Ormat Technologies: Inc. Press Release: Equity Transaction With Northleaf

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RENO, Nevada - Ormat Technologies, Inc. (NYSE:ORA) announced that its wholly-owned subsidiary Ormat Nevada Inc. (Ormat) fulfilled all conditions precedent and achieved financial closing under the previously announced equity transaction with Northleaf Capital Partners.

Pursuant to the purchase agreement, which the parties executed on February 5, 2015, Northleaf acquired a 36.75% equity interest in a newly established Ormat holding company subsidiary for a purchase price of $162.3 million. The joint venture includes Ormat's Puna geothermal power plant in Hawaii, the Don A. Campbell geothermal power plant in Nevada, and nine power plant units across three recovered energy generation assets known as OREG 1, OREG 2, and OREG 3.

The purchase price implies an aggregate transaction value of approximately $442 million. The actual purchase price and the percentage interest acquired by Northleaf were adjusted based on the Canadian Dollar / US Dollar exchange rate and was affected by the devaluation of the Canadian Dollar.

Northleaf is a leading independent global private equity and infrastructure manager, with offices in Toronto, Canada, London, UK and Menlo Park, USA and more than $6 billion in commitments under management. Northleaf's infrastructure program is focused on long-term investments in core assets in OECD member countries.

"We are pleased to accomplish the transaction closing with our new proven and strong capital partner," said Isaac Angel, Ormat's CEO. "This transaction will strengthen our balance sheet and will enable us to leverage our financial capabilities to support future strategic opportunities. We are looking forward to the next milestone with Northleaf, adding Don A. Campbell phase 2 to the JV when it reaches final completion."


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.

Contact:
Ormat Technologies
Smadar Lavi
Investor Relations
775-356-9029
slavi@ormat.com
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