Ormat Technologies Inc. Responds to Press Reports About Potential Transaction

RENO, Nev., Feb. 28, 2017 -- Ormat Technologies Inc. (NYSE:ORA):  In response to certain press reports that appeared in the Israel trade press, Ormat Technologies Inc. (the “Company”) today today provided the following clarification:  The Company has been informed by FIMI Opportunity Funds and Bronicki Investments Ltd. (collectively, the “interested shareholders”) that they have been approached by a leading strategic investor regarding such investor’s potential interest in acquiring the common stock held by the interested shareholders.  The interested shareholders have advised the Company that they will inform the Company as and when things progress (if at all).  In any event, the company clarifies that there are no discussions for the sale of the company or its business.

About Ormat Technologies

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company 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 72 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 450 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 2,000 MW of gross capacity. Ormat’s current 710 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, and Kenya.

Ormat’s Safe Harbor Statement

Information provided in this press release contains statements that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters relating to current expectations, estimates, forecasts and projections about the acquisition described herein, Ormat’s business strategy and goals, development or operation of assets, market and industry developments and the growth of Ormat’s business and operations that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential” or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions.  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 specifically, the statement related to operating income in 2017.  Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives.  You should read this press release completely and with the understanding that actual future results and developments may differ materially from those projected as a result of a number of risks and uncertainties, many of which are beyond our control.  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 26, 2016.

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, even though our situation may change in the future.

Ormat Technologies Contact:
Smadar Lavi
Investor Relations
775-376-2030
[email protected]

Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
[email protected] / [email protected]