ORA Ormat Technologies Inc

Ormat Technologies, Inc. Completes Well Re-drilling at Puna Geothermal Project in Hawaii Generating Capacity Increased Approximately 4 MW SPARKS, Nev., June 30 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that Ormat subsidiary, Puna Geothermal Venture ("PGV"), completed the re-drilling of an existing production well at the Puna Geothermal Project (the "Puna Project") located on the Big Island, Hawaii. The well re-drilling increased net generating capacity of the power plant by approximately 4 MW, bringing total net generating capacity to approximately 29 MW. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The re-drilling is part of an approximately $15 million existing enhancement program at Puna under which two additional wells are expected to be drilled. This plan is intended to increase the available geothermal fluid, and enable the plant to generate approximately 30 MW of sustainable power. Completion of this program is expected by the end of the year. The additional power will be sold to the Hawaii Electric Light Company (HELCO), mainly during peak hours, under an existing power purchase agreement. Commenting on the results of the drilling, Dita Bronicki, President and Chief Executive Officer of Ormat said, "In only one year since we acquired the Puna Project, we have been able to increase output by almost 20%. We believe this increase in the plant's net generating capacity is another example of the strength derived from being a vertically integrated company. We will continue to explore growth opportunities on the Big Island of Hawaii in order to determine if any additional projects relative to the Puna Project could be brought on line once the enhancement of the existing phase is complete." 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. It also designs, develops and builds, and plans to own and operate, 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 more than 70 patents. Ormat currently has operations in the United States, Israel, the Philippines, Guatemala, Kenya, and Nicaragua. 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's Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 12, 2005. 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 Jeff Corbin/Todd Fromer CEO and President KCSA Worldwide +1-775-356-9029 212-896-1214/212-896-1215 / 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, Inc., +1-775-356-9029, ; or Investor Relations, Jeff Corbin, +1-212-896-1214, , or Todd Fromer, +1-212-896-1215, , both of KCSA Worldwide, for Ormat Technologies, Inc. Web site: http://www.ormat.com/

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