Ormat Technologies: Geothermal Project in Chile

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RENO, Nevada - Ormat Technologies, Inc. (ORA) announced that its wholly owned subsidiary, Orandina I S.p.A., was selected through a competitive bid process and signed a $98.8 million engineering, procurement and construction (EPC) contract for a geothermal project in Chile.

Under the EPC contract, Ormat will provide two air-cooled ORMAT® ENERGY CONVERTER (OEC) for a high enthalpy reservoir. The project is scheduled to be completed by mid-2017.

“This latest order is a powerful validation of our binary technology and supports our growing product segment backlog,” said Isaac Angel, CEO of Ormat Technologies. “This project award is the latest confirmation that geothermal world leaders recognize that Ormat’s technology is also suited for high enthalpy. This solution delivers economic value, a positive environmental impact and mitigates deployment risk adopting its modular methodology, as recently confirmed in New Zealand and East Africa as well. This contract significantly increased our products backlog and will support future revenues for this segment.”

About Ormat Technologies

With five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company currently engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 69 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 470 employees in the United States and over 600 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 1,900 MW of gross capacity. Ormat’s current 647 MW generating portfolio is spread globally in the U.S., Guatemala and Kenya.

Ormat Technologies Contact:
Smadar Lavi            
Investor Relations        
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