ORA Ormat Technologies Inc

RENO, Nevada, July 1 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that two of its subsidiaries entered into a supply contract and a construction contract with Contact Energy LTD of New Zealand for Centennial Binary Plant, a new geothermal power plant that is to be constructed in the Tauhara Geothermal Field in New Zealand. The contracts are valued at a total of approximately $42 million and construction of the power plant is expected to be completed within 23 months from the contract date. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) Contact Energy is New Zealand's largest geothermal power plant owner and operator as well as the country's largest wholesaler and retailer of natural gas and LPG. Contact Energy generates about 28% of the country's total electricity capacity, including approximately 27% of the retail electricity market share and supplies electricity and gas is to around 635,000 customers across New Zealand. Contact Energy already has one operating geothermal binary power plant that was supplied by Ormat in 2005. Ormat has been actively designing and supplying geothermal power solutions in New Zealand since 1986. The Centennial plant will mark the twelfth geothermal power plant with total capacity of over 250 MW erected in the country by Ormat. The new plant will use air-cooled condensers and will allow 100% geothermal fluid reinjection, which serves both to sustain the reservoir and to produce electrical power with virtually no environmental impact. The geothermal power plant utilizes the hi-performance, hi-efficiency organic turbine developed by Ormat for geothermal and recovered-energy applications. Dita Bronicki, CEO of Ormat Technologies, said, "We are very pleased to receive this repeat contract from Contact Energy and are excited for the opportunity to once again work with the company's geothermal team. The award of these contracts demonstrates the trust that Contact Energy has in our ability to contribute experience and knowledge to the development of this new geothermal field, and we are looking forward to delivering a great performing power plant on schedule." Ms. Bronicki concluded, "These contracts increase our geothermal products backlog by $58 million for the second quarter and $134 million since the beginning of the year, including $50 million that is still subject to notice to proceed. We view this milestone as a demonstration of the effectiveness and reliability of Ormat's solutions and it further reinforces the applicability of our renewable energy solutions to the world electricity markets." About Ormat Technologies Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy- based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally- sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by more than 75 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala -- Zunil and Amatitlan; in Kenya -- Olkaria; and in Nicaragua -- Momotombo. 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 5, 2008. 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 KCSA Strategic Communications 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 of Ormat Technologies, Inc., +1-775-356-9029, ; or Investor Relations, Todd Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of KCSA Strategic Communications Web site: http://www.ormat.com/

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