ORA Ormat Technologies Inc

RENO, Nev., March 15, 2011 /PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA) announced today that it signed a 20-year power purchase agreement (PPA) with NV Energy to purchase 30 MW of clean, renewable energy generated from the Dixie Meadows geothermal project.  Ormat is currently in the exploration phase of the Dixie Meadows development project, which is located in Churchill County, Nev. The PPA has been submitted for approval to the Public Utilities Commission of Nevada.

(Logo: http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)

Upon successful development, the Dixie Meadows geothermal project will further increase the 127 MW that Ormat is currently operating in the state and approximately 90 MW that are in construction.  If the Dixie Meadows project reaches completion by the end of 2013, it would also be eligible for an ITC cash grant.  

"This is another step in our long cooperation with NV Energy to provide clean and reliable renewable energy to northern Nevada," said Yoram Bronicki, president and chief operating officer of Ormat. "The exploration efforts in Dixie Meadows are an investment in the development of the rural areas in the state and a successful project will have a positive economic impact through its contract life."  

Michael Yackira, president and chief executive officer of NV Energy, said "We are pleased to be working with Ormat on this project and to be taking another step forward in utilizing Nevada's abundant geothermal resources for the benefit of our customers and for the environment."

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 80 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1370 MW of gross capacity.  Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.

Ormat's 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 February 28, 2011.

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.

SOURCE Ormat Technologies, Inc.