ORA Ormat Technologies Inc

RENO, Nev., May 16 /PRNewswire/ -- Ormat Funding Corp. (the "Company"), a wholly owned subsidiary of Ormat Technologies, Inc. (NYSE:ORA), announced today that it has launched a consent solicitation relating to its 8 1/4% Senior Secured Notes due December 30, 2020 (CUSIP No.: 686685AB4) (the "Consent Solicitation"). The Consent Solicitation expires at 5:00 p.m., New York time, on May 30, 2007, unless extended by the Company (the "Expiration Date"). The Consent Solicitation is made upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated May 16, 2007, which is being mailed to all holders of the Notes. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The Consent Solicitation is being conducted in order to waive certain provisions in the Indenture governing the Notes as they relate to certain operational matters facing the Company. Receipt of valid and not revoked written consents from holders of at least 51% of the aggregate principal amount of outstanding Notes will constitute acceptance of the consent solicitation whereupon the consent and the waivers granted pursuant thereto shall be effective and consents shall no longer be revocable, all as more fully described in the Consent Solicitation Statement. Holders of Notes may withdraw their consent at any time prior to the date on which consents have been delivered and not validly revoked by holders of at least 51% of the aggregate principal amount of the outstanding Notes. Holders of approximately 55% of the aggregate principal amount of the outstanding Notes have represented to the Issuer that they will deliver, and not revoke, their consent to the Consent Solicitation. The Company has retained Lehman Brothers Inc. as the Solicitation Agent for the Consent Solicitation. Union Bank of California, N.A., is the Tabulation and Information Agent for the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to the Liability Management Group at Lehman Brothers Inc. at 800-438-3242 (toll-free) or 212-528-7581 (collect). Requests for copies of the Consent Solicitation documents may be directed to the Company at 775-356-9029. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 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 Funding Corp'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. 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 Funding Corp. Paul Zavesov 1-775-356-9029 http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc. CONTACT: Paul Zavesov of Ormat Funding Corp., +1-775-356-9029,

Copyright