ORA Ormat Technologies Inc

New geothermal plant to be constructed by Ormat at geothermal site in rural Nevada RENO, Nev., May 24 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that one of its subsidiaries has signed a 20-year Power Purchase Agreement (PPA) with Nevada Power Company, a subsidiary of Sierra Pacific Resources, for the sale of energy produced from the Grass Valley Geothermal Power Plant to be built in Lander County in northern Nevada. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) The PPA is subject to the approval of the Public Utilities Commission of Nevada and is projected to come on line in late 2010. This new plant is expected to increase the total output supplied from Ormat to Sierra Pacific Resources by between 18 and 30 megawatts (MWs). This agreement is the thirteenth PPA between Ormat and Sierra Pacific Resources, and the seventh executed since the enactment of Nevada's aggressive renewable portfolio standard (RPS) legislation in 2001. The renewable portfolio standard legislation requires 15 percent of all electricity generated in Nevada to be derived from new renewable energy sources by the end of 2012. Three power plants are already in commercial operation and sell electricity under these new PPAs and a fourth power plant is expected to declare commercial operation by the beginning of 2008. These new PPAs will help Sierra Pacific to meet the upcoming commitment that requires 12% of energy from renewable sources by the end of 2009. Dita Bronicki, CEO of Ormat said, "This new agreement characterizes Ormat's successful collaboration with Sierra Pacific to develop Nevada's vast geothermal potential, through an aggressive RPS program. Mrs. Bronicki continued, "Already today, geothermal energy from the Steamboat Complex is sufficient to supply all the consumption of the residential customers of the city of Reno from a reliable most environmentally friendly resource situated in the city limits. The geothermal potential of Nevada and the responsible RPS program of Sierra Pacific will continue to contribute to our growth in our geothermal business." The Grass Valley project will consist of a state of the art air-cooled binary or combined steam/binary power plant that re-injects 100 percent of all geothermal fluid produced, while consuming no water or chemicals. Additionally, geothermal power works continuously and thus the new plants will provide base load power 24 hours per day, 7 days per week. 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: Investor Relations Contact: Dita Bronicki Todd Fromer/Marybeth Csaby CEO and President Media Contact: Lewis Goldberg +1-775-356-9029 KCSA Worldwide 212-896-1214 (Todd); 212-896-1236 (Marybeth); 212-896-1215 (Lewis) / / http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGODATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President of Ormat Technologies, Inc., +1-775-356-9029, ; or investors, Todd Fromer, +1-212-896-1214, , or Marybeth Csaby, +1-212-896-1236, , or media, Lewis Goldberg, +1-212-896-1215, , all of KCSA Worldwide, for Ormat Technologies, Inc. Web site: http://www.ormat.com/

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