Ormat Technologies Provides an Update on DOE Loan Guarantee Application

RENO, Nev., May 12, 2011 /PRNewswire/ -- The Company has received several inquiries from the press and industry analysts regarding its pending application for a DOE loan guarantee under section 1705 in respect of a financing for the Company's Jersey Valley, Tuscarora, and McGinness Hills projects with John Hancock Life Insurance Company (U.S.A.) as the Lender Applicant.

(Logo:  http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)

These inquiries have apparently been triggered by DOE's update and publication on May 10, 2011, on the DOE website, of the form of letters that it sent to various companies regarding their pending loan guarantee applications (indicating that a loan guarantee application is moving forward, or indicating that it has been put on hold).  As a result, the Company is today confirming that it has received a letter from the DOE stating that its application for the Jersey Valley, Tuscarora, and McGinness Hills projects is moving forward.  Receipt of the DOE letter does not provide any assurance or guarantee that the project company has met, or will be able to meet, all of the DOE requirements for the issuance of a guarantee or that DOE will in fact ultimately issue a loan guarantee, as expressly noted in the DOE letter.

About Ormat Technologies

Ormat Technologies, Inc. (NYSE: ORA) 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 80 U.S. patents. Ormat has engineered and built power plants that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1370 MW of gross capacity.  Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.

Ormat's 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 February 28, 2011.

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.

SOURCE Ormat Technologies, Inc.