What's Up With Ormat Technologies Stock Today?

Ormat Technologies, Inc. ORA shares are trading higher after the company announced it will acquire contracted geothermal assets in Nevada and a transmission line connecting Nevada with California for a total estimated consideration of $377 million.

Ormat Technologies derives approximately 80% of its revenue from building and operating geothermal plants and the rest from manufacturing geothermal and recovered energy equipment. Nearly two-thirds of its capacity is in the United States, with the balance in Africa and Central America. Nearly all the plants have long-term contracts with local utilities.