ORA Ormat Technologies Inc

Power to be Produced by Four ORMAT Recovered Energy Generation Facilities In South Dakota And Minnesota RENO, Nevada, May 14 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA), today announced that one of its wholly-owned subsidiaries has executed, pursuant to an existing option agreement that was previously announced on January 16, 2007, four (4) additional 25-year Power Purchase Agreements (PPA) with Basin Electric Power Cooperative (BEPC) of Bismarck, North Dakota for electricity to be produced by four new ORMAT(R) Recovered Energy Generation (REG) facilities. Each facility will have a net capacity of 5.5 MW and will convert the recovered waste heat from the exhaust of existing gas turbines at compressor sites located on the Northern Border natural gas pipeline into electricity. Two plants are expected to be commissioned in 2008 or early 2009, and the other two -- in late 2009. Ormat has secured the rights to the waste heat for all four new facilities. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The ORMAT(R) REG facilities consist of ORMAT(R) ENERGY CONVERTERS (OEC) based on Organic Rankine Cycle technology, which converts recovered heat to electric power without the need for any additional fuel or water. The OEC units are environmentally benign, as they have no emissions of CO2 or NOX. Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies, said, "We are very pleased with the confidence Basin Electric and Northern Border have both expressed in Ormat Technologies and REG technology by expanding on our existing projects and working relationship. These four new sites will double the electrical capacity and the number of REG projects that Ormat Technologies currently operates on the Northern Border Pipeline, and provide power to BEPC." "We believe that each new order provides further validation of the importance of recovered energy, in general. The Ormat REG technology responds to two objectives high on the energy policy agenda: energy efficiency and emission reduction. We are very pleased with our progress in this area and remain confident that recovered energy generation, especially since the addition of the adaptation of REG units to LNG receiving terminals, will continue to be a growth engine for Ormat." Ron Rebenitsch, PE (Spell out PE), BEPC Manager of Member Marketing at Basin Electric Power Cooperative said "We are very pleased to add additional projects to those we've already contracted with Ormat, as their technology is a natural fit for compressor station heat recovery. We have a solid partnership with Ormat and we hope to continue to utilize their technology on future projects. In addition, Northern Border's leadership role in enabling these innovative projects to proceed was critical to a major advance in the development of compressor station heat recovery, which was relatively unknown in the industry until recently." 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 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. Ormat Technologies Contact: Dita Bronicki CEO and President +1-775-356-9029 Investor Relations Contact: Todd Fromer / Marybeth Csaby KCSA Worldwide 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 Todd Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of KCSA Worldwide for Ormat Technologies Web site: http://www.ormat.com/

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