US-headquartered Ormat Technologies, a geothermal company, has signed a $62 million Hybrid Tax Equity partnership with Morgan Stanley Renewables. The deal covers the Lower Rio 60 MW/120 MWh storage facility and the Arrowleaf 35 MW/140 MWh storage and 42 MW solar projects. These projects are expected to reach commercial operation by the end of 2025. This is Ormat’s first Hybrid Tax Equity deal in its energy storage portfolio. The company has aimed to monetize $160 million in tax benefits in 2025 and continue through 2026. Ormat was represented by Sheppard Mullin Richter & Hampton. Morgan Stanley was represented by Willkie Farr & Gallagher.