ORA Ormat Technologies Inc

Ormat Subsidiary and Basin Electric Agreement for the Supply of 22 MW From Recovered Energy Becomes Effective SPARKS, Nev., June 20 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that a 25-year Power Purchase Agreement (PPA) between an Ormat subsidiary and Basin Electric Power Corporation for the supply of approximately 22 MW from recovered energy generation power plants has become effective. All the required agreements and conditions have been met and fulfilled. The PPA was previously entered into by the parties, and was contingent upon both parties meeting and fulfilling certain conditions and agreements as stated in a press release dated January 4, 2005. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The power plants are to be constructed by Ormat, and be completed by the end of 2006. The power plants will be constructed on gas compressor stations along the Northern Border Pipeline Company's natural gas pipeline in North and South Dakota. Ormat estimates that construction costs for the power generation stations will be approximately $35 million. Upon completion of the construction of the power plants, Ormat expects to realize annual revenues of approximately $5 million from the sale of power generated as a result of this project. About Ormat Technologies Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal power plants. It also designs, develops and builds, and plans to own and operate, recovered energy-based power plants. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems are covered by more than 70 patents. Ormat currently has operations in the United States, Israel, the Philippines, Guatemala, Kenya, and Nicaragua. Safe Harbor Statement Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 12, 2005. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President of Ormat Technologies Inc., +1-775-356-9029, ; or Investor Relations, Jeff Corbin, +1-212-896-1214, , or Todd Fromer, +1-212-896-1215, , both of KCSA Worldwide, for Ormat Technologies, Inc. Web site: http://www.ormat.com/

Copyright