ORA Ormat Technologies Inc

RENO, Nevada, Feb. 20 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that two 20-year Power Purchase Agreements (PPAs) signed between Nevada Power Company, a subsidiary of Sierra Pacific Resources and two of its subsidiaries, that were previously announced in a press release issued on August 3, 2006, received the approval of the Public Utilities Commission of Nevada. Under these PPAs, Ormat's Buffalo Valley Project in Lander County and Carson Lake Project in Churchill County will produce between 18 MW and 30 MW each for Nevada Power. The two new power plants are expected to begin commercial production by the end of 2009. Sierra Pacific Power will receive the energy from these two power plants until a transmission line between Sierra Pacific Power and Nevada Power is completed in 2011. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) 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 DATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President of Ormat Technologies, +1-775-356-9029, ; Investor Relations - Todd Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of KCSA Worldwide Web site: http://www.ormat.com/

Copyright