ORA Ormat Technologies Inc

First Plant Under Nevada Renewable Portfolio Standard ('RPS') SPARKS, Nev., Nov. 16 /PRNewswire-FirstCall/ -- Ormat Technologies Inc. (NYSE:ORA) is pleased to announce that on November 14, 2005, Ormat's subsidiary, Ormat Nevada Inc., commissioned the first geothermal power plant constructed in Nevada under the Nevada RPS legislation. The plant was commissioned only 8 months after Ground Breaking. Formerly known as the Galena 1 Project, the plant was renamed in honor of Governor Kenny Guinn's late energy advisor Richard "Dick" Burdette Jr. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) The state of the art 20 MW Geothermal Power Plant is integrated into the existing Steamboat Geothermal Complex and brings the total output supplied from Steamboat to Sierra Pacific Power to 45 MW, which is sufficient to power 45,000 homes. It is an air-cooled binary power plant that re-injects 100% of all geothermal fluid produced, and consumes no water or chemicals. Contrary to wind power plants, it works continuously, providing base load power. Speakers at the dedication included Nevada Governor Kenny Guinn, State Senator Randolph Townsend, Chairman Donald Soderberg of the Public Utility Commission of Nevada, Walt Higgins, Chairman and Chief Executive Officer of Sierra Pacific Resources, Roberto Denis, Senior Vice President of Sierra Pacific Resources, Richard Moorer, Deputy Assistant Secretary of Energy for Energy Efficiency and Renewable Energy and Lucien Y. Bronicki, Chairman of Ormat Technologies, Inc. "I am honored to be here to dedicate Ormat's new geothermal power plant in the memory of my friend and advisor Dick Burdette. His tireless efforts helped make it possible for the clean geothermal energy from this plant to reach the citizens of Nevada," said Governor Guinn. Gov. Guinn also said he was proud to dedicate this first geothermal plant to become operational under the new renewable portfolio standard law, which Senator Townsend introduced and shepherded through the Legislature. He went on to say that geothermal energy is an abundant resource in Nevada that reduces our Nation's reliance on foreign oil. He also noted in his comments that Ormat has proven to be one of the best companies at building and operating geothermal projects. He further commended Sierra Pacific for stepping up and purchasing the power produced by such geothermal plants. "Without these agreements, financing and building these plants would be impossible." Walt Higgins added, "This plant is further proof that Ormat is a true pioneer in the geothermal industry and a leader not only in Nevada but around the world in developing much-needed renewable energy resources. Nevada's renewable standards and goals are among the most ambitious in the nation and they can and will be achieved as others follow Ormat's lead." Lucien Bronicki, Chairman of Ormat said, "We're proud to dedicate this plant in honor of Dick Burdette. ORMAT is working cooperatively with the University of Northern Nevada and the Desert Research Institute to develop a world-class renewable energy center right here at the Redfield campus, which will conduct research and train geothermal specialists. This collaboration will not only accelerate the development of Nevada's geothermal potential, recently estimated at 1500 MW, but also make Nevada a leader in geothermal technologies. In commenting on the value of geothermal energy, Roberto Denis of Sierra Pacific noted that "Ormat is producing power and selling it to us at rates that are competitive with our ability to generate it with fossil fuels, or buy it in the open wholesale market, while avoiding the impact of fuel price fluctuations." In closing the Dedication Ceremony, Secretary Moorer said that the US Department of Energy is proud of its long and successful partnership with ORMAT, which dates back to the Ormesa Project in the Imperial Valley of California in 1981, a project that validated the feasibility of large-scale commercial binary power plants. He went on to say that this facility will take geothermal to the next level and represents the future of geothermal energy. 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 and 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 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 the Company'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. About Sierra Pacific Power Company Headquartered in Reno, Nevada, Sierra Pacific Power Company is the principal utility for most of northern Nevada and the Lake Tahoe area of California. It is a wholly owned subsidiary of Sierra Pacific Resources (NYSE:SRP), which also is the holding company for Nevada Power Company, the electric utility for southern Nevada. Sierra Pacific Power also distributes natural gas in the Reno-Sparks area of northern Nevada. Other subsidiaries of Sierra Pacific Resources include the Tuscarora Gas Pipeline Company, which owns 50 percent interest in an interstate natural gas transmission partnership and several unregulated energy services companies. Ormat Contact: Sierra Pacific Contact: Daniel Schochet Faye I. Andersen Vice President Manager, Northern Communications (775) 356-9020-office (775) 834-4822-office (775) 230-0517-cell (775) 848-4822-cell http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies Inc.; Sierra Pacific Power Company CONTACT: Daniel Schochet, Vice President of Ormat, +1-775-356-9020, or cell, +1-775-230-0517; or Faye I. Andersen, Manager, Northern Communications of Sierra Pacific, +1-775-834-4822, or cell, +1-775-848-4822

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