ORA Ormat Technologies Inc

Another Application of the Field Proven Ormat Organic Rankine Cycle (ORC) Technology RENO, Nev., March 26 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that one of its subsidiaries has entered into a contract valued at $11.5 million with ENAGAS, S.A. of Madrid, Spain, for the supply of one ORMAT(R) Energy Converter (OEC) for a Recovered Energy Generation (REG) plant. The REG plant is being specially adapted to use the residual energy from the vaporization process of a Liquefied Natural Gas (LNG) regasification terminal located in Huelva, Spain. The equipment is to be supplied and installed within 26 months from the receipt of a notice to proceed, which is expected in the next few months. (Photo: http://www.newscom.com/cgi-bin/prnh/20070326/CLM188 ) (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) This is Ormat's second REG order from ENAGAS, Spain's main gas transmission company, with approximately 390,000 GWh (1.25 Bcf) per annum of gas transportation capacity (2005). Over 800 MW of Ormat's OEC units ranging from 250 kW to 15 MW have been installed worldwide in modular plants of up to 125 MW, including three REG plants for natural gas industry to third parties and four plants that the Company owns and operates under long-term power purchase agreement. In 2006, Ormat received approximately $36.6 million in orders for REG units. Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies, said "This new order is another example of the broad range of applications that can use Ormat's REG systems to generate electricity from residual energy." "In addition, the Ormat Organic Rankine Cycle line of REG systems respond to two objectives high on the European energy policy agenda. Namely, energy efficiency and emission reduction, which makes Ormat's units the most effective and environmentally friendly way to use this otherwise unexploited energy source to generate benefits for the gas industry and LNG terminal owners," Continued Mr. Bronicki. The REG plant at the Huelva LNG Regasification terminal will consist of one OEC using Ormat's Organic Rankine Cycle Technology, operating on the temperature differential between the sea water and the LNG to produce electric power without the need for any additional fuel and without any emissions of CO2 or NOX. To this project Ormat also brings its twenty year experience in handling sea water and brines in power systems. 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 owns and 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 it's 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 Ormat Technologies Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2007. 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. For Immediate Release 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/20070326/CLM188 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 Web site: http://www.ormat.com/

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