The company chalked up the financial decline to contracting gross margins in both its product and electricity segments. It also cited slower product revenues.
On the electricity side, Ormat increased revenue 6.5% on the back of new capacity – chiefly the North Brawley plant in California – and strong facility performance across its fleet.
This resulted in 4.8% growth in generation to 917,000 megawatt hours in the quarter.
The
