What Ormat Technologies, Inc. told the SEC could break it.

Ormat's electricity revenue is concentrated in a few utility offtakers: SCPPA (17.8%), Sierra Pacific/Nevada Power (NV Energy, 13.8%) and Kenya Power/KPLC (11.9%) each exceeded 10% of revenue under long-term PPAs.

“rn California Public Power Authority (“SCPPA”) 17.8 % 20.6 % 21.2 % Sierra Pacific Power Company and Nevada Power Company 13.8 15.1 14.1 Kenya Power and Lighting Co. Ltd. ("KPLC") 11.9 13.0 13.2”

Ormat's power units depend on steel, aluminum, vessels and industrial equipment bought at market prices; its energy-storage business is also exposed to lithium-linked battery prices.

“raw materials, including primarily steel and aluminum, commodities, vessels and industrial equipment components that we use.”

Ormat's two largest projects — McGinness Hills (Nevada) and Olkaria III (Kenya) — were 23.7% of Electricity-segment generating capacity and 20.7% of total revenue; the Kenya exposure also carries collection risk ($29.5M overdue from KPLC at YE2025).

“These two facilities accounted for 20.7% of our total revenues for the year ended December 31, 2025.”

U.S. tariffs on Canada/Mexico/China raise costs and delay supply; the OBBBA introduced foreign-entity-of-concern (FEOC) requirements for projects starting construction after Dec 31, 2025 and BESS pricing is exposed to lithium/China tariffs, prompting Ormat to safe-harbor projects.

“In general, the energy storage market is impacted by battery prices that are linked to lithium prices and tariffs affecting China. 2025 was a volatile year for BESS pricing due to the implementation of tariffs and tariff policy changes, as well as the increase in demand due to the enactment of the OBBBA.”