ORA Ormat Technologies Inc

RENO, Nev., Dec. 21 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced that it has secured geothermal leases in the North Brawley Known Geothermal Resource Area ("KGRA") in Imperial County, California. The leases were entered into between a wholly-owned indirect subsidiary of Ormat Technologies, Inc. and two separate land-owners. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) Together, these geothermal leases secured 1,270 acres at the heart of the KGRA. In addition, Ormat has opened discussions with other land owners and plans to secure additional leases in the North Brawley KGRA. Ormat expects to begin drilling activity to explore the resource upon receipt of the necessary drilling permits, which the Company expects will be granted in the first half of 2007. Commenting on the Company's recent news, Dita Bronicki, President and Chief Executive Officer, stated, "As discussed on our recent quarterly results conference call, we expect to continue greenfield development of geothermal projects which, when combined with our other construction programs, will add during the three years 2006-2008 approximately 250 megawatts that we expect to complete by the end of 2008." Mrs. Bronicki concluded, "Development of the North Brawley geothermal project is expected to be completed in 50-MW clusters over a three to five years period, with the first 50 MW coming online by the end of 2008 at the earliest. We intend to sell the project's entire output to one or more of the offtakers that have already published requests for proposals for renewable energy, and to which Ormat is currently short-listed." 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 and 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 and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; 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 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 28, 2006, the Prospectus Supplement filed with the Securities and Exchange Commission on April 5, 2006 and the Prospectus Supplement filed with the Securities and Exchange Commission on December 14, 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 KCSA Worldwide +1-775-356-9029 212-896-1215/212-896-1236 / http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGODATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO and President, Ormat Technologies, +1-775-356-9029, ; or Investor Relations - Todd Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of KCSA Worldwide Web site: http://www.ormat.com/

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