Ormat Technologies stock: Storage growth lifts 2026 outlook

Ormat Technologies stock traded at 84.65 euros on Lang & Schwarz at 12:01 CET on Tuesday, November 10, 2026.

Ormat's energy-storage strategy remains the central growth theme after the company secured two long-term projects in Israel. In a company release dated February 13, 2025, Ormat said it had won a tender issued by the Israeli Electricity Authority and received two separate 15-year tolling agreements. The facilities are planned with combined capacity of approximately 300 megawatts and 1,200 megawatt-hours.

Israeli projects extend the pipeline

The projects are being developed with Allied Infrastructure Ltd. Ownership is split equally between the two partners, marking Ormat's first major entry into Israel's utility-scale energy-storage market. The tolling structure is intended to support more stable portfolio profitability, while the agreements include an option to terminate the initial arrangement and move into the merchant market.

Commercial operation is expected during 2028. Interconnection work and land-use permits remain important steps before construction can begin, so the Israeli facilities represent a longer-term development opportunity rather than an immediate earnings contributor. The company's press release is available from Ormat Technologies.

Storage drives the 2026 outlook

Recent results placed the Israeli development in the context of a much larger storage buildout. Deep TASE reported that Ormat's third-quarter energy-storage revenue climbed 145.2 percent year over year to 49.9 million US dollars. The analysis also cited a full-year storage revenue range of 160 million to 170 million US dollars and total revenue guidance of 1.17 billion to 1.20 billion US dollars.

The same analysis said electricity revenue guidance stood at 700 million to 710 million US dollars and product revenue guidance at 310 million to 320 million US dollars. That mix leaves storage as the main source of the raised group outlook, while the other two segments are expected to remain broadly stable or decline. Deep TASE also highlighted a 34.4 million US dollar induced conversion expense connected with the issuance of 2031 convertible notes, an item investors should distinguish from recurring operating performance.

For shareholders, the combination of contracted projects and merchant storage exposure creates both opportunity and execution risk. The Israeli agreements add contracted capacity and longer-term revenue visibility, but their contribution depends on permitting, grid connection, construction and eventual operating performance. Nearer-term results will show whether the elevated storage revenue run rate can support management's revised 2026 outlook. The full analysis is available from Deep TASE.

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