ORA Ormat Technologies Inc

New Geothermal Plants to Be Constructed by Ormat at Geothermal Sites in Rural Nevada RENO, Nev., Aug. 3 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that two of its subsidiaries have each signed a 20-year Power Purchase Agreement (PPA) with Nevada Power Company, a subsidiary of Sierra Pacific Resources, for the sale of energy to be produced from the Carson Lake (near Fallon) and Buffalo Valley Power Plants, two new geothermal power plants to be built in Lander and Churchill Counties in northern Nevada. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) The PPAs are subject to the approvals of the Public Utilities Commission of Nevada and FERC. The Carson Lake and Buffalo Valley projects are both projected to come on line in late 2009. These new plants are expected to increase the total output supplied from Ormat to Sierra Pacific Resources by between 36 and 60 megawatts (MWs). These agreements are the eleventh and twelfth PPAs between Ormat and Sierra Pacific Resources, and the fifth and sixth executed since the enactment of Nevada's aggressive renewable portfolio standard legislation in 2001, which requires up to 20 percent of all electricity generated in Nevada be derived from new renewable energy sources by the end of 2015. The Nevada RPS will be phased in over several years. These two new PPA's will help Sierra to meet the interim commitment that requires up to 12% of energy from renewable sources by the end of 2009. Lucien Bronicki, chairman of Ormat said, "These new agreements characterize over two decades of successful collaboration with Sierra Pacific to develop Nevada's vast geothermal potential, estimated at over 1500 MWs. Today, we are a step closer in helping to make Nevada a leader in geothermal power usage. Sierra Pacific Resources should be commended for entering into agreements to purchase power produced by renewable sources, such as geothermal energy, which lowers CO2 emissions and reduces the dependence of Nevada on energy imports." The Carson Lake and Buffalo Valley projects will consist of state of the art air-cooled binary or combined steam/binary power plants that re-inject 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 and 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 operates the following geothermal power plants: in the United States -- Brady, Desert Peak, Heber, Mammoth, Ormesa, Puna and Steamboat; in the Philippines -- Leyte; in Guatemala -- Zunil; 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 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 the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2006 and the Prospectus Supplement filed with the Securities and Exchange Commission on April 5, 2006. 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/LATH066LOGO http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President of Ormat Technologies, Inc., +1-775-356-9029, ; or 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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