UBS thinks Ormat Technologies , a little-known geothermal and renewable energy company, could see big earnings growth in the coming years, creating a promising buying opportunity for investors. Analyst Jon Windham upgraded Ormat shares to buy from neutral, saying the company is projected to double its annual earnings growth rate to 10% in the next four years, up from its current annual growth rate of 5%. "This growth inflection is underpinned by a visible pipeline of new geothermal, solar, and storage projects expected to grow total capacity in operation by 30% by [year-end 2026]," Windham wrote in a Wednesday client note. UBS sees other tailwinds ahead for the company, such as improving backlog and margins. Ormat is also expected to benefit from state and federal policy support for renewable energy. "We see likely additional upside from [Inflation Reduction Act] driven demand for new standalone battery storage projects and state mandates in CA driving incremental U.S. geothermal demand through 2035," Windham said. The analyst added that Ormat, which currently holds approximately 30% market share, could grow its geothermal portfolio by 55% through the California Public Utilities Commission's schedule for additions in the coming years. Windham noted that Ormat's 2023 financial guidance fell short of investors' expectations. However, he said that "the recent underperformance provides investors with a buying opportunity ahead of the coming growth recovery." Windham raised his price target to $105 from $103, implying a 24.2% upside from the stock's closing price Tuesday. Ormat shares have dropped 2.2% in 2023 but rallied more than 19% during the past 12 months. — CNBC's Michael Bloom contributed to this report.