Ormat Technologies, Inc.

Good morning and welcome to the ORMAT Technologies second quarter 2024 earnings conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. If you would like to ask a question during this time, simply press the star key followed by the number 1 on your telephone keypad. If you would like to withdraw your question, please press star 1 again. Please note that this event is being recorded. I would now like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

Thank you, operator. Hosting the call today are Dharam Bashar, Chief Executive Officer, Ozzie Ginsberg, Chief Financial Officer, and Smadar Lavit, Vice President of Best Relations and ESG Planning Reporting. Before beginning, we would like to remind you that the information provided during this call may contain forward-looking statements relating to the current expectations, estimates, forecasts, and projections about future events that are forward-looking, as defined in the Private Security 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 future 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 ORMAT technologies and reports on Form 10-K and core 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. Reconciliations to the most directly comparable GAAP measures and management reasons for presenting such information is set forth in the press release that was issued last night and follows 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 ormap.com under the presentation link that's found on the investor relations tab. With all that said, I would now like to turn the call over to Duran Blashar. Duran, the call is yours.

Thank you, Josh, and good morning, everyone. Thank you for joining us today. During the second quarter, Ormat again delivered strong financial results driven by our consistent improvement across all our operating segments and our focus on continued profitable growth. The second quarter had a 9.3% increase in total revenues and 25% increase in adjusted EBITDA when compared to the second quarter of last year. This improved performance and results were primarily led by the expansion of our capacity-generating portfolio and improved operating performance, which has translated into solid returns. Within our electricity segment, we continued to drive consistent growth during the quarter, largely driven by the addition of the NL assets that were acquired at the beginning of the year. We have also benefited from the continued improvement at our APUNA facility and from the contribution of a full quarter of performance at our HB1 facility, which resumed operations in last year's second quarter. The performance of our energy storage segment has continued to stabilize and deliver improved results in the period, with the segment exhibiting strong revenue growth versus the prior year as a result of the contribution from the 83 megawatts of new projects that came online in the last 12 months. Additionally, we continue to make progress on our goal of transitioning our energy storage business towards a more balanced portfolio through a mix of RE contracts, toiling agreements, and merchant projects, with a focus on stability, high returns, and improved margins. This effort is highlighted by recent 15-year RA agreement with the city of Riverside for our shared storage facility, which we expect will be eligible for approximately 40% ITC benefit. And the release for construction of Louisa, a new storage facility of 100 megawatts, 200 megawatts hour in Texas, which we also expect to be eligible for 40% ITC benefit. With the first half of the year now behind us, our generating capacity portfolio stands at 1,420 megawatts, as the demand for renewable energy and zero-emission power generation solution continues to increase. The increased and growing demand we see strengthens our confidence that we are progressing well towards our long-term goals, which directly align with the global trend of reducing carbon emissions from power production. Additionally, our growing energy storage segment is showing a strong and improved trajectory, not only for revenue growth, but for enhanced returns and earnings contributions. Now, before I provide further updates on our operation and plans, I will turn the call over to Asi to review the financial results for the quarter. Asi?