14.12.2005: Meldung: Ormat Technologies Power Purchase Agreement with SCPPA

Ormat Technologies Inc., today announced that the Power Purchase Agreement (PPA) with Southern California Public Power Authority (SCPPA) for the purchase of renewable energy from its new geothermal project, the Gould Plant, located within the Heber Geothermal Facilities Complex has been signed and is now effective.

As announced in a press release dated May 6, 2005, the PPA is for 10 MW, energy only, which will be sold at a fixed price of $57.50/MWh with an annual escalation of 1.5% and includes the value for the energy as well as the Environmental Attributes. In addition, 30% of the Production Tax Credits, if and when available, will be shared with the power purchasers.

The Gould Plant will supply 10 MW (net) of clean and sustainable geothermal energy, under the above mentioned Heber PPA to the following SCPPA member cities: Anaheim, Glendale, Pasadena, and Banning. The product carries Environmental Attributes, known as Recovered Energy Credit (RECs), which will assist the SCPPA member cities to comply with their respective Renewable Portfolio Standard (RPS) requirements.

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. It 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 has operations in the United States, Israel, the Philippines, Guatemala, Kenya, and Nicaragua.

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"s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 12, 2005.

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:
Dita Bronicki
CEO and President
[email protected]

Investor Relations Contact:
Jeff Corbin/Todd Fromer
KCSA Worldwide
[email protected]/[email protected]

Source: ORMAT Technologies Inc.
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