Ormat Technologies Secures a $65 Million Contract for a New Geothermal Power Plant in Costa Rica

RENO, Nev., Jan. 21 /PRNewswire-FirstCall/ — Ormat Technologies, Inc. (NYSE: ORA) today announced that it has signed a contract with Banco Centroamericano de Integracion Economica (“BCIE”) for the supply, supervision of installation, start-up and testing of Las Pailas Geothermal Plant, a new geothermal power plant that is to be constructed in Las Pailas Field, Costa Rica.

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The plant will be utilized by Instituto Costarricense de Electricidad (“ICE”), the Costa Rican national electricity and telecommunications company. The contract is valued at approximately $65 million and supply of the power plant is expected to be completed within 18 months from the contract start date.

BCIE, a major regional development bank founded in 1960, has contributed to the transformation of Central America into a dynamic region.

This is the second order for an Ormat geothermal power plant in Costa Rica for operation by ICE. ICE has been operating an Ormat 18 MW binary geothermal power plant in Miravalles V since 2004. Ormat has been actively designing, supplying, upgrading and operating geothermal power solutions in Central America since 1999.

Dita Bronicki, CEO of Ormat Technologies, said, “We are very pleased to receive this repeat contract for a geothermal project in Costa Rica and to be able to contribute to the Country’s effort to move closer to independence from fossil energy sources. The award of these contracts demonstrates the trust that BCIE and ICE have in our ability to contribute experience and knowledge to the development of this new geothermal field, and we look forward to delivering a high performing power plant on schedule and once again work with ICE’s geothermal team.”

Ms. Bronicki concluded, “We view this milestone as a demonstration of the effectiveness and reliability of Ormat’s solutions and it further reinforces the applicability of our renewable energy solutions to the world electricity markets.”

The Pailas plant will mark the fifth geothermal power plant with total capacity of over 150 MW erected and upgraded in Central America by Ormat. The new plant will use water-cooled condensers and will utilize the hi-performance, hi-efficiency organic turbine developed by Ormat for geothermal and recovered-energy applications.

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 more than 75 U.S. patents. Ormat current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States – Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala – Zunil and Amatitlan; in Kenya – Olkaria; in Nicaragua – Momotombo and in New Zealand – GDL.

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 5, 2008 and on Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2008.

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                            KCSA Strategic Communications
    775-356-9029                   212-896-1215/212-896-1236
    dbronicki@ormat.com            tfromer@kcsa.com/mcsaby@kcsa.com

[Via http://www.prnewswire.com]


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