Japan's ORIX lowers Ormat stake after Q3 earnings drop

Japanese financial services group ORIX Corporation (TYO:8591) has reduced its shareholding in Ormat Technologies Inc (NYSE:ORA) by 6.8%, a few weeks after the US geothermal power producer posted a decrease in its nine-month earnings.

Reno, Nevada-based Ormat said in a filing with the US Securities and Exchange Commission (SEC) earlier this week that ORIX now owns 7.24 million of its shares, or a 12.9% stake. Earlier filings show that the Japanese firm previously held 10.99 million ORIX shares, representing an interest of 19.7%.

ORIX’s stake sale was carried out through a public offering for 3.75 million common stock shares at a price of USD 90 (EUR 86.5) apiece. The transaction was completed on November 21.

At present, Ormat owns 1,173 MW of geothermal and solar power capacity globally, in countries including the US, Kenya, Guatemala and Indonesia, as well as an 88-MW energy storage portfolio in the US.

At the start of this month, the US firm booked a non-GAAP adjusted attributable net profit of USD 50.8 million in January-September, experiencing an 8.8% year-on-year decline. Still, its total revenues gained 12% to USD 528.7 million due to improved sales of products and electricity.

(USD 1.0 = EUR 0.961)

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