Ormat Technologies (ORA) Proxy Filing summary

Executive summary

• Celebrating 60 years, the company reported strong 2024 results, with solid GAAP net income, EPS, and Adjusted EBITDA exceeding expectations, driven by strategic initiatives and operational efficiency improvements.

• Expanded global portfolio with new geothermal, solar, and energy storage projects, including acquisitions and new PPAs, and opened a consolidated U.S. headquarters.

• Strategic focus remains on market expansion, operational efficiency, and investment in advanced technologies, including AI-driven energy demand.

Voting matters and shareholder proposals

• Shareholders are to vote on: (1) election of eight directors, (2) advisory vote on executive compensation, and (3) ratification of PwC as independent auditor.

• Board recommends voting FOR all proposals.

• Only shareholders of record as of March 12, 2025, are eligible to vote; multiple voting methods are available, including online and virtual participation.

Board of directors and corporate governance

• Board consists of eight nominees with diverse backgrounds, 50% female, and an average tenure of 6.3 years.

• All directors except the Chairman are independent; all committees are composed of independent directors.

• Board committees include Audit, Compensation, Nominating & Corporate Governance, Investment, and Sustainability, each with defined charters and responsibilities.

• Annual board and committee evaluations are conducted, and a 15-year term limit is in place for directors.

• Board leadership is separated between Chairman and CEO, with a Lead Independent Director appointed.