ORA Ormat Technologies Inc

Ormat and Kenyan Power & Lighting Exchange Securities RENO, Nev., Feb. 8 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced the exchange of the agreed securities with Kenyan Power & Lighting Company (KPLC). As previously announced on January 22, 2007, the exchange of securities was necessary prior to commencing construction of the project's second phase. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) Construction of the project is expected to begin immediately with completion approximately 21 months thereafter. Delivery of this project is expected to be substantially shorter than other geothermal power plants presently under consideration in Kenya. The project is expected to add 35 MW to the existing Olkaria III plant, bringing the plant's total capacity to approximately 48 MW. Ormat expects annual revenues from the project to be approximately $32 million. Dita Bronicki, Chief Executive Officer of Ormat stated, "This is an important milestone in the advancement of private sector investments in Kenya's energy infrastructure, providing the Kenyan people affordable, clean energy as well as the benefits of Ormat's technological expertise. This second phase of Olkaria III will add more clean and reliable electricity that will assist KPLC in meeting the increasing demand of the Kenyan economy at a cost which is lower then any other new local capacity" Ms. Bronicki continued, "In addition to its clean energy benefits, the first phase of the project supplies CO2 to Oserian Development Co.'s greenhouses that are adjacent to the plant. The CO2 extracted during the first phase is used to enhance the growth of flowers on a large flower farm. Additionally, the construction of phase two will generate about 250 local jobs. Upon completion, it will be managed and operated by our local team which is operating phase one successfully since the year 2000." 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 approximately 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/LATH066LOGO http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President of Ormat Technologies, +1-775-356-9029, ; or Investor Relations, Todd Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of KCSA Worldwide, for Ormat Technologies

Copyright