,424 

Intersegment revenues

  —   48,494   —   — 

Depreciation and amortization expense

  199,344   10,908   14,545   224,797 

Operating income (loss)

  168,834   3,536   (5,785)  166,585 

Segment assets at period end (3) (*)

  4,652,392   199,897   355,990   5,208,279 

Expenditures for long-lived assets

  474,592   20,599   123,192   618,383 

* Including unconsolidated investments

  125,439   —   —   125,439 
                 

Year Ended December 31, 2022:

                

Revenues from external customers:

                

United States (1)

  446,000   7,037   31,018   484,055 

Foreign (2)

  185,727   64,377   —   250,104 

Net revenues from external customers

 $631,727  $71,414  $31,018  $734,159 

Intersegment revenues

  —   83,394   —   — 

Depreciation and amortization expense

  179,966   7,302   11,524   198,792 

Operating income (loss)

  156,178   (1,084)  (2,291)  152,803 

Segment assets at period end (3) (*)

  4,253,910   118,018   239,651   4,611,579 

Expenditures for long-lived assets

  462,269   16,352   84,855   563,476 

* Including unconsolidated investments

  115,693   —   —   115,693 
                 

Year Ended December 31, 2021:

                

Revenues from external customers:

                

United States (1)

  404,303   5,414   30,393   440,110 

Foreign (2)

  181,468   41,506   —   222,974 

Net revenues from external customers

  585,771   46,920   30,393   663,084 

Intersegment revenues

  —   129,589   —   — 

Depreciation and amortization expense

  164,490   7,719   10,763   182,972 

Operating income (loss)

  171,550   (3,641)  1,448   169,357 

Segment assets at period end (3) (*)

  4,142,341   113,817   169,520   4,425,678 

Expenditures for long-lived assets

  383,307   10,687   25,278   419,272 

* Including unconsolidated investments

  105,886   —   —   105,886 

 

(1)

Electricity segment revenues in the United States are all accounted under lease accounting, except for $124.7 million, $102.5 million and $83.4 million for the years 2023, 2022 and 2021, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements.

 

(2)

Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage segment revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements.

 

(3)

Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021.

 

Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Revenues:

            

Total segment revenues

 $829,424  $734,159  $663,084 

Intersegment revenues

  48,494   83,394   129,589 

Elimination of intersegment revenues

  (48,494)  (83,394)  (129,589)
             

Total consolidated revenues

 $829,424  $734,159  $663,084 
             

Operating income (expense):

            

Operating income

 $166,585  $152,803  $169,357 

Interest income

  11,983   3,417   2,124 

Interest expense, net

  (98,881)  (87,743)  (82,658)

Derivatives and foreign currency transaction gains (losses)

  (3,278)  (6,044)  (14,720)

Income attributable to sale of tax benefits

  61,157   33,885   29,582 

Other non-operating income (expense), net

  1,519   (709)  (134)

Total consolidated income before income taxes and equity in earnings (losses) of investees

 $139,085  $95,609  $103,551 

 

The Company sells electricity, products and energy storage services mainly to the geographical areas set forth below based on the location of the customer. The following tables present certain data by geographic:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Revenues from external customers attributable to:

            

United States

 $509,827  $484,055  $440,110 

Indonesia

  26,732   15,631   8,056 

Kenya

  109,217   105,837   102,844 

Turkey

  2,469   1,961   2,723 

Chile

  —   579   7,035 

Guatemala

  30,174   28,831   26,868 

New Zealand

  66,526   17,130   6,770 

Honduras

  31,589   33,837   35,233 

Other foreign countries

  52,889   46,298   33,445 

Consolidated total

 $829,424  $734,159  $663,084 

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Long-lived assets (primarily power plants and related assets) located in:

            

United States

 $3,085,892  $2,857,503  $2,527,429 

Kenya

  377,563   301,491   297,427 

Other foreign countries

  378,028   254,878   217,371 

Consolidated total

 $3,841,483  $3,413,872  $3,042,227 

 

The following table presents revenues from major customers:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

Revenues

  

%

  

Revenues

  

%

  

Revenues

  

%

 
  

(Dollars in

thousands)

      

(Dollars in

thousands)

      

(Dollars in

thousands)

     

Southern California Public Power (1)

 $181,656   21.2  $157,663   21.5  $157,318   23.7 

Sierra Pacific Power Company and Nevada Power Company (1)(2)

  116,797   14.1   124,116   16.9   123,333   18.6 

KPLC (1)

  109,217   13.2   105,837   14.4   102,844   15.5 

 

(1) Revenues reported in Electricity segment.

(2) Subsidiaries of NV Energy, Inc.

  
v3.24.0.1
Note 18 - Transactions With Related Entities
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

NOTE 18 — TRANSACTIONS WITH RELATED ENTITIES

 

There were no transactions between the Company and related entities, other than those disclosed elsewhere in these consolidated financial statements.

 
v3.24.0.1
Note 19 - Employee Benefit Plan
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Retirement Benefits [Text Block]

NOTE 19 — EMPLOYEE BENEFIT PLAN

 

401(k) Plan

 

The Company has a 401(k) Plan (the “Plan”) for the benefit of its U.S. employees. Employees of the Company and its U.S. subsidiaries who have completed 60 days of employment are eligible to participate in the Plan. Contributions are made by employees through pre- and post-tax deductions up to 60% of their annual salary. In 2023, 2022 and 2021, the Company matched employee contributions, after completion of one year of service, up to a maximum of 6%, 5% and 4% of the employee’s annual salary, respectively. The Company’s contributions to the Plan were $3.9 million , $2.6 million and $1.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

 

Severance plan

 

The Company, through Ormat Systems, provides limited non-pension benefits to all current employees in Israel who are entitled to benefits in the event of termination or retirement in accordance with the Israeli Government sponsored programs. These plans generally obligate the Company to pay one month’s salary per year of service to employees in the event of involuntary termination. There is no limit on the number of years of service in the calculation of the benefit obligation. The liabilities for these plans are recorded at each balance sheet date by determining the undiscounted obligation as if it were payable at that point in time. Such liabilities have been presented in the consolidated balance sheets as “liabilities for severance pay”. The Company has an obligation to partially fund the liabilities through regular deposits in pension funds and severance pay funds. The amounts funded are to $6.5 million and $6.9 million at December 31, 2023 and 2022, respectively, and have been presented in the consolidated balance sheets as part of “Deposits and other”. The severance pay liability covered by the pension funds is not reflected in the financial statements as the severance pay risks have been irrevocably transferred to the pension funds. Under the Israeli severance pay law, restricted funds may not be withdrawn or pledged until the respective severance pay obligations have been met. As allowed under the program, earnings from the investment are used to offset severance pay costs. Severance pay expenses for the years ended December 31, 2023, 2022 and 2021 were $2.2 million, $2.2 million and $2.0 million, respectively, which are net of income (loss) amounting to $(0.2) million, $(1.0) million, and $1.3 million, respectively, generated from the regular deposits and amounts accrued in severance funds.

 

The Company expects to pay the following future benefits to its employees upon their reaching normal retirement age:

 

   

(Dollars in

thousands)

  

Year ending December 31:

        

2024

   $ 2,396  

2025

     291  

2026

     525  

2027

     1,461  

2028

     723  
2029-2046     4,816  

Total

  $ 10,212  

 

The above amounts were determined based on the employees’ current salary rates and the number of years’ service that will have been accumulated at their retirement date. These amounts do not include amounts that might be paid to employees that will cease working with the Company before reaching their normal retirement age.

  
v3.24.0.1
Note 20 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 20 — COMMITMENTS AND CONTINGENCIES

 

Geothermal resources

 

The Company, through its project subsidiaries in the United States and other foreign locations, controls certain rights to geothermal fluids through certain leases with the BLM or through private leases. Royalties on the utilization of the geothermal resources are computed and paid to the lessors as defined in the respective agreements. Royalty expense under the geothermal resource agreements were $30.9 million, $30.1 million and $25.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

 

Letters of credit

 

In the ordinary course of business with customers, vendors, and lenders, the Company is contingently liable for performance under letters of credit totaling $302.8 million at December 31, 2023. Management does not expect any material losses to result from these letters of credit because performance is not expected to be required.

 

Purchase commitments

 

The Company purchases raw materials for inventories, construction-in-process and services from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company enters into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based upon specifications defined by the Company, or that establish parameters defining the Company’s requirements. At December 31, 2023, total obligations related to such supplier agreements were approximately $419.8 million (out of which approximately $251.3 million relate to construction-in-process). All such obligations are payable in 2024.

 

Grants and royalties

 

The Company, through Ormat Systems, had historically, through December 31, 2003, requested and received grants for research and development from the Office of the Chief Scientist of the Israeli Government. Ormat Systems is required to pay royalties to the Israeli Government at a rate of 3.5% to 5.0% of the revenues derived from products and services developed using these grants. No royalties were paid for the years ended December 31, 2023, 2022 and 2021. The Company is not liable for royalties if the Company does not sell such products and services. Such royalties are capped at the amount of the grants received plus interest of 5.9%. The cap at December 31, 2023 and 2022, amounted to $2.5 million and $2.3 million, respectively, of which approximately $1.5 million and $1.2 million, represents interest portion, as defined above, for 2023 and 2022, respectively.

 

Lease commitments

 

The Company's lease commitments are detailed under Note 21, Leases to the consolidated financial statements.

 

Contingencies

 

•      On December 15, 2021, the Center for Biological Diversity and the Fallon Paiute-Shoshone Tribe (the “Plaintiffs”) filed a lawsuit in the U.S. District Court for the State of Nevada against the U.S. Department of the Interior, the Bureau of Land Management (“the BLM”) and Jake Vialpando, in his official capacity as a field manager of the BLM, alleging that the defendants violated the National Environmental Protection Act and other federal laws by approving the Company’s Dixie Meadows project and the associated environmental assessment and Finding of No Significant Impact (“FONSI”). Plaintiffs additionally alleged that the project threatens the Dixie Valley Toad and infringes on the tribe’s enjoyment of a religious sacred site.  Plaintiffs sought for the court to vacate and set aside the environmental assessment, FONSI and the BLM’s authorizations for the project and to enjoin project construction. The Company intervened in the action on January 4, 2022. On January 14, 2022, the court granted a temporary, 90-day injunction pausing construction of the project while it ruled on the merits of the case.  The Ninth Circuit subsequently set aside the temporary injunction, pending a hearing on June 15, 2022, and construction began in February 2022. On August 1, 2022 the Ninth Circuit issued an order in the Company’s favor, affirming the District Court’s ruling that an injunction after 90-days was not warranted. On April 4, 2022, the U.S. Fish and Wildlife Services (“FWS”) emergency listed the Dixie Valley Toad under the Endangered Species Act of 1973 (the “ESA”).  On July 6, 2022, Plaintiffs amended their complaint to add causes of action related to the ESA listing against the Company. The Company is currently working with the BLM and FWS in the Section 7 Consultation process including discussion and identification of potential additional mitigation measures, and has agreed to temporarily pause construction of the facility. The Company requested that the BLM amend the Decision Record to limit the scope of the project to the first planned phase of development, a single power plant of approximately 12 MW and the BLM granted that request. The Company further requested that the court stay the litigation until the Section 7 Consultation process was complete, and the court granted the motion to stay on February 14, 2023. In July 2023, the Company determined that it would conduct a supplemental NEPA review with BLM, which will run simultaneously with Section 7 Consultation, during which time the litigation remains stayed. On September 18, 2023, the court issued an Order administratively closing the case without prejudice to reopening upon a motion by either party. The Company requested the BLM to begin a supplemental NEPA review of the project in order to renew the permit.

 

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.

 

On March 2, 2021, the Company's Board of Directors established a special committee of independent directors (the "Special Committee") to investigate, among other things, certain claims made in a report published by a short seller regarding the Company’s compliance with anti-corruption laws. The Special Committee is working with outside legal counsel to investigate the claims made. All members of the Special Committee are “independent” in accordance with the Company's Corporate Governance Guidelines, the NYSE listing standards and SEC rules applicable to boards of directors in general. The Company is also providing information as requested by the SEC and Department of Justice ("DOJ") related to the claims.

 

In Kenya, since 2021, various task forces have been appointed by the President and/or the Senate to review and analyze PPAs 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.

 
v3.24.0.1
Note 21 - Leases
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Leases of Lessee and Lessor Disclosure [Text Block]

NOTE 21 — LEASES

 

The Company is a lessee in operating and finance lease transactions primarily consisting of land leases for its exploration and development activities and fleet vehicles, respectively. The Company is a lessor in PPAs that are accounted under lease accounting, as further described under Note 1 to the consolidated financial statements under "Revenues and cost of revenues" and "Leases".

 

Leases in which the Company is a lessee

 

The table below presents the effects on the amounts relating to total lease cost:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Lease cost

                        

Finance lease cost:

                        

Amortization of right-of-use assets

   $ 1,922     $ 2,861     $ 3,265  

Interest on lease liabilities

     168       441       770  

Operating lease cost

     4,771       3,695       3,707  

Short-term and variable lease cost

     6,741       7,436       5,228  

Total lease cost

   $ 13,602     $ 14,433     $ 12,970  
                         

Other information

                        

Cash paid for amounts included in the measurement of lease liabilities:

                        

Operating cash flows for finance leases

   $ 168     $ 441     $ 770  

Operating cash flows for operating leases

     4,448       4,507       3,589  

Financing cash flows for finance leases

     1,963       2,983       3,181  

Right-of-use assets obtained in exchange for new finance lease liabilities

     1,671       2,473       948  

Right-of-use assets obtained in exchange for new operating lease liabilities

     4,731       6,286       5,227  

 

   

December 31,

    

December 31,

  

Additional information as of the end of the year:

  

2023

    

2022

  

Weighted-average remaining lease term — finance leases (in years) (*)

     14.3       1.8  

Weighted-average remaining lease term — operating leases (in years)

     16.2       17.9  

Weighted-average discount rate — finance leases (in percentage) (*)

     6 %     3 %

Weighted-average discount rate — operating leases (in percentage)

     5 %     5 %

(*) The increase in the weighted-average remaining lease term and discount rate is attributable to the deferral of the buy-out payment in the financing liability to June 2038, as further described under Note 11 to the consolidated financial statements.

 

Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows:

 

   

Operating Leases

    

Finance Leases

    

Financing

Liability (1)

  
   

(Dollars in thousands)

  

Year ending December 31,

                        

2024

   $ 3,908     $ 1,456     $ 17,578  

2025

     3,246       1,291       17,535  

2026

     2,471       913       22,675  

2027

     2,224       136       20,815  

2028

     1,900       0       20,578  

Thereafter

     20,756       0       277,827  

Total future minimum lease payments

     34,505       3,796       377,008  

Less imputed interest

     11,386       245       151,248  

Total

   $ 23,119     $ 3,551     $ 225,760  

 

(1) Financing liability was assumed as part of the Terra-Gen business combination transaction as further described under Note 2 to the consolidated financial statements and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.  

 

Leases in which the Company is a lessor

 

The table below presents lease income recognized as a lessor:

 

   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Lease income relating to lease payments of operating leases

   $ 542,065     $ 529,264     $ 502,355  

  
v3.24.0.1
Note 22 - Subsequent Events
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 22 — SUBSEQUENT EVENTS

 

Cash dividend

 

On February 21, 2024, the Company’s Board of Directors declared, approved and authorized payment of a quarterly dividend of $6.7 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on March 6, 2024, payable on March 20, 2024.

 

Business combination - Geothermal and solar assets purchase transaction

 

On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America, a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two contracted geothermal power plants, one triple hybrid power plant which consists of geothermal, solar PV and solar thermal units, two stand alone solar power plants, and two greenfield development assets, for a total cash consideration of $272 million (subject to a customary post-closing working capital adjustment to the purchase price, based on the levels of net working capital of the acquired companies) for 100% of the equity interests in the entities holding those assets.

 

The geothermal power plants include the Cove Fort power plant located in Beaver County, Utah, which sells electricity under a long-term power purchase agreement with Salt River Project and the Salt Wells power plant located in Churchill County, Nevada, which sells electricity under a long-term power purchase agreement with NV Energy. The Stillwater triple hybrid geothermal, solar PV and solar thermal power plant is located in Churchill County, Nevada, and sells electricity to NV Energy under a power purchase agreement. The Solar assets of Stillwater Solar PV II in Churchill County, Nevada, and Woods Hill in Windham County, Connecticut, sell their electricity under power purchase agreements, respectively.

 

As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company will account for the transaction under ASC 805, Business Combinations. The Company is still evaluating the accounting related to the purchase transaction, including the purchase price allocation, and therefore, such allocation is not provided herewith. The Company expects to consolidate the acquired assets in its consolidated financial statements starting at the acquisition date.

 

Hapoalim 2024 Loan

 

Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "BHI Loan Agreement 2024") with Hapoalim Bank. The BHI Loan Agreement 2024 provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $75 million (the “Hapoalim 2024 Loan”). The outstanding principal amount of the Hapoalim 2024 Loan will be repaid in 32 quarterly payments of $2.3 million each, commencing on April 1, 2024. The duration of the Hapoalim 2024 Loan is 8 years and it bears interest of 6.6%, payable every three months. The BHI Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial 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 BHI Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

HSBC Bank 2024 Loan

 

Concurrently with the purchase transaction with EGPNA, on January 2, 2024, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement 2024") with HSBC Bank. The HSBC Loan Agreement 2024 provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $125 million (the “HSBC Bank 2024 Loan”). The outstanding principal amount of the HSBC Bank 2024 Loan will be repaid in 7 semi-annual payments of $12.5 million each, commencing on July 1, 2024, and an additional final principal payment on January 1, 2028 of $37.5 million. The duration of the HSBC Bank 2024 Loan is 4 years and it bears interest of 3-month SOFR+2.25%, payable quarterly. The HSBC Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6, (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 HSBC Loan Agreement 2024 includes other customary affirmative and negative covenants, including payment and covenant events of default.

 

Interest Rate Swap

 

Concurrently with the issuance of the HSBC Bank 2024 Loan, the Company entered into a long-term interest rate swap ("IRS") transaction with the objective of hedging the variable interest rate fluctuations related to the HSBC Bank 2024 Loan at a fixed 3-month SOFR of 3.9%. The terms of the IRS match those of the HSBC Bank 2024 Loan, including the notional amount of the principal and interest payment dates. The Company designated the IRS as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly will measure the IRS instrument at fair value. The changes in the IRS fair value will initially be 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 IRS effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income.  

 
v3.24.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2023
Insider Trading Arr Line Items  
Material Terms of Trading Arrangement [Text Block]

ITEM 9B. OTHER INFORMATION

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Adoption of Change in Control Severance Plan

 

On February 21, 2023, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of the Company approved the Ormat Technologies, Inc. Change in Control Severance Plan (the “Severance Plan”), pursuant to which certain management employees, including the Company’s named executive officers (the “Eligible Participants”) may be eligible for certain payments and benefits upon certain terminations of employment in connection with a Change in Control (as defined in the Severance Plan) of the Company. The Severance Plan was adopted following a review of the severance provisions applicable to members of the Company’s management team and in consultation with the Compensation Committee’s independent compensation consultant, so as to standardize severance payments and benefits for Eligible Participants and to provide management and certain key employees with severance benefits in connection with a Change in Control that are consistent with market practice.

 

Pursuant to the Severance Plan, in the event that an Eligible Participant’s employment is terminated by the Company without Cause within three months prior to and 24 months following a Change in Control, other than due to death or Disability, or an Eligible Participant resigns for Good Reason (all as defined in the Severance Plan) and subject to the effectiveness of a release and continued compliance with restrictive covenants, the Eligible Participant is entitled to the following: (i) cash severance payable in a lump sum equal to 200% or 150% (depending on the Eligible Participant is designated as tier 1 or 2, respectively) of the sum of his/her base salary and target bonus; (ii) payment of a prorated target bonus in respect of the year of termination payable in a lump sum; (iii) for U.S. participants, eligibility for monthly reimbursements of COBRA premiums for 18 months; and (iv) accelerated vesting of all equity awards that were outstanding as of the Change in Control, with any performance-vesting awards to be deemed vested at actual level of performance determined at the time of such termination (or maximum target level if actual performance cannot reasonably be determined). The above severance benefits are in lieu of any other severance benefits to which the participant may be entitled, except for certain statutory severance entitlements under Israeli law. As a condition of participation, Eligible Participants must execute and comply with restrictive covenants, which generally provide for post-termination non-competition and employee and customer non-solicit restrictions for periods of 12 or 18 months for tiers 1 and 2, respectively, as well as perpetual confidentiality and non-disparagement provisions.

 

The foregoing description of the Severance Plan does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text thereof, a copy of which is filed with this Annual Report as Exhibit 10.43 and incorporated by reference herein.

  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
Rule 10b5-1 Arrangement Adopted [Flag] false
v3.24.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Description Of Business [Policy Text Block]

Business

 

The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services.

 

Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements for certain of such facilities are dependent upon their maintaining Qualifying Facility status.

 
Rounding [Policy Text Block]

Rounding

 

Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, unless otherwise indicated.

 
Basis of Accounting, Policy [Policy Text Block]

Basis of presentation

 

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation.

 

Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss).

 
Use of Estimates, Policy [Policy Text Block]

Use of estimates in preparation of financial statements

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes.

 
Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents

 

The Company considers all highly liquid instruments, with an original maturity of three months or less, to be cash equivalents.

 
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted cash, cash equivalents, and marketable securities

 

Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, that have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 months are classified as current restricted cash and cash equivalents, with the remainder classified as non-current restricted cash and cash equivalents, if applicable. Such amounts are invested primarily in money market accounts and commercial paper with a minimum investment grade of “A”.

 
Reconciliation of Cash and Cash Equivalents and Restricted Cash [Policy Text Block]

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 reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows:

 

  

December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $195,808  $95,872  $239,278 

Restricted cash and cash equivalents

  91,962   130,804   104,166 

Total cash and cash equivalents and restricted cash and cash equivalents

 $287,770  $226,676  $343,444 

 
Marketable Securities, Policy [Policy Text Block]

Marketable securities

 

The Company’s investments in marketable securities consisted of debt securities with maturity of up to one year and a high credit rating. The investments in marketable securities were classified as available-for-sale ("AFS") and thus measured at fair value based on quoted market prices. Unrealized gains and losses from AFS debt securities were excluded from earnings and reported net of the related tax effect in "Accumulated other comprehensive income (loss)". Realized gains and losses from sale of marketable securities, as determined on a specific identification basis, as well as interest income earned, were included in earnings. The Company considered available evidence in evaluating potential impairments of its investments, including credit market conditions, credit ratings of the security as well as the extent to which fair value is less than amortized cost. The Company estimated the lifetime expected credit losses for all AFS debt securities in an unrealized loss position under its allowance for credit losses model. The Company assessed the security’s credit indicators, including credit ratings when estimating a security’s probability of default. If the assessment indicated that an expected credit loss existed, the Company determined the portion of the unrealized loss attributable to credit deterioration and records an allowance for the expected credit loss in earnings. Unrealized gains and losses attributable to non-credit factors were recorded in "Accumulated other comprehensive income (loss)", net of tax. Marketable debt securities with original maturities of three months or less that are readily convertible into a known amount of cash are presented under "Cash and cash equivalents" in the consolidated balance sheets. The Company sold all of its investments in marketable securities during the second quarter of 2022.

 
Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of credit risk

 

Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments, accounts receivable and the cross-currency swap transaction.

 

The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2023 and 2022, the Company had deposits totaling $43.2 million and $10.0 million, respectively, in ten United States financial institutions that were federally insured up to $250,000 per account. At December 31, 2023 and 2022, the Company’s deposits in foreign countries of approximately $57.5 million and $64.3 million, respectively, were not insured.

 

At December 31, 2023 and 2022, accounts receivable related to operations in foreign countries amounted to approximately $152.2 million and $78.9 million, respectively. At December 31, 2023 and 2022, accounts receivable from the Company’s major customers (see Note 17) amounted to approximately 57% and 60%, respectively, of the Company’s accounts receivable. The aggregate amount of notes receivable exceeding 10% of total receivables for the year ended December 31, 2023 and 2022 is $161.0 million and $89.8 million, respectively.

 

The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2023, the amount overdue from KPLC in Kenya was $62.8 million of which $32.2 million was paid in January and February of 2024. The Company believes it will be able to collect all past due amounts in Kenya. 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 where caused by government actions and/or political events).

 

In Honduras, as of December 31, 2023, the total amount overdue from ENEE was $15.7 million of which $2.5 million was collected in January and February of 2024. In addition, due to the financial situation in Honduras, the Company may experience additional delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.

 

Additionally, the Company considers the counterparty credit risk related to the cross-currency swap, as further described in note 11 to the consolidated financial statements, when assessing the hedge effectiveness, noting such risk to be low as of December 31, 2023.

 
Inventory, Policy [Policy Text Block]

Inventories

 

Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not material at December 31, 2023 and 2022.

 
Deposit Contracts, Policy [Policy Text Block]

Deposits and other

 

Deposits and other consist primarily of performance bonds for construction and storage projects, long-term insurance contract funds and receivables, certain deferred costs and derivative instrument receivables, as applicable.

 
Property, Plant and Equipment, Impairment [Policy Text Block]

Property, plant and equipment, net

 

Property, plant and equipment are stated at cost. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets:

 

  

Years

Buildings          

 

25

Leasehold improvements          

 

15

 

30

Machinery and equipment — manufacturing and drilling          

 

10

Machinery and equipment — computers          

 

3

 

5

Energy storage equipment          

 

15

Solar facility equipment         

 

30

Office equipment — furniture and fixtures          

 

5

 

15

Office equipment — other         

 

5

 

10

Vehicles          

 

5

 

7

 

The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations.

 

The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $17.3 million, $18.7 million, and $14.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

 

During the fourth quarter of 2022, the Company recorded a non-cash impairment charge, primarily related to its Brawley power plant as further detailed below under the caption "Impairment of long-lived assets"

 
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]

Exploration and development costs

 

The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2023, 2022 and 2021. It normally takes two to three years from the time active exploration of a particular geothermal resource begins to the time a production well is in operation, assuming the resource is commercially viable. However, in certain sites the process may take longer due to permitting delays, transmission constraints or any other commercial milestones that are required to be reached in order to pursue the development process.

 

In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses under “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss).

 

Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may include drilling of temperature gradient holes, drilling of slim holes, building access roads to drilling locations, drilling full size production and/or injection wells and flow tests. If the slim hole supports a conclusion that the geothermal resource will support a commercially viable power plant, it may be converted to a full-size commercial well, used either for extraction or re-injection of geothermal fluids, or be used as an observation well to monitor and define the geothermal resource. Costs associated with these activities and other directly attributable costs, including interest once physical exploration activities begin and permitting costs are capitalized and included in “Construction-in-process”. If the Company concludes that a geothermal resource will not support commercial operations, capitalized costs are expensed in the period such determination is made.

 

When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. During the years ended December 31, 2023 and 2022, the Company wrote-off $3.7 million and $0.8 million of unsuccessful exploration activities, respectively, that the Company decided to no longer pursue. There were no write-offs of unsuccessful exploration activities in 2021.

 

All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences.

 
Asset Retirement Obligation [Policy Text Block]

Asset retirement obligation

 

The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing and storage sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss.

 
Deferred Financing And Lease Transaction Costs [Policy Text Block]

Deferred financing costs

 

Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2023, 2022 and 2021 amounted to $5.9 million, $4.2 million, and $3.2 million, respectively. During the years ended December 31, 2023, 2022 and 2021, no material amounts were written-off as a result of extinguishment of liabilities.

 
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

 

Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not amortized but rather subject to a periodic impairment testing on an annual basis, which the Company performs on December 31 of each year, or if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Additionally, it is permitted to first assess qualitative factors to determine whether a quantitative goodwill impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. Otherwise, no further impairment testing is required. An entity has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative goodwill impairment test. This would not preclude the entity from performing the qualitative assessment in any subsequent period. The quantitative assessment compares the fair value of the reporting unit to its carrying value, including goodwill. Under ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), an entity should recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For further information relating to goodwill see Note 9 - Intangible Assets and Goodwill to the consolidated financial statements.

 
Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible assets

 

Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 6 to 19-year terms of the agreements (see Note 9) as well as acquisition costs allocation related to the Company's Energy Storage segment activities that are amortized over a period of between approximately 6 and 19 years. Intangible assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In case there are no such events or change in circumstances, there is no need to perform an impairment testing. The recoverability is tested by comparing the net carrying value of the intangible assets to the undiscounted net cash flows to be generated from the use and eventual disposition of these assets. If the carrying amount of a long-lived asset (or asset group) is not recoverable, the fair value of the asset (asset group) is measured and if the carrying amount exceeds the fair value, an impairment loss is recognized.

 
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of long-lived assets and long-lived assets to be disposed of

 

The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors which could trigger an impairment include, among others, significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of assets or its overall business strategy, negative industry or economic trends, a determination that an exploration project will not support commercial operations, a determination that a suspended project is not likely to be completed, a significant increase in costs necessary to complete a project, legal factors relating to its business or when it concludes that it is more likely than not that an asset will be disposed of or sold.

 

The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are managed under a combined operation management generally with one central control room that controls all of the power plants in a complex and one maintenance group that services all of the power plants in a complex. As a result, the cash flows from individual plants within a complex are not largely independent of the cash flows of other plants within the complex. The Company tests for impairment of its operating plants which are not operated as a complex as well as its projects under exploration, development or construction that are not part of an existing complex at the plant or project level. To the extent an operating plant becomes part of a complex, the Company will test for impairment at the complex level.

 

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset.

 

If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Management believes that as of December 31, 2023, no impairment exists for long-lived assets, however, estimates as to the recoverability of such assets may change based on revised circumstances. If actual cash flows differ significantly from the Company’s current estimates, a material impairment charge may be required in the future.

 

During the fourth quarter of 2022, the Company recorded a non-cash impairment charge of $30.5 million relating to its Brawley power plant. Further information relating to this impairment charge is disclosed under Note 8 - Property, Plant and Equipment to the consolidated financial statements.

 
Derivatives, Policy [Policy Text Block]

Derivative instruments

 

Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" into earnings to offset the impact of the underlying hedge transaction when it affects earnings under the same line item in the consolidated statements of operations and comprehensive income.

 

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.

 
Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign currency translation

 

The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except the Guadeloupe power plant and the Company's operations under the Product segment in New Zealand. For those entities, all gains and losses from currency translations are included under “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Company's operations in Guadeloupe and New Zealand, respectively, and thus the impact from currency translation adjustments in those locations is included as currency translation adjustments in "Accumulated other comprehensive income" in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to a debit of $2.3 million and a debit of $3.1 million as of December 31, 2023 and 2022, respectively. 

 
Comprehensive Income, Policy [Policy Text Block]

Comprehensive income

 

Comprehensive income includes net income plus other comprehensive income (loss), which for the Company consists primarily of changes in foreign currency translation adjustments, changes 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, changes in respect of derivative instruments designated as a cash flow hedge and changes in unrealized gains or losses on marketable securities available-for-sale. The changes in foreign currency translation adjustments included under other comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021 amounted to $1.3 million, $(2.5) million and $(3.2) million, respectively. The changes in the Company’s share in derivative instruments of an unconsolidated investment and gains or losses in respect of derivative instruments designated as a cash flow hedge are disclosed under Note 5 – Investment in unconsolidated companies and Note 7 - Fair value of financial instruments, respectively, to the consolidated financial statements.

 
SCPPA Power Purchase Agreement, Policy [Policy Text Block]

Power purchase agreements

 

Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2025 to 2047. Generally, capacity payments are calculated based on the amount of time that the power plants are available to generate electricity. The energy payments are calculated based on the amount of electrical energy delivered at a designated delivery point. The price terms are customary in the industry and include, among others, a fixed price, SRAC (the incremental cost that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others), and a fixed price with an escalation clause that includes the value for environmental attributes, known as renewable energy credits. Certain of the PPAs provide for bonus payments in the event that the Company is able to exceed certain target levels and potential payments by the Company if it fails to meet minimum target levels. The Company has PPAs that give the power purchaser or its designee a right of first refusal or a right of first offer to acquire the geothermal power plants at fair market value as negotiated between the parties. One of the Company’s subsidiaries in Guatemala sells power at an agreed upon price subject to terms of a “take or pay” PPA.

 

Pursuant to the terms of certain of the PPAs, the Company may be required to make payments to the relevant power purchaser under certain conditions, such as shortfall in delivery of renewable energy and energy credits, and not meeting certain performance threshold requirements, as defined in the relevant PPA. The amount of payment required is dependent upon the level of shortfall in delivery or performance requirements and is recorded in the period the shortfall occurs. In addition, if the Company does not meet certain minimum performance requirements, the capacity of the power plant may be permanently reduced.

 
Revenue [Policy Text Block]

Revenues and cost of revenues

 

Revenues from contracts with customers are recognized in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Company is required to apply each of the following steps: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contracts; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

 

Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment engineering, sale, construction and installation, and operating services and (iii) Energy storage and related services.

 

Electricity segment revenues: Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. The Company assesses whether PPAs entered into, modified, or acquired in business combinations contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. In the Electricity segment, revenues for all but eight power plants are accounted as operating leases, and therefore equipment related to geothermal and recovered energy generation power plants as described in Note 8 is considered held for leasing. For power plants in the scope of ASC 606, the Company identified electricity as a separate performance obligation. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the invoiced amounts reasonably represents the value to customers of performance obligations fulfilled to date. The transaction price is determined based on the price per actual mega-watt output or available capacity as agreed to in the respective PPA. Customers are generally billed on a monthly basis and payment is typically due within 30 to 60 days after the issuance of the invoice.

 

Product segment revenues: Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third parties are recognized over time since control is transferred continuously to the Company's customers. The majority of the Company's contracts include a single performance obligation which is essentially the promise to transfer the individual goods or services that are not separately identifiable from other promises in the contracts and therefore deemed as not distinct. Performance obligations are satisfied over-time if the customer receives the benefits as we perform work, if the customer controls the asset as it is being constructed, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. In the Company's Product segment, revenues are spread over a period of one to two years and are recognized over time based on the cost incurred to date in ratio to total estimated costs which represents the input method that best depicts the transfer of control over the performance obligation to the customer. Costs include direct material, labor, and indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.

 

In contracts for which the Company determines that control is not transferred continuously to the customer, the Company recognizes revenues at the point in time when the customer obtains control of the asset. Revenues for such contracts are recorded upon delivery and acceptance by the customer. This generally is the case for the sale of spare parts, generators or similar products.

 

Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are based on historical experience, anticipated performance and the Company's best judgment at the time.

 

The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not distinct from those already provided. The Company includes the additional revenues related to the modifications in its transaction price when both parties to the contract approved the modification. As a significant change in one or more of these estimates could affect the profitability of the Company's contracts, the Company reviews and updates its contract-related estimates regularly. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period in which it is identified.

 

Energy Storage segment revenues: Battery energy storage systems as a service and related services revenues are recorded based on energy management of load curtailment capacity delivered or service provided at rates specified under the relevant contract terms. The Company determined that such revenues are in the scope of ASC 606 and identified energy management services as a separate performance obligation. Performance obligations are satisfied once the Company provides verification to the electric power grid operator or utility of its ability to meet the committed capacity, the power curtailment requirements or the ancillary services and thus entitled to cash proceeds. Such verification may be provided by the Company bi-weekly, monthly or under any other frequency as set by the related program and are typically followed by a payment shortly after. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the amounts included in the verification document reasonably represent the value of performance obligations fulfilled to date. The transaction price is determined based on mechanisms specified in the contract with the customer.

 

Contract assets related to the Company's Product segment reflect revenues recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect customer billing 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 December 31, 2023 and 2022 are as follows:

 

  

December 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Contract assets (*)

 $18,367  $16,405 

Contract liabilities (*)

 $(18,669) $(8,785)

 

(*) 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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was recognized as product revenues during the year ended December 31, 2023 as a result of performance obligations that were partially satisfied.

 

The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2023 and 2022:

 

  

Years Ended December 31,

 
  

2023

  

2022

 
  

Contract

assets

  

Contract

liabilities

  

Contract

assets

  

Contract

liabilities

 
  

(Dollars in thousands)

 

Recognition of contract liabilities as revenue as a result of performance obligations satisfied

 $—  $6,883  $—  $— 

Cash received in advance for which revenues have not yet recognized, net of expenditures made

  —   (16,766)  —   (2,604)

Reduction of contract assets as a result of rights to consideration becoming unconditional

  (4,094)  —   (23,000)  — 

Contract assets recognized, net of recognized receivables

  6,056   —   32,780   — 

Net change in contract assets and contract liabilities

 $1,962  $(9,883) $9,780  $(2,604)

 

The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract.  The majority of payments are received no later than the completion of the project and satisfaction of the Company's performance obligation.

 

On December 31, 2023, the Company had approximately $150.8 million of remaining performance obligations not yet satisfied or partly satisfied related to its Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.

 

The following schedule reconciles revenues accounted under lease accounting and under ASC 606, Revenues from Contracts with Customers, to total consolidated revenues for the three years ended December 31, 2023, 2022 and 2021:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Electricity revenues accounted under lease accounting

 $542,065  $529,264  $502,355 

Electricity, Product and Energy Storage revenues accounted under ASC 606

  287,359   204,895   160,729 

Total consolidated revenues

 $829,424  $734,159  $663,084 

 

Disaggregated revenues from contracts with customers for the years ended December 31, 2023, 2022 and 2021 are disclosed under Note 17 - Business Segments, to the consolidated financial statements.

 
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for credit losses

 

The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses. Such instruments are primarily cash and cash equivalents, restricted cash and cash equivalents, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on class of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default rate. The Company considered the current and expected future economic and market conditions related to inflation and rising interest rates and determined that the estimate of credit losses was not significantly impacted.

 

The following table describes the changes in the allowance for expected credit losses for the years ended December 31, 2023 and 2022 (all related to trade receivables):

 

  

Years Ended December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  —   — 

Ending balance of the allowance for expected credit losses

 $90  $90 

 
Lessor, Leases [Policy Text Block]

Leases

 

ASU 2016-02, Leases (Topic 842), defines a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset, and (b) the right to direct the use of the asset.

 

The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities. Additionally, the Company is a lessee in finance lease transactions related to fleet vehicles. As further described under Note 2 - Business Acquisitions to the consolidated financial statements, one of the Company's power plant assets is subject to a sale and leaseback transaction that is accounted as a "failed" sale and leaseback. Additionally, as further described above under Revenues and cost of revenues, the Company acts as a lessor in PPAs that are accounted under ASC 842, Leases.

 

In accordance with the lease standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement.

 

The Company, both as a lessee and as a lessor, applies the following permitted practical expedients:

 

 

1.

Not reassess whether any existing contracts are or contain a lease;

 

2.

Applying the practical expedient for a lessee to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease as a single component.

 

3.

Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 months from the commencement date. Instead, the Company continued to recognize the lease payments for those leases in profit or loss on a straight-line basis over the lease term.

 

The Company applies the following significant accounting policies regarding leases it enters into following the adoption of the lease guidance on January 1, 2019: :

 

 

1.

Determining whether an arrangement contains a lease: on the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

 

 

2.

The Company as a lessee:

 

 

a.

Lease classification: at the commencement date, a lease is a finance lease if it meets any one of the criteria below; otherwise the lease is an operating lease:

 

•

The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

 

•

The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise;

 

•

The lease term is for the major part of the remaining economic life of the underlying asset;

 

•

The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset;

 

•

The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of lease term.

 

 

b.

Leased assets and lease liabilities - initial recognition: upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not readily determinable, the incremental borrowing rate of the Company is used. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease.

 

c.     The lease term: the lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option.

 

 

d.

Subsequent measurement of operating leases: after lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not been updated as a result of a reassessment event). The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company recognizes lease expense on a straight-line basis over the lease term.

 

 

e.

Subsequent measurement of finance leases: after lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect lease payments made during the period. The Company determines the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset. The amortization period related to the finance lease transactions on fleet vehicles is 3-4 years. The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods.

 

 

f.

Variable lease payments:

 

•    Variable lease payments that depend on an index or a rate: on the commencement date, the lease payments may include variability and depend on an index or a rate (such as the Consumer Price Index or a market interest rate). The Company does not remeasure the lease liability for changes in future lease payments arising from changes in an index or rate unless the lease liability is remeasured for another reason. Therefore, after initial recognition, such variable lease payments are recognized in profit or loss as they are incurred.

 

•    Other variable lease payments: variable payments that depend on performance or use of the underlying asset are not included in the lease payments. Such variable payments are recognized in profit or loss in the period in which the event or condition that triggers the payment occurs.

 

 

3.

The Company as a lessor

 

At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease, however, the Company has no such leases as a lessor. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally as earned or on a straight-line basis.

 
Termination fee [Policy Text Block]

Termination fee

 

Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. No termination fees were incurred during 2023, 2022 and 2021.

 
Standard Product Warranty, Policy [Policy Text Block]

Warranty on products sold

 

The Company generally provides a one to two year warranty against defects in workmanship and materials related to the sale of products for electricity generation. The Company considers the warranty to be an assurance type warranty since the warranty provides the customer the assurance that the product complies with agreed-upon specifications. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended December 31, 2023, 2022 and 2021.

 
Research and Development Expense, Policy [Policy Text Block]

Research and development

 

Research and development costs incurred by the Company for the development of technologies related to its existing and new geothermal and recovered energy power plants as well as storage facilities are expensed as incurred.

 
Share-Based Payment Arrangement [Policy Text Block]

Stock-based compensation

 

The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Complex Lattice, Three-based Option Pricing model to calculate the fair value of the stock-based compensation awards.

 
Tax Monetization Transactions Policy [Policy Text Block]

Tax monetization Transactions

 

The Company has six tax monetization transactions, Opal Geo, Tungsten, McGinness Hills 3, Steamboat Hills, CD4 and North Valley as further described under Note 12 – Tax Monetization Transactions. The purpose of these transactions is to form tax partnerships, whereby investors provide cash in exchange for equity interests that provide the holder a right to the majority of tax benefits associated with a renewable energy project. The Company accounts for a portion of the proceeds from the transaction as debt under ASC 470. Given that a portion of these transactions is structured as a purchase of an equity interest the Company also classifies a portion as noncontrolling interest consistent with guidance in ASC 810. The portion recorded to noncontrolling interest is initially measured at the fair value of the discounted tax attributes and cash distributions which represents the partner's residual economic interest. The residual proceeds are recognized as the initial carrying value of the debt which is classified as a "Liability associated with the sale of tax benefits". The Company applies the effective interest rate method to the liability associated with the tax monetization transaction component as described by ASC 835 and CON 7. The tax benefits and cash distributions realized by the partner each period are treated as the debt servicing amounts, with the tax benefit amounts giving rise to income attributable to the sale of tax benefits. The deferred transaction costs are capitalized and amortized using the effective interest method.

 
Income Tax, Policy [Policy Text Block]

Income taxes

 

Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are  more likely than not expected to be realized. A valuation allowance has been established to offset the Company’s U.S. deferred tax assets. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income.

 
Earnings Per Share, Policy [Policy Text Block]

Earnings per share

 

Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) is computed by dividing net income attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period, net of treasury shares. The Company does not have any equity instruments that are dilutive, except for stock-based awards and convertible senior notes.

 

The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share:

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(In thousands)

 

Weighted average number of shares used in computation of basic earnings per share

  59,424   56,063   56,004 

Add:

            

Additional shares from the assumed exercise of employee stock-based awards

  338   440   398 

Weighted average number of shares used in computation of diluted earnings per share

  59,762   56,503   56,402 

 

The number of stock-based awards that could potentially dilute future earnings per share which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 82.5 thousand, 29.2 thousand, and 142.4 thousand, respectively, for the years ended December 31, 2023, 2022 and 2021.

 

As per ASU 2020-06, the if-converted method is required for calculating any potential dilutive effect from convertible instruments. For the years ended December 31, 2023 and 2022, the average price of the Company's common stock did not exceed the per share conversion price of its convertible senior notes (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. Further information on the Notes is detailed under Note 11 to the consolidated financial statements.

 
Redeemable Noncontrolling Interest, Policy [Policy Text Block]

Redeemable noncontrolling interest

 

Redeemable noncontrolling interest is currently redeemable and relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. The carrying value of the redeemable noncontrolling interest balance as of December 31, 2023 and 2022 approximates the redemption price of such interests. Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows:

 

  

2023

  

2022

 
  

(Dollars in thousands)

 

Redeemable noncontrolling interest as of January 1,

 $9,590  $9,329 

Redeemable noncontrolling interest in results of operation of a consolidated subsidiary

  939   638 

Cash paid to noncontrolling interest

  (246)  — 

Currency translation adjustments

  316   (377)

Redeemable noncontrolling interest as of December 31,

 $10,599  $9,590 

 
Dividend Declared [Policy Text Block]

Cash dividends

 

During the years ended December 31, 2023, 2022 and 2021, the Company’s Board of Directors (the “Board”) declared, approved, and authorized the payment of cash dividends in the aggregate amount of $28.4 million ($0.48 per share), $27.1 million ($0.48 per share), and $27.0 million ($0.48 per share), respectively. Such dividends were paid in the years declared.

 
Stockholders' Equity, Policy [Policy Text Block]

Equity Offering

 

On March 14, 2023, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, as the sole underwriter (the “Underwriter”), in connection with a public offering, pursuant to which the Company agreed to issue and sell 3,600,000 shares of common stock, par value $0.001 per share, and the Underwriter agreed to purchase these shares at a price of $82.60 per share. In addition, the Company granted the Underwriter a 30-day option to purchase up to an additional 540,000 shares of common stock at the same price per share, which was fully exercised by the Underwriters on April 3, 2023. The total net proceeds from the offering, including the option, were approximately $341.7 million, after deducting offering expenses.

 
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

ORPD Transaction

 

On July 11, 2023, ORPD LLC ("ORPD"), a subsidiary of the Company in which Northleaf Geothermal Holdings, LLC ("Northleaf") and the Company hold 36.75% and 63.25% equity interest, respectively, sold OREG 1, OREG 2, OREG 3 ("OREGs") and the Don A. Campbell complex to Ormat Nevada Inc. ("ONI"), a fully owned subsidiary of the Company. The proceeds from the sale were partially used by ORPD to make a distribution to its shareholders in which Northleaf's share was $30.0 million. Following this purchase transaction with the noncontrolling interest, the Company fully owns the OREGs and the Don A. Campbell power plant complex and ORPD remains the holder of the Puna geothermal power plant. The Company accounted for this transaction as an equity transaction.

 
Debt, Policy [Policy Text Block]

Short-term Commercial Paper

 

On October 19, 2023, the Company entered into a framework agreement for participation in the issuance of commercial paper (the "Commercial Paper Agreement") with Barak Capital Underwriting Ltd. under which the Company allowed the participants to submit proposals for purchasing and to purchase the Company's commercial paper ("Commercial Paper") in accordance with the provisions of the Commercial Paper Agreement. On October 23, 2023, the Company completed the issuance of the Commercial Paper in the aggregate amount of $73.2 million, and subsequently on December 11, 2023, the Company issued an additional amount of $26.8 million, under the same terms. The Commercial Paper was issued for a period of 90 days and extends automatically for additional 90 day periods for up to five years, unless the Company notifies the participants otherwise or a notice of termination is provided by the participants in accordance with the provisions of the Commercial Paper Agreement. The Commercial Paper bears an annual interest of three months SOFR +1.1% which will be paid at the end of each 90 day period. Base rate was 5.3%.

 
Catastrophe [Policy Text Block]

War in Israel

 

On October 7, 2023, Hamas terrorists and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets, including widespread killings and kidnappings. They also launched extensive rocket attacks on the Israeli civilian population. Shortly following the attack, Israel declared war against Hamas. The majority of the Company's senior management and its main Product segment production and manufacturing facilities are located in Israel approximately 26 miles from the border with the Gaza Strip. More recently, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. These disruptions have resulted, and may continue to result in, delayed deliveries of several key components used in the manufacturing of the Company's products and could impact its ability to timely deliver products to its customers under the Product Segment. This has also resulted in an increase in insurance premium costs for shipments into and out of the sea port.

 

As of the approval 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. However, a prolonged war could result in further military reserve duty call-ups as well as irregularities to the Company's supply chain and to its ability to ship its products from Israel, which could disrupt the operations of the Company's Product segment and potentially delay some of its growth plans in the Electricity segment. Management will continue to monitor the effect of the war on the Company's financial position and results of operations.

 

Heber 1 power plant fire

 

The Company's Heber 1 geothermal power plant located in California experienced an outage following a fire on February 25, 2022 that caused damage primarily to the steam turbine-generator area. The Heber 1 power plant is part of the 81 MW Heber complex and sells its electricity under a long-term contract with the Southern California Public Power Authority. In mid- April, 2022 the Company gradually re-started operation of the binary units and in May 2023 the Heber 1 power plant successfully resumed operations. In 2022, the Company recognized $21.8 million of insurance recoveries in respect of the Heber 1 fire event, of which $8.0 million was attributable to property damage and thus recorded against the related receivable and offset the loss from the damaged equipment. The remainder of $13.8 million, was related to business interruption and thus recorded as income under electricity cost of revenues in the consolidated statements of operations and comprehensive income. The Company has received all insurance proceeds related to the Heber 1 fire event.

 

February 2021 power crisis in Texas

 

In February 2021, extreme weather conditions in Texas resulted in a significant increase in demand for electricity on the one hand and a decrease in electricity supply in the region on the other hand. On February 15, 2021, the Electricity Reliability Council of Texas (“ERCOT”) issued an Energy Emergency Alert Level 3 ("EEA 3") prompting rotating outages in Texas. This ultimately led to a significant increase in the Responsive Reserve Service (“RRS”) market prices, where the Company operates its Rabbit Hill battery energy storage facility which provides ancillary services and energy optimization to the wholesale markets managed by ERCOT. Due to the electricity supply shortage, ERCOT restricted battery charging in the Rabbit Hill facility from February 16, 2021 to February 19, 2021, resulting in a limited ability of the Rabbit Hill storage facility to provide RRS. As a result, the Company incurred losses of approximately $9.1 million, net of associated revenues, from a hedge transaction in relation to its inability to provide RRS during that period. Starting February 19, 2021, the Rabbit Hill energy storage facility resumed operation at full capacity.

 

In addition, the Company recorded a provision for approximately $3.0 million for receivables related to imbalance charges from the grid operator in respect of its demand response operation as it estimated it is probable it may be unable to collect such receivables. The provision for uncollectible receivables is included in "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the year ended December 31, 2021.

 

The Company has filed billing disputes with ERCOT related to some of the imbalance charges and revenue allocated to its Demand Response services and customers, the outcome of which may impact the final amount.

 
New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

 

New accounting pronouncements effective in the year ended December 31, 2023

 

Revenue Contracts Acquired in a Business Combination

 

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). ASU 2021-08 is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing the following topics: (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity that is the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 at the acquisition date as if it had originated the contracts. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted this guidance as prescribed, and the adoption of this update did not have a material impact on its consolidated financial statements.

 

New accounting pronouncements effective in future periods

 

Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

 

In March 2023, the FASB issued ASU 2023-02 “Investments - Equity Method and Joint Ventures (Topic 323),” which permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in ASU 2023-02 are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments in this update should be applied on either a modified retrospective or a retrospective basis. The Company is still evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of ASU 2023-02 will not have an impact on its consolidated financial statements.

 

Improvements to Reportable Segments Disclosures

 

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting–Improvements to Reportable Segments Disclosures (Topic 280)” to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures; and (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure or measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments 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 currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.

 
v3.24.0.1
Note 1 - Business and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Cash and Cash Equivalents [Table Text Block]
  

December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Cash and cash equivalents

 $195,808  $95,872  $239,278 

Restricted cash and cash equivalents

  91,962   130,804   104,166 

Total cash and cash equivalents and restricted cash and cash equivalents

 $287,770  $226,676  $343,444 
Schedule Of Estimated Useful Lives [Table Text Block]
  

Years

Buildings          

 

25

Leasehold improvements          

 

15

 

30

Machinery and equipment — manufacturing and drilling          

 

10

Machinery and equipment — computers          

 

3

 

5

Energy storage equipment          

 

15

Solar facility equipment         

 

30

Office equipment — furniture and fixtures          

 

5

 

15

Office equipment — other         

 

5

 

10

Vehicles          

 

5

 

7
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

December 31,

  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Contract assets (*)

 $18,367  $16,405 

Contract liabilities (*)

 $(18,669) $(8,785)
  

Years Ended December 31,

 
  

2023

  

2022

 
  

Contract

assets

  

Contract

liabilities

  

Contract

assets

  

Contract

liabilities

 
  

(Dollars in thousands)

 

Recognition of contract liabilities as revenue as a result of performance obligations satisfied

 $—  $6,883  $—  $— 

Cash received in advance for which revenues have not yet recognized, net of expenditures made

  —   (16,766)  —   (2,604)

Reduction of contract assets as a result of rights to consideration becoming unconditional

  (4,094)  —   (23,000)  — 

Contract assets recognized, net of recognized receivables

  6,056   —   32,780   — 

Net change in contract assets and contract liabilities

 $1,962  $(9,883) $9,780  $(2,604)
Accounting Standards Update and Change in Accounting Principle [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Electricity revenues accounted under lease accounting

 $542,065  $529,264  $502,355 

Electricity, Product and Energy Storage revenues accounted under ASC 606

  287,359   204,895   160,729 

Total consolidated revenues

 $829,424  $734,159  $663,084 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
  

Years Ended December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Beginning balance of the allowance for expected credit losses

 $90  $90 

Change in the provision for expected credit losses for the period

  —   — 

Ending balance of the allowance for expected credit losses

 $90  $90 
Schedule of Weighted Average Number of Shares [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(In thousands)

 

Weighted average number of shares used in computation of basic earnings per share

  59,424   56,063   56,004 

Add:

            

Additional shares from the assumed exercise of employee stock-based awards

  338   440   398 

Weighted average number of shares used in computation of diluted earnings per share

  59,762   56,503   56,402 
Redeemable Noncontrolling Interest [Table Text Block]
  

2023

  

2022

 
  

(Dollars in thousands)

 

Redeemable noncontrolling interest as of January 1,

 $9,590  $9,329 

Redeemable noncontrolling interest in results of operation of a consolidated subsidiary

  939   638 

Cash paid to noncontrolling interest

  (246)  — 

Currency translation adjustments

  316   (377)

Redeemable noncontrolling interest as of December 31,

 $10,599  $9,590 
v3.24.0.1
Note 2 - Business Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash and cash equivalents and restricted cash

   $ 10.9  

Trade receivables and others (1)

     8.6  

Deferred income taxes

     22.8  

Property, plant and equipment and construction-in-process

     152.0  

Intangible assets (2)

     191.6  

Goodwill (3)

     66.2  

Total assets acquired

   $ 452.1  
         

Accounts payable, accrued expenses and others

   $ 6.6  

Financing liability (4)

     258.4  

Asset retirement obligation

     5.3  

Total liabilities assumed

   $ 270.3  
         

Total assets acquired, and liabilities assumed, net

   $ 181.8  
Business Acquisition, Pro Forma Information [Table Text Block]
   

Pro forma for the Year

Ended December 31, 2021

  
   

(Dollars in millions)

  

Electricity revenues

   $ 613.3  

Total revenues

   $ 690.6  

Net income attributable to the Company's stockholders

   $ 69.6  
v3.24.0.1
Note 3 - Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Raw materials and purchased parts for assembly

   $ 20,588     $ 10,629  

Self-manufactured assembly parts and finished products

     24,449       12,203  

Total

   $ 45,037     $ 22,832  
v3.24.0.1
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Cost And Estimated Earnings On Uncompleted Contracts [Table Text Block]
   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Costs and estimated earnings incurred on uncompleted contracts

   $ 267,111     $ 155,407  

Less billings to date

     (267,413 )     (147,787 )

Total

   $ (302 )   $ 7,620  
Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets [Table Text Block]
   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Costs and estimated earnings in excess of billings on uncompleted contracts

   $ 18,367     $ 16,405  

Billings in excess of costs and estimated earnings on uncompleted contracts

     (18,669 )     (8,785 )

Total

   $ (302 )   $ 7,620  
v3.24.0.1
Note 5 - Investment in Unconsolidated Companies (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Equity Method Investments [Table Text Block]
  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Investment in Sarulla

 $71,744  $74,881 

Investment in Ijen

  51,695   40,812 

Other investment, at cost

  2,000   — 

Total investment in unconsolidated companies

 $125,439  $115,693 
Other Comprehensive Income (Loss) from Equity Method Investments[Table Text Block]
  

Year Ended

December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge

 $(470) $8,370  $3,892 
v3.24.0.1
Note 6 - Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Variable Interest Entities [Table Text Block]
   

December 31, 2023

  
   

Project Debt

    

PPAs

  
   

(Dollars in thousands)

  

Assets:

                

Restricted cash and cash equivalents

   $ 91,586     $ —  

Other current assets

     154,781       46,501  

Property, plant and equipment, net

     1,646,973       1,155,947  

Construction-in-process

     112,469       264,133  

Other long-term assets

     306,183       43,478  

Total assets

   $ 2,311,992     $ 1,510,059  
                 

Liabilities:

                

Accounts payable and accrued expenses

   $ 33,357     $ 14,619  

Long-term debt

     545,954       —  

Other long-term liabilities

     440,621       61,285  

Total liabilities

   $ 1,019,932     $ 75,904  
   

December 31, 2022

  
   

Project Debt

    

PPAs

  
   

(Dollars in thousands)

  

Assets:

                

Restricted cash and cash equivalents

   $ 127,972     $ —  

Other current assets

     128,414       29,377  

Property, plant and equipment, net

     1,516,107       810,384  

Construction-in-process

     104,956       255,552  

Other long-term assets

     304,766       51,037  

Total assets

   $ 2,182,215     $ 1,146,350  
                 

Liabilities:

                

Accounts payable and accrued expenses

   $ 42,577     $ 8,552  

Long-term debt

     637,080       —  

Other long-term liabilities

     400,271       50,348  

Total liabilities

   $ 1,079,928     $ 58,900  
v3.24.0.1
Note 7 - Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
      

December 31, 2023

 
      

Fair Value

 
  

Carrying Value at December 31, 2023

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets:

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $53,877  $53,877  $53,877  $—  $— 

Derivatives:

                    

Currency forward contracts (1)

  1,406   1,406   —   1,406   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (2)

  (3,686)  (3,686)  —   (3,686)  — 

Long-term liabilities:

                    

Cross currency swap (2)

  (8,137)  (8,137)  —   (8,137)  — 
  $43,461  $43,461  $53,877  $(10,416) $— 
      

December 31, 2022

 
      

Fair Value

 
  

Carrying Value at December 31, 2022

  

Total

  

Level 1

  

Level 2

  

Level 3

 
  

(Dollars in thousands)

 

Assets

                    

Current assets:

                    

Cash equivalents (including restricted cash accounts)

 $34,832  $34,832  $34,832  $—  $— 

Marketable securities

  136   136   136   —   — 

Derivatives:

                    

Long-term assets:

                    

Cross currency swap (2)

  3,029   3,029   —   3,029   — 

Liabilities:

                    

Current liabilities:

                    

Derivatives:

                    

Cross currency swap (2)

  (2,777)  (2,777)  —   (2,777)  — 

Currency forward contracts (1)

  (800)  (800)  —   (800)  — 
  $34,420  $34,420  $34,968  $(548) $— 
Derivative Instruments, Gain (Loss) [Table Text Block]

Derivatives not designated as

hedging instruments

 

Location of recognized gain (loss)

 

Amount of recognized gain (loss)

 
    

2023

  

2022

  

2021

 
    

(Dollars in thousands)

 

Swap transaction on RRS prices (1)

 

Derivative and foreign currency transaction gains (losses)

 $—  $—  $(14,540)

Currency forward contracts (1)

 

Derivative and foreign currency transaction gains (losses)

  (2,190)  (5,466)  1,368 
    $(2,190) $(5,466) $(13,172)
               

Derivatives designated as cash flow

hedging instruments

              
               

Cross currency swap (2)

 

Derivative and foreign currency transaction gains (losses)

 $(6,201) $(36,803) $10,501 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Cross currency swap cash flow hedge:

            

Balance in Other comprehensive income (loss) beginning of period

 $3,920  $5,745  $3,366 

Gain or (loss) recognized in Other comprehensive income (loss) (1)

  1,963   (38,628)  12,880 

Amount reclassified from Other comprehensive income (loss) into earnings

  (6,201)  36,803   (10,501)

Balance in Other comprehensive income (loss) end of period

 $(318) $3,920  $5,745 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
  

Fair Value

  

Carrying Amount (*)

 
  

2023

  

2022

  

2023

  

2022

 
  

(Dollars in millions)

  

(Dollars in millions)

 

Mizrahi Loan

 $61.4  $71.4  $60.9  $70.3 

Mizrahi Loan 2023

  52.0   —   50.0   — 

Convertible Senior Notes

  444.6   505.3   431.3   431.3 

HSBC Loan

  33.8   40.3   35.7   42.9 

Hapoalim Loan

  75.0   91.1   80.4   98.2 

Hapoalim Loan 2023

  99.7   —   95.0   — 

Discount Loan

  69.9   81.1   75.0   87.5 

Financing Liability - Dixie Valley

  207.2   219.8   225.8   242.0 

Olkaria III Loan - DFC

  116.4   134.2   120.7   138.7 

Olkaria III plant 4 Loan - DEG 2

  21.6   26.5   22.5   27.5 

Olkaria III plant 1 Loan - DEG 3

 

19.0

   23.3   19.7   24.0 

Platanares Loan - DFC

  71.3   80.2   71.7   79.9 

Amatitlan Loan

  —   14.7   —   15.8 

OFC 2 LLC Senior Secured Notes ("OFC 2")

  134.2   149.8   142.5   158.0 

Don A. Campbell 1 Senior Secured Notes ("DAC 1")

  52.3   57.4   57.4   62.7 

USG Prudential - NV

  22.3   23.7   23.9   25.0 

USG Prudential - ID Refinancing (prior year: USG Prudential - ID)

  54.1   56.8   58.9   61.6 

USG DOE

  30.0   32.8   30.2   32.8 

Senior Unsecured Bonds

  202.8   235.1   220.6   255.8 

Senior Unsecured Loan

  150.4   166.4   158.0   174.8 

Plumstriker

  —   11.2   —   11.4 

Other long-term debt

  6.8   9.2   7.7   10.4 
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $61.4  $61.4 

Mizrahi Loan 2023

  —   —   52.0   52.0 

Convertible Senior Notes

  —   444.6   —   444.6 

HSBC Loan

  —   —   33.8   33.8 

Hapoalim Loan

  —   —   75.0   75.0 

Hapoalim Loan 2023

  —   —   99.7   99.7 

Discount Loan

  —   —   69.9   69.9 

Financing Liability - Dixie Valley

  —   —   207.2   207.2 

Olkaria III - DFC

  —   —   116.4   116.4 

Olkaria III plant 4 - DEG 2

  —   —   21.6   21.6 

Olkaria III plant 1 - DEG 3

  —   —   19.0   19.0 

Platanares Loan - DFC

  —   —   71.3   71.3 

OFC 2 Senior Secured Notes

  —   —   134.2   134.2 

DAC 1 Senior Secured Notes

  —   —   52.3   52.3 

USG Prudential - NV

  —   —   22.3   22.3 

USG Prudential - ID - Refinancing

  —   —   54.1   54.1 

USG DOE

  —   —   30.0   30.0 

Senior Unsecured Bonds

  —   —   202.8   202.8 

Senior Unsecured Loan

  —   —   150.4   150.4 

Other long-term debt

  —   —   6.8   6.8 

Deposits

 

20.9

   —   —   20.9 
  

Level 1

  

Level 2

  

Level 3

  

Total

 
  

(Dollars in millions)

 

Mizrahi Loan

 $—  $—  $71.4  $71.4 

Convertible Senior Notes

  —   505.3   —   505.3 

HSBC Loan

  —   —   40.3   40.3 

Hapoalim Loan

  —   —   91.1   91.1 

Discount Loan

  —   —   81.1   81.1 

Financing Liability - Dixie Valley

  —   —   219.8   219.8 

Olkaria III Loan - DFC

  —   —   134.2   134.2 

Olkaria III plant 4 - DEG 2

  —   —   26.5   26.5 

Olkaria III plant 1 - DEG 3

  —   —   23.3   23.3 

Platanares Loan - DFC

  —   —   80.2   80.2 

Amatitlan Loan

  —   14.7   —   14.7 

OFC 2 Senior Secured Notes

  —   —   149.8   149.8 

DAC 1 Senior Secured Notes

  —   —   57.4   57.4 

USG Prudential - NV

  —   —   23.7   23.7 

USG Prudential - ID

  —   —   56.8   56.8 

USG DOE

  —   —   32.8   32.8 

Senior Unsecured Bonds

  —   —   235.1   235.1 

Senior Unsecured Loan

  —   —   166.4   166.4 

Plumstriker

  —   11.2   —   11.2 

Other long-term debt

  —   —   9.2   9.2 

Deposits

  13.9   —   —   13.9 
v3.24.0.1
Note 8 - Property, Plant and Equipment and Construction-in-process (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Land owned by the Company where the geothermal resource is located

 $47,612  $42,335 

Leasehold improvements

  12,588   13,230 

Machinery and equipment

  341,931   350,584 

Land, buildings and office equipment

  127,970   52,222 

Vehicles

  17,097   14,115 

Energy storage equipment

  158,604   91,025 

Solar facility equipment

  59,214   32,003 

Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs:

        

United States of America, net of cash grants

  3,191,505   2,641,280 

Foreign countries

  868,289   897,657 

Asset retirement cost

  59,123   48,578 
   4,883,933   4,183,029 

Less accumulated depreciation

  (1,884,984)  (1,689,572)
         

Property, plant and equipment, net

 $2,998,949  $2,493,457 
Construction In Progress [Table Text Block]
  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Projects under exploration and development:

        

Up-front bonus costs

 $5,335  $5,335 

Exploration and development costs

  156,438   89,230 

Interest capitalized

  703   703 
   162,476   95,268 

Projects under construction:

        

Up-front bonus costs

  11,156   11,156 

Drilling and construction costs

  618,416   761,129 

Interest capitalized

  22,919   25,645 
   652,491   797,930 

Total

 $814,967  $893,198 
Rollforward Of Construction In Process [Table Text Block]
  

Projects under exploration and development

 
  

Up-front Bonus

Costs

  

Exploration and

Development Costs

  

Interest

Capitalized

  

Total

 
  

(Dollars in thousands)

 

Balance at December 31, 2020

 $5,347  $45,478  $703  $51,528 

Cost incurred during the year

  —   2,680   —   2,680 

Transfer of projects under exploration and development to projects under construction

  (12)  (3,494)  —   (3,506)

Balance at December 31, 2021

  5,335   44,664   703   50,702 

Cost incurred during the year

  —   44,566   —   44,566 

Balance at December 31, 2022

  5,335   89,230   703   95,268 

Cost incurred during the year

  —   70,667   —   70,667 

Write off of unsuccessful exploration costs

  —   (3,459)  —   (3,459)

Balance at December 31, 2023

 $5,335  $156,438  $703  $162,476 
  

Projects under construction

 
  

Up-front Bonus

Costs

  

Drilling and

Construction

Costs

  

Interest

Capitalized

  

Total

 
  

(Dollars in thousands)

 

Balance at December 31, 2020

 $39,144  $379,117  $9,526  $427,787 

Cost incurred during the year

  —   403,296   10,546   413,842 

Transfer of projects under exploration and development to projects under construction

  12   3,494   —   3,506 

Transfer of completed projects to property, plant and equipment

  —   (174,354)  —   (174,354)

Balance at December 31, 2021

  39,156   611,553   20,072   670,781 

Cost incurred during the year

  —   489,953   5,573   495,526 

Transfer of completed projects to property, plant and equipment

  (28,000)  (340,377)  —   (368,377)

Balance at December 31, 2022

  11,156   761,129   25,645   797,930 

Cost incurred during the year

  —   473,422   15,181   488,603 

Cost write off

  —   (993)  —   (993)

Transfer of completed projects to property, plant and equipment

  —   (615,142)  (17,907)  (633,049)

Balance at December 31, 2023

 $11,156  $618,416  $22,919  $652,491 
North Brawley Geothermal Power Plant [Member]  
Notes Tables  
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

Significant unobservable inputs:

    

Average generation capacity (MW)

  7 

Electricity price escalation (%)

  2.2%

Cost long-term growth rate

  2.2 

Average realized electricity price ($/MW)

  92.2 
v3.24.0.1
Note 9 - Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
  

December 31, 2023

  

December 31, 2022

 
  

Gross Carrying Amount

  

Accumulated Amortization

  

Gross Carrying Amount

  

Accumulated Amortization

 
  

(Dollars in thousands)

  

(Dollars in thousands)

 

Amortized intangible assets

                

Electricity segment

 $403,511  $(127,324) $402,340  $(104,601)

Storage segment

  54,310   (22,888)  54,310   (18,204)

Total

 $457,821  $(150,212) $456,650  $(122,805)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
  

(Dollars in thousands)

 

Year ending December 31:

    

2024

 $26,277 

2025

  25,911 

2026

  24,056 

2027

  22,176 

2028

  21,903 

Thereafter

  187,286 

Total

 $307,609 
Schedule of Goodwill [Table Text Block]
  

2023

  

2022

 
  

(Dollars in thousands)

 

Goodwill as of January 1,

 $90,325  $89,954 

Translation differences

  219   371 

Goodwill as of December 31,

 $90,544  $90,325 
v3.24.0.1
Note 10 - Accounts Payable and Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]
   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Trade payable

   $ 140,694     $ 77,551  

Salaries and other payroll costs

     28,302       24,205  

Customer advances

     769       1,060  

Accrued interest

     17,826       14,063  

Income tax payable

     6,995       8,393  

Property tax payable

     2,606       3,271  

Scheduling and transmission

     1,892       1,000  

Royalty accrual

     5,445       9,825  

Warranty accrual

     1,812       1,705  

Other

     8,177       8,350  

Total

   $ 214,518     $ 149,423  
v3.24.0.1
Note 11 - Long-term Debt, Credit Agreements and Finance Liability (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
   

December 31,

  
   

2023

    

2022

  
   

(Dollars in thousands)

  

Limited and non-recourse agreements (1):

                

Limited recourse:

                

Loan agreement with DFC (the Olkaria III power plant)

   $ 120,668     $ 138,663  

Loan agreement with DFC (the Platanares power plant)

     71,687       79,880  

Loan agreement with Banco Industrial S.A. and Westrust Bank (International) Limited

     —       15,750  

Loan agreement with a global industrial company (the Plumstriker battery energy storage projects)

     —       11,392  

Idaho Refinancing, U.S. Department of Energy and Prudential Capital Group Nevada

     112,959       119,392  

OFC 2 Senior Secured Notes

     142,464       158,036  

Other loans

     3,460       4,585  

Non-recourse:

                

DAC 1 Senior Secured Notes

     57,397       62,698  

Other loans

     4,216       5,805  

Total limited and non-recourse agreements

     512,852       596,201  

Less current portion

     (57,207 )     (64,044 )

Noncurrent portion

   $ 455,645     $ 532,157  

Full recourse agreements (1):

                

Senior Unsecured Bonds - Series 4

   $ 220,568     $ 255,754  

Senior Unsecured Loan (Migdal)

     158,000       174,800  

Hapoalim, Hapoalim 2023, Mizrahi, Mizrahi 2023, HSBC and Discount loans

     397,009       298,884  

Loan agreements with DEG (the Olkaria III and power plants 4 and 1 upgrade)

     42,160       51,528  

Total full recourse agreements

   $ 817,737     $ 780,966  

Less current portion

     (116,864 )     (101,460 )

Noncurrent portion

   $ 700,873     $ 679,506  
                 

Convertible senior notes (all noncurrent) (1)

   $ 431,250     $ 431,250  

Financing liability

   $ 225,760     $ 242,029  

Less current portion

     (5,141 )     (16,270 )

Noncurrent portion

   $ 220,619     $ 225,759  
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Mizrahi Loan 2023

   $ 50.0     $ 50.0       7.15 %

October 2031
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Hapoalim 2023 Loan

   $ 100.0     $ 95.0       6.45 %

February 2033
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Mizrahi Loan

   $ 75.0     $ 60.9       4.10 %

April 2030
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Hapoalim Loan

   $ 125.0     $ 80.4       3.45 %

June 2028
   

Amount

    

Amount Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

HSBC Loan

   $ 50.0     $ 35.7       3.45 %

July 2028
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Discount Loan

   $ 100.0     $ 75.0       2.9 %

September 2029
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Senior Unsecured Bonds - Series 4

   $ 289.8     $ 220.6       3.35 %

June 2031
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Migdal Loan

   $ 100.0     $ 79.0       4.80 %

March 2029

Additional Migdal Loan

     50.0       39.5       4.60 %

March 2029

Second Addendum Migdal Loan

     50.0       39.5       5.44 %

March 2029

Total Senior Unsecured Loan

   $ 200.0     $ 158.0            
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

DEG 2 Loan

   $ 50.0     $ 22.5       6.28 %

June 2028

DEG 3 Loan

     41.5       19.7       6.04 %

June 2028
    $ 91.5     $ 42.2            
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

OPIC Loan - Tranche I

   $ 85.0     $ 33.0       6.34 %

December 2030

OPIC Loan - Tranche II

     180.0       68.8       6.29 %

June 2030

OPIC Loan - Tranche III

     45.0       18.8       6.12 %

December 2030

Total OPIC Loan

   $ 310.0     $ 120.6            
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

DFC - Platanares Loan

   $ 114.7     $ 71.7       7.02 %

September 2032
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

DAC 1 Senior Secured Notes

   $ 92.5     $ 57.4       4.03 %

September 2033
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

OFC 2 Senior Secured Notes - Series A

   $ 151.7     $ 63.9       4.69 %

December 2032

OFC 2 Senior Secured Notes - Series C

     140.0       78.6       4.61 %

December 2032

Total OFC 2 Senior Secured Notes

   $ 291.7     $ 142.5            
   

Amount

    

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

Issued

    

December 31, 2023

    

Interest Rate (1)

  

Date
   

(Dollars in millions)

            

Idaho Refinancing Note

   $ 61.6     $ 58.9       6.26 %

March 2038

U.S. Department of Energy

     96.8       30.2       2.60 %

February 2035

Prudential Capital Group – Nevada

     30.7       23.9       6.75 %

December 2037

Total

   $ 189.1     $ 113.0            
   

Amount

Outstanding as of

    

Annual

  

Maturity

Loan

  

December 31, 2023

    

Interest Rate (1)

  

Date (2)
   

(Dollar in millions)

            

Financing Liability - Dixie Valley

   $ 225.8       6.12 %

June 2038
Schedule of Maturities of Long-Term Debt [Table Text Block]
   

(Dollars in

thousands)

  
         

Year ending December 31:

        

2024

   $ 178,954  

2025

     178,982  

2026

     182,654  

2027

     612,045  

2028

     167,848  

Thereafter

     669,074  

Total

   $ 1,989,557  
v3.24.0.1
Note 13 - Asset Retirement Obligation (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Asset Retirement Obligations [Table Text Block]
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Balance at beginning of year

   $ 97,660     $ 84,891     $ 63,457  

Revision in estimated cash flows

     2,056       (1,802 )     10,504  

Liabilities incurred and acquired

     8,490       9,314       6,953  

Accretion expense

     6,164       5,257       3,977  

Balance at end of year

   $ 114,370     $ 97,660     $ 84,891  
v3.24.0.1
Note 14 - Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Cost of revenues

   $ 6,899     $ 6,382     $ 4,656  

Selling and marketing expenses

     866       1,230       766  

Research and development expenses

     94       —       —  

General and administrative expenses

     7,620       4,034       3,746  

Total stock-based compensation expense

     15,479       11,646       9,168  

Tax effect on stock-based compensation expense

     1,598       1,270       872  

Net effect of stock-based compensation expense

   $ 13,881     $ 10,376     $ 8,296  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  

For stock based awards issued by the Company:

                        

Risk-free interest rates

     4.2 %     1.7 %     0.7 %

Expected lives (in weighted average years)

     2.5       5.3       3.8  

Dividend yield

     0.6 %     0.7 %     0.6 %

Expected volatility (weighted average)

     38.2 %     34.6 %     36.7 %
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  

Weighted average forfeiture rate

     8.0 %     10.2 %     6.1 %

Risk-free interest rates

3.86%

—

4.68%

Expected life (in years)         

2

—

5.75

Dividend yield         

0.59%

Expected volatility (weighted average)         

36.0%

—

42.2%

Risk-free interest rates

     4.70%  

Expected life (in years)

     1%  

Dividend yield

     0.56%  

Expected volatility (weighted average)

     34.80%  

Risk-free interest rates         

4.13%

—

(4.38)%

Expected life (in years)

2

—

3

Dividend yield         

0.56%

Expected volatility (weighted average)         

43.17%

—

40.57%

Risk-free interest rates         

1.31%

—

1.62%

Expected life (in years)         

2

—

6

Dividend yield         

0.67%

Expected volatility (weighted average)         

32.85%

—

46.07%

Risk-free interest rates

   0.14% — (0.16)%

Expected life (in years)

     1  

Dividend yield

     0.65%  

Expected volatility (weighted average)

     43.26%  
Share-Based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block]
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

Awards

(In

thousands)

    

Weighted

Average

Exercise

Price

    

Awards

(In

thousands)

    

Weighted

Average

Exercise

Price

    

Awards

(In

thousands)

    

Weighted

Average

Exercise

Price

  

Outstanding at beginning of year

     1,810     $ 60.08       2,025     $ 58.70       2,240     $ 57.68  

Granted:

                                                

SARs (1)

     —       —       513       71.15       15       77.22  

RSUs (2)

    189       —       109       —       12       —  

PSUs (3)

     35       —       20       —       —       —  

Exercised

     (492 )     56.00       (728 )     52.73       (159 )     40.47  

Forfeited

     (59 )     54.09       (129 )     62.27       (83 )     64.34  

Expired

     —       —       —       —       —       —  

Outstanding at end of year

     1,483       52.57       1,810       60.08       2,025       58.70  

Options and SARs exercisable at end of year

     606       66.81       749       58.30       881       53.20  

Weighted-average fair value of awards granted during the year

           $ 79.98             $ 33.02             $ 46.23  
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]
     

Awards Outstanding

  

Awards Exercisable

 
 

Exercise Price

  

Number of

Stock-based

Awards

Outstanding

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

  

Number of

Stock-based

Awards

Exercisable

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

 
                            
 $—   345   1.6  $26,127         $— 
  51.71   8   1.0   193   8   1.0   193 
  53.16   3   0.9   73   3   0.9   73 
  53.44   78   0.5   1,736   78   0.5   1,736 
  57.97   8   0.6   134   8   0.6   134 
  63.40   45   2.5   562   34   2.5   422 
  67.54   7   2.9   54   7   2.9   54 
  68.34   47   2.4   349   35   2.4   261 
  69.14   470   2.4   3,128   316   2.4   2,101 
  71.15   448   4.2   2,077   101   4.2   468 
  71.71   4   1.6   16   4   1.6   16 
  76.43   5   1.9   —   5   1.9   — 
  76.54   9   3.9   —   4   3.9   — 
  78.53   6   3.3   —   3   3.3   — 
  90.28   1   3.0   —   —   3.0   — 
      1,483   2.6  $34,449   606   2.4  $5,458 
     

Awards Outstanding

  

Awards Exercisable

 
 

Exercise Price

  

Number of

Stock-based

Awards

Outstanding

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

  

Number of

Stock-based

Awards

Exercisable

  

Weighted

Average

Remaining

Contractual

Life in Years

  

Aggregate

Intrinsic Value

 
                            
 $—   157   2.1  $13,536   —   —  $— 
  51.71   8   2.0   278   6   2.0   209 
  53.16   3   1.9   108   3   1.9   108 
  53.44   103   1.5   3,405   103   1.5   3,405 
  55.16   295   0.9   9,236   295   0.9   9,236 
  57.97   8   1.6   214   8   1.6   214 
  63.35   74   0.9   1,719   74   0.9   1,719 
  63.40   45   3.5   1,047   23   3.5   524 
  67.54   7   3.9   125   7   3.9   125 
  68.34   47   3.4   849   23   3.4   424 
  69.14   539   3.4   9,357   199   3.4   3,456 
  71.15   499   5.2   7,644   —   5.2   — 
  71.71   4   2.6   59   3   2.6   44 
  76.43   5   2.9   49   5   2.9   49 
  76.54   9   4.9   85   —   4.9   — 
  78.53   6   4.3   51   —   4.3   — 
  90.28   1   4.0   —   —   4   — 
      1,810   3.1  $47,762   749   1.8  $19,513 
v3.24.0.1
Note 15 - Interest Expense, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Other Nonoperating Expense, by Component [Table Text Block]
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Interest related to sale of tax benefits

   $ 15,289     $ 14,853     $ 12,246  

Interest expense

     100,853       91,617     $ 84,994  

Less — amount capitalized

     (17,261 )     (18,727 )   $ (14,582 )
    $ 98,881     $ 87,743     $ 82,658  
v3.24.0.1
Note 16 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

U.S

 $53,984  $23,709  $37,032 

Non-U.S. (foreign)

  85,101   71,900   66,519 

Total income from continuing operations, before income taxes and equity in losses

 $139,085  $95,609  $103,551 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Current:

            

Federal

 $672  $641  $— 

State

  (1,806)  2,227   400 

Foreign

  35,379   29,370   25,096 

Total current income tax expense

 $34,245  $32,238  $25,496 
             

Deferred:

            

Federal

  (12,780)  (17,179)  (3,267)

State

  6,041   2,649   9,301 

Foreign

  (21,523)  (2,966)  (6,680)

Total deferred tax provision (benefit)

  (28,262)  (17,496)  (646)

Total Income tax provision

 $5,983  $14,742  $24,850 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 

U.S. federal statutory tax rate

  21.0%  21.0%  21.0%

Foreign tax credits

  (3.8)  (3.8)  (0.4)

Withholding tax

  1.0   0.2   6 

Valuation allowance - U.S.

  —   (9.3)  (10.4)

State income tax, net of federal benefit

  2.4   5.3   8.8 

Uncertain tax positions

  1.5   0.9   3.6 

Foreign tax rate change

  (5.7)  —   — 

Effect of foreign income tax, net

  0.4   6.2   (5.2)

Production tax credits

  —   (4.0)  (4.2)

Investment tax credits

  (14.0)  —   — 

Tax on global intangible low-tax income

  4.1   4.8   9.3 

Noncontrolling interest

  (1.0)  (2.2)  (2.5)

Other, net

  (1.6)  (3.7)  (1.9)

Effective tax rate

  4.3%  15.4%  24.0%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Deferred tax assets (liabilities):

        

Net foreign deferred taxes, primarily depreciation

 $(27,623) $(49,295)

Depreciation

  40,993   50,214 

Intangible drilling costs

  (17,543)  (13,855)

Net operating loss carryforward - U.S.

  24,822   26,824 

Tax monetization transaction

  (125,462)  (84,585)

Right-of-use assets

  (5,218)  (5,824)

Lease liabilities

  5,105   5,527 

Production tax credits

  109,556   109,109 

Foreign tax credits

  33,412   32,333 

Withholding tax

  (20,437)  (21,007)

Basis difference in partnership interest

  (12,448)  (51,392)

Excess business interest

  6,162   522 

Sale and leaseback transaction

  58,608   62,939 

Other assets

  12,404   13,655 

Accrued liabilities and other

  6,361   5,208 

Total

  88,692   80,373 

Less - valuation allowance

  (2,870)  (2,473)

Total, net

 $85,822  $77,900 
Summary of Valuation Allowance [Table Text Block]
  

2023

  

2022

 
  

(Dollars in thousands)

 

Balance at beginning of the year

 $2,473  $11,298 

Additions to valuation allowance

  479   35 

Release of valuation allowance

  (82)  (8,860)

Balance at end of the year

 $2,870  $2,473 
Schedule of Deferred Taxes Classified in Balance Sheet [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 
         

Non-current deferred tax assets

 $152,570  $161,365 

Non-current deferred tax liabilities

  (66,748)  (83,465)

Non-current deferred tax assets, net

  85,822   77,900 

Uncertain tax benefit offset (1)

  (95)  (95)
  $85,727  $77,805 
Summary of Income Tax Contingencies [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

 
  

(Dollars in thousands)

 

Balance at beginning of year

 $5,300  $5,076 

Additions based on tax positions taken in prior years

  395   — 

Additions based on tax positions taken in the current year

  1,376   364 

Reduction based on tax positions taken in prior years

  (141)  (47)

Reduction based on tax positions taken in the current year

  —   (93)

Balance at end of year

 $6,930  $5,300 
Summary of Income Tax Examinations [Table Text Block]

Israel          

2019

–

2023

Kenya          

2018

–

2023

Guatemala          

2019

–

2023

Honduras          

2018

–

2023

Guadeloupe          

2020

–

2023
v3.24.0.1
Note 17 - Business Segments (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Electricity

  

Product

  

Energy Storage

  

Consolidated

 
  

(Dollars in thousands)

 

Year Ended December 31, 2023:

                

Revenues from external customers:

                

United States (1)

 $473,323  $7,610  $28,894  $509,827 

Foreign (2)

  193,444   126,153   —   319,597 

Net revenues from external customers

  666,767   133,763   28,894   829,424 

Intersegment revenues

  —   48,494   —   — 

Depreciation and amortization expense

  199,344   10,908   14,545   224,797 

Operating income (loss)

  168,834   3,536   (5,785)  166,585 

Segment assets at period end (3) (*)

  4,652,392   199,897   355,990   5,208,279 

Expenditures for long-lived assets

  474,592   20,599   123,192   618,383 

* Including unconsolidated investments

  125,439   —   —   125,439 
                 

Year Ended December 31, 2022:

                

Revenues from external customers:

                

United States (1)

  446,000   7,037   31,018   484,055 

Foreign (2)

  185,727   64,377   —   250,104 

Net revenues from external customers

 $631,727  $71,414  $31,018  $734,159 

Intersegment revenues

  —   83,394   —   — 

Depreciation and amortization expense

  179,966   7,302   11,524   198,792 

Operating income (loss)

  156,178   (1,084)  (2,291)  152,803 

Segment assets at period end (3) (*)

  4,253,910   118,018   239,651   4,611,579 

Expenditures for long-lived assets

  462,269   16,352   84,855   563,476 

* Including unconsolidated investments

  115,693   —   —   115,693 
                 

Year Ended December 31, 2021:

                

Revenues from external customers:

                

United States (1)

  404,303   5,414   30,393   440,110 

Foreign (2)

  181,468   41,506   —   222,974 

Net revenues from external customers

  585,771   46,920   30,393   663,084 

Intersegment revenues

  —   129,589   —   — 

Depreciation and amortization expense

  164,490   7,719   10,763   182,972 

Operating income (loss)

  171,550   (3,641)  1,448   169,357 

Segment assets at period end (3) (*)

  4,142,341   113,817   169,520   4,425,678 

Expenditures for long-lived assets

  383,307   10,687   25,278   419,272 

* Including unconsolidated investments

  105,886   —   —   105,886 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Revenues:

            

Total segment revenues

 $829,424  $734,159  $663,084 

Intersegment revenues

  48,494   83,394   129,589 

Elimination of intersegment revenues

  (48,494)  (83,394)  (129,589)
             

Total consolidated revenues

 $829,424  $734,159  $663,084 
             

Operating income (expense):

            

Operating income

 $166,585  $152,803  $169,357 

Interest income

  11,983   3,417   2,124 

Interest expense, net

  (98,881)  (87,743)  (82,658)

Derivatives and foreign currency transaction gains (losses)

  (3,278)  (6,044)  (14,720)

Income attributable to sale of tax benefits

  61,157   33,885   29,582 

Other non-operating income (expense), net

  1,519   (709)  (134)

Total consolidated income before income taxes and equity in earnings (losses) of investees

 $139,085  $95,609  $103,551 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Revenues from external customers attributable to:

            

United States

 $509,827  $484,055  $440,110 

Indonesia

  26,732   15,631   8,056 

Kenya

  109,217   105,837   102,844 

Turkey

  2,469   1,961   2,723 

Chile

  —   579   7,035 

Guatemala

  30,174   28,831   26,868 

New Zealand

  66,526   17,130   6,770 

Honduras

  31,589   33,837   35,233 

Other foreign countries

  52,889   46,298   33,445 

Consolidated total

 $829,424  $734,159  $663,084 
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

(Dollars in thousands)

 

Long-lived assets (primarily power plants and related assets) located in:

            

United States

 $3,085,892  $2,857,503  $2,527,429 

Kenya

  377,563   301,491   297,427 

Other foreign countries

  378,028   254,878   217,371 

Consolidated total

 $3,841,483  $3,413,872  $3,042,227 
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]
  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 
  

Revenues

  

%

  

Revenues

  

%

  

Revenues

  

%

 
  

(Dollars in

thousands)

      

(Dollars in

thousands)

      

(Dollars in

thousands)

     

Southern California Public Power (1)

 $181,656   21.2  $157,663   21.5  $157,318   23.7 

Sierra Pacific Power Company and Nevada Power Company (1)(2)

  116,797   14.1   124,116   16.9   123,333   18.6 

KPLC (1)

  109,217   13.2   105,837   14.4   102,844   15.5 
v3.24.0.1
Note 19 - Employee Benefit Plan (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Expected Benefit Payments [Table Text Block]
   

(Dollars in

thousands)

  

Year ending December 31:

        

2024

   $ 2,396  

2025

     291  

2026

     525  

2027

     1,461  

2028

     723  
2029-2046     4,816  

Total

  $ 10,212  
v3.24.0.1
Note 21 - Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Notes Tables  
Lease, Cost [Table Text Block]
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Lease cost

                        

Finance lease cost:

                        

Amortization of right-of-use assets

   $ 1,922     $ 2,861     $ 3,265  

Interest on lease liabilities

     168       441       770  

Operating lease cost

     4,771       3,695       3,707  

Short-term and variable lease cost

     6,741       7,436       5,228  

Total lease cost

   $ 13,602     $ 14,433     $ 12,970  
                         

Other information

                        

Cash paid for amounts included in the measurement of lease liabilities:

                        

Operating cash flows for finance leases

   $ 168     $ 441     $ 770  

Operating cash flows for operating leases

     4,448       4,507       3,589  

Financing cash flows for finance leases

     1,963       2,983       3,181  

Right-of-use assets obtained in exchange for new finance lease liabilities

     1,671       2,473       948  

Right-of-use assets obtained in exchange for new operating lease liabilities

     4,731       6,286       5,227  
   

December 31,

    

December 31,

  

Additional information as of the end of the year:

  

2023

    

2022

  

Weighted-average remaining lease term — finance leases (in years) (*)

     14.3       1.8  

Weighted-average remaining lease term — operating leases (in years)

     16.2       17.9  

Weighted-average discount rate — finance leases (in percentage) (*)

     6 %     3 %

Weighted-average discount rate — operating leases (in percentage)

     5 %     5 %
Lessee, Lease Liability, Maturity [Table Text Block]
   

Operating Leases

    

Finance Leases

    

Financing

Liability (1)

  
   

(Dollars in thousands)

  

Year ending December 31,

                        

2024

   $ 3,908     $ 1,456     $ 17,578  

2025

     3,246       1,291       17,535  

2026

     2,471       913       22,675  

2027

     2,224       136       20,815  

2028

     1,900       0       20,578  

Thereafter

     20,756       0       277,827  

Total future minimum lease payments

     34,505       3,796       377,008  

Less imputed interest

     11,386       245       151,248  

Total

   $ 23,119     $ 3,551     $ 225,760  
Operating Lease, Lease Income [Table Text Block]
   

Year Ended December 31,

  
   

2023

    

2022

    

2021

  
   

(Dollars in thousands)

  

Lease income relating to lease payments of operating leases

   $ 542,065     $ 529,264     $ 502,355  
v3.24.0.1
Note 1 - Business and Significant Accounting Policies 1 (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Jul. 11, 2023
Mar. 14, 2023
Feb. 19, 2021
Jan. 31, 2024
Feb. 29, 2024
Dec. 11, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Oct. 23, 2023
Jun. 27, 2022
Jun. 22, 2022
Cash, FDIC Insured Amount             $ 10,000 $ 43,200 $ 10,000        
Cash, Uninsured Amount             64,300 57,500 64,300        
Accounts Receivable, after Allowance for Credit Loss, Current             128,818 208,704 128,818        
Interest Costs Capitalized               17,261 18,727 $ 14,582      
Exploration Abandonment and Impairment Expense               3,733 828 0      
Amortization of Debt Issuance Costs               5,900 4,200 3,200      
Deferred Debt Issuance Cost, Writeoff               0 0 0      
Impairment of Long-Lived Assets to be Disposed of               0          
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax             $ 3,100 2,300 3,100        
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax               $ 1,257 $ (2,486) $ (3,236)      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)               82,500 29,200 142,400      
Payments of Dividends               $ 28,400 $ 27,100 $ 27,000      
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)               $ 0.48 $ 0.48 $ 0.48      
Common Stock, Par or Stated Value Per Share (in dollars per share)   $ 0.001         $ 0.001 $ 0.001 $ 0.001       $ 0.001
Proceeds from Issuance of Common Stock               $ 341,671 $ 0 $ 311      
Payments to Noncontrolling Interests               9,856 5,880 6,903      
Insurance Recoveries               (0) (0) 248      
Loss from Catastrophes     $ 9,100                    
General and Administrative Expense [Member]                          
Accounts Receivable, Credit Loss Expense (Reversal)                   $ 3,000      
Fire [Member]                          
Insurance Recoveries                 21,800        
Increase (Decrease) in Insurance Settlements Receivable                 (8,000)        
Gain on Business Interruption Insurance Recovery                 $ 13,800        
Commercial Paper [Member]                          
Debt Instrument, Face Amount           $ 26,800         $ 73,200    
Debt Instrument, Base Rate           5.30%              
Commercial Paper [Member] | Secured Overnight Financing Rate (SOFR) [Member]                          
Debt Instrument, Basis Spread on Variable Rate           1.10%              
ORPD LLC [Member]                          
Subsidiary, Ownership Percentage, Noncontrolling Owner 63.25%                        
ORPD LLC [Member] | Northleaf Geothermal Holdings, Northleaf [Member]                          
Subsidiary, Ownership Percentage, Noncontrolling Owner 36.75%                        
Goldman Sachs & Co. LLC [Member]                          
Proceeds from Issuance of Common Stock   $ 341,700                      
Northleaf Geothermal Holdings, Northleaf [Member] | ORPD LLC [Member]                          
Payments to Noncontrolling Interests $ 30,000                        
Public Offering [Member] | Goldman Sachs & Co. LLC [Member]                          
Stock Issued During Period, Shares, New Issues (in shares)   3,600,000                      
Shares Issued, Price Per Share (in dollars per share)   $ 82.6                      
Over-Allotment Option [Member] | Goldman Sachs & Co. LLC [Member]                          
Stock Issued During Period, Shares, New Issues (in shares)   540,000                      
Convertible Senior Notes [Member]                          
Amortization of Debt Issuance Costs               $ 2,300          
Debt Instrument, Convertible, Conversion Price (in dollars per share)             $ 90.27 $ 90.27 $ 90.27       $ 90.27
Debt Instrument, Face Amount                       $ 431,250 $ 375,000
Galena 2 Power Purchase Agreement [Member]                          
Termination Fees               $ 0          
Minimum [Member]                          
Finite-Lived Intangible Asset, Useful Life (Year)               6 years          
Standard Product Warranty, Term (Year)               1 year          
Minimum [Member] | Fleet Vehicles [Member]                          
Lessee, Finance Lease, Term of Contract (Year)               3 years          
Minimum [Member] | Viridity Energy, Inc. [Member]                          
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)               6 years          
Maximum [Member]                          
Finite-Lived Intangible Asset, Useful Life (Year)               19 years          
Standard Product Warranty, Term (Year)               2 years          
Maximum [Member] | Fleet Vehicles [Member]                          
Lessee, Finance Lease, Term of Contract (Year)               4 years          
Maximum [Member] | Viridity Energy, Inc. [Member]                          
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)               19 years          
Power Plants [Member] | Minimum [Member]                          
Property, Plant and Equipment, Useful Life (Year)               15 years          
Power Plants [Member] | Maximum [Member]                          
Property, Plant and Equipment, Useful Life (Year)               30 years          
North Brawley Geothermal Power Plant [Member]                          
Asset Impairment Charges, Total             $ 30,500            
Kenya Power and Lighting Co Limited [Member]                          
Accounts Receivable, Past Due               $ 62,800          
Kenya Power and Lighting Co Limited [Member] | Subsequent Event [Member]                          
Proceeds, Overdue Accounts Receivable       $ 32,200                  
ENEE [Member]                          
Accounts Receivable, Past Due               $ 15,700          
ENEE [Member] | Subsequent Event [Member]                          
Proceeds, Overdue Accounts Receivable         $ 2,500                
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Primary Customers [Member]                          
Concentration Risk, Percentage               57.00% 60.00%        
Total Receivables [Member] | Customer Concentration Risk [Member]                          
Financing Receivable, after Allowance for Credit Loss             89,800 $ 161,000 $ 89,800        
Non-US [Member]                          
Accounts Receivable, after Allowance for Credit Loss, Current             $ 78,900 $ 152,200 $ 78,900        
v3.24.0.1
Note 1 - Business and Significant Accounting Policies 2 (Details Textual) - Product [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
$ in Millions
Dec. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Amount $ 150.8
Revenue, Remaining Performance Obligation, Percentage 100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) 24 months
v3.24.0.1
Note 1 - Business and Significant Accounting Policies - Cash and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash and cash equivalents $ 195,808 $ 95,872 $ 239,278  
Restricted cash and cash equivalents 91,962 130,804 104,166  
Total cash and cash equivalents and restricted cash and cash equivalents $ 287,770 $ 226,676 $ 343,444 $ 536,778
v3.24.0.1
Note 1 - Business and Significant Accounting Policies - Property, Plant, and Equipment Estimated Useful Life (Details)
Dec. 31, 2023
Building [Member]  
Property, plant, and equipment estimated useful lives (Year) 25 years
Leasehold Improvements [Member] | Minimum [Member]  
Property, plant, and equipment estimated useful lives (Year) 15 years
Leasehold Improvements [Member] | Maximum [Member]  
Property, plant, and equipment estimated useful lives (Year) 30 years
Machinery And Equipment - Manufacturing And Drilling [Member]  
Property, plant, and equipment estimated useful lives (Year) 10 years
Machinery and Equipment - Computers [Member] | Minimum [Member]  
Property, plant, and equipment estimated useful lives (Year) 3 years
Machinery and Equipment - Computers [Member] | Maximum [Member]  
Property, plant, and equipment estimated useful lives (Year) 5 years
Energy Equipment [Member]  
Property, plant, and equipment estimated useful lives (Year) 15 years
Solar Facility Equipment [Member]  
Property, plant, and equipment estimated useful lives (Year) 30 years
Furniture and Fixtures [Member] | Minimum [Member]  
Property, plant, and equipment estimated useful lives (Year) 5 years
Furniture and Fixtures [Member] | Maximum [Member]  
Property, plant, and equipment estimated useful lives (Year) 15 years
Office Equipment - Other [Member] | Minimum [Member]  
Property, plant, and equipment estimated useful lives (Year) 5 years
Office Equipment - Other [Member] | Maximum [Member]  
Property, plant, and equipment estimated useful lives (Year) 10 years
Vehicles [Member] | Minimum [Member]  
Property, plant, and equipment estimated useful lives (Year) 5 years
Vehicles [Member] | Maximum [Member]  
Property, plant, and equipment estimated useful lives (Year) 7 years
v3.24.0.1
Note 1 - Business and Significant Accounting Policies - Contract Assets (Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Contract assets (*) [1] $ 18,367 $ 16,405
Contract liabilities (*) [1] (18,669) (8,785)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied 6,883 0
Cash received in advance for which revenues have not yet recognized, net of expenditures made (16,766) (2,604)
Reduction of contract assets as a result of rights to consideration becoming unconditional (4,094) (23,000)
Contract assets recognized, net of recognized receivables 6,056 32,780
Net change in contract assets and contract liabilities 1,962 9,780
Net change in contract assets and contract liabilities $ (9,883) $ (2,604)
[1] 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 consolidated balance sheets. The contract liabilities balance at the beginning of the year was partially recognized as product revenues during the year ended December 31, 2022 as a result of performance obligations that were partially satisfied.
v3.24.0.1
Note 1 - Business and Significant Accounting Policies - Impact of Adoption (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue [1] $ 829,424 $ 734,159 $ 663,084
Electricity [Member]      
Revenue 666,767 631,727 585,771
Electricity [Member] | Accounting Standards Update 2016-02 [Member]      
Revenue 542,065 529,264 502,355
Electricity and Product Revenue [Member] | Accounting Standards Update 2014-09 [Member]      
Revenue $ 287,359 $ 204,895 $ 160,729
[1] Revenues as reported in the geographic area in which they originate.
v3.24.0.1
Note 1 - Business and Significant Accounting Policies - Changes in the Allowance for Expected Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Beginning balance of the allowance for expected credit losses $ 90  
Ending balance of the allowance for expected credit losses 90 $ 90
Accounting Standards Update 2016-13 [Member]    
Beginning balance of the allowance for expected credit losses 90 90
Change in the provision for expected credit losses for the period 0 0
Ending balance of the allowance for expected credit losses $ 90 $ 90
v3.24.0.1
Note 1 - Business and Significant Accounting Policies - Shares Used to Calculate Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Weighted average number of shares used in computation of basic earnings per share (in shares) 59,424 56,063 56,004
Additional shares from the assumed exercise of employee stock-based awards (in shares) 338 440 398
Diluted (in shares) 59,762 56,503 56,402
v3.24.0.1
Note 1 - Business and Significant Accounting Policies - Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Redeemable noncontrolling interest as of January 1, $ 9,590 $ 9,329
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 939 638
Cash paid to noncontrolling interest (246) 0
Currency translation adjustments 316 (377)
Redeemable noncontrolling interest as of December 31, $ 10,599 $ 9,590
v3.24.0.1
Note 2 - Business Acquisitions (Details Textual) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jan. 04, 2024
Jul. 13, 2021
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Two Contracted Geothermal Assets in Nevada [Member]            
Payments to Acquire Businesses, Gross   $ 171.0        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital and Cash and Equivalents   $ 10.8        
Business Acquisition, Percentage of Voting Interests Acquired   100.00%        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finance Lease Liability [1]   $ 258.4        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables [2]   8.6        
Two Contracted Geothermal Assets in Nevada [Member] | Electricity Segment [Member]            
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual     $ 26.2 $ 51.7 $ 48.0  
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual     5.5 3.8 3.3  
Business Combination, Pro Forma Information, Tax and Finance Liability Interest Expense of Acquiree since Acquisition Date, Actual     $ 4.9 $ 8.3 $ 7.4  
Two Contracted Geothermal Assets in Nevada [Member] | Power Purchase Agreement [Member]            
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables   $ 7.8        
Two Contracted Geothermal Assets in Nevada [Member] | General and Administrative Expense [Member]            
Business Combination, Acquisition Related Costs           $ 4.7
Purchase Agreement With Enel Green Power North America [Member] | Subsequent Event [Member]            
Payments to Acquire Businesses, Gross $ 272.0          
Business Acquisition, Percentage of Voting Interests Acquired 100.00%          
[1] Financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024, which continues to be applicable to the Company. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financing liability. This financing liability, as well as the related power plant asset, were measured at their acquisition-date fair value.
[2] The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.
v3.24.0.1
Note 2 - Business Acquisitions - Fair Value of Amounts of Identified Assets and Liabilities Assumed in a Business Combination (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 13, 2021
Goodwill $ 90,544 $ 90,325 $ 89,954  
Two Contracted Geothermal Assets in Nevada [Member]        
Cash and cash equivalents and restricted cash       $ 10,900
Trade receivables and others (1) [1]       8,600
Deferred income taxes       22,800
Property, plant and equipment and construction-in-process       152,000
Intangible assets (2) [2]       191,600
Goodwill [3]       66,200
Total assets acquired       452,100
Accounts payable, accrued expenses and others       6,600
Financing liability (4) [4]       258,400
Asset retirement obligation       5,300
Total liabilities assumed       270,300
Total assets acquired, and liabilities assumed, net       $ 181,800
[1] The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021.
[2] Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs.
[3] Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below.
[4] Financing liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller's continued involvement and management of the power plant and the existence of an early buy-out option in September 2024, which continues to be applicable to the Company. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financing liability. This financing liability, as well as the related power plant asset, were measured at their acquisition-date fair value.
v3.24.0.1
Note 2 - Business Acquisitions - Summary of Pro Forma Information Related to a Business Combination (Details) - Two Contracted Geothermal Assets in Nevada [Member]
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Business Acquisition, Pro Forma Revenue $ 690.6
Net income attributable to the Company's stockholders 69.6
Electricity Segment [Member]  
Business Acquisition, Pro Forma Revenue $ 613.3
v3.24.0.1
Note 3 - Inventories - Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Raw materials and purchased parts for assembly $ 20,588 $ 10,629
Self-manufactured assembly parts and finished products 24,449 12,203
Total $ 45,037 $ 22,832
v3.24.0.1
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Costs and estimated earnings incurred on uncompleted contracts $ 267,111 $ 155,407
Less billings to date (267,413) (147,787)
Total $ (302) $ 7,620
v3.24.0.1
Note 4 - Cost and Estimated Earnings on Uncompleted Contracts - Cost and Estimated Earnings on Uncompleted Contracts Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Costs and estimated earnings in excess of billings on uncompleted contracts $ 18,367 $ 16,405
Billings in excess of costs and estimated earnings on uncompleted contracts (18,669) (8,785)
Total $ (302) $ 7,620
v3.24.0.1
Note 5 - Investment in Unconsolidated Companies (Details Textual)
$ in Thousands
 12 Months Ended 18 Months Ended
Jul. 02, 2019
USD ($)
Dec. 31, 2023
USD ($)
MWh
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Payments to Acquire Equity Method Investments   $ 10,181 $ 4,509 $ 6,401  
Subsidiary of Medco Power [Member] | Ijen Geothermal Project Company [Member]          
Ownership Percentage Of Common Shares Outstanding   51.00%      
Ijen Geothermal Project Company [Member]          
Equity Method Investment, Ownership Percentage 49.00%        
Payments to Acquire Equity Method Investments $ 2,700 $ 6,100 4,500 6,400 $ 48,700
Sarulla [Member]          
Jointly Owned Utility Plant, Proportionate Ownership Share   12.75%      
Expected Power Generating Capacity (Megawatt-Hour) | MWh   330      
Number of Phases of Construction   3      
Power Utilization (Megawatt-Hour) | MWh   110      
Power Plant Usage Agreement Term (Year)   30 years      
Payments to Acquire Projects   $ 0 0 0  
Accumulated Cash Contributions to Acquire Projects   62,000      
Sarulla [Member] | Interest Rate Swap [Member]          
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax   $ 1,500 $ 2,000 $ 6,400  
v3.24.0.1
Note 5 - Investment in Unconsolidated Companies - Unconsolidated Investments Mainly in Power Plants (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Total investment in unconsolidated companies $ 125,439 $ 115,693
Sarulla [Member]    
Total investment in unconsolidated companies 71,744 74,881
Ijen Geothermal Project Company [Member]    
Total investment in unconsolidated companies 51,695 40,812
Other Investment [Member]    
Other investment, at cost $ 2,000 $ 0
v3.24.0.1
Note 5 - Investment in Unconsolidated Companies - Unrealized Gain (Loss) on Derivative Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest Rate Swap [Member] | Sarulla [Member]      
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge $ (470) $ 8,370 $ 3,892
v3.24.0.1
Note 6 - Variable Interest Entities - Assets and Liabilities for the Company's 2015 Variable Interest Entity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted cash and cash equivalents (primarily related to VIEs) $ 91,962 $ 130,804  
Property, plant and equipment, net 2,998,949 2,493,457  
Construction-in-process 814,967 893,198  
Total assets [1],[2] 5,208,279 4,611,579 $ 4,425,678
Accounts payable and accrued expenses 214,518 149,423  
Long-term debt 1,989,557    
Other long-term liabilities 22,107 3,317  
Total liabilities 2,756,693 2,581,014  
Assets:      
Restricted cash and cash equivalents 91,962 130,804 104,166
Property, plant and equipment, net 2,998,949 2,493,457  
Construction-in-process 814,967 893,198  
Total assets [1],[2] 5,208,279 4,611,579 $ 4,425,678
Liabilities:      
Accounts payable and accrued expenses 214,518 149,423  
Long-term debt 1,989,557    
Other long-term liabilities 22,107 3,317  
Total liabilities 2,756,693 2,581,014  
Variable Interest Entity, Primary Beneficiary [Member]      
Construction-in-process 376,602 360,508  
Assets:      
Construction-in-process 376,602 360,508  
Variable Interest Entity, Primary Beneficiary [Member] | Project Debt [Member]      
Total assets 2,311,992 2,182,215  
Total liabilities 1,019,932 1,079,928  
Assets:      
Total assets 2,311,992 2,182,215  
Liabilities:      
Total liabilities 1,019,932 1,079,928  
Variable Interest Entity, Primary Beneficiary [Member] | Power Purchase Agreement [Member]      
Total assets 1,510,059 1,146,350  
Total liabilities 75,904 58,900  
Assets:      
Total assets 1,510,059 1,146,350  
Liabilities:      
Total liabilities 75,904 58,900  
Variable Interest Entity, Primary Beneficiary [Member] | Project Debt [Member]      
Restricted cash and cash equivalents (primarily related to VIEs) 91,586    
Other current assets 154,781 128,414  
Property, plant and equipment, net 1,646,973 1,516,107  
Construction-in-process 112,469 104,956  
Other long-term assets 306,183 304,766  
Accounts payable and accrued expenses 33,357 42,577  
Long-term debt 545,954 637,080  
Other long-term liabilities 440,621 400,271  
Assets:      
Restricted cash and cash equivalents   127,972  
Other current assets 154,781 128,414  
Property, plant and equipment, net 1,646,973 1,516,107  
Construction-in-process 112,469 104,956  
Other long-term assets 306,183 304,766  
Liabilities:      
Accounts payable and accrued expenses 33,357 42,577  
Long-term debt 545,954 637,080  
Other long-term liabilities 440,621 400,271  
Variable Interest Entity, Primary Beneficiary [Member] | Power Purchase Agreement [Member]      
Restricted cash and cash equivalents (primarily related to VIEs) 0    
Other current assets 46,501 29,377  
Property, plant and equipment, net 1,155,947 810,384  
Construction-in-process 264,133 255,552  
Other long-term assets 43,478 51,037  
Accounts payable and accrued expenses 14,619 8,552  
Long-term debt 0 0  
Other long-term liabilities 61,285 50,348  
Assets:      
Restricted cash and cash equivalents   0  
Other current assets 46,501 29,377  
Property, plant and equipment, net 1,155,947 810,384  
Construction-in-process 264,133 255,552  
Other long-term assets 43,478 51,037  
Liabilities:      
Accounts payable and accrued expenses 14,619 8,552  
Long-term debt 0 0  
Other long-term liabilities $ 61,285 $ 50,348  
[1] Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021.
[2] Including unconsolidated investments
v3.24.0.1
Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax $ 1,511    
Cross Currency Interest Rate Contract [Member]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax 1,500 $ 464 $ 817
Cross Currency Interest Rate Contract [Member] | Prepaid Expenses and Other and Deposits and Other [Member]      
Derivatives, Cash Collateral Deposits $ 10,600 $ 0  
v3.24.0.1
Note 7 - Fair Value of Financial Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Reported Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) $ 53,877 $ 34,832
Fair Value, Net Asset (Liability) 43,461 34,420
Marketable securities   136
Reported Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [1] 1,406  
Derivative Assets, current [2]   (800)
Reported Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Liability, Current [3] (8,137)  
Derivative Asset, noncurrent [3] (3,686) (2,777)
Derivative Assets, current [3]   3,029
Estimate of Fair Value Measurement [Member]    
Cash equivalents (including restricted cash accounts) 53,877 34,832
Fair Value, Net Asset (Liability) 43,461 34,420
Marketable securities   136
Estimate of Fair Value Measurement [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [1] 1,406  
Derivative Assets, current [2]   (800)
Estimate of Fair Value Measurement [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Liability, Current [3] (8,137)  
Derivative Asset, noncurrent [3] (3,686) (2,777)
Derivative Assets, current [3]   3,029
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents (including restricted cash accounts) 53,877 34,832
Fair Value, Net Asset (Liability) 53,877 34,968
Marketable securities   136
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [1] 0  
Derivative Assets, current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Liability, Current [3] 0  
Derivative Asset, noncurrent [3] 0 0
Derivative Assets, current [3]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Fair Value, Net Asset (Liability) (10,416) (548)
Marketable securities   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [1] 1,406  
Derivative Assets, current [2]   (800)
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Liability, Current [3] (8,137)  
Derivative Asset, noncurrent [3] (3,686) (2,777)
Derivative Assets, current [3]   3,029
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents (including restricted cash accounts) 0 0
Fair Value, Net Asset (Liability) 0 0
Marketable securities   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Currency Forward Contracts [Member]    
Derivative Liability, Current [1] 0  
Derivative Assets, current [2]   0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member]    
Derivative Liability, Current [3] 0  
Derivative Asset, noncurrent [3] $ 0 0
Derivative Assets, current [3]   $ 0
[1] 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 condensed consolidated balance sheets on March 31, 2023 and December 31, 2022, with the corresponding gain or loss being recognized within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of operations and comprehensive income.
[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" and "Accounts payable and accrued expenses" on December 31, 2023 and December 31, 2022, as applicable, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.
[3] These amounts relate to cross currency swap contracts valued primarily based on the present value of the Cross Currency Swap future settlement prices for USD and NIS zero yield curves and the applicable exchange rate as of December 31, 2023. These amounts are included within “Accounts payable and accrued expenses” and “Other long-term liabilities” on December 31, 2023 and within "Prepaid expenses and other" and “Accounts payable and accrued expenses” on December 31, 2022 in the consolidated balance sheets. Cash collateral deposits in respect of the cross currency swap are presented under “Receivables, others” in the consolidated balance sheet, and amounted to $10.6 million as of December 31, 2023, and none as of December 31, 2022.
v3.24.0.1
Note 7 - Fair Value of Financial Instruments - Amounts of Gain (Loss) Recognized in Condensed Consolidated Statements on Derivative Instruments Not Designated as Hedges (Details) - Derivatives and Foreign Currency Transaction Gains (Losses) [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amount of gain (loss) recognized $ (2,190) $ (5,466) $ (13,172)
Swap Transaction on RRS Prices [Member]      
Amount of gain (loss) recognized 0 0 (14,540)
Currency Forward Contracts [Member]      
Amount of gain (loss) recognized [1] (2,190) (5,466) 1,368
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]      
Amount of gain (loss) recognized [2] $ (6,201) $ (36,803) $ 10,501
[1] The foregoing currency forward and price swap 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. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.
[2] The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. 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 consolidated statements of operations and comprehensive income.
v3.24.0.1
Note 7 - Fair Value of Financial Instruments - Effect of Cash Flow Hedge on Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Balance in Other comprehensive income (loss) beginning of period $ 2,020,975 $ 1,998,461 $ 1,941,437
Balance in Other comprehensive income (loss) end of period 2,440,987 2,020,975 1,998,461
Cross Currency Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member]      
Balance in Other comprehensive income (loss) beginning of period 3,920 5,745 3,366
Gain or (loss) recognized in Other comprehensive income (loss) (1) [1] 1,963 (38,628) 12,880
Amount reclassified from Other comprehensive income (loss) into earnings (6,201) 36,803 (10,501)
Balance in Other comprehensive income (loss) end of period $ (318) $ 3,920 $ 5,745
[1] The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 is net of tax of $1.5 million, $0.5 million and $0.8 million, respectively.
v3.24.0.1
Note 7 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Approximates Its Carrying Amount, Exceptions (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Financing Liability - Dixie Valley $ 207.2 $ 219.8
Mizrahi Loan Agreement [Member]    
Loans 61.4 71.4
Mizrahi Loan Agreement 2023 [Member]    
Loans 52.0  
Convertible Senior Notes [Member]    
Notes 444.6 505.3
HSBC Loan Agreement [Member]    
Loans 33.8 40.3
Hapoalim Loan Agreement [Member]    
Loans 75.0 91.1
Hapoalim Loan Agreement 2023 [Member]    
Loans 99.7  
Discount Loan Agreement [Member]    
Loans 69.9 81.1
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 21.6 26.5
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.0 23.3
Platanares Loan - OPIC [Member]    
Loans 71.3 80.2
Amatitlan Loan [Member]    
Loans   14.7
OFC Senior Secured Notes [Member]    
Notes 134.2 149.8
Don A. Campbell 1 ("DAC1") [Member]    
Notes 52.3 57.4
USG Prudential - NV [Member]    
Notes 22.3 23.7
USG Prudential - ID [Member]    
Notes 54.1 56.8
USG DOE [Member]    
Notes 30.0 32.8
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 202.8 235.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 150.4 166.4
Plumstriker Loan Agreement [Member]    
Loans   11.2
Estimate of Fair Value Measurement [Member]    
Financing Liability - Dixie Valley 207.2 219.8
Other long-term debt 6.8 9.2
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans 61.4 71.4
Estimate of Fair Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 52.0 0.0
Estimate of Fair Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes 444.6 505.3
Estimate of Fair Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans 33.8 40.3
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans 75.0 91.1
Estimate of Fair Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 99.7 0.0
Estimate of Fair Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans 69.9 81.1
Estimate of Fair Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans 116.4 134.2
Estimate of Fair Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 21.6 26.5
Estimate of Fair Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.0 23.3
Estimate of Fair Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans 71.3 80.2
Estimate of Fair Value Measurement [Member] | Amatitlan Loan [Member]    
Loans 0.0 14.7
Estimate of Fair Value Measurement [Member] | OFC Senior Secured Notes [Member]    
Loans 134.2 149.8
Estimate of Fair Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Loans 52.3 57.4
Estimate of Fair Value Measurement [Member] | USG Prudential - NV [Member]    
Notes 22.3 23.7
Estimate of Fair Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 54.1 56.8
Estimate of Fair Value Measurement [Member] | USG DOE [Member]    
Notes 30.0 32.8
Estimate of Fair Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 202.8 235.1
Estimate of Fair Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 150.4 166.4
Estimate of Fair Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans 0.0 11.2
Reported Value Measurement [Member]    
Financing Liability - Dixie Valley 225.8 242.0
Other long-term debt [1] 7.7 10.4
Reported Value Measurement [Member] | Mizrahi Loan Agreement [Member]    
Loans [1] 60.9 70.3
Reported Value Measurement [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 50.0 0.0
Reported Value Measurement [Member] | Convertible Senior Notes [Member]    
Notes [1] 431.3 431.3
Reported Value Measurement [Member] | HSBC Loan Agreement [Member]    
Loans [1] 35.7 42.9
Reported Value Measurement [Member] | Hapoalim Loan Agreement [Member]    
Loans [1] 80.4 98.2
Reported Value Measurement [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 95.0 0.0
Reported Value Measurement [Member] | Discount Loan Agreement [Member]    
Loans [1] 75.0 87.5
Reported Value Measurement [Member] | Olkaria III OPIC [Member]    
Loans [1] 120.7 138.7
Reported Value Measurement [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans [1] 22.5 27.5
Reported Value Measurement [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans [1] 19.7 24.0
Reported Value Measurement [Member] | Platanares Loan - OPIC [Member]    
Loans [1] 71.7 79.9
Reported Value Measurement [Member] | Amatitlan Loan [Member]    
Loans [1] 0.0 15.8
Reported Value Measurement [Member] | OFC Senior Secured Notes [Member]    
Loans 142.5 158.0
Reported Value Measurement [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Loans 57.4 62.7
Reported Value Measurement [Member] | USG Prudential - NV [Member]    
Notes [1] 23.9 25.0
Reported Value Measurement [Member] | USG Prudential - ID [Member]    
Notes 58.9 61.6
Reported Value Measurement [Member] | USG DOE [Member]    
Notes [1] 30.2 32.8
Reported Value Measurement [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt [1] 220.6 255.8
Reported Value Measurement [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt [1] 158.0 174.8
Reported Value Measurement [Member] | Plumstriker Loan Agreement [Member]    
Loans [1] $ 0.0 $ 11.4
[1] Carrying amount value excludes the related deferred financing costs.
v3.24.0.1
Note 7 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Financing Liability - Dixie Valley $ 207.2 $ 219.8
Deposits 20.9 13.9
Mizrahi Loan Agreement [Member]    
Loans 61.4 71.4
Mizrahi Loan Agreement 2023 [Member]    
Loans 52.0  
Convertible Senior Notes [Member]    
Notes 444.6 505.3
HSBC Loan Agreement [Member]    
Loans 33.8 40.3
Hapoalim Loan Agreement [Member]    
Loans 75.0 91.1
Discount Loan Agreement [Member]    
Loans 69.9 81.1
Hapoalim Loan Agreement 2023 [Member]    
Loans 99.7  
Olkaria III Loan DFC [Member]    
Loans 116.4 134.2
Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 21.6 26.5
Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.0 23.3
Platanares Loan - OPIC [Member]    
Loans 71.3 80.2
Amatitlan Loan [Member]    
Loans   14.7
OFC Senior Secured Notes [Member]    
Notes 134.2 149.8
Don A. Campbell 1 ("DAC1") [Member]    
Notes 52.3 57.4
USG Prudential - NV [Member]    
Notes 22.3 23.7
USG Prudential - ID [Member]    
Notes 54.1 56.8
USG DOE [Member]    
Notes 30.0 32.8
Senior Unsecured Bonds [Member]    
Senior Unsecured debt 202.8 235.1
Senior Unsecured Loan [Member]    
Senior Unsecured debt 150.4 166.4
Plumstriker Loan Agreement [Member]    
Loans   11.2
Other Long-term Debt [Member]    
Senior Unsecured debt 6.8 9.2
Fair Value, Inputs, Level 1 [Member]    
Financing Liability - Dixie Valley 0.0 0.0
Deposits 20.9 13.9
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Convertible Senior Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 1 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Amatitlan Loan [Member]    
Loans   0.0
Fair Value, Inputs, Level 1 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 1 [Member] | Plumstriker Loan Agreement [Member]    
Loans   0.0
Fair Value, Inputs, Level 1 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member]    
Financing Liability - Dixie Valley 0.0 0.0
Deposits 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Convertible Senior Notes [Member]    
Notes 444.6 505.3
Fair Value, Inputs, Level 2 [Member] | HSBC Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Discount Loan Agreement [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 0.0  
Fair Value, Inputs, Level 2 [Member] | Olkaria III Loan DFC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Platanares Loan - OPIC [Member]    
Loans 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Amatitlan Loan [Member]    
Loans   14.7
Fair Value, Inputs, Level 2 [Member] | OFC Senior Secured Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - NV [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG Prudential - ID [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | USG DOE [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 2 [Member] | Plumstriker Loan Agreement [Member]    
Loans   11.2
Fair Value, Inputs, Level 2 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt 0.0 0.0
Fair Value, Inputs, Level 3 [Member]    
Financing Liability - Dixie Valley 207.2 219.8
Deposits 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement [Member]    
Loans 61.4 71.4
Fair Value, Inputs, Level 3 [Member] | Mizrahi Loan Agreement 2023 [Member]    
Loans 52.0  
Fair Value, Inputs, Level 3 [Member] | Convertible Senior Notes [Member]    
Notes 0.0 0.0
Fair Value, Inputs, Level 3 [Member] | HSBC Loan Agreement [Member]    
Loans 33.8 40.3
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement [Member]    
Loans 75.0 91.1
Fair Value, Inputs, Level 3 [Member] | Discount Loan Agreement [Member]    
Loans 69.9 81.1
Fair Value, Inputs, Level 3 [Member] | Hapoalim Loan Agreement 2023 [Member]    
Loans 99.7  
Fair Value, Inputs, Level 3 [Member] | Olkaria III Loan DFC [Member]    
Loans 116.4 134.2
Fair Value, Inputs, Level 3 [Member] | Olkaria III Plant 4 Loan - DEG 2 [Member]    
Loans 21.6 26.5
Fair Value, Inputs, Level 3 [Member] | Olkaria III plant 1 Loan - DEG 3 [Member]    
Loans 19.0 23.3
Fair Value, Inputs, Level 3 [Member] | Platanares Loan - OPIC [Member]    
Loans 71.3 80.2
Fair Value, Inputs, Level 3 [Member] | Amatitlan Loan [Member]    
Loans   0.0
Fair Value, Inputs, Level 3 [Member] | OFC Senior Secured Notes [Member]    
Notes 134.2 149.8
Fair Value, Inputs, Level 3 [Member] | Don A. Campbell 1 ("DAC1") [Member]    
Notes 52.3 57.4
Fair Value, Inputs, Level 3 [Member] | USG Prudential - NV [Member]    
Notes 22.3 23.7
Fair Value, Inputs, Level 3 [Member] | USG Prudential - ID [Member]    
Notes 54.1 56.8
Fair Value, Inputs, Level 3 [Member] | USG DOE [Member]    
Notes 30.0 32.8
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Bonds [Member]    
Senior Unsecured debt 202.8 235.1
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Loan [Member]    
Senior Unsecured debt 150.4 166.4
Fair Value, Inputs, Level 3 [Member] | Plumstriker Loan Agreement [Member]    
Loans   0.0
Fair Value, Inputs, Level 3 [Member] | Other Long-term Debt [Member]    
Senior Unsecured debt $ 6.8 $ 9.2
v3.24.0.1
Note 8 - Property, Plant and Equipment and Construction-in-process (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Depreciation $ 186,500 $ 163,200 $ 153,000
Depreciation Net Of Amortization Of Cash Grant 6,900 7,500 7,400
Property, Plant and Equipment Including Construction In Progress, Net 3,059,700 2,830,300  
Property, Plant and Equipment, Cash Grant, Net 128,000 144,400  
Impairment, Long-Lived Asset, Held-for-Use, Total 0 32,648 $ 0
Geotermica Platanares [Member]      
Property, Plant and Equipment Including Construction In Progress, Net $ 81,900 79,500  
Power Plant Usage Agreement Term (Year) 15 years    
Geothermie Bouillante SA (“GB”) [Member]      
Property, Plant and Equipment Including Construction In Progress, Net $ 101,700 43,500  
North Brawley Geothermal Power Plant [Member]      
Property, Plant, and Equipment, Fair Value Disclosure   13,600  
Impairment, Long-Lived Asset, Held-for-Use, Total   $ 30,500  
Weighted Average Cost Of Capital   9.00%  
Orzunil I de Electricidad, Limitada [Member]      
Property, Plant and Equipment Including Construction In Progress, Net 31,900 $ 27,100  
Ortitlan Limitada [Member]      
Property, Plant and Equipment Including Construction In Progress, Net $ 42,800 42,300  
Orzunil I de Electricidad, Limitada [Member]      
Noncontrolling Interest, Ownership Percentage by Parent 97.00%    
Kenya Power and Lighting Co Limited [Member]      
Power Purchase Agreements Term (Year) 20 years    
EDF [Member] | Geothermie Bouillante SA (“GB”) [Member]      
Power Purchase Agreements Term (Year) 15 years    
Foreign Countries [Member]      
Property, Plant and Equipment Including Construction In Progress, Net $ 754,200 556,400  
KENYA | Power Plants [Member]      
Property, Plant and Equipment Including Construction In Progress, Net $ 377,600 $ 301,500  
v3.24.0.1
Note 8 - Property, Plant and Equipment and Construction-in-process - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, plant and equipment $ 4,883,933 $ 4,183,029
Asset retirement cost 59,123 48,578
Less accumulated depreciation (1,884,984) (1,689,572)
Property, plant and equipment, net 2,998,949 2,493,457
Land [Member]    
Property, plant and equipment 47,612 42,335
Leasehold Improvements [Member]    
Property, plant and equipment 12,588 13,230
Machinery and Equipment [Member]    
Property, plant and equipment 341,931 350,584
Office Equipment [Member]    
Property, plant and equipment 127,970 52,222
Vehicles [Member]    
Property, plant and equipment 17,097 14,115
Energy Equipment [Member]    
Property, plant and equipment 158,604 91,025
Solar Facility Equipment [Member]    
Property, plant and equipment 59,214 32,003
Geothermal And Recovered Energy Generation Power Plants [Member] | UNITED STATES    
Property, plant and equipment 3,191,505 2,641,280
Geothermal And Recovered Energy Generation Power Plants [Member] | Foreign Countries [Member]    
Property, plant and equipment $ 868,289 $ 897,657
v3.24.0.1
Note 8 - Property, Plant and Equipment and Construction-in-process - Construction-in-process (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Construction-in-process $ 814,967 $ 893,198    
Projects Under Exploration and Development [Member]        
Construction-in-process 162,476 95,268 $ 50,702 $ 51,528
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member]        
Construction-in-process 5,335 5,335 5,335 5,347
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member]        
Construction-in-process 156,438 89,230 44,664 45,478
Projects Under Exploration and Development [Member] | Interest Capitalized [Member]        
Construction-in-process 703 703 $ 703 $ 703
Projects Under Construction [Member]        
Construction-in-process 652,491 797,930    
Projects Under Construction [Member] | Up-front Bonus Lease Costs [Member]        
Construction-in-process 11,156 11,156    
Projects Under Construction [Member] | Interest Capitalized [Member]        
Construction-in-process 22,919 25,645    
Projects Under Construction [Member] | Drilling And Construction Costs [Member]        
Construction-in-process $ 618,416 $ 761,129    
v3.24.0.1
Note 8 - Property, Plant and Equipment and Construction-in-process - Activity in Construction and Development (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Balance $ 893,198    
Write off of unsuccessful exploration costs (3,733) $ (828) $ 0
Balance 814,967 893,198  
Projects Under Exploration and Development [Member]      
Balance 95,268 50,702 51,528
Cost incurred during the year 70,667 44,566 2,680
Transfer of projects under exploration and development to projects under construction     (3,506)
Write off of unsuccessful exploration costs (3,459)    
Balance 162,476 95,268 50,702
Projects Under Exploration and Development [Member] | Up-front Bonus Lease Costs [Member]      
Balance 5,335 5,335 5,347
Cost incurred during the year 0 0 0
Transfer of projects under exploration and development to projects under construction     (12)
Write off of unsuccessful exploration costs 0    
Balance 5,335 5,335 5,335
Projects Under Exploration and Development [Member] | Exploration and Development Costs [Member]      
Balance 89,230 44,664 45,478
Cost incurred during the year 70,667 44,566 2,680
Transfer of projects under exploration and development to projects under construction     (3,494)
Write off of unsuccessful exploration costs (3,459)    
Balance 156,438 89,230 44,664
Projects Under Exploration and Development [Member] | Interest Capitalized [Member]      
Balance 703 703 703
Cost incurred during the year 0 0 0
Transfer of projects under exploration and development to projects under construction     0
Write off of unsuccessful exploration costs 0    
Balance 703 703 703
Construction in Progress [Member]      
Balance 797,930 670,781 427,787
Cost incurred during the year 488,603 495,526 413,842
Transfer of projects under exploration and development to projects under construction     3,506
Write off of unsuccessful exploration costs (993)    
Balance 652,491 797,930 670,781
Transfer of completed projects to property, plant and equipment (633,049) (368,377) (174,354)
Construction in Progress [Member] | Up-front Bonus Lease Costs [Member]      
Balance 11,156 39,156 39,144
Cost incurred during the year 0 0 0
Transfer of projects under exploration and development to projects under construction     12
Write off of unsuccessful exploration costs 0    
Balance 11,156 11,156 39,156
Transfer of completed projects to property, plant and equipment 0 (28,000) 0
Construction in Progress [Member] | Drilling And Construction Costs [Member]      
Balance 761,129 611,553 379,117
Cost incurred during the year 473,422 489,953 403,296
Transfer of projects under exploration and development to projects under construction     3,494
Write off of unsuccessful exploration costs (993)    
Balance 618,416 761,129 611,553
Transfer of completed projects to property, plant and equipment (615,142) (340,377) (174,354)
Construction in Progress [Member] | Interest Capitalized [Member]      
Balance 25,645 20,072 9,526
Cost incurred during the year 15,181 5,573 10,546
Transfer of projects under exploration and development to projects under construction     0
Write off of unsuccessful exploration costs 0    
Balance 22,919 25,645 20,072
Transfer of completed projects to property, plant and equipment $ (17,907) $ 0 $ 0
v3.24.0.1
Note 8 - Property, Plant and Equipment and Construction-in-process - Significant Unobservable Inputs (Details) - North Brawley Geothermal Power Plant [Member]
Dec. 31, 2023
USD ($)
Average generation capacity (MW) 7
Electricity price escalation (%) 2.20%
Cost long-term growth rate 2.2
Average realized electricity price ($/MW) $ 92.2
v3.24.0.1
Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Net $ 307,609    
Finite-Lived Intangible Assets, Accumulated Amortization 150,212 $ 122,805  
Amortization of Intangible Assets 26,800 27,200 $ 21,700
Increase (Decrease) in Intangible Assets, Current 0 0  
Finite Lived Intangible Assets, Write off 0 900 0
Goodwill 90,544 90,325 89,954
Goodwill, Impairment Loss 0 0 $ 0
Goodwill, Acquired During Period 0 0  
Power Purchase Agreements and Intangible Assets Related to Storage Activities [Member]      
Finite-Lived Intangible Assets, Net 307,600 333,800  
Finite-Lived Intangible Assets, Accumulated Amortization $ 150,200 $ 122,800  
v3.24.0.1
Note 9 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-lived intangible asset, gross $ 457,821 $ 456,650
Finite-lived intangible asset, accumulated amortization (150,212) (122,805)
Intangible Assets in Electricity Segment [Member]    
Finite-lived intangible asset, gross 403,511 402,340
Finite-lived intangible asset, accumulated amortization (127,324) (104,601)
Intangible Assets in Storage Segment [Member]    
Finite-lived intangible asset, gross 54,310 54,310
Finite-lived intangible asset, accumulated amortization $ (22,888) $ (18,204)
v3.24.0.1
Note 9 - Intangible Assets and Goodwill - Estimated Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
2024 $ 26,277
2025 25,911
2026 24,056
2027 22,176
2028 21,903
Thereafter 187,286
Total $ 307,609
v3.24.0.1
Note 9 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill $ 90,325 $ 89,954
Translation differences 219 371
Goodwill $ 90,544 $ 90,325
v3.24.0.1
Note 10 - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Trade payable $ 140,694 $ 77,551
Salaries and other payroll costs 28,302 24,205
Customer advances 769 1,060
Accrued interest 17,826 14,063
Income tax payable 6,995 8,393
Property tax payable 2,606 3,271
Scheduling and transmission 1,892 1,000
Royalty accrual 5,445 9,825
Warranty accrual 1,812 1,705
Other 8,177 8,350
Total $ 214,518 $ 149,423
v3.24.0.1
Note 11 - Long-term Debt, Credit Agreements and Finance Liability (Details Textual)
$ / shares in Units, $ in Thousands, ₪ in Billions
 1 Months Ended 6 Months Ended 12 Months Ended
Nov. 01, 2023
USD ($)
Sep. 29, 2023
USD ($)
Apr. 04, 2023
USD ($)
Feb. 27, 2023
USD ($)
Nov. 28, 2022
USD ($)
Jun. 27, 2022
USD ($)
Jun. 22, 2022
USD ($)
$ / shares
shares
Apr. 12, 2022
USD ($)
Sep. 02, 2021
USD ($)
Jul. 15, 2021
USD ($)
Jul. 12, 2021
USD ($)
May 30, 2019
Apr. 09, 2019
USD ($)
Mar. 25, 2019
USD ($)
Mar. 22, 2018
USD ($)
Dec. 21, 2016
USD ($)
Jul. 31, 2015
USD ($)
MWh
Feb. 29, 2012
Oct. 31, 2018
MWh
May 31, 2013
Sep. 30, 2022
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
Sep. 30, 2023
Mar. 14, 2023
$ / shares
Jan. 28, 2022
Dec. 31, 2020
USD ($)
Jul. 01, 2020
USD ($)
Jul. 01, 2020
ILS (₪)
Apr. 30, 2020
USD ($)
May 04, 2019
USD ($)
Apr. 29, 2019
Apr. 04, 2019
USD ($)
Jan. 04, 2019
USD ($)
Apr. 30, 2018
USD ($)
May 31, 2017
USD ($)
Nov. 29, 2016
USD ($)
Oct. 20, 2016
USD ($)
Aug. 29, 2014
USD ($)
Aug. 23, 2012
USD ($)
Oct. 31, 2011
USD ($)
Sep. 30, 2011
USD ($)
Aug. 31, 2011
USD ($)
Proceeds from Lines of Credit, Total                                           $ 55,000 $ 0 $ 0                                        
Long-Term Debt, Total                                           1,989,557                                            
Proceeds from Notes Payable                                           $ 0 $ 419,698 0                                        
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares             $ 0.001                             $ 0.001 $ 0.001     $ 0.001                                    
Amortization of Debt Issuance Costs                                           $ 5,900 $ 4,200 3,200                                        
Purchase of Capped Call Instruments                                           (0) 24,538 (0)                                        
Payments for Repurchase of Common Stock                                         $ 18,000 (0) 17,964 (0)                                        
Treasury Stock, Shares, Acquired (in shares) | shares                                         258,667                                              
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares                                         $ 69.45                                              
Letters of Credit Outstanding, Amount                                           $ 302,800                                            
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio                                           3.74                                            
Stockholders' Equity Attributable to Parent, Ending Balance                                           $ 2,315,427 1,867,571                                          
Percentage Of Company Assets                                           46.90%                                            
Equity, Including Portion Attributable to Noncontrolling Interest                                           $ 2,440,987 2,020,975 1,998,461       $ 1,941,437                                
Payments of Dividends                                           28,400 $ 27,100 $ 27,000                                        
Covenant Requirement Minimum [Member]                                                                                        
Stockholders' Equity Attributable to Parent, Ending Balance                                           $ 750,000                                            
Percentage Of Company Assets                                           25.00%                                            
Call Option [Member]                                                                                        
Option Indexed to Issuer's Equity, Shares (in shares) | shares             4,800,000                                                                          
Option Indexed to Issuer's Equity, Strike Price (in dollars per share) | $ / shares             $ 90.27                                                                          
Option Indexed to Issuer's Equity, Cap Price             107.63%                                                                          
Option Indexed to Issuer's Equity, Premium Percentage             55.00%                                                                          
Purchase of Capped Call Instruments             $ 24,500                                                                          
Convertible Senior Notes [Member]                                                                                        
Debt Instrument, Face Amount           $ 431,250 $ 375,000                                                                          
Debt Instrument, Interest Rate, Stated Percentage           2.50% 2.50%                                                                          
Proceeds from Notes Payable           $ 56,250                                                                            
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger             130.00%                                                                          
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares             $ 90.27                             $ 90.27 $ 90.27                                          
Debt Instrument, Convertible, Maximum Percentage of Stock Price Trigger Per $1000             98.00%                                                                          
Debt Instrument, Convertible, Conversion Shares Per $1000             11.0776                                                                          
Debt Instrument, Redemption Price, Percentage             100.00%                                                                          
Debt Issuance Costs, Gross                                           $ 11,600                                            
Amortization of Debt Issuance Costs                                           $ 2,300                                            
Debt Instrument, Interest Rate, Effective Percentage                                           3.10%                                            
Maximum [Member] | Covenant Requirement Minimum [Member]                                                                                        
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio                                           6                                            
Mizrahi Loan Agreement 2023 [Member]                                                                                        
Debt Instrument, Face Amount $ 50,000                                         $ 50,000                                            
Debt Instrument, Number of Semi-annual Payments 16                                                                                      
Debt Instrument, Periodic Payment $ 3,100                                                                                      
Debt Instrument, Term (Year) 8 years                                                                                      
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio 6                                                                                      
Debt Instrument, Covenant, Minimum Equity Capital, Amount $ 750,000                                                                                      
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent 25.00%                                                                                      
Debt Instrument, Interest Rate, Stated Percentage [1]                                           7.15%                                            
Long-Term Debt, Gross                                           $ 50,000                                            
Hapoalim Loan Agreement 2023 [Member]                                                                                        
Debt Instrument, Face Amount       $ 100,000                                   $ 100,000                                            
Debt Instrument, Number of Semi-annual Payments       20                                                                                
Debt Instrument, Periodic Payment       $ 5,000                                                                                
Debt Instrument, Term (Year)       10 years                                                                                
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio       6                                                                                
Debt Instrument, Covenant, Minimum Equity Capital, Amount       $ 750,000                                                                                
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent       25.00%                                                                                
Debt Instrument, Interest Rate, Stated Percentage                                           6.45%                                            
Long-Term Debt, Gross                                           $ 95,000                                            
Mizrahi Loan Agreement [Member]                                                                                        
Debt Instrument, Face Amount               $ 75,000                           $ 75,000                                            
Debt Instrument, Number of Semi-annual Payments               16                                                                        
Debt Instrument, Periodic Payment               $ 4,700                                                                        
Debt Instrument, Term (Year)               8 years                                                                        
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio               6                                                                        
Debt Instrument, Covenant, Minimum Equity Capital, Amount               $ 750,000                                                                        
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent               25.00%                                                                        
Debt Instrument, Interest Rate, Stated Percentage [1]                                           4.10%                                            
Long-Term Debt, Gross                                           $ 60,900                                            
Hapoalim Loan Agreement [Member] | Bank Hapoalim B.M. [Member]                                                                                        
Debt Instrument, Face Amount                     $ 125,000                                                                  
Debt Instrument, Number of Semi-annual Payments                     14                                                                  
Debt Instrument, Periodic Payment                     $ 8,900                                                                  
Debt Instrument, Term (Year)                     7 years                                                                  
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio                     6                                                                  
Debt Instrument, Covenant, Minimum Equity Capital, Amount                     $ 750,000                                                                  
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent                     25.00%                                                                  
HSBC Loan Agreement [Member] | HSBC Bank PLC [Member]                                                                                        
Debt Instrument, Face Amount                   $ 50,000                                                                    
Debt Instrument, Number of Semi-annual Payments                   14                                                                    
Debt Instrument, Periodic Payment                   $ 3,600                                                                    
Debt Instrument, Term (Year)                   7 years                                                                    
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio                   6                                                                    
Debt Instrument, Covenant, Minimum Equity Capital, Amount                   $ 750,000                                                                    
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent                   25.00%                                                                    
Discount Loan Agreement [Member]                                                                                        
Debt Instrument, Face Amount                                           $ 100,000                                            
Debt Instrument, Interest Rate, Stated Percentage [1]                                           2.90%                                            
Long-Term Debt, Gross                                           $ 75,000                                            
Discount Loan Agreement [Member] | Israel Discount Bank Ltd. [Member]                                                                                        
Debt Instrument, Face Amount                 $ 100,000                                                                      
Debt Instrument, Number of Semi-annual Payments                 16                                                                      
Debt Instrument, Periodic Payment                 $ 6,250                                                                      
Debt Instrument, Term (Year)                 8 years                                                                      
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio                 6                                                                      
Debt Instrument, Covenant, Minimum Equity Capital, Amount                 $ 750,000                                                                      
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent                 25.00%                                                                      
Senior Unsecured Bonds, Series 4 [Member]                                                                                        
Debt Instrument, Face Amount                                           $ 289,800             $ 289,800 ₪ 1                            
Debt Instrument, Number of Annual Payments                                                         10 10                            
Debt Instrument, Interest Rate, Stated Percentage [1]                                           3.35%                                            
Long-Term Debt, Gross                                           $ 220,600                                            
Senior Unsecured Bonds, Series 4 [Member] | Cross Currency Interest Rate Contract [Member]                                                                                        
Derivative, Fixed Interest Rate                                                         4.34% 4.34%                            
Senior Unsecured Loan (Migdal) [Member]                                                                                        
Debt Instrument, Face Amount                             $ 100,000             $ 100,000                                            
Debt Instrument, Periodic Payment                             4,200                                                          
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid                             $ 37,000                                                          
Debt Instrument Increase in Stated Interest Rate if Rating is Downgraded to ILA Negative                             0.50%                                                          
Debt Instrument Increase in Stated Interest Rate Each Additional Downgrade                             0.25%                                                          
Debt Instrument Decrease in Stated Interest Rate for Each Rating Upgrade                             0.25%                                                          
Debt Instrument, Interest Rate, Stated Percentage [2]                                           4.80%                                            
Debt to EBITDA Ratio Threshold for Rate Increase                             4.5                                                          
Debt Instrument Increase in Stated Interest Rate if Debt to EBITDA Ratio Exceeds Threshold                             0.50%                                                          
Debt to EBITDA Ratio Requirement                             6                                                          
Stockholders Equity, Debt Covenant, Minimum Threshold                             $ 750,000                                                          
Stockholders Equity to Total Assets, Ratio                             25.00%                                                          
Long-Term Debt, Gross                                           $ 79,000                                            
Senior Unsecured Loan (Migdal) [Member] | Maximum [Member]                                                                                        
Debt Instrument, Increase in Stated Interest Rate                             1.00%                                                          
Senior Unsecured Loan (Migdal) [Member] | Minimum [Member]                                                                                        
Debt Instrument, Interest Rate, Stated Percentage                             4.80%                                                          
Additional Migdal Loan [Member]                                                                                        
Debt Instrument, Face Amount                           $ 50,000               $ 50,000                                            
Debt Instrument, Number of Semi-annual Payments                           15                                                            
Debt Instrument, Periodic Payment                           $ 2,100                                                            
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid                           $ 18,500                                                            
Debt Instrument, Interest Rate, Stated Percentage [2]                                           4.60%                                            
Long-Term Debt, Gross                                           $ 39,500                                            
Second Addendum Migdal Loan [Member]                                                                                        
Debt Instrument, Face Amount                                           $ 50,000                 $ 50,000                          
Debt Instrument, Number of Semi-annual Payments                                                             15                          
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid                                                             $ 18,500                          
Debt Instrument, Interest Rate, Stated Percentage [2]                                           5.44%                                            
Debt Instrument, Principal to Be Repaid in Installments                                                             $ 31,500                          
Long-Term Debt, Gross                                           $ 39,500                                            
DEG 2 Facility Agreement [Member]                                                                                        
Debt Instrument, Interest Rate, Stated Percentage                               6.28%                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                                                             $ 50,000          
Proceeds from Lines of Credit, Total                               $ 50,000                                                        
DEG 3 Loan Agreement [Member]                                                                                        
Debt Instrument, Number of Semi-annual Payments                                                                     19                  
Debt Instrument, Interest Rate, Stated Percentage                                                                     6.04%                  
DEG 3 Loan Agreement [Member] | OrPower 4, Inc [Member]                                                                                        
Debt Instrument, Face Amount                                                                     $ 41,500                  
Loan Agreement With OPIC the Olkaria III Power Plant [Member]                                                                                        
Debt Instrument, Face Amount                                           310,000                                     $ 310,000      
Long-Term Debt, Gross                                           120,600                                            
Platanares Finance Agreement [Member]                                                                                        
Debt Instrument, Face Amount                                           $ 114,700                                            
Debt Instrument, Interest Rate, Stated Percentage [3]                                           7.02%                                            
Long-Term Debt, Gross                                           $ 71,700                                            
Platanares Finance Agreement [Member] | OPIC [Member]                                                                                        
Debt Instrument, Face Amount                                                                       $ 114,700                
Current Power Generation (Megawatt-Hour) | MWh                                     35                                                  
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member]                                                                                        
Debt Instrument, Face Amount                                 $ 42,000                                                      
Debt Instrument, Term (Year)                                 12 years                                                      
Power Utilization (Megawatt-Hour) | MWh                                 20                                                      
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Not Guaranteed [Member]                                                                                        
Repayments of Debt   $ 14,000                                                                                    
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate [Member] | Guaranteed [Member]                                                                                        
Debt Instrument, Basis Spread on Variable Rate                                 4.35%                                                      
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | London Interbank Offered Rate [Member] | Not Guaranteed [Member]                                                                                        
Debt Instrument, Basis Spread on Variable Rate                                 4.75%                                                      
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited1 [Member] | Minimum [Member] | London Interbank Offered Rate [Member]                                                                                        
Debt Instrument, Basis Spread on Variable Rate                                 1.25%                                                      
Plumstriker Loan Agreement [Member] | Plumstriker and its Two Subsidiaries [Member]                                                                                        
Debt Instrument, Face Amount                                                               $ 23,500                        
Repayments of Debt     $ 11,100                                                                                  
Plumstriker Loan Agreement [Member] | Plumstriker and its Two Subsidiaries [Member] | London Interbank Offered Rate [Member]                                                                                        
Debt Instrument, Basis Spread on Variable Rate                       3.50%                                                                
Don A. Cambell Senior Secured Notes [Member]                                                                                        
Debt Instrument, Face Amount                                                                           $ 92,500            
OFC Two Senior Secured Notes [Member]                                                                                        
Debt Instrument, Face Amount                                                                                   $ 151,700 $ 350,000  
Government Guarantee Percent                                                                                     80.00%  
OFC Two Senior Secured Notes [Member] | Wholly Owned Subsidiaries With Project Debt [Member]                                                                                        
Debt Instrument, Face Amount                                                                               $ 140,000        
Idaho Refinancing Note [Member]                                                                                        
Debt Instrument, Face Amount         $ 61,600                                                                              
Debt Instrument, Number of Semi-annual Payments                                                     31                                  
Debt Instrument, Interest Rate, Stated Percentage         6.26%                                                                              
Idaho Refinancing Note [Member] | Raft River Energy I LLC [Member]                                                                                        
Debt Instrument, Secured, Percentage of Ownership Interests         100.00%                                                                              
Idaho Refinancing Note [Member] | Oregon USG Holdings, LLC [Member]                                                                                        
Debt Instrument, Secured, Percentage of Ownership Interests         60.00%                                                                              
Idaho Refinancing Note [Member] | Revolving Note Tranche [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity         $ 4,300                                                                              
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage         0.50%                                                                              
Idaho Refinancing Note [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Note Tranche [Member]                                                                                        
Debt Instrument, Basis Spread on Variable Rate         1.40%                                                                              
USG Prudential - ID [Member]                                                                                        
Long-Term Debt, Total         $ 16,000                                                                              
DOE Loan Guarantee [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                                                                       $ 96,800
Loan Agreement with Bpifrance [Member] | Guadeloupe 1 [Member]                                                                                        
Debt Instrument, Face Amount                                                                   $ 8,900                    
Debt Instrument, Interest Rate, Stated Percentage                                                                 1.93%                      
Long-Term Debt, Gross                                           4,200                                            
Loan Agreement with Société Général [Member] | Guadeloupe 1 [Member]                                                                                        
Debt Instrument, Face Amount                         $ 8,900                                                              
Debt Instrument, Interest Rate, Stated Percentage                         1.52%                                                              
Long-Term Debt, Gross                                           $ 3,500                                            
Debt Instrument Number of Quarterly Payments                         28                                                              
Senior Unsecured Bonds, Series 3 [Member]                                                                                        
Repayments of Long-Term Debt           221,900                                                                            
Extinguishment of Debt, Amount           218,000                                                                            
Interest Paid, Including Capitalized Interest, Operating and Investing Activities           2,800                                                                            
Debt Instrument, Unamortized Premium           $ 1,100                                                                            
Finance Liability [Member]                                                                                        
Debt Instrument, Interest Rate, Stated Percentage                                           6.12% [1]     2.55%                                      
Long-Term Debt, Gross                                           $ 225,800                                            
Credit Agreements With Eight Commercial Banks [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           608,000                                            
Long-Term Line of Credit                                           20,000                                            
Letters of Credit Outstanding, Amount                                           302,800                                            
Credit Agreements With Eight Commercial Banks [Member] | Extensions of Credit in The Form of Loans and/or Letters of Credit [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           453,000                                            
Credit Agreements With Eight Commercial Banks [Member] | Letter of Credit [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           155,000                                            
Credit Agreements With Eight Commercial Banks [Member] | Union Bank, N.A. [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           60,000                                            
Credit Agreements With Eight Commercial Banks [Member] | HSBC Bank USA, N.A. [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           35,000                                            
Union Bank, N.A. [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           60,000                                            
Long-Term Line of Credit                                           $ 59,300                                            
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio                                           1.24                                            
Debt Services, Coverage Ratio                                           5.75                                            
Amount Available For Dividend Distribution Percent Of Cumulative Net Income                                   2       0.7                                            
Union Bank, N.A. [Member] | Maximum [Member]                                                                                        
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio                                   4.5                                                    
Union Bank, N.A. [Member] | Minimum [Member]                                                                                        
Debt Services, Coverage Ratio                                   1.35                                                    
HSBC Bank USA, N.A. [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           $ 35,000                                            
Long-Term Line of Credit                                           $ 34,300                                            
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio                                           1.24                                            
Debt Services, Coverage Ratio                                           5.75                                            
Amount Available For Dividend Distribution Percent Of Cumulative Net Income                                           0.7                                            
Uncommitted Line of Credit Facility, Maximum Borrowing Capacity                                           $ 20,000                                            
Uncommitted Long-term Line of Credit                                           36,300                                            
HSBC Bank USA, N.A. [Member] | Letter of Credit [Member]                                                                                        
Line of Credit Facility, Maximum Borrowing Capacity                                           65,000                                            
HSBC Bank USA, N.A. [Member] | Maximum [Member]                                                                                        
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio                                       4.5                                                
Amount Available For Dividend Distribution Percent Of Cumulative Net Income                                       2                                                
HSBC Bank USA, N.A. [Member] | Minimum [Member]                                                                                        
Debt To Earnings Before Interest Tax Depreciation And Amortization Ratio                                       1.35                                                
Surety Agreement [Member] | Chubb [Member]                                                                                        
Surety Bonds Available                                                                         $ 635,000              
Surety Bonds Outstanding                                           $ 237,700                                            
[1] payable semi-annually
[2] payable semi-annually in arrears.
[3] payable quarterly
v3.24.0.1
Note 11 - Long-term Debt, Credit Agreements and Finance Liability - Long-term Debt (Details)
$ in Thousands, ₪ in Billions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2021
USD ($)
Nov. 01, 2023
USD ($)
Sep. 30, 2023
Feb. 27, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nov. 28, 2022
USD ($)
Apr. 12, 2022
USD ($)
Jul. 01, 2020
USD ($)
Jul. 01, 2020
ILS (₪)
Apr. 30, 2020
USD ($)
Mar. 25, 2019
USD ($)
Mar. 22, 2018
USD ($)
Aug. 23, 2012
USD ($)
Financing liability [1] $ 225,760         $ 242,029                
Less current portion [1] (5,141)         (16,270)                
Noncurrent portion [1] 220,619         225,759                
Nonrecourse Debt [Member]                            
Long-Term Debt, Gross   $ 113,000                        
Amount Issued   189,100                        
Amount Outstanding   113,000                        
Nonrecourse [Member]                            
Long-Term Debt, Gross [1] 512,852         596,201                
Less current portion [1] (57,207)         (64,044)                
Noncurrent portion [1] 455,645         532,157                
Amount Outstanding [1] 512,852         596,201                
Recourse [Member]                            
Long-Term Debt, Gross [1] 817,737         780,966                
Less current portion [1] (116,864)         (101,460)                
Noncurrent portion [1] 700,873         679,506                
Amount Outstanding [1] 817,737         780,966                
Loan Agreement With OPIC the Olkaria III Power Plant [Member]                            
Long-Term Debt, Gross 120,600                          
Amount Issued 310,000                         $ 310,000
Amount Outstanding 120,600                          
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche One [Member]                            
Long-Term Debt, Gross 33,000                          
Amount Issued 85,000                          
Amount Outstanding $ 33,000                          
Annual Interest Rate [2] 6.34%                          
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche Two [Member]                            
Long-Term Debt, Gross $ 68,800                          
Amount Issued 180,000                          
Amount Outstanding $ 68,800                          
Annual Interest Rate [2] 6.29%                          
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Tranche Three [Member]                            
Long-Term Debt, Gross $ 18,800                          
Amount Issued 45,000                          
Amount Outstanding $ 18,800                          
Annual Interest Rate [2] 6.12%                          
Loan Agreement With OPIC the Olkaria III Power Plant [Member] | Limited Recourse [Member]                            
Long-Term Debt, Gross [1] $ 120,668         138,663                
Amount Outstanding [1] 120,668         138,663                
Mizrahi Loan Agreement 2023 [Member]                            
Long-Term Debt, Gross 50,000                          
Amount Issued 50,000   $ 50,000                      
Amount Outstanding $ 50,000                          
Annual Interest Rate [3] 7.15%                          
Hapoalim Loan Agreement 2023 [Member]                            
Long-Term Debt, Gross $ 95,000                          
Amount Issued 100,000       $ 100,000                  
Amount Outstanding $ 95,000                          
Annual Interest Rate 6.45%                          
Mizrahi Loan Agreement [Member]                            
Long-Term Debt, Gross $ 60,900                          
Amount Issued 75,000             $ 75,000            
Amount Outstanding $ 60,900                          
Annual Interest Rate [3] 4.10%                          
Hapoalim Loan [Member]                            
Long-Term Debt, Gross $ 80,400                          
Amount Issued 125,000                          
Amount Outstanding $ 80,400                          
Annual Interest Rate [3] 3.45%                          
HSBC Loan [Member]                            
Long-Term Debt, Gross $ 35,700                          
Amount Issued 50,000                          
Amount Outstanding $ 35,700                          
Annual Interest Rate [3] 3.45%                          
Discount Loan Agreement [Member]                            
Long-Term Debt, Gross $ 75,000                          
Amount Issued 100,000                          
Amount Outstanding $ 75,000                          
Annual Interest Rate [3] 2.90%                          
Senior Unsecured Bonds, Series 4 [Member]                            
Long-Term Debt, Gross $ 220,600                          
Amount Issued 289,800               $ 289,800 ₪ 1        
Amount Outstanding $ 220,600                          
Annual Interest Rate [3] 3.35%                          
Senior Unsecured Loan (Migdal) [Member]                            
Long-Term Debt, Gross $ 79,000                          
Amount Issued 100,000                       $ 100,000  
Amount Outstanding $ 79,000                          
Annual Interest Rate [4] 4.80%                          
Maturity Date Mar. 31, 2029                          
Senior Unsecured Loan (Migdal) [Member] | Recourse [Member]                            
Long-Term Debt, Gross [1] $ 158,000         174,800                
Amount Outstanding [1] 158,000         174,800                
Olkaria IV Loan - DEG 2 [Member]                            
Long-Term Debt, Gross 22,500                          
Amount Issued 50,000                          
Amount Outstanding $ 22,500                          
Annual Interest Rate [3] 6.28%                          
Maturity Date Jun. 30, 2028                          
Platanares Finance Agreement [Member]                            
Long-Term Debt, Gross $ 71,700                          
Amount Issued 114,700                          
Amount Outstanding $ 71,700                          
Annual Interest Rate [2] 7.02%                          
Maturity Date Sep. 30, 2032                          
Platanares Finance Agreement [Member] | Limited Recourse [Member]                            
Long-Term Debt, Gross [1] $ 71,687         79,880                
Amount Outstanding [1] 71,687         79,880                
Don A. Campbell 1 ("DAC1") [Member]                            
Long-Term Debt, Gross 57,400                          
Amount Issued 92,500                          
Amount Outstanding $ 57,400                          
Annual Interest Rate [2] 4.03%                          
Maturity Date Sep. 30, 2033                          
Don A. Campbell 1 ("DAC1") [Member] | Nonrecourse [Member]                            
Long-Term Debt, Gross [1] $ 57,397         62,698                
Amount Outstanding [1] 57,397         62,698                
Ormat Funding Corp [Member]                            
Long-Term Debt, Gross 142,500                          
Amount Issued 291,700                          
Amount Outstanding 142,500                          
Ormat Funding Corp [Member] | Series A Senior Notes [Member]                            
Long-Term Debt, Gross 63,900                          
Amount Issued 151,700                          
Amount Outstanding $ 63,900                          
Annual Interest Rate [5] 4.69%                          
Maturity Date Dec. 31, 2032                          
Ormat Funding Corp [Member] | Series C Senior Notes [Member]                            
Long-Term Debt, Gross $ 78,600                          
Amount Issued 140,000                          
Amount Outstanding $ 78,600                          
Annual Interest Rate [5] 4.61%                          
Maturity Date Dec. 31, 2032                          
Ormat Funding Corp [Member] | Limited Recourse [Member]                            
Long-Term Debt, Gross [1] $ 142,464         158,036                
Amount Outstanding [1] 142,464         158,036                
Idaho Refinancing Note [Member]                            
Amount Issued             $ 61,600              
Annual Interest Rate             6.26%              
Idaho Refinancing Note [Member] | Nonrecourse Debt [Member]                            
Long-Term Debt, Gross   58,900                        
Amount Issued   61,600                        
Amount Outstanding   $ 58,900                        
Annual Interest Rate [6]   6.26%                        
Maturity Date   Mar. 31, 2038                        
Finance Liability [Member]                            
Long-Term Debt, Gross 225,800                          
Amount Outstanding $ 225,800                          
Annual Interest Rate 6.12% [3]     2.55%                    
Additional Migdal Loan [Member]                            
Long-Term Debt, Gross $ 39,500                          
Amount Issued 50,000                     $ 50,000    
Amount Outstanding $ 39,500                          
Annual Interest Rate [4] 4.60%                          
Maturity Date Mar. 31, 2029                          
Olkaria IV Loan - DEG 3 [Member]                            
Long-Term Debt, Gross $ 19,700                          
Amount Issued 41,500                          
Amount Outstanding $ 19,700                          
Annual Interest Rate [3] 6.04%                          
Maturity Date Jun. 30, 2028                          
DOE Loan Guarantee [Member] | Nonrecourse Debt [Member]                            
Long-Term Debt, Gross   $ 30,200                        
Amount Issued   96,800                        
Amount Outstanding   $ 30,200                        
Annual Interest Rate [6]   2.60%                        
Maturity Date   Feb. 28, 2035                        
Loan Agreement with Banco Industrial S.A. and Westrust Bank (International) Limited [Member] | Limited Recourse [Member]                            
Long-Term Debt, Gross [1] $ 0         15,750                
Amount Outstanding [1] 0         15,750                
Second Addendum Migdal Loan [Member]                            
Long-Term Debt, Gross 39,500                          
Amount Issued 50,000                   $ 50,000      
Amount Outstanding $ 39,500                          
Annual Interest Rate [4] 5.44%                          
Maturity Date Mar. 31, 2029                          
Olkaria IV Loan - DEG 2 and DEG 3 [Member]                            
Long-Term Debt, Gross $ 42,200                          
Amount Issued 91,500                          
Amount Outstanding 42,200                          
USG Prudential - NV [Member] | Nonrecourse Debt [Member]                            
Long-Term Debt, Gross   $ 23,900                        
Amount Issued   30,700                        
Amount Outstanding   $ 23,900                        
Annual Interest Rate [6]   6.75%                        
Maturity Date   Dec. 31, 2037                        
Plumstriker Loan Agreement [Member] | Limited Recourse [Member]                            
Long-Term Debt, Gross [1] 0         11,392                
Amount Outstanding [1] 0         11,392                
Migdal Senior Unsecured Loan [Member]                            
Long-Term Debt, Gross 158,000                          
Amount Issued 200,000                          
Amount Outstanding 158,000                          
Loans Assumed in Purchase of USG [Member] | Limited Recourse [Member]                            
Long-Term Debt, Gross 112,959         119,392                
Amount Outstanding 112,959         119,392                
Other Loans, Limited and Non-recourse [Member] | Limited Recourse [Member]                            
Long-Term Debt, Gross [1] 3,460         4,585                
Amount Outstanding [1] 3,460         4,585                
Other Loans, Limited Resource [Member] | Nonrecourse [Member]                            
Long-Term Debt, Gross [1] 4,216         5,805                
Amount Outstanding [1] 4,216         5,805                
Senior Unsecured Bonds [Member] | Recourse [Member]                            
Long-Term Debt, Gross 220,568         255,754                
Amount Outstanding 220,568         255,754                
Hapoalim, Hapoalim 2023, Mizrahi, Mizrahi 2023, HSBC and Discount Loans [Member] | Recourse [Member]                            
Long-Term Debt, Gross 397,009         298,884                
Amount Outstanding 397,009         298,884                
Olkaria III DEG [Member] | Recourse [Member]                            
Long-Term Debt, Gross [1] 42,160         51,528                
Amount Outstanding [1] 42,160         51,528                
Convertible Senior Notes [Member]                            
Noncurrent portion [1] $ 431,250         $ 431,250                
[1] the amounts presented exclude deferred financing costs, if any
[2] payable quarterly
[3] payable semi-annually
[4] payable semi-annually in arrears.
[5] payable quarterly in arrears
[6] payable semi-annually, except for Nevada non-recourse which is payable quarterly
v3.24.0.1
Note 11 - Long-term Debt, Credit Agreements and Finance Liability - Future Minimum Payments Under Long-term Obligations (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
2024 $ 178,954
2025 178,982
2026 182,654
2027 612,045
2028 167,848
Thereafter 669,074
Total $ 1,989,557
v3.24.0.1
Note 12 - Tax Monetization Transactions (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended 72 Months Ended
Dec. 31, 2023
Oct. 27, 2023
Dec. 31, 2022
Dec. 23, 2022
Oct. 25, 2021
Aug. 14, 2019
May 17, 2018
Dec. 16, 2016
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Income Generated From Expected Sale of Transferable Production Tax Credits                   $ 10,800      
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount                   18,700      
Proceeds from Sale of Production Tax Credit                 $ 3,300        
Proceeds from Sale of Investment Tax Credits                 $ 21,800        
Proceeds from Noncontrolling Interests                   $ 7,341 $ 5,443 $ 5,390  
JPM Capital Corporation [Member]                          
Proceeds from Noncontrolling Interests $ 2,000                       $ 15,300
DAC 2 [Member]                          
Percentage Of Ownership Interests               63.25%          
Other Geothermal Power Plants [Member]                          
Percentage Of Ownership Interests               100.00%          
OPC LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member]                          
Fair Value of Equity Interest Sold               $ 3,000          
Tungsten Mountain [Member]                          
Partnership Agreement, Initial Purchase Price             $ 33,400            
Partnership Agreement, Expected Additional Installments             $ 13,000            
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached             100.00%            
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached             99.00%            
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs             5.00%            
Partnership Agreement, Percentage of Distributable Cash Flow Generated             97.50%            
Partnership Agreement, Percentage of Taxable Income             95.00%            
McGinness Plant [Member]                          
Partnership Agreement, Initial Purchase Price           $ 59,300              
Partnership Agreement, Expected Additional Installments           $ 9,000              
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached           100.00%              
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached           99.00%              
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs           5.00%              
Partnership Agreement, Percentage of Distributable Cash Flow Generated           97.50%              
Partnership Agreement, Percentage of Taxable Income           95.00%              
McGinness Plant [Member] | Maximum [Member]                          
Partnership Agreement, Expected Additional Installments           $ 22,000              
Ormat Nevada [Member] | North Valley Geothermal Power Plant [Member]                          
Partnership Agreement, Initial Purchase Price   $ 43,100                      
Partnership Agreement, Expected Additional Installments   $ 6,100                      
Partnership Agreement, Percentage of Distributable Cash and Taxable Income Generated   97.50%                      
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached   100.00%                      
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached   99.00%                      
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs   5.00%                      
Mammoth Complex [Member] | CD4 Geothermal Power Plant [Member]                          
Partnership Agreement, Initial Purchase Price       $ 50,300                  
Partnership Agreement, Expected Additional Installments       $ 7,300                  
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached       75.00%                  
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached       99.00%                  
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs       5.00%                  
Partnership Agreement, Percentage of Tax Attributes Attributable to Investor       99.00%                  
Partnership Agreement, Percentage of Distributable Cash Flow Generated       97.50%                  
Partnership Agreement, Percentage of Taxable Income       95.00%                  
Partnership Agreement, Initial Purchase Price, Allocated to Noncontrolling Interest       $ 3,900                  
Partnership Agreement, Initial Purchase Price, Allocated to Tax Benefits       $ 46,400                  
Ormat Nevada Inc. [Member] | Steamboat Hills Repower Geothermal Power Plant [Member]                          
Partnership Agreement, Initial Purchase Price         $ 38,900                
Partnership Agreement, Expected Additional Installments         $ 5,300                
Partnership Agreement, Percentage of Distributable Cash Flow Generated to Private Investor if Target Return Not Reached         100.00%                
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached         99.00%                
Partnership Agreement, Percentage of Taxable Income to Private Investor if Target Return Not Reached, No Longer Generating PTCs         5.00%                
Partnership Agreement, Percentage of Distributable Cash Flow Generated         97.50%                
Partnership Agreement, Percentage of Taxable Income         95.00%                
Opal Geo LLC [Member]                          
Percentage Of Distributable Cash to Controlling Interest               97.50%          
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests 95.00%             1.00%          
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Controlling Interests, PTCs Not Available               95.00%          
Opal Geo LLC [Member] | Capital Unit, Class A [Member]                          
Percentage Of Ownership Interests               100.00%          
Opal Geo LLC [Member] | JPM Capital Corporation [Member]                          
Proceeds from Noncontrolling Interests               $ 62,100          
Percentage Of Distributable Cash to Nontrolling Interests     100.00%         2.50%          
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests 5.00%             99.00%          
Percentage of Income (Loss), Gain, Deduction and Credit Allocated to Noncontrolling Interests, PTCs Not Available               5.00%          
Opal Geo LLC [Member] | JPM Capital Corporation [Member] | Capital Unit, Class B [Member]                          
Percentage of Equity Interest Sold               100.00%          
v3.24.0.1
Note 13 - Asset Retirement Obligations - Reconciliation of the Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Balance at beginning of year $ 97,660 $ 84,891 $ 63,457
Revision in estimated cash flows 2,056 (1,802) 10,504
Liabilities incurred and acquired 8,490 9,314 6,953
Accretion expense 6,164 5,257 3,977
Balance at end of year $ 114,370 $ 97,660 $ 84,891
v3.24.0.1
Note 14 - Stock-based Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 07, 2018
May 31, 2023
Mar. 31, 2023
Nov. 30, 2022
Jun. 30, 2022
Nov. 30, 2021
May 31, 2012
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount                 $ 15.8    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)                 1 year 3 months    
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Annual Forfeiture Rate                 11.60% 11.50% 11.10%
Increase (Decrease) In Stock Based Compensation Expense Due To Forfeitures, Percent                 0.90% 3.60% 2.80%
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Dividends Growth Rate                 20.00%    
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Weighted Average Expected Dividend Rate                 0.60%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)                 3,313,670    
Share Price (in dollars per share)                 $ 75.79 $ 86.48  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares)                 605,753 749,101  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value                 $ 11.5 $ 21.9  
Weighted Average [Member]                      
Share Price (in dollars per share)                 $ 79.4 $ 82.8  
2012 Stock Incentive Plan [Member] | Minimum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)             6 years        
2012 Stock Incentive Plan [Member] | Maximum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)             10 years        
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)             4,000,000        
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)             1 year        
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche One [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage             50.00%        
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)             2 years        
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Director [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage             100.00%        
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche Two [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage             25.00%        
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)             3 years        
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-Based Payment Arrangement, Tranche Three [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)             4 years        
2012 Stock Incentive Plan [Member] | Stock Options And Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche Four [Member] | Senior Management [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage             25.00%        
2012 Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Non Employee Director [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)             1 year        
The 2018 Incentive Plan [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) 5,000,000                    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)         1 year            
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)         1,700,000            
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Minimum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 6 years                    
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Maximum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 10 years                    
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Director [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 100.00%                    
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Employees [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 50.00%                    
The 2018 Incentive Plan [Member] | Stock Appreciation Rights and Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | Employees [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 25.00%                    
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)           1 year          
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) [1]                 189,000 109,000 12,000
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)           $ 76.2     $ 0 [1] $ 0 [1] $ 0 [1]
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member]                      
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)       $ 89              
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)       19,750   11,804          
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | Minimum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)       2 years              
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | Maximum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)       3 years              
The 2018 Incentive Plan [Member] | Performance Stock Units (PSU) [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) [2]                 35,000 20,000 0
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) [2]                 $ 0 $ 0 $ 0
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) [3]                 0 513,000 15,000
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) [3]                 $ 0 $ 71.15 $ 77.22
The 2018 Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)   1 year                  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)   10,852 174,422         72,303      
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)   $ 82.9 $ 79.9             69.6  
The 2018 Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)     1 year                
The 2018 Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)     4 years                
The 2018 Incentive Compensation Plan [Member] | Performance Stock Units (PSU) [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)     35,081         19,581      
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)     $ 79.6             75.3  
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs) [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)               513,385      
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)                   $ 22.3  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercise Price (in dollars per share)               $ 71.15      
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Minimum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)               6 years      
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Minimum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)               2 years      
The 2018 Incentive Compensation Plan [Member] | Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Maximum [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)               4 years      
[1] An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock.
[2] The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in S&P 500 index.
[3] Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.
v3.24.0.1
Note 14 - Stock-based Compensation - Compensation Related to Stock-based Awards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Total stock-based compensation expense $ 15,479 $ 11,646 $ 9,168
Tax effect on stock-based compensation expense 1,598 1,270 872
Net effect of stock-based compensation expense 13,881 10,376 8,296
Cost of Sales [Member]      
Total stock-based compensation expense 6,899 6,382 4,656
Selling and Marketing Expense [Member]      
Total stock-based compensation expense 866 1,230 766
Research and Development Expense [Member]      
Total stock-based compensation expense 94 0 0
General and Administrative Expense [Member]      
Total stock-based compensation expense $ 7,620 $ 4,034 $ 3,746
v3.24.0.1
Note 14 - Stock-based Compensation - Fair Value of Stock-based Award on the Date of Grant (Details)
 1 Months Ended 12 Months Ended
Mar. 01, 2022
May 31, 2023
Mar. 31, 2023
Nov. 30, 2022
Nov. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Risk-free interest rates           4.20% 1.70% 0.70%
Expected lives (in weighted average years) (Year)           2 years 6 months 5 years 3 months 18 days 3 years 9 months 18 days
Dividend yield           0.60% 0.70% 0.60%
Expected volatility (weighted average)           38.20% 34.60% 36.70%
Weighted average forfeiture rate           8.00% 10.20% 6.10%
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member]                
Dividend yield     0.59%          
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Minimum [Member]                
Risk-free interest rates     3.86%          
Expected lives (in weighted average years) (Year)     2 years          
Expected volatility (weighted average)     36.00%          
Restricted Stock Units (RSUs), and Performance Stock Units (PSU) [Member] | Maximum [Member]                
Risk-free interest rates     4.68%          
Expected lives (in weighted average years) (Year)     5 years 9 months          
Expected volatility (weighted average)     42.20%          
Restricted Stock Units (RSUs) [Member]                
Risk-free interest rates   4.70%            
Expected lives (in weighted average years) (Year)   1 year            
Dividend yield   0.56%            
Expected volatility (weighted average)   34.80%            
November 2022 RSUs [Member]                
Dividend yield       0.56%        
November 2022 RSUs [Member] | Minimum [Member]                
Risk-free interest rates       4.13%        
Expected lives (in weighted average years) (Year)       2 years        
Expected volatility (weighted average)       43.17%        
November 2022 RSUs [Member] | Maximum [Member]                
Risk-free interest rates       4.38%        
Expected lives (in weighted average years) (Year)       3 years        
Expected volatility (weighted average)       40.57%        
March 2022 SARs, RSUs, PSUs [Member]                
Dividend yield 0.67%              
March 2022 SARs, RSUs, PSUs [Member] | Minimum [Member]                
Risk-free interest rates 1.31%              
Expected lives (in weighted average years) (Year) 2 years              
Expected volatility (weighted average) 32.85%              
March 2022 SARs, RSUs, PSUs [Member] | Maximum [Member]                
Risk-free interest rates 1.62%              
Expected lives (in weighted average years) (Year) 6 years              
Expected volatility (weighted average) 46.07%              
November 2021 RSUs [Member]                
Expected lives (in weighted average years) (Year)         1 year      
Dividend yield         0.65%      
Expected volatility (weighted average)         43.26%      
November 2021 RSUs [Member] | Minimum [Member]                
Risk-free interest rates         0.14%      
November 2021 RSUs [Member] | Maximum [Member]                
Risk-free interest rates         0.16%      
v3.24.0.1
Note 14 - Stock-based Compensation - Summary of the Status of the Incentive Plan (Details) - $ / shares
shares in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Outstanding at beginning of year (in shares)   1,810    
Outstanding at end of year (in shares)   1,483 1,810  
The 2018 Incentive Plan [Member]        
Outstanding at beginning of year (in shares)   1,810 2,025 2,240
Outstanding, weighted average exercise price (in dollars per share)   $ 60.08 $ 58.7 $ 57.68
Exercised (in shares)   (492) (728) (159)
Exercised, weighted average exercise price (in dollars per share)   $ 56 $ 52.73 $ 40.47
Forfeited (in shares)   (59) (129) (83)
Forfeited, weighted average exercise price (in dollars per share)   $ 54.09 $ 62.27 $ 64.34
Expired (in shares)   0 0 0
Expired, weighted average exercise price (in dollars per share)   $ 0 $ 0 $ 0
Outstanding at end of year (in shares)   1,483 1,810 2,025
Outstanding, weighted average exercise price (in dollars per share)   $ 52.57 $ 60.08 $ 58.7
Options and SARs exercisable at end of year (in shares)   606 749 881
Options and SARs exercisable at end of year, weighted average exercise price (in dollars per share)   $ 66.81 $ 58.3 $ 53.2
Weighted-average fair value of awards granted during the year, weighted average exercise price (in dollars per share)   $ 79.98 $ 33.02 $ 46.23
The 2018 Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member]        
Other than Options (in shares) [1]   0 513 15
Other than Options, weighted average exercise price (in dollars per share) [1]   $ 0 $ 71.15 $ 77.22
The 2018 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]        
Other than Options (in shares) [2]   189 109 12
Other than Options, weighted average exercise price (in dollars per share) $ 76.2 $ 0 [2] $ 0 [2] $ 0 [2]
The 2018 Incentive Plan [Member] | Performance Stock Units (PSU) [Member]        
Other than Options (in shares) [3]   35 20 0
Other than Options, weighted average exercise price (in dollars per share) [3]   $ 0 $ 0 $ 0
[1] Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.
[2] An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU is identical to the value of the underlying stock.
[3] The Performance shares units shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in S&P 500 index.
v3.24.0.1
Note 14 - Stock-based Compensation - Summary of Information About Stock-based Awards Outstanding (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of shares outstanding (in shares) 1,483 1,810
Weighted average remaining contractual life in years, options outstanding (Year) 2 years 7 months 6 days 3 years 1 month 6 days
Aggregate intrinsic value, options outstanding $ 34,449 $ 47,762
Number of shares exercisable (in shares) 606 749
Aggregate intrinsic value, options exercisable $ 5,458 $ 19,513
Weighted average remaining contractual life in years, options exercisable (Year) 2 years 4 months 24 days 1 year 9 months 18 days
Exercise Price 1 [Member]    
Number of shares outstanding (in shares) 345 157
Weighted average remaining contractual life in years, options outstanding (Year) 1 year 7 months 6 days 2 years 1 month 6 days
Aggregate intrinsic value, options outstanding $ 26,127 $ 13,536
Number of shares exercisable (in shares) 0
Aggregate intrinsic value, options exercisable $ 0 $ 0
Exercise Price 4 [Member]    
Number of shares outstanding (in shares) 78 8
Weighted average remaining contractual life in years, options outstanding (Year) 6 months 2 years
Aggregate intrinsic value, options outstanding $ 1,736 $ 278
Number of shares exercisable (in shares) 78 6
Aggregate intrinsic value, options exercisable $ 1,736 $ 209
Exercise price (in dollars per share) $ 53.44 $ 51.71
Weighted average remaining contractual life in years, options exercisable (Year) 6 months 2 years
Exercise Price 2 [Member]    
Number of shares outstanding (in shares) 8  
Weighted average remaining contractual life in years, options outstanding (Year) 1 year  
Aggregate intrinsic value, options outstanding $ 193  
Number of shares exercisable (in shares) 8  
Aggregate intrinsic value, options exercisable $ 193  
Exercise price (in dollars per share) $ 51.71  
Weighted average remaining contractual life in years, options exercisable (Year) 1 year  
Exercise Price 5 [Member]    
Number of shares outstanding (in shares) 8 3
Weighted average remaining contractual life in years, options outstanding (Year) 7 months 6 days 1 year 10 months 24 days
Aggregate intrinsic value, options outstanding $ 134 $ 108
Number of shares exercisable (in shares) 8 3
Aggregate intrinsic value, options exercisable $ 134 $ 108
Exercise price (in dollars per share) $ 57.97 $ 53.16
Weighted average remaining contractual life in years, options exercisable (Year) 7 months 6 days 1 year 10 months 24 days
Exercise Price 3 [Member]    
Number of shares outstanding (in shares) 3  
Weighted average remaining contractual life in years, options outstanding (Year) 10 months 24 days  
Aggregate intrinsic value, options outstanding $ 73  
Number of shares exercisable (in shares) 3  
Aggregate intrinsic value, options exercisable $ 73  
Exercise price (in dollars per share) $ 53.16  
Weighted average remaining contractual life in years, options exercisable (Year) 10 months 24 days  
Exercise Price 6 [Member]    
Number of shares outstanding (in shares) 45 103
Weighted average remaining contractual life in years, options outstanding (Year) 2 years 6 months 1 year 6 months
Aggregate intrinsic value, options outstanding $ 562 $ 3,405
Number of shares exercisable (in shares) 34 103
Aggregate intrinsic value, options exercisable $ 422 $ 3,405
Exercise price (in dollars per share) $ 63.4 $ 53.44
Weighted average remaining contractual life in years, options exercisable (Year) 2 years 6 months 1 year 6 months
Exercise Price 7 [Member]    
Number of shares outstanding (in shares) 7 295
Weighted average remaining contractual life in years, options outstanding (Year) 2 years 10 months 24 days 10 months 24 days
Aggregate intrinsic value, options outstanding $ 54 $ 9,236
Number of shares exercisable (in shares) 7 295
Aggregate intrinsic value, options exercisable $ 54 $ 9,236
Exercise price (in dollars per share) $ 67.54 $ 55.16
Weighted average remaining contractual life in years, options exercisable (Year) 2 years 10 months 24 days 10 months 24 days
Exercise Price 8 [Member]    
Number of shares outstanding (in shares) 47 8
Weighted average remaining contractual life in years, options outstanding (Year) 2 years 4 months 24 days 1 year 7 months 6 days
Aggregate intrinsic value, options outstanding $ 349 $ 214
Number of shares exercisable (in shares) 35 8
Aggregate intrinsic value, options exercisable $ 261 $ 214
Exercise price (in dollars per share) $ 68.34 $ 57.97
Weighted average remaining contractual life in years, options exercisable (Year) 2 years 4 months 24 days 1 year 7 months 6 days
Exercise Price 10 [Member]    
Number of shares outstanding (in shares) 448 74
Weighted average remaining contractual life in years, options outstanding (Year) 4 years 2 months 12 days 10 months 24 days
Aggregate intrinsic value, options outstanding $ 2,077 $ 1,719
Number of shares exercisable (in shares) 101 74
Aggregate intrinsic value, options exercisable $ 468 $ 1,719
Exercise price (in dollars per share) $ 71.15 $ 63.35
Weighted average remaining contractual life in years, options exercisable (Year) 4 years 2 months 12 days 10 months 24 days
Exercise Price 11 [Member]    
Number of shares outstanding (in shares) 4 45
Weighted average remaining contractual life in years, options outstanding (Year) 1 year 7 months 6 days 3 years 6 months
Aggregate intrinsic value, options outstanding $ 16 $ 1,047
Number of shares exercisable (in shares) 4 23
Aggregate intrinsic value, options exercisable $ 16 $ 524
Exercise price (in dollars per share) $ 71.71 $ 63.4
Weighted average remaining contractual life in years, options exercisable (Year) 1 year 7 months 6 days 3 years 6 months
Exercise Price 12 [Member]    
Number of shares outstanding (in shares) 5 7
Weighted average remaining contractual life in years, options outstanding (Year) 1 year 10 months 24 days 3 years 10 months 24 days
Aggregate intrinsic value, options outstanding $ 0 $ 125
Number of shares exercisable (in shares) 5 7
Aggregate intrinsic value, options exercisable $ 0 $ 125
Exercise price (in dollars per share) $ 76.43 $ 67.54
Weighted average remaining contractual life in years, options exercisable (Year) 1 year 10 months 24 days 3 years 10 months 24 days
Exercise Price 9 [Member]    
Number of shares outstanding (in shares) 470  
Weighted average remaining contractual life in years, options outstanding (Year) 2 years 4 months 24 days  
Aggregate intrinsic value, options outstanding $ 3,128  
Number of shares exercisable (in shares) 316  
Aggregate intrinsic value, options exercisable $ 2,101  
Exercise price (in dollars per share) $ 69.14  
Weighted average remaining contractual life in years, options exercisable (Year) 2 years 4 months 24 days  
Exercise Price 13 [Member]    
Number of shares outstanding (in shares) 9 47
Weighted average remaining contractual life in years, options outstanding (Year) 3 years 10 months 24 days 3 years 4 months 24 days
Aggregate intrinsic value, options outstanding $ 0 $ 849
Number of shares exercisable (in shares) 4 23
Aggregate intrinsic value, options exercisable $ 0 $ 424
Exercise price (in dollars per share) $ 76.54 $ 68.34
Weighted average remaining contractual life in years, options exercisable (Year) 3 years 10 months 24 days 3 years 4 months 24 days
Exercise Price 14 [Member]    
Number of shares outstanding (in shares) 6 539
Weighted average remaining contractual life in years, options outstanding (Year) 3 years 3 months 18 days 3 years 4 months 24 days
Aggregate intrinsic value, options outstanding $ 0 $ 9,357
Number of shares exercisable (in shares) 3 199
Aggregate intrinsic value, options exercisable $ 0 $ 3,456
Exercise price (in dollars per share) $ 78.53 $ 69.14
Weighted average remaining contractual life in years, options exercisable (Year) 3 years 3 months 18 days 3 years 4 months 24 days
Exercise Price 15 [Member]    
Number of shares outstanding (in shares) 1 499
Weighted average remaining contractual life in years, options outstanding (Year) 3 years 5 years 2 months 12 days
Aggregate intrinsic value, options outstanding $ 0 $ 7,644
Number of shares exercisable (in shares) 0 0
Aggregate intrinsic value, options exercisable $ 0 $ 0
Exercise price (in dollars per share) $ 90.28 $ 71.15
Weighted average remaining contractual life in years, options exercisable (Year) 3 years 5 years 2 months 12 days
Exercise Price 16 [Member]    
Number of shares outstanding (in shares)   4
Weighted average remaining contractual life in years, options outstanding (Year)   2 years 7 months 6 days
Aggregate intrinsic value, options outstanding   $ 59
Number of shares exercisable (in shares)   3
Aggregate intrinsic value, options exercisable   $ 44
Exercise price (in dollars per share)   $ 71.71
Weighted average remaining contractual life in years, options exercisable (Year)   2 years 7 months 6 days
Exercise Price 17 [Member]    
Number of shares outstanding (in shares)   5
Weighted average remaining contractual life in years, options outstanding (Year)   2 years 10 months 24 days
Aggregate intrinsic value, options outstanding   $ 49
Number of shares exercisable (in shares)   5
Aggregate intrinsic value, options exercisable   $ 49
Exercise price (in dollars per share)   $ 76.43
Weighted average remaining contractual life in years, options exercisable (Year)   2 years 10 months 24 days
Exercise Price 18 [Member]    
Number of shares outstanding (in shares)   9
Weighted average remaining contractual life in years, options outstanding (Year)   4 years 10 months 24 days
Aggregate intrinsic value, options outstanding   $ 85
Number of shares exercisable (in shares)   0
Aggregate intrinsic value, options exercisable   $ 0
Exercise price (in dollars per share)   $ 76.54
Weighted average remaining contractual life in years, options exercisable (Year)   4 years 10 months 24 days
Exercise Price 19 [Member]    
Number of shares outstanding (in shares)   6
Weighted average remaining contractual life in years, options outstanding (Year)   4 years 3 months 18 days
Aggregate intrinsic value, options outstanding   $ 51
Number of shares exercisable (in shares)   0
Aggregate intrinsic value, options exercisable   $ 0
Exercise price (in dollars per share)   $ 78.53
Weighted average remaining contractual life in years, options exercisable (Year)   4 years 3 months 18 days
Exercise Price 20 [Member]    
Number of shares outstanding (in shares)   1
Weighted average remaining contractual life in years, options outstanding (Year)   4 years
Aggregate intrinsic value, options outstanding   $ 0
Number of shares exercisable (in shares)   0
Aggregate intrinsic value, options exercisable   $ 0
Exercise price (in dollars per share)   $ 90.28
Weighted average remaining contractual life in years, options exercisable (Year)   4 years
v3.24.0.1
Note 15 - Interest Expense, Net - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest related to sale of tax benefits $ 15,289 $ 14,853 $ 12,246
Interest expense 100,853 91,617 84,994
Less — amount capitalized (17,261) (18,727) (14,582)
Interest Expense $ 98,881 $ 87,743 $ 82,658
v3.24.0.1
Note 16 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 27, 2023
Jun. 26, 2023
Apr. 24, 2018
Sep. 30, 2019
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2014
Deferred Tax Assets, Tax Credit Carryforwards, Foreign         $ 33,412 $ 32,333            
Deferred Tax Assets, Valuation Allowance         2,870 2,473 $ 11,298          
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount         400              
Uncertain Tax Benefit, Reudction to Deferred Tax Asset [1]         $ 95 $ 95            
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent         21.00% 21.00% 21.00%          
Israel Tax Authority [Member]                        
Unrecognized Tax Benefits that Would Impact Effective Tax Rate         $ 8,700 $ 6,600            
Kenya [Member]                        
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 30.00% 37.50%     30.00%              
Effective Income Tax Rate Reconciliation, Change in Foreign Enacted Tax Rate, Amount         $ (7,400)              
Accounting Standards Update 2013-11 [Member]                        
Uncertain Tax Benefit, Reudction to Deferred Tax Asset                     $ 100  
U.S. Geothermal [Member]                        
Business Acquisition, Percentage of Voting Interests Acquired     100.00%                  
Business Combination, Consideration Transferred, Total     $ 110,000                  
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets (Liabilities), Net     1,700                  
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Deferred Tax Asset     1,800                  
General Business Tax Credit Carryforward [Member]                        
Tax Credit Carryforward Expiration Period (Year)         20 years              
General Business Tax Credit Carryforward [Member] | Minimum [Member]                        
Tax Credit Carryforward Expiration Year         2026              
Domestic Tax Authority [Member]                        
Operating Loss Carryforwards         $ 35,400              
Operating Loss Carryforwards Expiring Amount         $ 109,600              
Open Tax Year         2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022              
Domestic Tax Authority [Member] | U.S. Geothermal [Member]                        
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets     113,900                  
Foreign Tax Authority [Member]                        
Tax Credit Carryforward Expiration Period (Year)         10 years              
Tax Credit Carryforward Expiration Year         2027              
Deferred Tax Assets, Tax Credit Carryforwards, Foreign         $ 33,400              
Foreign Tax Authority [Member] | Israel Tax Authority [Member]                        
Foreign Income Tax Expense (Benefit), Continuing Operations         $ 15,500              
National Corporate Tax Rate                 16.00% 23.00% 16.00%  
Foreign Tax Authority [Member] | Israel Tax Authority [Member] | Ormat Systems Ltd [Member]                        
Effective Income Tax Rate, Year Four and Thereafter                       16.00%
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member]                        
National Corporate Tax Rate         25.00% 25.00%   28.00%        
Foreign Tax Authority [Member] | Guadeloupe Tax Authority [Member]                        
National Corporate Tax Rate             26.50%          
Foreign Tax Authority [Member] | Tax Authority of Guatemala in Guatemala [Member]                        
National Corporate Tax Rate         25.00%              
Effective Income Tax Rate         7.00%              
Foreign Tax Authority [Member] | Sistema de Administración de Rentas [Member]                        
Income Taxes Exempt Period (Year)       10 years                
Foreign Tax Authority [Member] | Kenya Revenue Authority [Member]                        
National Corporate Tax Rate           37.50%            
State and Local Jurisdiction [Member]                        
Operating Loss Carryforwards         $ 268,000              
Operating Loss Carryforwards Expiring Amount         268,300              
Operating Loss Carryforwards Available For Indefinite Period         4,700              
Deferred Tax Assets, Investments         $ 800              
Open Tax Year         2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022              
State and Local Jurisdiction [Member] | U.S. Geothermal [Member]                        
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets     $ 49,900                  
State and Local Jurisdiction [Member] | Minimum [Member]                        
Tax Credit Carryforward Expiration Year         2025              
State and Local Jurisdiction [Member] | Maximum [Member]                        
Tax Credit Carryforward Expiration Year         2034              
[1] The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes.
v3.24.0.1
Note 16 - Income Taxes - Income From Continuing Operations Before Income Taxes and Equity in Income (Losses) of Investees (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
U.S $ 53,984 $ 23,709 $ 37,032
Non-U.S. (foreign) 85,101 71,900 66,519
Income from operations before income tax and equity in earnings (losses) of investees $ 139,085 $ 95,609 $ 103,551
v3.24.0.1
Note 16 - Income Taxes - Components of Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 672 $ 641 $ 0
State (1,806) 2,227 400
Foreign 35,379 29,370 25,096
Total current income tax expense 34,245 32,238 25,496
Deferred:      
Federal (12,780) (17,179) (3,267)
State 6,041 2,649 9,301
Foreign (21,523) (2,966) (6,680)
Total deferred tax provision (benefit) (28,262) (17,496) (646)
Total Income tax provision $ 5,983 $ 14,742 $ 24,850
v3.24.0.1
Note 16 - Income Taxes - Difference Between US Federal Statutory Tax Rate and Company's Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
Foreign tax credits (3.80%) (3.80%) (0.40%)
Withholding tax 1.00% 0.20% 6.00%
State income tax, net of federal benefit 2.40% 5.30% 8.80%
Uncertain tax positions 1.50% 0.90% 3.60%
Foreign tax rate change (5.70%) 0.00% 0.00%
Effect of foreign income tax, net 0.40% 6.20% (5.20%)
Production tax credits 0.00% (4.00%) (4.20%)
Investment tax credits (14.00%) 0.00% 0.00%
Tax on global intangible low-tax income 4.10% 4.80% 9.30%
Noncontrolling interest (1.00%) (2.20%) (2.50%)
Other, net (1.60%) (3.70%) (1.90%)
Effective tax rate 4.30% 15.40% 24.00%
Domestic Tax Authority [Member]      
Valuation allowance 0.00% (9.30%) (10.40%)
v3.24.0.1
Note 16 - Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets (liabilities):      
Net foreign deferred taxes, primarily depreciation $ (27,623) $ (49,295)  
Depreciation 40,993 50,214  
Intangible drilling costs, liability (17,543) (13,855)  
Net operating loss carryforward - U.S. 24,822 26,824  
Tax monetization transaction (125,462) (84,585)  
Right-of-use assets (5,218) (5,824)  
Lease liabilities 5,105 5,527  
Production tax credits 109,556 109,109  
Foreign tax credits 33,412 32,333  
Withholding tax (20,437) (21,007)  
Basis difference in partnership interest (12,448) (51,392)  
Excess business interest 6,162 522  
Sale and leaseback transaction 58,608 62,939  
Other assets 12,404 13,655  
Accrued liabilities and other 6,361 5,208  
Total 88,692 80,373  
Less - valuation allowance (2,870) (2,473) $ (11,298)
Total, net $ 85,822 $ 77,900  
v3.24.0.1
Note 16 - Income Taxes - Reconciliation of Beginning and Ending Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Balance at beginning of the year $ 2,473 $ 11,298
Additions to valuation allowance 479 35
Release of valuation allowance (82) (8,860)
Balance at end of the year $ 2,870 $ 2,473
v3.24.0.1
Note 16 - Income Taxes - Balance Sheet Presentation of Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Non-current deferred tax assets $ 152,570 $ 161,365
Non-current deferred tax liabilities (66,748) (83,465)
Non-current deferred tax assets, net 85,822 77,900
Uncertain tax benefit offset (1) [1] (95) (95)
Deferred Tax Assets (Liabilities), After Uncertain Tax Benefit Offset $ 85,727 $ 77,805
[1] The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes.
v3.24.0.1
Note 16 - Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Balance at beginning of year $ 5,300 $ 5,076
Additions based on tax positions taken in prior years 395 0
Additions based on tax positions taken in the current year 1,376 364
Reduction based on tax positions taken in prior years (141) (47)
Reduction based on tax positions taken in the current year 0 (93)
Balance at end of year $ 6,930 $ 5,300
v3.24.0.1
Note 16 - Income Taxes - Foreign Subsidiaries Income Tax Years Open to Examination (Details) - Earliest Tax Year [Member]
 12 Months Ended
Dec. 31, 2023
ISRAEL  
Countries 2019
KENYA  
Countries 2018
GUATEMALA  
Countries 2019
HONDURAS  
Countries 2018
GUADELOUPE  
Countries 2020
v3.24.0.1
Note 17 - Business Segments (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
USD ($)
Number of Reportable Segments 3      
Revenue from Contract with Customer, Including Assessed Tax [1] $ 829,424 $ 734,159 $ 663,084  
Goodwill 90,544 90,325 89,954  
Electricity Segment [Member]        
Revenue from Contract with Customer, Including Assessed Tax 666,767 631,727 585,771  
Goodwill 85,900 85,700 85,300  
Electricity Segment [Member] | Accounting Standards Update 2014-09 [Member]        
Revenue from Contract with Customer, Including Assessed Tax 124,700 102,500 83,400  
Energy Storage and Management Services [Member]        
Goodwill 4,600 4,600 4,600 $ 66,200
Product Segment [Member]        
Revenue from Contract with Customer, Including Assessed Tax 133,763 71,414 46,920  
Goodwill $ 0 $ 0 $ 0  
[1] Revenues as reported in the geographic area in which they originate.
v3.24.0.1
Note 17 - Business Segments - Summarized Financial Information Concerning Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue [1] $ 829,424 $ 734,159 $ 663,084
Depreciation and amortization expense 224,797 198,792 182,972
Operating income (loss) 166,585 152,803 169,357
Segment assets at period end [2],[3] 5,208,279 4,611,579 4,425,678
Expenditures for long-lived assets 618,383 563,476 419,272
Segment Reconciling Items [Member]      
Revenue 0 0 0
Segment assets at period end 125,439 115,693 105,886
Electricity Segment [Member]      
Revenue 666,767 631,727 585,771
Depreciation and amortization expense 199,344 179,966 164,490
Operating income (loss) 168,834 156,178 171,550
Segment assets at period end [2],[3] 4,652,392 4,253,910 4,142,341
Expenditures for long-lived assets 474,592 462,269 383,307
Electricity Segment [Member] | Segment Reconciling Items [Member]      
Revenue 0 0 0
Segment assets at period end 125,439 115,693 105,886
Product Segment [Member]      
Revenue 133,763 71,414 46,920
Depreciation and amortization expense 10,908 7,302 7,719
Operating income (loss) 3,536 (1,084) (3,641)
Segment assets at period end [2],[3] 199,897 118,018 113,817
Expenditures for long-lived assets 20,599 16,352 10,687
Product Segment [Member] | Segment Reconciling Items [Member]      
Revenue 48,494 83,394 129,589
Segment assets at period end 0 0 0
Other Segments [Member]      
Revenue 28,894 31,018 30,393
Depreciation and amortization expense 14,545 11,524 10,763
Operating income (loss) (5,785) (2,291) 1,448
Segment assets at period end [2],[3] 355,990 239,651 169,520
Expenditures for long-lived assets 123,192 84,855 25,278
Other Segments [Member] | Segment Reconciling Items [Member]      
Revenue 0 0 0
Segment assets at period end 0 0 0
UNITED STATES      
Revenue [1],[4] 509,827 484,055 440,110
UNITED STATES | Electricity Segment [Member]      
Revenue [4] 473,323 446,000 404,303
UNITED STATES | Product Segment [Member]      
Revenue [4] 7,610 7,037 5,414
UNITED STATES | Other Segments [Member]      
Revenue [4] 28,894 31,018 30,393
Non-US [Member]      
Revenue [5] 319,597 250,104 222,974
Non-US [Member] | Electricity Segment [Member]      
Revenue [5] 193,444 185,727 181,468
Non-US [Member] | Product Segment [Member]      
Revenue [5] 126,153 64,377 41,506
Non-US [Member] | Other Segments [Member]      
Revenue [5] $ 0 $ 0 $ 0
[1] Revenues as reported in the geographic area in which they originate.
[2] Electricity segment assets include goodwill in the amount of $85.9 million , $85.7 million and $85.3 million as of December 31, 2023, 2022 and 2021, respectively, $66.2 million of which was added in the third quarter of 2021 as a result of the Terra-Gen Transaction as further described under Note 2 to the consolidated financial statements. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2023, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of December 31, 2023, 2022 and 2021.
[3] Including unconsolidated investments
[4] Electricity segment revenues in the United States are all accounted under lease accounting, except for $124.7 million, $102.5 million and $83.4 million for the years 2023, 2022 and 2021, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements.
[5] Electricity segment revenues in foreign countries are all accounted under lease accounting. Product and Energy Storage segment revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements.
v3.24.0.1
Note 17 - Business Segments - Reconciling Information Between Reportable Segments and Consolidated Totals (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue [1] $ 829,424 $ 734,159 $ 663,084
Operating income (loss) 166,585 152,803 169,357
Interest income 11,983 3,417 2,124
Interest expense, net (98,881) (87,743) (82,658)
Derivatives and foreign currency transaction gains (losses) (3,278) (6,044) (14,720)
Income attributable to sale of tax benefits 61,157 33,885 29,582
Other non-operating income (expense), net 1,519 (709) (134)
Total consolidated income before income taxes and equity in earnings (losses) of investees 139,085 95,609 103,551
Intersegment Eliminations [Member]      
Revenue 48,494 83,394 129,589
Consolidation, Eliminations [Member]      
Revenue $ (48,494) $ (83,394) $ (129,589)
[1] Revenues as reported in the geographic area in which they originate.
v3.24.0.1
Note 17 - Business Segments - Revenues as Reported in the Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue [1] $ 829,424 $ 734,159 $ 663,084
UNITED STATES      
Revenue [1],[2] 509,827 484,055 440,110
INDONESIA      
Revenue [1] 26,732 15,631 8,056
KENYA      
Revenue [1] 109,217 105,837 102,844
TÜRKIYE      
Revenue [1] 2,469 1,961 2,723
CHILE      
Revenue [1] 0 579 7,035
GUATEMALA      
Revenue [1] 30,174 28,831 26,868
NEW ZEALAND      
Revenue [1] 66,526 17,130 6,770
HONDURAS      
Revenue [1] 31,589 33,837 35,233
Other Foreign Countries [Member]      
Revenue [1] $ 52,889 $ 46,298 $ 33,445
[1] Revenues as reported in the geographic area in which they originate.
[2] Electricity segment revenues in the United States are all accounted under lease accounting, except for $124.7 million, $102.5 million and $83.4 million for the years 2023, 2022 and 2021, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements.
v3.24.0.1
Note 17 - Business Segments - Long Lived Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Long Lived Assets, Geographic Area $ 3,841,483 $ 3,413,872 $ 3,042,227
UNITED STATES      
Long Lived Assets, Geographic Area 3,085,892 2,857,503 2,527,429
KENYA      
Long Lived Assets, Geographic Area 377,563 301,491 297,427
Other Foreign Countries [Member]      
Long Lived Assets, Geographic Area $ 378,028 $ 254,878 $ 217,371
v3.24.0.1
Note 17 - Business Segments - Revenue From Major Customers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue [1] $ 829,424 $ 734,159 $ 663,084
Southern California Public Power Authority [Member]      
Revenue [2] $ 181,656 $ 157,663 $ 157,318
Percentage of revenues [2] 21.20% 21.50% 23.70%
Sierra Pacific Power Company And Nevada Power Company [Member]      
Revenue [2],[3] $ 116,797 $ 124,116 $ 123,333
Percentage of revenues [2],[3] 14.10% 16.90% 18.60%
Kenya Power and Lighting Co LTD [Member]      
Revenue [2] $ 109,217 $ 105,837 $ 102,844
Percentage of revenues [2] 13.20% 14.40% 15.50%
[1] Revenues as reported in the geographic area in which they originate.
[2] Revenues reported in Electricity segment.
[3] Subsidiaries of NV Energy, Inc.
v3.24.0.1
Note 19 - Employee Benefit Plan (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 60.00%    
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 6.00% 5.00% 4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 3,900 $ 2,600 $ 1,800
Deposits And Other Assets Noncurrent 44,631 39,762  
Severance Costs 2,200 2,200 2,000
Gain (Loss) Of Severance Fund (200) (1,000) $ 1,300
Israeli Severance Funds [Member]      
Deposits And Other Assets Noncurrent $ 6,500 $ 6,900  
v3.24.0.1
Note 19- Employee Benefit Plan - Expected Future Benefit Payments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
2024 $ 2,396
2025 291
2026 525
2027 1,461
2028 723
2029-2046 4,816
Total $ 10,212
v3.24.0.1
Note 20 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Letters of Credit Outstanding, Amount $ 302,800    
Recorded Unconditional Purchase Obligation $ 419,800    
Royalties Cap, Interest Basis Spread on Granrt Amount 5.90%    
Ormat Systems Ltd [Member]      
Royalty Expense $ 0 $ 0 $ 0
Royalty Cap Amount 2,500 2,300  
Royalty Cap Amount LIBOR Rate $ 1,500   1,200
Ormat Systems Ltd [Member] | Minimum [Member]      
Percentage For Royalty To Be Paid 3.50%    
Ormat Systems Ltd [Member] | Maximum [Member]      
Percentage For Royalty To Be Paid 5.00%    
Construction In Process [Member]      
Recorded Unconditional Purchase Obligation $ 251,300    
Geothermal Resource Agreement [Member]      
Royalty Expense $ 30,900 $ 30,100 $ 25,200
v3.24.0.1
Note 21 - Leases - Lessee's Total Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lease cost      
Amortization of right-of-use assets $ 1,922 $ 2,861 $ 3,265
Interest on lease liabilities 168 441 770
Operating lease cost 4,771 3,695 3,707
Short-term and variable lease cost 6,741 7,436 5,228
Total lease cost 13,602 14,433 12,970
Operating cash flows for finance leases 168 441 770
Operating cash flows for operating leases 4,448 4,507 3,589
Financing cash flows for finance leases 1,963 2,983 3,181
Right-of-use assets obtained in exchange for new finance lease liabilities 1,671 2,473 948
Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,731 $ 6,286 $ 5,227
Weighted-average remaining lease term — finance leases (in years) (*) (Year) 14 years 3 months 18 days 1 year 9 months 18 days  
Weighted-average remaining lease term — operating leases (in years) (Year) 16 years 2 months 12 days 17 years 10 months 24 days  
Weighted-average discount rate — finance leases (in percentage) (*) 6.00% 3.00%  
Weighted-average discount rate — operating leases (in percentage) 5.00% 5.00%  
v3.24.0.1
Note 21 - Leases - Lessee Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
2024, operating lease $ 3,908
2024, finance lease 1,456
2025, operating lease 3,246
2025, finance lease 1,291
2026, operating lease 2,471
2026, finance lease 913
2027, operating lease 2,224
2027, finance lease 136
2028, operating lease 1,900
2028, finance lease 0
2028, financing liability 20,578
Thereafter, operating leases 20,756
Thereafter, finance leases 0
Total future minimum lease payments, operating leases 34,505
Total future minimum lease payments, finance leases 3,796
Less imputed interest, operating leases 11,386
Less imputed interest, finance leases 245
Total, operating leases 23,119
Total, finance leases 3,551
Two Contracted Geothermal Assets in Nevada [Member]  
2024, financing liability 17,578 [1]
2025, financing liability 17,535 [1]
2026, financing liability 22,675 [1]
2027, financing liability 20,815
Thereafter, financing liability 277,827 [1]
Total future minimum lease payments 377,008 [1]
Less imputed interest, financing liability 151,248 [1]
Total, financing liability $ 225,760 [1]
[1] Financing liability was assumed as part of the Terra-Gen business combination transaction as further described under Note 2 to the consolidated financial statements and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.
v3.24.0.1
Note 21 - Leases - Lease Income Recognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lease income relating to lease payments of operating leases $ 542,065 $ 529,264 $ 502,355
v3.24.0.1
Note 22 - Subsequent Events (Details Textual)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 21, 2024
USD ($)
$ / shares
Jan. 04, 2024
USD ($)
Jan. 02, 2024
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dividends, Common Stock, Total       $ 28,412 $ 27,143 $ 26,986
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares       $ 0.48    
Subsequent Event [Member]            
Dividends, Common Stock, Total $ 6,700          
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares $ 0.12          
Debt Instrument, Date of First Required Payment Mar. 06, 2024          
Dividends Payable, Date to be Paid Mar. 20, 2024          
Subsequent Event [Member] | Hapoalim 2024 Loan Agreement [Member]            
Debt Instrument, Face Amount     $ 75,000      
Debt Instrument Number of Quarterly Payments     32      
Debt Instrument, Periodic Payment, Principal     $ 2,300      
Debt Instrument, Term (Year)     8 years      
Debt Instrument, Interest Rate, Stated Percentage     6.60%      
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio     6      
Subsequent Event [Member] | Hapoalim 2024 Loan Agreement [Member] | Maximum [Member]            
Debt Instrument, Covenant, Minimum Equity Capital, Amount     $ 750,000      
Subsequent Event [Member] | Hapoalim 2024 Loan Agreement [Member] | Minimum [Member]            
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent     25.00%      
Subsequent Event [Member] | HSBC 2024 Loan Agreement [Member]            
Debt Instrument, Face Amount     $ 125,000      
Debt Instrument, Periodic Payment, Principal     $ 12,500      
Debt Instrument, Term (Year)     4 years      
Debt Instrument, Interest Rate, Stated Percentage     2.25%      
Debt Instrument, Covenant, Maximum Debt to EBITDA Ratio     6      
Debt Instrument, Covenant, Minimum Equity Capital, Amount     $ 750,000      
Debt Instrument, Covenant, Equity Capital to Total Assets, Percent     25.00%      
Debt Instrument, Number of Semi-annual Payments     7      
Debt Instrument, Periodic Payment Terms, Final Princiapl Payment to be Paid     $ 37,500      
Subsequent Event [Member] | HSBC 2024 Loan Agreement [Member] | Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) [Member]            
Derivative, Basis Spread on Variable Rate     3.90%      
Subsequent Event [Member] | Geothermal and Solar Assets [Member]            
Payments to Acquire Productive Assets   $ 272,000