ORA Ormat Technologies Inc

SPARKS, Nevada, March 16 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that its wholly-owned subsidiary, ORPOWER 3, INC., has consummated its previously announced acquisition of an additional 50.8% (49.28% on a fully diluted basis) partnership interest in Orzunil I de Electricidad, Limitada (Orzunil), which owns the Zunil Geothermal Project in Guatemala. This acquisition, previously announced on November 29, 2005, has increased the Company's existing 21% ownership interest in the Zunil Project to 71.8% (69.67% on a fully diluted basis). The purchase price agreed upon by the parties is US$14,750,000. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) The Zunil project resumed regular operation on March 9, 2006, after being offline following damages experienced as a result of recent hurricane activity that caused the plant to cease operation on October 14, 2005. Orzunil has filed an insurance claim in respect of the damage and outage caused, which is currently under discussion with the insurance company. 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 and Form S-3 filed with the Securities and Exchange Commission on January 17, 2006. 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. Ormat Technologies Contact: Investor Relations Contact: Dita Bronicki Jeff Corbin/Todd Fromer CEO and President KCSA Worldwide +1-775-356-9029 212-896-1214/212-896-1215 / 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/

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