Ormat Technologies, Inc.

Good morning and welcome to the ORMAT Technologies' fourth quarter 2021 earnings conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Sam Cohen with Alpha IR Group. Please go ahead.

Thank you, Operator. Hosting the call today are Duran Plashar, Chief Executive Officer, Asaf Ginsberg, Chief Financial Officer, Nadar Lavie, Vice President, Head of Investor Relations and ESG Planning and Supporting. Before beginning, we would like to remind you that the information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts, and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations and are based on management's current estimates and projections, future results, or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties. For discussion of such risks and uncertainties, please see risk factors as described in ORMAP Technologies' annual report on Form 10-K and quarterly reports on Form 10-Q that are filed with the SEC. In addition, during the call, the company will present non-GAAP financial measures, such as adjusted EBITDA. Reconciliation is the most directly comparable GAAP measures and management reasonings for presenting such information is set forth in the press release that was issued last night, as well as in the slides posted on the website. Because these measures are not calculated in accordance with GAAP, they should not be considered in isolation from the financial statements prepared in accordance with GAAP. Before I turn the call over to management, I would like to remind everyone that a slide presentation accompanying this call may be accessed on the company's website. at ormat.com under the presentation link that is found on the investor relations tab. With all that said, I'd now like to turn the call over to Duran Blashar, who will begin on slide three of today's presentation. Duran, the call is yours.

Thank you, Sam. Good morning, everyone, and thank you for joining us today. The fourth quarter marked a solid finish for the year, and we are encouraged by the year-over-year quarterly growth in revenue, operating income, and adjusted EPS supported by our growing electricity and storage portfolio. This demonstrated growth drove a number of fourth quarter performance records, including record electricity segment revenues and the record total adjusted EBITDA for a quarter period. We accelerated the revenue growth of our electricity and storage segments by completing expansions of operating power plants, successfully integrating our recent geothermal acquired assets and expanding our exploration activities to include a much higher number of drilling campaigns. Notably, this was achieved while navigating the continuing impact of COVID-19, which has caused disruption to our business, namely on the product side and on construction. We see encouraging increases in the demand for geothermal energy. Both California and Nevada, which employ massive amounts of intermittent power, recognized the importance of geothermal as a zero-emission, high-capacity energy source. In California, this recognition was translated into new CPUC decisions to adopt a portfolio that we believe will result in the acceleration of new geothermal development, and we expect that the increase in demand will result in higher PPA prices. This encouraging development in the U.S. market support our efforts to grow our portfolio in the U.S., and we are prepared to build upon the solid foundation laid in 2021 to continue that momentum. This year, we plan to commission a total of 15 new geothermal energy storage and solar PV projects with a total emission-free capacity of 210 megawatts. We remain confident in our long-term plans to increase our combined geothermal, energy storage, and solar generation portfolio to more than 1.5 gigawatt by the end of 2023. And we estimate that we will reach an annual run rate of $500 million in adjusted EBITDA towards the end of 2022. We expect to continue this established growth trajectory as we move forward with the commissioning of new power plants in 2023 and beyond. We will give more details on our future growth plan at our investor day being planned on March 30. I will turn the call over to Asi to review the financial results before I provide further updates on our operations and future plans. Asi.