ORA Ormat Technologies Inc

RENO, Nev., May 1 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) is pleased to announce that its wholly-owned subsidiary, Ormat Nevada, Inc., completed the Engineering, Procurement and Construction (EPC) of a 1 MW rated Ormat(R) Energy Converter (OEC) for the APS Saguaro Solar Facility. Arizona Public Service Company (APS) is Arizona's largest and longest-serving electric utility, serves more than one million customers in 11 of the state's 15 counties. With headquarters in Phoenix, APS is the largest subsidiary of Pinnacle West Capital Corporation (NYSE:PNW). (LOGO: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) This project, the first solar trough power plant in Arizona, was implemented by APS in collaboration with Solargenix Energy, Ormat, and others, and is the first project to combine solar trough technology with a specially designed Organic Rankine Cycle based OEC power block, similar to the type used by Ormat in geothermal and recovered energy generation power applications. The plant's process consists of the sun's energy being concentrated by parabolic mirrors in a trough formation to receivers. This concentrated solar energy heats up thermal oil, which then transfers its heat to the OEC power unit working fluid. Use of Organic Rankine Cycle technology facilitates generation of power even with fluctuating and low temperature heat. Scott Canada, APS Project Engineer, said: "APS believes that this plant is an example of the future of energy generation and provides an excellent opportunity to continue leading the development of renewable energy in the US." He went on to say: "APS is proud of the effort of all the team members who worked together to make this innovative project a reality. The experts from Ormat, Solargenix and APS were one of the main reasons the project was a success." Lucien Bronicki, Chairman and CTO of Ormat Technologies, said: "Ormat is proud to have been associated with this project, which we hope will serve as a demonstration of the potential market for solar trough power projects in the US." This same OEC technology has a proven track record of low maintenance and high reliability in the operation of over 800 MW of Ormat geothermal and recovered energy generation power projects worldwide. 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 filed with the Securities and Exchange Commission on March 28, 2006 and the Final Prospectus filed with the Securities and Exchange Commission on April 5, 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. Contacts: Ormat Technologies Contact: Investor Relations Contact: Dita Bronicki Jeff Corbin/Todd Fromer CEO and President KCSA Worldwide 775-356-9029 212-896-1214/212-896-1215 / http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO DATASOURCE: Ormat Technologies, Inc. CONTACT: Ormat Technologies Contact: Dita Bronicki, CEO and President of Ormat Technologies, Inc., +1-775-356-9029, ; Investor Relations Contact: 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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