TRANSACTIONS WITH RELATED ENTITIES

12 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

TRANSACTIONS WITH RELATED ENTITIES

TRANSACTIONS WITH RELATED ENTITIES

 There were no transactions between the Company and related entities, other than those disclosed below and elsewhere in these consolidated financial statements. The company considers entities in which it accounts for its ownership in those entities under the equity method as related entities. Refer to Note 5, Investment in Unconsolidated Companies, for further information on such investments.

In 2023, the Company signed a contract for supply of key equipment to the Ijen project in Indonesia, which is jointly developed by Medco and the Company. The Ijen project is owned by PT Medco Cahaya Geothermal (“MCG”), in which the Company holds ownership of 49%, as further described under Note 5, Investment in Unconsolidated Companies, to the consolidated financial statements.

Products revenues for the years ended December 31, 2024 and 2023, included revenues related to the supply agreement for the Ijen project in Indonesia in the amount of $7.4 million, and $24.0 million, respectively. As of December 31, 2024 and 2023, the amounts due from MCG were none and $4.3 million, respectively.

There are no Product revenues or amounts due related to the Sarulla project for the year ended December 31, 2024, and as of December 31, 2024, respectively. Products revenues for the year ended December 31, 2023, included revenues in the

amount of $1.6 million, related to a project enhancement for the Sarulla project in Indonesia. As of December 31, 2023, the amount due from the Sarulla project was $1.2 million.