ORA Ormat Technologies Inc

Total Installed Capacity of Ormat's Power Plants in New Zealand Will Exceed 200 MW RENO, Nev., Jan. 2 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that two of its subsidiaries have entered into Supply and Engineering, Procurement and Construction contracts with Ngawha Generation Ltd., a subsidiary of Top Energy Limited ("Top Energy") for a new geothermal power plant in Ngawha, New Zealand. The contracts are for a total of approximately $20 million, with construction of the power plant expected to be completed within 20 months from the contract date. Top Energy is an environmentally friendly, local electricity network company in New Zealand. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) This is the second order for an Ormat geothermal power plant from the company. Top Energy has been operating an Ormat 12 MW geothermal power plant in Ngawha since June 1998. Both plants will produce approximately 75% of the electricity used by Top Energy's 26,000 consumers, thereby further reducing the amount of electricity, which would otherwise be generated by scarce non- renewable resources that produce harmful greenhouse gas emissions. Upon completion of the plant, the total installed capacity of Ormat's power plants in New Zealand will exceed 200 MW. The Ngawha plant contract is the tenth Ormat supply contract in New Zealand, six of which are repeat contracts for the supply of geothermal power plants in New Zealand. Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies, said, "This contract brings a new geothermal power plant to New Zealand and provides further confidence in Ormat's effectiveness and reliability. We are more than pleased with our progress over the past 25 years in New Zealand and remain confident that the efficient and sustainable use of geothermal resources, with its emission reduction and the prudent and modular development, will continue to attract medium and small developers such as medium size utilities, land owners and private investors, as well as the traditional large utilities". Mr. Bronicki continued, "New Zealand is a significant resource for geothermal development, which we believe will provide Ormat with additional growth opportunities that we look forward to developing." The new plant will optimize energy utilization by converting both geothermal steam and brine from geothermal wells into electric power energy. Unlike the flash steam turbine plants that deplete the resources by consuming water in the cooling towers, the new plant, as all existing Ormat plants in New Zealand will reinject 100% of the geothermal fluid by using air-cooled condensers. The 100% reinjection serves both to sustain the reservoir and to produce electrical power with virtually no environmental impact. 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. Ormat is a pioneer in Organic Rankine Cycle (ORC) technology and a leader in the manufacture of ORC power equipment. It also designs, develops and builds, and owns and operates, 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 operates the following geothermal power plants: in the United States -- Brady, Heber, Mammoth, Ormesa, Puna and Steamboat; in the Philippines -- Leyte; in Guatemala -- Zunil; in Kenya -- Olkaria; and in Nicaragua -- Momotombo. In the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation plants. 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 Prospectus Supplements filed with the Securities and Exchange Commission on April 5 and December 14, 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 Todd Fromer / Marybeth Csaby CEO and President KCSA Worldwide +1-775-356-9029 +212-896-1215 / 212-896-1236 / http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGODATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki of Ormat Technologies, CEO and President, +1-775-356-9029, , or Todd Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of KCSA Worldwide, Investor Relations Web site: http://www.ormat.com/

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