Ormat Technologies, Inc.: Closing of Sale of 3,100,000 Shares of Common Stock

RENO, Nev., May 14 -- Ormat Technologies, Inc. (the "Company") today announced the closing of the sale of 3,100,000 shares of common stock in a public offering. Lehman Brothers Inc. acted as underwriter for the public offering.

The aggregate net proceeds from the public offering, after deducting underwriting discounts and commissions and estimated offering expenses, are approximately $149.6 million. The Company expects to use some or all of the net proceeds to acquire additional geothermal and recovered energy assets, either directly or through one or more subsidiaries, by way of acquiring assets or securities of existing businesses, purchasing or leasing new geothermal or recovered energy sites, expansion or development of existing projects, or any combination of the above. The Company is currently considering a number of alternatives and may consider other alternatives in the future. To the extent the Company decides not to proceed with any one or more of these alternatives, the Company expects to use the net proceeds from this public offering for other general corporate purposes of the Company and its consolidated subsidiaries.

A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from Lehman Brothers Inc., c/o Broadridge Integrated Distribution Services, Inc., 1155 Long Island Avenue, Englewood, New York, 11717, by email: [email protected] or fax: (631) 254-7140.

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 patents. Ormat currently operates 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; and in Nicaragua -- Momotombo.

     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
     dbro[email protected]                 [email protected]/[email protected]

Source: Ormat Technologies, Inc.

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