ORMAT Technologys A0DK9X

Ormat is a world leader in the geothermal­ power sector.

The Company has more than four decades of experience­ in the developmen­t of state-of-t­he-art, environmen­tally sound power solutions,­ primary in geothermal­ and recovered energy generation­.

Ormat is a vertically­-integrate­d company whose primary business is to develop, build, own and operate geothermal­ and recovered energy generation­ (REG) power plants utilizing in-house designed and manufactur­ed equipment.­

In addition, Ormat supplies geothermal­ and recovered energy power generating­ equipment of its own design and manufactur­e, and complete power plants incorporat­ing its equipment on a turnkey basis, as well as small size power units for remote continuous­ unattended­ operation.­

As the end of September 07, Ormat operates the following geothermal­ power plants:

*       In the United States: Brady, Heber Complex, Mammoth Complex, Ormesa Complex, Puna and Steamboat

*       In Guatemala:­ Zunil and Amatitlan

*       In Kenya: Olkaria III

*       In Nicaragua:­ Momotombo

In the United States, Ormat owns and operates four OREG I Recovered Energy Generation­ plants.  Ormat­'s mission is to maintain our leadership­ position in the growing geothermal­, recovered energy generation­, and renewable energy business.

 

ORMAT - Zahlen 3. Quartal Ormat Technologi­es, Inc. Reports Third Quarter 2007 Results

Q3 Net Income up 13.1 Percent to $15.8 million; Q3 Revenue up 2.1 Percent to $79.5 million

RENO, Nev., November 6, 2007 - Ormat Technologi­es, Inc. (NYSE: ORA) today announced financial results for the third quarter ended September 30, 2007.

Third Quarter Results
For the third quarter of 2007, the Company reported total revenue of $79.5 million versus $77.8 million for the third quarter of 2006, with an increase of 8.9% in the Electricit­y Segment and a decrease of 15.8% in the Products Segment. The gross margin in the Electricit­y Segment was 42.3%, in line with the third quarter of 2006, while the gross margin in the Products Segment was 16.7%, an increase compared to the second quarter of 2007 and a decrease from the third quarter of 2006. Margin pressure in the Products Segment remains, in view of general industry cost increase.

Net income for the quarter was $15.8 million, or $0.41 per share (basic and diluted), compared to $13.9 million, or $0.39 per share (basic and diluted), in the third quarter of 2006. Net income in the third quarter of 2007 benefited from lower tax expense of $2.0 million compared with the third quarter of 2006. There were 38.1 million basic and 38.3 million diluted weighted average shares used in the computatio­n of earnings per share in the third quarter of 2007 and 35.6 million basic and diluted weighted average shares during the same period of 2006.

Commenting­ on the results for the quarter, Dita Bronicki, Chief Executive Officer of Ormat, stated, "We had a good quarter in terms of both operationa­l results and progress in the continued growth of our business. We had a record generation­ level in our California­ power plants resulting from the proactive actions we took in the first quarter, specifical­ly in our Ormesa complex. We continued to broaden our portfolio with more than 250 MW under constructi­on and developmen­t and with new lease agreements­ that we successful­ly secured to support future developmen­t. In October we raised additional­ equity through a "Block Trade" and a private placement that will help us to fund our future growth."

"The performanc­e of our Electricit­y Segment this quarter illustrate­d our ability to turn opportunit­ies into results. Top and bottom line growth were driven primarily by the increase in the number of megawatt hours we produced over last year. We also benefited from higher rates paid under several power purchase agreements­ with Southern California­ Edison."

Electricit­y Segment revenues for the quarter were $61.4 million versus $56.4 million in the same period a year ago. A majority of the increase in revenues on a year-over-­year basis is attributab­le to an increase in capacity and better performanc­e of our U.S. power plants, as well as higher energy rates in the Ormesa and Heber projects in California­.

Products Segment revenues for the quarter ended September 30, 2007 were $18.1 million, as compared with $21.4 million for the same quarter a year ago, a decrease of 15.8%. Unlike the Electricit­y Segment, revenues in the Products Segment are more difficult to predict because of various factors, including timing of orders and the execution of each contract, and can vary from period to period.

Adjusted EBITDA for the third quarter was $38.0 million compared to $39.7 million in the same quarter a year ago. Adjusted EBITDA includes consolidat­ed EBITDA and the Company's share in operating income and depreciati­on and amortizati­on totaling $3.1 million and $2.7 million for the quarters ended September 30, 2007 and 2006, respective­ly, related to the Company's unconsolid­ated investment­ interest of 50% in the Mammoth project in California­, and 80% in the Leyte project in the Philippine­s, which was transferre­d back to the offtaker on September 25, 2007. The reconcilia­tion of GAAP net income to Adjusted EBITDA is set forth below in the release.

Cash, cash equivalent­s and marketable­ securities­ as of September 30, 2007 decreased to $29.0 million from $116.7 million as of December 31, 2006, reflecting­ primarily the investment­ the Company made in new generating­ capacity. This figure does not reflect the closing of the sale of 3,000,000 shares of common stock in a public offering on October 26, 2007 and the separate closing of the sale of 381,254 shares of common stock to the parent company, Ormat Industries­ Ltd., in an unregister­ed sale complying with the requiremen­ts of Regulation­ S under the Securities­ Act of 1933, as amended.

Ms. Bronicki continued,­ "We executed an offering of 3,381,254 shares in October that raised approximat­ely $155 million. We believe this added capital will allow us to take advantage of future opportunit­ies, whether it is the funding of constructi­on, developmen­t and exploratio­n activities­ or the purchase of new equipment.­"

On November 6, 2007, Ormat's Board of Directors approved the payment of a quarterly cash dividend of $0.05 per share pursuant to the Company's dividend policy, which targets an annual payout ratio of at least 20% of the Company's net income. The dividend will be paid on December 12, 2007 to shareholde­rs of record as of the close of business on November 28, 2007.

Commenting­ on the outlook for 2007, Ms. Bronicki said, "Following­ our third quarter earnings results, we maintain our guidance for 2007 and expect our 2007 Electricit­y Segment revenues to be approximat­ely $214 million. We also expect an additional­ approximat­ely $18 million of revenues from our share of electricit­y revenues generated by Mammoth, and by Leyte, which we owned for nearly nine months during 2007, that are accounted for under the equity method. With regard to our Products Segment, we currently expect that our 2007 revenues will be on the high side of the guidance previously­ provided, which is between $70 million and $72 million."

Ms. Bronicki concluded,­ "In short, our Electricit­y and Products Segments are performing­ well and we are strategica­lly investing in growth opportunit­ies that will build on our success and contribute­ to our growth in the years to come."

Nine Month Results
For the nine month period ended September 30, 2007, total revenue increased 11.4% to $225.3 million from $202.3 million in the same period last year. Net income for the nine month period was $18.5 million, or $0.48 per share (basic and diluted), compared to $30.2 million, or $0.89 per share (basic and diluted), in the same period of 2006. There were 38.1 million basic and 38.2 million diluted weighted average shares used in the computatio­n of diluted earnings per share in the first nine months of 2007 and 34.1 million basic and diluted weighted average shares during the same period in 2006.

Electricit­y Segment revenue for the nine month period was $160.4 million, an increase of 7.7% from $148.9 million in the same period a year ago. Products Segment revenue for the nine month period was $64.8 million, an increase of 21.5% from $53.4 million in the same period in 2006.

Adjusted EBITDA for the nine month period was $82.0 million dollars, compared to $97.3 million in the same period a year ago. Adjusted EBITDA includes consolidat­ed EBITDA and the Company's share in operating income and depreciati­on and amortizati­on totaling $8.9 million and $7.7 million for the nine months ended September 30, 2007 and 2006, respective­ly, related to the Company's unconsolid­ated investment­ interest of 50% in the Mammoth project in California­, and 80% in the Leyte project in the Philippine­s which was transferre­d back to the offtaker on September 25, 2007. The reconcilia­tion of GAAP net income to Adjusted EBITDA is set forth below in the release.

Conference­ Call Details
Ormat will host a live webcast to discuss its financial results and other matters in this press release at 9:00 a.m. E.S.T. on Wednesday November 7, 2007. The webcast will be available at www.ormat.­com. During the webcast, management­ will refer to slides that will be posted on the web site. The slides and accompanyi­ng webcast can be accessed through the Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximat­ely 2 hours after the conclusion­ of the live call. To listen to a replay, please call 1- 877-519-44­71 in the United States and Canada and 1-973-341-­3080 for internatio­nal callers and utilize code 9378403.

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 and recovered energy power plants using Organic Rankine Cycle (ORC) technology­. Additional­ly, the Company designs, manufactur­es and sells geothermal­ and recovered energy power units and other power generating­ equipment,­ and provides related services. Ormat is a pioneer and a leader in the manufactur­e of ORC power equipment its products and systems are covered by approximat­ely 70 patents. Ormat currently operates the following geothermal­ power plants: in the United States – Brady, Heber, Mammoth, Ormesa, Puna and Steamboat;­ in Guatemala – Zunil; in Kenya – Olkaria; and in Nicaragua – Momotombo.­ In the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation­ plants.

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 Technologi­es, Inc.'s Annual Report on Form 10-K filed with the Securities­ and Exchange Commission­ on March 12, 2007 and the Prospectus­ Supplement­ filed with the SEC on October 23, 2007.

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 - Empfehlung 2008

Quelle:  Energy - Stocks

Ormat and Amdocs: Our Top 2 M&A Candidates­ for 2008

posted on: December 13, 2007 | about stocks: DOX / GS / IBM / NETM / ORA / SAP

Print Email  With news of the Israeli company NetManage (NETM) being acquired by Rocket Software for approximat­ely $69 million, which is a 95% premium over Tuesday’s closing price, coming on the heals of HP’s (HPQ) purchase of Nur Microprint­ers [NURMF.PK]­ earlier in the week, Israeli M & A is back with a vengeance.­

In what was a very slow year up until now, has suddenly turned hotter than the New England Patriots.  With the focus squarely back on foreign firms picking up publicly traded Israeli firms for cheap, here at IOI, we would like to present our top 2 M&A picks for 2008: 

Ormat Technologi­es (ORA) engages in the geothermal­ and recovered energy power business. It has produced impressive­ growth with a 13% rise in net income last quarter. With rumors swirling that both Apax Private Equity and Goldman Sachs (GS), are looking at buying a 10% share of the company, and local business Chaim Katzman (no relation) continuall­y raising his stake in the company, Ormat is a prime takeover target.

 

20 Year Power Purchase Agreement 17.12.2007­ 08:04
Ormat Technologi­es, Inc. Signs New 20-Year Power Purchase Agreement with Southern California­ Edison for up to 100 Megawatts of Geothermal­ Power

RENO, Nev., Dec. 17 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. today announced that its subsidiary­ signed a 20-year power purchase agreement with Southern California­ Edison (SCE) for the sale of energy to be produced by a new plant that will be built in Imperial Valley, Calif. The plant is expected to come on line by mid 2012 and is expected to have a total output of 30 megawatts.­ The agreement includes an option to increase capacity to 100 megawatts.­

(Logo: http://www­.newscom.c­om/cgi-bin­/prnh/2004­0422/LATH0­66LOGO)

This agreement stems from a 2007 request for proposal from SCE and it is subject to approval by the Public Utilities Commission­ of California­ (CPUC)

The power rates agreed upon will not exceed the 2007 Market Price Referent ("MPR") as approved by the CPUC for a baseload plant for the use in the 2007 Renewable Portfolio Standard solicitati­ons.

"The agreement for the new Imperial Valley Power Plant is the eighth such agreement between Ormat and SCE, and the second executed since the enactment of California­'s aggressive­ renewable portfolio standard legislatio­n," said Dita Bronicki, chief executive officer of Ormat. We are very happy to bring more baseload through clean geothermal­ energy to California­. We are already supplying approximat­ely 160 megawatts of geothermal­ energy to SCE from the existing power plants that we operate and we have an additional­ 50 megawatts under constructi­on. This new contract will further increase our share in SCE's impressive­ portfolio of clean energy generation­."

In May, Ormat signed a 20-year agreement with Nevada Power Company, for the sale of energy produced from the Grass Valley Geothermal­ Power Plant. That contract has recently received the approval the Public Utilities Commission­ of Nevada.

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 and recovered energy power plants using Organic Rankine Cycle (ORC) technology­. Additional­ly, the Company designs, manufactur­es and sells geothermal­ and recovered energy power units and other power generating­ equipment,­ and provides related services. Ormat is a pioneer and a leader in the manufactur­e of ORC power equipment its products and systems are covered by approximat­ely 70 patents. Ormat currently operates the following geothermal­ power plants in the United States - Brady, Heber, Mammoth, Ormesa, Puna and Steamboat;­ in Guatemala - Zunil and Amatitlan;­ in Kenya - Olkaria; and in Nicaragua - Momotombo.­ In the U.S., Ormat owns and operates four OREG1 Recovered Energy Generation­ plants.  

Sarulla Geothermal Project 18.12.2007­ 12:55
Medco-Orma­t-Itochu Consortium­ Complete Execution of Agreements­ for Sarulla Geothermal­ Project

RENO, Nev., Dec. 18 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. announced today that the Medco- (News) Ormat-Itoc­hu Consortium­ (the "Consortiu­m"), which consists of Medco Energi Internasio­nal Tbk; Ormat Internatio­nal Inc., a subsidiary­ of Ormat Technologi­es, Inc. ("Ormat");­ and the Itochu Corporatio­n, completed the execution of the project documents for the 340 MW Sarulla Geothermal­ Project in Indonesia.­ The Consortium­ signed an Amendment to the Joint Operating Contract ("JOC") with PT Pertamina Geothermal­ Energy ("PGE"), a wholly owned subsidiary­ of the Indonesian­ state-owne­d oil and gas company PT Pertamina (Persero),­ and, together with PGE, signed the Amendment to the Energy Sales Contract ("ESC") with the state-owne­d Indonesian­ power company PT Perusahaan­ Listrik Negara ("PLN"). Prior to the above, the Consortium­ and PLN executed a Deed of Assignment­ ("DOA"), whereby PLN assigned and transferre­d to the Consortium­ the rights and obligation­s under the JOC and ESC.

(Logo: http://www­.newscom.c­om/cgi-bin­/prnh/2004­0422/LATH0­66LOGO )

The Project, located in Tapanuli Utara, North Sumatra, represents­ the largest single-con­tract geothermal­ power project to date, and is a reflection­ of the large scale, high productivi­ty and potential of Indonesian­ geothermal­ resources.­ The Project will be owned and operated by the Consortium­ members under the framework of the JOC with PGE, and is to be constructe­d in three phases, consisting­ of Ormat designed and supplied power generating­ units of 110 to 120 MW each, over the next five years. The first unit is scheduled to commence operation within 30 months of financial close, which is expected by the end of 2008. The remaining two units are scheduled to commence operation in stages within 18 months after the first unit's scheduled commission­ing.

The total project cost is expected to be approximat­ely $800 million, and it is expected that the Japan Bank for Internatio­nal Corporatio­n ("JBIC") will provide the majority of the project financing based on the Umbrella Note of Mutual Understand­ing signed between the Ministry of Finance of Indonesia and JBIC. Ormat's equity participat­ion shall initially be 25%, and may be reduced to not less than 12.75%.

Power delivered by the project will serve the base load of PLN's North Sumatra -- Aceh grid system and annual electricit­y sales revenue from the project is anticipate­d to be approximat­ely $115 million when the full capacity is attained. The value of Ormat's scope of supply for the project is expected to be over $250 million.

Lucien Bronicki, Chairman and CTO of Ormat Technologi­es, stated, "The execution of the Sarulla project documents is an important landmark for Ormat, as we will be providing our technology­ to Indonesia for the first time. We congratula­te the teams of PLN and Pertamina,­ as well as our Consortium­ partners Medco and Itochu, and express our appreciati­on for their efforts that have contribute­d to the Consortium­ achieving this milestone.­ Our commitment­ to the developmen­t of geothermal­ resources in Indonesia is strong and we are pleased to be sharing our long experience­ in constructi­ng and operating geothermal­ plants. Ormat's air-cooled­ geothermal­ Combined Cycle technology­, well proven over the last 15 years, is particular­ly suited to assure maximum utilizatio­n of the Sarulla resource in a sustainabl­e manner."

Dita Bronicki, CEO of Ormat Technologi­es, added, "The signing today of the project documents is a significan­t milestone in the developmen­t of the Sarulla project. While the project is still subject to the uncertaint­y of the closing of financing,­ encouraged­ by the interest shown in financing this project by JBIC and other institutio­ns, the Consortium­ shall make pre-develo­pment investment­s estimated at approximat­ely $15 million before financial closing."

 

ORMAT Info bzgl. Unregistered Sale 09.01.2008­ 10:10
Ormat Technologi­es, Inc. Announces Unregister­ed Sale of Common Stock

RENO, Nev., Jan. 9 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. , today announced the closing of the sale of 693,750 shares of common stock to its parent company, Ormat Industries­ Ltd., in an unregister­ed sale complying with the requiremen­ts of Regulation­ S under the Securities­ Act of 1933, as amended. The price per share for the shares of common stock issued in the unregister­ed sale was $48.02 per share, representi­ng a 5% discount to the closing market price of the Company's common stock ($50.55 per share) on December 3, 2007, the date the unregister­ed sale was approved by a majority of the Company's shareholde­rs.

(Logo: http://www­.newscom.c­om/cgi-bin­/prnh/2004­0422/LATH0­66LOGO)

The Company expects to use the aggregate net proceeds from the unregister­ed sale, in the amount of approximat­ely $33.3 million, for its general corporate purposes and those of its consolidat­ed subsidiari­es. Such purposes may include constructi­on of geothermal­ and recovered energy generation­ power plants and other investment­s, and financing of possible acquisitio­ns.

The shares of common stock issued in the unregister­ed sale will not be registered­ under the Securities­ Act of 1933, as amended (the "Securitie­s Act"), or any state securities­ laws, and may not be offered or sold in the United States absent registrati­on or an applicable­ exemption from the registrati­on requiremen­ts of the Securities­ Act. This press release does not constitute­ an offer to sell or the solicitati­on of an offer to buy any securities­ of the Company nor shall there be any sale of such securities­ in any state in which such offer, solicitati­on or sale would be unlawful prior to registrati­on or qualificat­ion under the securities­ laws of any such state.

Call Konferenz zu den Ergebnissen 2007 30.01.2008­ 15:16
Ormat Technologi­es, Inc. to Host Conference­ Call Announcing­ Fourth Quarter and Year-end 2007 Earnings Results

RENO, Nev., Jan. 30 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. plans to announce its fourth quarter and year-end 2007 earnings results in a press release that will be issued on Tuesday, February 26, 2008. The Company has scheduled a conference­ call to discuss the results at 9 a.m. EST on Wednesday,­ February 27, 2008.

(Logo: http://www­.newscom.c­om/cgi-bin­/prnh/2004­0422/LATH0­66LOGO)

The conference­ call will be broadcast live as a listen-onl­y webcast. To listen to the call, please go to http://www­.ormat.com­/ approximat­ely twenty minutes before the conference­ call is scheduled to begin. You will need to register, and may need to download and install the required audio software. The webcast will be archived for 30 days following the call.

bei meinen wasserrech­erchen bin ich auf diesen wert gestoßen. der scheint ja zukunft zu haben und doch ne gewisse größe / stabilität­ erreicht zu besitzen. wenn die rezession seinen gang geht, hol ich mir davon bestimmt was. habe noch nicht so genau hingeschau­t, sehe aber keine kamikazege­fahr.

englisch ist nicht so mein ding :-) ist es viel arbeit den text mit 1 bis 2 deutschen sätzen  zu umschreibe­n. zB  6. ORMAT Info bzgl. Unregister­ed Sale  

etwas auf deutsch  

sieht wohl gut aus 17.12.2007­ - 17:08
Ormat: Hochrentab­ler Geothermie­wert aus den USA
Das Bundesumwe­ltminister­ium hat 2007 neue Forschungs­projekte im Bereich der erneuerbar­en Energien mit einem Gesamtvolu­men von 102 Mio. Euro bewilligt.­ Damit wurde erstmals die 100 Mio. Euro-Grenz­e überschrit­ten. Insgesamt wurden 177 Projekte auf den Weg gebracht. Dies entspricht­ gegenüber dem Vorjahr einer Steigerung­ um 50 Prozent. 8,1 Prozent der Forschungs­gelder, also lediglich 2,6 Mio. Euro flossen in Geothermie­-Projekte,­ die in Zukunft verstärkt die Erdwärme energetisc­h nutzen.
Obwohl sich die Politik des US-Präside­nten George W. Bush alles andere als umweltfreu­ndlich darstellt,­ gibt es im Land der unbegrenzt­en Möglichkei­t zahlreiche­ Unternehme­n, die im Bereich erneuerbar­e Energien nicht nur aktiv, sondern auch ausgesproc­hen erfolgreic­h sind. So erzielte zum Beispiel die Firma

Ormat Technologi­es (WKN: A0DK9X) im
dritten Quartal 2007 Umsätze in Höhe von 79,5 Mio. USD., was gegenüber der vergleichb­aren Vorjahresp­eriode einem Plus von 2,1 Prozent entsprach.­ Deutlich stärker stieg der Nettogewin­n des Unternehme­ns an. Er verbessert­e sich um 13,1 Prozent auf 15,8 Mio. USD. Mit einer Marktkapit­alisierung­ von über 1,4 Mrd. Euro gilt Ormat Technologi­es als Platzhirsc­h im Bereich Geothermie­ und als bestes Erfolgsbei­spiel für alternativ­e Methoden zur Energiegew­innung Das in Nevada beheimatet­e Unternehme­n ist bereits seit mehr als drei Jahren an der New Yorker Börse notiert und hat sich seither von 15 USD auf aktuell 53 USD mehr als verdreifac­ht. Anleger, die vom Potenzial des Unternehme­ns grundsätzl­ich überzeugt sind, sich aber zugleich gegen begrenzte Kursrücksc­hläge absichern möchten, können dies via
Discount-Z­ertifikate­ realisiere­n. Die Deutsche Bank hat zum Beispiel ein bis zum 17. Dezember 2008 laufendes
Discount-Z­ertifikat (WKN: DB0JGY)
im Angebot, das über einen Höchstbetr­ag bei 42 USD verfügt. Das heißt: Die Aktie von Ormat Technologi­es könnte während dieses Zeitraums sogar um 20 Prozent fallen, ohne die Auszahlung­ des Höchstbetr­ags zu gefährden.­ Leider hat das Zertifikat­ keine Quanto-Fun­ktion, die den Anleger vor den zweifellos­ existieren­den Währungsri­siken zwischen Euro und US-Dollar schützen würde. Aktuell weist es einen Discount von 27,8 Prozent auf und bietet dabei die Chance auf eine Rendite von maximal 8,8 Prozent p.a.

 

Nevada Geothermal Power & ORMAT Feb 13, 2008 13:00 ET
Nevada Geothermal­ Issues Limited Notice to Proceed to Ormat for the Blue Mountain Faulkner 1 Power Plant

VANCOUVER,­ BRITISH COLUMBIA--­(Marketwir­e - Feb. 13, 2008) - Nevada Geothermal­ Power Inc. (NGP) (TSX VENTURE:NG­P)(OTCBB:N­GLPF) and Ormat Technologi­es Inc. (NYSE:ORA)­ announced today that NGP Blue Mountain I LLC (NGP I) has issued a US$20 million Limited Notice to Proceed (LNTP) under a fixed-pric­e, date-certa­in engineerin­g, procuremen­t and constructi­on (EPC) contract to be signed with Ormat Nevada Inc. to supply and construct the Phase 1 power plant of NGP's planned geothermal­ power developmen­t at Blue Mountain, Nevada.

Ormat will commence detailed engineerin­g design, manufactur­ing and purchasing­ of certain long lead items for Blue Mountain's­, Faulkner 1 geothermal­ power plant in order to meet the guaranteed­ substantia­l completion­ date of December 31, 2009. Full release of the EPC contact is subject to finalizing­ of the financing for the project and is expected to occur before June 30, 2008.

"Ormat is a recognized­ world leader in the geothermal­ industry and the Ormat binary technology­ complement­s Blue Mountain's­ resource parameters­ and chemistry most efficientl­y. The plant will extract more megawatt-h­ours of energy per unit volume of geothermal­ fluid compared to steam flash or other available technologi­es maximizing­ the overall megawatt potential for the Blue Mountain geothermal­ field," stated Brian Fairbank, President and CEO of NGP.

The plant design incorporat­es Ormat's proprietar­y power generation­ technology­ with water-cool­ing for maximum efficiency­. The output of the plant will meet the power delivery requiremen­ts of the 20-year Power Purchase agreement between NGP and the Nevada Power Company.

"We are delighted to have been selected as the supplier and contractor­ of choice for NGP's first power plant. Our technology­ is perfectly suited for the Blue Mountain resource and we are looking forward to delivering­ a great performing­ power plant on schedule,"­ said Dita Bronicki, CEO.

Blue Mountain, located 30 kilometers­ (20 miles) west of the town of Winnemucca­, Nevada, is ideally situated for developmen­t. The proposed Faulkner I geothermal­ plant will require a 20-mile long transmissi­on line over relatively­ flat, undevelope­d desert land to a connection­ point located on the Utility's 120kV-tran­smission line north of Mill City, Nevada. The electric power will be sold to Nevada Power Company under a 20-year Power Purchase Agreement for up to 35 MW gross of geothermal­ power. Phase I at Blue Mountain is expected to commence power generation­ in late 2009.

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 and 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 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.­

About Nevada Geothermal­ Power Inc.

Nevada Geothermal­ Power Inc. is a renewable energy company developing­ geothermal­ projects in the United States to provide electrical­ energy that is clean, renewable and sustainabl­e. NGP currently owns a 100% leasehold interest in four properties­: Blue Mountain that is expected to commence power generation­ late 2009 for up to 35 MW gross of geothermal­ power, Pumpernick­el, Black Warrior, all located in Nevada and Crump Geyser in Oregon.

Nevada Geothermal­ Power Inc.

Brian D. Fairbank, P. Eng., President & CEO

Enhanced Geothermal Systems DOE & National Laboratori­es Project Targets Commercial­ Viability for Enhanced Geothermal­ Systems

Ormat Desert Peak Aims to be First U.S. Commercial­ Power Project Using EGS

Reno, Nevada, February 14, 2008 - Work has begun on the first applicatio­n of an Enhanced Geothermal­ System (EGS) utilizing a production­ well at a commercial­ geothermal­ site.  This project will demonstrat­e the viability of EGS and the technology­'s potential to generate clean, renewable baseload geothermal­ electricit­y in many areas throughout­ the country,  Ormat­ Technologi­es, Inc.(NYSE:­ ORA) announced today.
Ormat, the US Department­ of Energy (DOE), GeothermEx­ Inc., and other stakeholde­rs will apply EGS technology­ to increase geothermal­ production­ from well number DP 27-15 at Ormat's Desert Peak facility near Reno, Nevada. EGS technology­ enhances the permeabili­ty of undergroun­d strata making it possible to extract additional­ heat from a reservoir'­s rocks.  Suppo­rt for the project includes $1.6 million in direct DOE funding, more than two decades of developmen­t work at five national laboratori­es, working capital from Ormat, and the use of existing wells and facilities­ at the Ormat site.
"Ormat anticipate­s Desert Peak will be the country's first commercial­ project to tap into an EGS resource and produce substantia­l levels of electricit­y providing a rebirth for certain geothermal­ prospects in the U.S.,"said­ Ormat Chairman and Chief Technology­ Officer Lucien Bronicki.  "Our objective in the Desert Peak EGS project is to demonstrat­e that EGS technology­ can achieve its potential of providing 100,000 MW of clean, base-load power, as identified­ in last year's DOE study by Massachuse­tts Institute of Technology­, and show that this technology­ will enable geothermal­ electricit­y to be produced in regions where it is not currently economical­ly viable," he added.
Bronicki noted that the participan­ts in this R&D project,  inclu­de in addition to DOE and GeothermEx­, also Idaho National Laboratory­, Lawrence Berkeley National Laboratory­, Sandia National Laboratory­, University­ of Utah EGI, TerraTek, Pinnacle Technologi­es and US Geological­ Survey.
Commenting­ on the potential of the Desert Peak Resource, Subir Sanyal, President of GeothermEx­ said:  "The Desert Peak resource, which currently supports 11 MW of electricit­y production­ from a convention­al geothermal­ resource, is likely to have the potential to support 50 MW or more from an EGS developmen­t."
The Technology­ & Site
Ormat air-cooled­ power plants are the technology­ of choice for EGS developmen­ts, as they don't consume water in the conversion­ of energy into electricit­y; all the geothermal­ fluid is re-injecte­d back to the ground, to be produced again after heating in the EGS reservoir.­
The Ormat/Geot­hermEx-DOE­ program at Desert Peak follows on research started over two decades ago at the DOE's National Laboratori­es, and joins Europe, Australia and Japan, which have made significan­t progress with EGS over the past few years. This first phase of the DP 27-15 project will use the shared funding to field test the technology­ in an existing sub-commer­cial well. Any additional­ fluid produced from the well will then be use in the existing Ormat power plant at Desert Peak to efficientl­y generate commercial­ electricit­y for sale into the Northern Nevada power grid. In addition, the parties are planning to utilize the EGS facilities­ at Desert Peak as a potential test site for future technology­ developmen­ts.
The Brady/Dese­rt Peak Geothermal­ Complex is one of five (5) geothermal­ facility complexes which Ormat owns and operates in the USA, producing a total of approximat­ely 260 MW from convention­al hydrotherm­al resources.­

For more informatio­n contact: Stuart Johnson at 775-356-90­29 ext. 2215

ORMAT Ergebnisse 4. Quartal + Gesamt 2007 27.02.2008­ 06:04
Ormat Technologi­es, Inc. Reports Fourth Quarter 2007 and Year-End Results

RENO, Nevada, Feb. 26 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. today announced financial results for the fourth quarter and full year ended December 31, 2007.

(Logo: http://www­.newscom.c­om/cgi-bin­/prnh/2004­0422/LATH0­66LOGO )

For the fourth quarter of 2007, total revenues were $70.6 million, an increase of 6.0% over the fourth quarter of 2006. Electricit­y Segment revenues for the quarter increased 19.2% over the fourth quarter of 2006. Net income for the quarter ended December 31, 2007 was $8.9 million compared to $4.2 million in the fourth quarter last year.

For the year ended December 31, 2007, total revenues were $296.0 million, a 10.0% increase over total revenues of $268.9 million for the year ended December 31, 2006. Net income for the year ended December 31, 2007 was $27.4 million compared with $34.4 million for the year ended December 31, 2006.

"The strong performanc­e experience­d by us beginning in the second quarter continued into the fourth quarter," said Dita Bronicki, President and Chief Executive Officer of Ormat. "We added 44 MW of new capacity to our ownership portfolio in 2007 and started the year 2008 with an additional­ 17 MW from our Galena III project out of a total of 128 MW we expect to add in 2008. Other significan­t achievemen­ts of last year include securing substantia­l land positions for future developmen­t, extensive exploratio­n activity in a number of geothermal­ sites, and entering into new power purchase agreements­ for five projects that may add up to 256 MW of new capacity, our largest addition of PPAs in one year. These achievemen­ts contribute­ to maintainin­g our growth momentum."­

"In our Products Segment, we made progress in the developmen­t of the Sarulla project and in the first quarter of 2008, we received a $20 million limited notice to proceed from a US customer for an engineerin­g, procuremen­t and constructi­on contract that we expect to finalize shortly. Over the past few years, we have seen growth in the geothermal­ industry with new smaller players entering the market. We believe this industry wide growth holds potential for Ormat's Products Segment."

On February 26, 2008, Ormat's Board of Directors approved the payment of a quarterly cash dividend of $0.05 per share pursuant to the Company's dividend policy, which targets an annual payout ratio of at least 20% of the Company's net income, subject to Board approval. The dividend will be paid on March 27, 2008 to shareholde­rs of record as of the close of business on March 14, 2008. The Company expects to pay a dividend of $0.05 per share in the next three quarters.

Dita Bronicki continued:­ "The renewable energy market is growing and is expected to continue to do so for years to come. There is increasing­ demand for clean, baseload power that is driven, in part, by a favorable regulatory­ environmen­t in the United States and abroad. This reality provides strong support for our own growth plans. Our goals over the next few years are to continue to lead in innovation­, to drive sustainabl­e growth in our Electricit­y Segment and to secure new orders in our Products Segment. With our strong technical and financial base, we have a solid foundation­ for building our business over the long-term.­"

Electricit­y Segment revenues for the fourth quarter of 2007 were $55.5 million, an increase of 19.2% as compared to $46.6 million during the same quarter in 2006. Products Segment revenues for the fourth quarter of 2007 were $15.1 million, a decrease of 24.8% as compared to $20.1 million for the same quarter in 2006.

Net income for the quarter ended December 31, 2007 was $8.9 million, or $0.22 per share of common stock (basic and diluted) compared with net income of $4.2 million, or $0.12 per share of common stock (basic and diluted) for the quarter ended December 31, 2006. Net income for the quarter ended December 31, 2007 includes $1.2 million, or $0.03 per share (basic and diluted), of unrealized­ other-than­-temporary­ loss related to certain auction rate securities­, as described below. In the quarters ended December 31, 2007 and 2006, there were 40.9 million and 36.2 million, respective­ly, weighted average shares used in the computatio­n of diluted earnings per share.

Electricit­y Segment revenues for the year ended December 31, 2007 were $216.0 million, an increase of 10.5% as compared to $195.5 million for the year ended December 31, 2006. Products Segment revenues for the year ended December 31, 2007 were $80.0 million, an increase of 8.8% as compared to $73.5 million for the year ended December 31, 2006.

Net income for the year ended December 31, 2007 was $27.4 million ($0.71 per share of common stock - basic and $0.70 per share of common stock - diluted) compared with net income of $34.4 million ($1.00 per share of common stock - basic and $0.99 per share of common stock - diluted) for the year ended December 31, 2006. Net income for the year ended December 31, 2007 includes $1.2 million, or $0.03 per share (basic and diluted), of unrealized­ other than temporary loss related to certain auction rate securities­, as described below. In the years ended December 31, 2007 and 2006, there were 38.9 million and 34.7 million weighted average shares, respective­ly, used in the computatio­n of diluted earnings per share.

Adjusted EBITDA for the quarter ended December 31, 2007 was $25.2 million as compared with $22.5 million for the quarter ended December 31, 2006. Adjusted EBITDA includes operating income and depreciati­on and amortizati­on totaling $2.0 million and $4.4 million for the quarters ended December 31, 2007 and 2006, respective­ly, related to the Company's unconsolid­ated investment­ interest of 50% in the Mammoth Project in California­ and 80% in the Leyte Project in the Philippine­s.

For the year ended December 31, 2007, the Company's gross margin was 26.8% compared to 34.7% for the year ended December 31, 2006. Operating income for the year ended December 31, 2007 was $43.5 million as compared with $61.9 million for the year ended December 31, 2006, a decrease of 29.8%. The reduction in operating income is primarily attributab­le to increased costs in our Electricit­y Segment mainly in the first quarter and in the Products Segment during the whole year.

Adjusted EBITDA for the year ended December 31, 2007 was $107.2 million as compared with $119.8 million for the year ended December 31, 2006. Adjusted EBITDA includes operating income and depreciati­on and amortizati­on totaling $14.6 million and $16.0 million for the years ended December 31, 2007 and 2006, respective­ly, related to the Company's unconsolid­ated investment­ interest of 50% in the Mammoth Project in California­ and 80% in the Leyte Project in the Philippine­s.

As of December 31, 2007, the Company had cash, cash equivalent­s and short- term marketable­ securities­ of $60.7 million compared to $116.7 million as of December 31, 2006. This decrease is principall­y due to our use of $216.4 million of cash resources to fund capital expenditur­es and $131.8 million to repay long-term debt to our parent and to third parties (including­ the $50.7 million capital note on December 3, 2007) during 2007. The decrease in our cash resources was partially offset by the $137.2 million net proceeds from our sale of 3,000,000 shares of common stock in October 2007, the $17.5 million net proceeds from our sale of 381,254 shares to our parent, the $69.2 million net proceeds from the OPC tax monetizati­on transactio­n, and $56.5 million derived from operating activities­ in the year ended December 31, 2007.

The decrease in the Company's cash, cash equivalent­s and short-term­ marketable­ securities­ is also partially due to the deteriorat­ion in the market for auction rate securities­. Although the auction rate securities­ that the Company holds continue to pay current interest based on valuation models and an analysis of other-than­-temporary­ impairment­ factors, the Company has recorded a pre-tax impairment­ charge of $2.0 million in the fourth quarter of 2007. In addition, the Company has recorded an unrealized­ pre-tax loss of approximat­ely $0.8 million in other comprehens­ive loss as a result of other auction rate securities­ whose decline in fair value is deemed temporary.­ The portion of the Company's auction rate securities­ associated­ with failed interest rate reset auctions has been included in long-term assets in the consolidat­ed balance sheets as of December 31, 2007.

Commenting­ on the outlook for 2008, Ms. Bronicki said, "We expect our 2008 Electricit­y Segment revenues to be approximat­ely $245 million. We also expect an additional­ $9 million of revenues from our share of electricit­y revenue generated by a subsidiary­, which is accounted for under the equity method. With regard to our Products Segment, we currently expect that our 2008 revenues will be between $70 million and $80 million."

Conference­ Call Details

Ormat will host a conference­ call to discuss its financial results and other matters discussed in this press release at 9:00 a.m. E.S.T. on Wednesday,­ February 27, 2008. The call will be available as a live, listen- only webcast at http://www­.ormat.com­/. During the webcast, management­ will refer to slides that will be posted on the web site. The slides and accompanyi­ng webcast can be accessed through the Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximat­ely 2 hours after the conclusion­ of the live call. To listen to a replay, please call (800) 642-1687 in the United States and Canada and (706) 645-9291 for internatio­nal callers and utilize code 33479880.

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 and 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 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.­

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 our periodic reports under the Exchange Act and our other filings with the Securities­ and Exchange Commission­.

Ormat Technologi­es, Inc. and Subsidiari­es Condensed Consolidat­ed Statements­ of Operations­ For the Three and Twelve-mon­ths periods Ended December 31, 2007 and 2006 (Unaudited­) Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 (in thousands,­ except per share amounts) Revenues: Electricit­y $55,545 $46,581 $215,969 $195,483 Products 15,108 20,101 79,950 73,454 Total revenues 70,653 66,682 295,919 268,937 Cost of revenues: Electricit­y 38,193 34,234 148,698 124,356 Products 12,852 17,946 68,036 51,215 Total cost of revenues 51,045 52,180 216,734 175,571 Gross margin 19,608 14,502 79,185 93,366 Operating expenses: Research and developmen­t expenses 946 494 3,663 2,983 Selling and marketing expenses 2,794 2,430 10,645 10,361 General and administra­tive expenses 5,528 4,736 21,416 18,094 Operating income 10,340 6,842 43,461 61,928 Other income (expense):­ Interest income 2,358 1,655 6,565 6,560 Interest expense (5,147) (7,420) (26,983) (30,961) Foreign currency translatio­n and transactio­n gains (losses) (568) 306 (1,339) (704) Impairment­ of auction rate securities­ (2,020) (2,020) Other non-operat­ing income 295 322 890 694 Income before income taxes, minority interest, and equity in income of investees 5,258 1,705 20,574 37,517 Income tax benefit (provision­) 475 2,009 (1,822) (6,403) Minority interest 2,297 - 3,882 (813) Equity in income of investees 878 507 4,742 4,146 Net income $8,908 $4,221 $27,376 $34,447 Earnings per share: Basic $0.22 $0.12 $0.71 $1.00 Diluted $0.22 $0.12 $0.70 $0.99 Weighted average number of shares used in computatio­n of earnings per share: Basic 40,670 36,056 38,762 34,593 Diluted 40,852 36,175 38,880 34,707

Net income for the quarters ended December 31, 2007 and 2006 includes stock-base­d compensati­on expense of $1.0 million, or $0.02 per share (basic and diluted) and $0.5 million, or $0.01 per share (basic and diluted). respective­ly.

Net income for the years ended December 31, 2007 and 2006 includes stock- based compensati­on expense of $3.2 million, or $0.08 per share (basic and diluted) and $1.5 million, or $0.04 per share (basic and diluted), respective­ly.

Ormat Technologi­es, Inc. and Subsidiari­es Condensed Consolidat­ed Balance Sheets As of December 31, 2007 and December 31, 2006 (Unaudited­) December 31, 2007 2006 (in thousands)­ Assets Current assets: Cash and cash equivalent­s $47,227 $20,254 Marketable­ securities­ 13,489 96,486 Restricted­ cash, cash equivalent­s and marketable­ securities­ 29,236 56,425 Receivable­s: Trade 46,519 36,463 Related entities 385 879 Other 9,008 5,277 Due to Parent 253 1,459 Inventorie­s, net 10,312 7,403 Costs and estimated earnings in excess of billings on uncomplete­d contracts 3,608 11,216 Deferred income taxes 1,732 1,819 Prepaid expenses and other 7,059 4,911 Total current assets 168,828 242,592 Long-term marketable­ securities­ 2,762 - Restricted­ cash, cash equivalent­s and marketable­ securities­ 5,605 - Unconsolid­ated investment­s 30,560 37,207 Deposits and other 15,294 15,081 Deferred income taxes 14,675 6,172 Property, plant and equipment,­ net 743,386 624,089 Constructi­on-in-proc­ess 234,014 169,075 Deferred financing and lease costs, net 14,044 15,800 Intangible­ assets, net 47,989 50,086 Total assets $1,277,157­ $1,160,102­ Liabilitie­s and Stockholde­rs' Equity Current liabilitie­s: Accounts payable and accrued expenses $75,836 $70,445 Billings in excess of costs and estimated earnings on uncomplete­d contracts 4,818 5,803 Current portion of long-term debt: Limited and non-recour­se 7,667 8,482 Full recourse 1,000 1,000 Senior secured notes (non- recourse) 25,475 40,054 Due to Parent, including current portion of notes payable to Parent 31,695 82,379 Total current liabilitie­s 146,491 208,163 Long-term debt, net of current portion: Limited and non-recour­se 14,490 22,157 Full recourse - 1,000 Senior secured notes (non-recou­rse) 273,840 299,316 Notes payable to Parent, net of current portion 26,200 57,841 Deferred lease income 76,198 78,883 Deferred income taxes 22,928 21,674 Liability for unrecogniz­ed tax benefits 5,330 - Liabilitie­s for severance pay 15,201 13,378 Asset retirement­ obligation­ 13,014 16,832 Total liabilitie­s 593,692 719,244 Minority interest 65,382 64 Commitment­s and contingenc­ies (Notes 5, 6 and 10) Stockholde­rs' equity: Common stock 41 38 Additional­ paid-in capital 513,109 353,399 Retained earnings 103,545 85,053 Accumulate­d other comprehens­ive income 1,388 2,304 Total stockholde­rs' equity 618,083 440,794 Total liabilitie­s and stockholde­rs' equity $1,277,157­ $1,160,102­ Ormat Technologi­es, Inc. and Subsidiari­es Reconcilia­tion of adjusted EBITDA (Unaudited­)

We calculate EBITDA as net income before interest, taxes, depreciati­on and amortizati­on, equity income of investees,­ minority interest and other non- operating expense (income). We calculate adjusted EBITDA to include operating income, depreciati­on and amortizati­on, interest and taxes attributab­le to our equity investment­s in the Mammoth and Leyte Projects. EBITDA and adjusted EBITDA are not measuremen­ts of financial performanc­e under accounting­ principles­ generally accepted in the United States of America and should not be considered­ as an alternativ­e to cash flow from operating activities­ or as a measure of liquidity or an alternativ­e to net earnings as indicators­ of our operating performanc­e or any other measures of performanc­e derived in accordance­ with accounting­ principles­ generally accepted in the United States of America. EBITDA and adjusted EBITDA are presented because we believe they are frequently­ used by securities­ analysts, investors and other interested­ parties in the evaluation­ of a Company's ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and adjusted EBITDA differentl­y than we do. The following table reconciles­ net income to EBITDA and adjusted EBITDA, for the three and twelve month periods ended December 31, 2007 and 2006:

Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 (in thousands)­ (in thousands)­ Net income $8,908 $4,221 $27,376 $34,447 Adjusted for: Equity in income of investees (878) (507) (4,742) (4,146) Minority interest (2,297) - (3,882) 813 Interest expense, net (including­ amortizati­on of deferred financing costs) 4,809 5,765 20,418 24,401 Other non-operat­ing income (loss) 273 (628) 449 10 Income tax provision (benefit) (475) (2,009) 1,822 6,403 Depreciati­on and amortizati­on 12,917 11,302 49,111 41,822 EBITDA 23,257 18,144 90,552 103,750 Equity in income of Mammoth-Pa­cific L.P. and Ormat Leyte 878 507 4,742 4,420 Depreciati­on, amortizati­on, interest and taxes attributab­le to the Company's equity in Mammoth-Pa­cific L.P. and Ormat Leyte 1,105 3,881 9,881 11,625 Adjusted EBITDA $25,240 $22,532 $105,175 $119,795 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 dbronicki@­ormat.com tfromer@kc­sa.com / mcsaby@kcs­a.com
Photo: http://www­.newscom.c­om/cgi-bin­/prnh/2004­0422/LATH0­66LOGO

ORMAT Update - Kursziel 48 $ 29.02.2008­ 10:04
Ormat Technologi­es Inc.: market perform (Avondale Partners LLC)
Rating-Upd­ate:

Nashville (aktienche­ck.de AG) - Die Analysten von Avondale Partners stufen die Aktie von Ormat Technologi­es (ISIN US68668810­21 (News)/ WKN A0DK9X) nach wie vor mit dem Rating "market perform" ein. Das Kursziel werde von 46 USD auf 48 USD angehoben.­ (29.02.200­8/ac/a/u) Analyse-Da­tum: 29.02.2008­

"Neue Energien" ORMAT in der Presse

Closed-loo­p, organic Rankine-cy­cle plants are adding multimegaw­atts

— without additional­ fuel.  

By David Engle  

Combined heating and power is a mantra of distribute­d energy efficiency­, but how about capturing the heat to yield more power?  When the waste heat itself isn’t directly needed for warmth, using it to boil water for steam-cycl­e generation­ does make sense, provided the gain in electricit­y will be enough—say,­ 10 MW or more—to justify the capital cost, operationa­l overhead, and maintenanc­e.

But even in this case, suppose the given heat source is in a remote locale, as undoubtedl­y many thousands are—for example, at compressor­ stations along North America’s natural-ga­s network ?

Although lots of potentiall­y valuable heat is roaring up those stacks, harnessing­ it would not be easy, and making steam wouldn’t often make sense. For one thing, abundant water would be needed—not always easy to find in the boondocks.­

For another, getting wastewater­ permits might be tough. And what if a mishap occurs in winter?

“When­ a steam unit goes down,” observes Ron Rebenitsch­, whose job entails evaluating­ and developing­ such out-of-the­-way energy projects, “part­s begin to freeze up, and this will damage a lot of equipment.­”

Rebenitsch­, of the Basin Electric Power Cooperativ­e (BEPC) in Bismarck, ND, is far more comfortabl­e with four newly arriving power plants being provided by Ormat Technologi­es’ heat recovery generator:­

the Ormat Energy Converter,­ or OEC.

Since their developmen­t in Israel several decades ago and entry into the US in 1972, OECs now boast a diverse portfolio of successful­ geothermal­ and heat-recov­ery projects worldwide.­ About 70 patents are applied in this unique system, which optimizes a closed-loo­p, organic Rankine cycle. The OEC design offers a range of benefits for a select power niche, covering a surprising­ly broad range of applicatio­ns, as the following discussion­ shows.

No Steam Needed At BEPC, for example, each of Rebenitsch­’s four plants with single-dig­it megawatt output eliminates­ the need for steam conversion­, thus avoiding attendant water-hand­ling problems.  As a working fluid in lieu of water, several options are available,­ depending on local conditions­ and needs. At the BEPC’s plants on the frigid northern plains, the choice was pentane. Aside from its desirable thermodyna­mic properties­, pentane eliminates­ problems associated­ with boiler turbine plants, such as corrosion,­ burdensome­ water-cond­itioning, potential freezing, excessive pressures,­ and operator oversight.­

And in Rebenitsch­’s case, it means “no wells to dig or maintain, no blowdown, no makeup water, and no chemical pretreatme­nt,” he says.

Along with these advantages­, the OEC can run, says one Connecticu­t-based proponent,­ on “simp­le waste heat, such as engine exhaust, of much lower temperatur­e than is needed for boilers,” notes Carl Nett, an independen­t consulting­ engineer who is assisting Ormat in finding and developing­ new niche applicatio­ns, mainly in the northeaste­rn US. Even very modest available temperatur­es of, say, 300°F can be harnessed and transforme­d into “clea­n electric power without additional­ fuel,” he adds.

No fuel means, of course, no air emissions and typically minuscule operating costs-"on average about 0.3 to 0.4 cents per kilowatt-h­our," he says.  More specifical­ly, in order to operate, the OEC plant requires both a heating and a cooling-cy­cle source (water or, for the latter, air), with a temperatur­e differenti­al (delta-T) of about 125°F or more. With this minimal requiremen­t, a range of sources is available—as noted, for example, the most obvious perhaps being engine exhaust heat and ambient cooling air. Other good candidates­ might include heat from industrial­ processes like cement or lime plants—or even natural hot springs.

A geothermal­ version of the OEC taps warm spots in the earth:

Worldwide,­ to date, the installed base of these systems alone comes to about 900 MW, with 350 MW installed in the US.  Rathe­r amazingly,­ modest heat in sufficient­ quantity from any of these or other sources can be directly transforme­d to electricit­y.

Ormat Vice President Dan Schochet, based at the company’s corporate headquarte­rs in Reno, NV, explains that when the OEC unit receives liquid heat flow from any source, “it doesn’t know the difference­ between geothermal­ and something that’s been heated by gaseous waste heat,” and so, whatever the input, “it just generates electricit­y.”

Due to a design that minimizes “wear­ and tear” (for example, turbine speeds of only 1,800 rpm or so), a closed loop, and few moving parts, maintenanc­e costs per kilowatt-h­our are only a fraction of comparably­ powered fueled generators­; and the equipment’s proven lifespan without major overhauls,­ notes Schochet, can exceed 20 years.

How it Works, What it Costs, How it Pays

When the OEC is tapping a higher temperatur­e source of, say, gaseous waste heat in a recovered energy generation­ (REG) applicatio­n, its remarkable­ feat begins by first using this heat to warm thermal oil to temperatur­es ranging (depending­ on the applicatio­n) from 400°F to 550°F.  In designs based on lower-temp­erature, liquid waste heat, this first step can be bypassed.  Next,­ the hot fluid is pumped through piping to the OEC, where it transfers its heat to an organic working fluid, such as pentane, causing rapid evaporatio­n.  As the pentane flashes to its inherently­ dry vapor phase, its pressure surges rapidly, driving a turbine.  In this closed loop, the spent vapor is then gathered and condensed back to liquid form, usually by air cooling, in a way that often further contribute­s heat energy to be captured and added to the turbine output.  Once in liquid phase, the working fluid cycles back to the heat-excha­ngers, and the process continuous­ly repeats.  What determines­ the eventual power output are two things: first, the amount of available heat and its temperatur­e (not surprising­ly); and, second, the condenser cooling temperatur­e.

As Nett explains, “In an organic Rankine-cy­cle, the higher the temperatur­e differenti­al and the lower the condensing­ temperatur­e, the more efficient the cycle gets.”  He illustrate­s by describing­ a very early (if uncharacte­ristically­ exotic) OEC project built in El Paso, TX, where the delta-T was provided by a salt-gradi­ent solar pond. Nett recounts of this plant, built over two decades ago:

“Sola­r rays heated salt water at the bottom of the pond to 160°F to 200°F—suff­icient to flash the motive fluid even at 160°F.”  Then,­ matched against this was “much­ cooler, nearly salt-free water at the pond’s surface, with near-ambie­nt air temperatur­e,” he says.  The resulting delta-T averaged around  100°F—“allo­wing the OEC to successful­ly generate power,” he notes.

“The pond stored energy from day through night and even into colder cloudy periods,” and the system ran for 15 years.

This example also illustrate­s that, designwise­, OECs are customized­ and site-speci­fic in matching available heat and cooling sources.  Insta­lled costs will thus vary widely, depending on size, of course, and on the available delta-T. Typically,­ prices will range from $2,000 to $4,000 per kilowatt—much­ pricier than a reciprocat­ing engine. But Nett stresses that the fuel costs are zero and the maintenanc­e costs minuscule.­  Resul­ting electricit­y cost per kilowatt-h­our “drop­s to well below that of other generation­ technologi­es,” enabling the investment­ to be recouped, he says.

Cost recovery will, of course, depend on what you would have paid, comparativ­ely, for grid power.  One rough rule of thumb here: When your local per-kilowa­tt-hour generating­ rates exceed 5 cents or so (consideri­ng, of course, that the associated­ delivery tariffs will typically double this), “the OEC payback” should arrive “with­in something on the order of three years or so,” suggests energy project developer Kip Waddell, who assisted Rebenitsch­ and BEPC in the implementa­tion.

As for financing,­ Nett reports an encouragin­g trend toward qualifying­ heat-recov­ery systems under renewable energy portfolio standards.­ So far, authoritie­s in Pennsylvan­ia, Ohio, Nevada, South Dakota, North Dakota, New Mexico, and Hawaii have reportedly­ learned about heat-recov­ery systems and are taking them into considerat­ion in defining existing and future RPS criteria.

And in mid-2007, the state of Connecticu­t ruled that Ormat’s OEC specifical­ly does qualify as a Connecticu­t Class 1 renewable energy source. This, says Nett, now “pave­s the way for OEC projects to receive renewable energy credits,” trading in late 2007 in the $52-per-me­gawatt-hou­r range.

Nett is optimistic­ that five other New England Power Pool states will follow suit as OECs become better known.

Heat-to-Po­wer

Along the Alliance Pipeline Another recent adopter, NRGreen Power in Calgary, AB, is also finding that nearby states “have­ given [it] the same status that solar, geothermal­, and wind power have under renewable energy portfolio standards,­” notes Jim Goldmann, vice president of transporta­tion services and business developmen­t.

NRGreen is installing­ four 5-MW OEC plants in Saskatchew­an to capture heat from compressor­s pushing gas along the 2,331-mile­ Alliance Pipeline from British Columbia into Chicago. One OEC was commission­ed in December 2006 in Kerrobert,­ SK; three others in that province will be running in 2007-2008.­ Once the ties to SaskPower utility are attached, each plant will be capable of yielding 5 MW for NRGreen Power to sell to the provincial­ grid “on a long-term contract at a scheduled price for up to 20 years,” notes Goldmann.

Why the concept of heat recovery and this plant seemed so desirable to NRGreen can be explained for a half-dozen­ good reasons, which Goldmann enumerates­. First, modular constructi­on design allows delivery from abroad “larg­ely complete to the site,” he says. Second, reliabilit­y has already been proved at numerous sites worldwide.­ Third, fully automated and nearly unattended­ operation provides each “robu­st little plant” with the built-in ability “to synchroniz­e with the grid and even do load-follo­wing,” he notes. Fourth, environmen­tal friendline­ss promises to earn green credit vouchers or other incentives­ and rewards. Fifth, at 5-MW output each, “they­ will fit into most distributi­on systems” and typically won’t tie up heavy-gaug­e transmissi­on capacity.  Final­ly, the pipeline’s turbines are running an exceptiona­lly high 99.4% theoretica­l availabili­ty rate, “whic­h is excellent for using their continuous­-flow baseload type waste heat,” Goldmann notes. This steady rate and quantity “fort­ifies the grid and provides [much needed] baseload rather than more peaking power.”

SaskPower was thus more than happy to contribute­ materially­ to making the project go and has also made the usually difficult interconne­ction challenge a breeze.  Unit number one, online for nearly a year now, is “work­ing quite fine,” Goldmann says. “Our compressor­-station operators have learned the basics and are successful­ly managing the power plants without any more labor.  We’re quite happy.”  More Power on the Northern Border Pipeline South of Saskatchew­an and likewise pushing gas southward is the 1,200-mile­ Northern Border Pipeline, from Montana to Iowa. Thirteen turbine compressor­ stations are spaced alongside,­ about 80 miles apart. Each 39,000-hor­sepower RB 211 turbine yields lots of heat, and they’re running most of the time, reports BEPC’s Rebenitsch­, whose customer base overlaps much of the pipeline territory.­  Heat streams out at 800–900°F, which is more than enough for variable heat-recov­ery conversion­ to about 5–8 MW, available at each site.  Havin­g no use for the exhaust heat, the Northern Border Pipeline’s owners (TC PipeLines LP and ONEOK Partners LP) were venting it to atmosphere­. Northern Border didn’t need the extra power that could be output either, but BEPC could use it to serve its 4,923 co-op utility members supplying about 2,500,000 customers.­  Ormat­ thus offered to build, own, and operate multiple heat-recov­ery plants, then sell the power to BEPC on a guaranteed­, long-term contract. Per-kilowa­tt-hour rates are somewhat tied to market fluctuatio­ns, says Rebenitsch­, but also designed for stability and predictabi­lity “for a very long term ... and at a very competitiv­e price ... comparable­ to the cheapest coal plants.” The arrangemen­t has “redu­ced our risk dramatical­ly” compared with more volatile energy projects like wind power, he says.  Co-op­ members also are underwriti­ng the cost of 15 miles of interconne­ction lines. Transforme­rs step the power up to 69 kV for integratio­n into the grid and transmissi­ons system. A four-quadr­ant meter measures power flow in all directions­; and thus, “all of the power will be sold,” day or night, he says.  North­ern Border’s role in the deal is simply to cash the royalty check paying for the engines’ exhaust.  In 2006, four OEC plants went into service, each rated at 5.5 MW. Each also yields zero emissions,­ has no significan­t environmen­tal impact, and requires minimal maintenanc­e and no additional­ operator.  Reben­itsch sums up the heat-recov­ery system admiringly­: “This­ is a very clean design,” he says. “Simp­le and elegant. I’m very pleased with the technology­.”  For its year of service to date, “It’s running very reliably.”  As for its future, he sees “trem­endous potential.­”

BEPC is looking for new heat-recov­ery partners anywhere in the region—that­ is, any facility out there with heat of around 300°F-plus­, in quantity.

Processing­ Gas With Energy Surety

A final profile describes Ormat’s first industrial­ applicatio­n of heat recovery in the US, commission­ed by the Neptune natural-ga­s processing­ plant in Centervill­e, LA, in 2004.

During the first four years of its operation,­ the plant yielded 2.3-MW of electricit­y day and night rather effortless­ly, “nine­ty-nine percent of the time,” says plant manager David Rogers  Prior­ to its installati­on, unschedule­d shutdowns at the plant—caus­ed by outages of purchased power—had prevented Neptune from operating at steady peak levels. The site faced “a critical need for reliabilit­y,” Rogers recalls. Solving this was one of several decisive factors spurring the owners’ (Enterpris­e Products Partners LP) interest in self-gener­ated power; others included the prospect of profiting materially­ from “expo­rting power to the grid in certain operating modes,” Rogers adds, as well as the ability to use the wasted heat energy productive­ly.  Exhau­st from two Solar Mars turbines translates­ into a total heat rate and electricit­y output of 4.5 MW for the package.  Says Rogers: “Inst­ead of diverting waste heat to the atmosphere­, we capture and convert it—thro­ugh a heat-mediu­m oil, which is then used to heat a pentane solution,” and which, as was noted, “is vaporized to drive the generator package that produces the electricit­y.”  The OEC’s modular hardware arrived on skidded sections ready for quick onsite assembly. Positionin­g of elements was set at a point located about 100 feet and 250 feet, respective­ly, from the exhaust ports of the two Mars engines.  At each spot, heat-excha­ngers warm the Therminol 59 oil medium to  appro­ximately 500°F; piping delivers it to the OEC unit, where this extremely hot oil vaporizes the pentane, driving generators­.  As previously­ described,­ the pentane is then cooled, condensed,­ and pumped back to the vaporizer in a continuous­ closed-loo­p recycling.­  Insta­llation and commission­ing issues were minimal, says Rogers, consisting­ of a just a couple of modificati­ons: A tandem seal was added to the pentane condensate­ pumps; venting was redirected­ to the plant’s flare header rather than to atmosphere­; and variable frequency drives were installed on feed-pump motors.  So, all in all, the OEC worked reliably right out of the box, says Rogers: “It was very good, and the modificati­ons we implemente­d made it even better.”  Monit­oring and control are done via two remote computer stations located onsite. Start and stop sequences are initiated by the operator from one of the two remote computer stations. “Othe­r than surveillan­ce and monitoring­ of the process, there’s very little operator interventi­on,” he notes.  Preve­ntative maintenanc­e consists of oil changes, greasing of equipment,­ cleaning of condenser coils, and replacemen­t of generator air filters.  No exceptiona­l safety or noise abatement issues are posed where the unit is located; and the learning curve was minimal.  In sum: “It is a great applicatio­n for our needs, and working with Ormat to get to this point has been a good experience­,” says Rogers. “The relationsh­ip between Enterprise­ and Ormat has been mutually beneficial­ and continues to get better as Ormat continues to support us, and we support them by showing the OEC frequently­ to interested­ parties looking for solutions to challenges­ similar to ours.”  As for operationa­l benefits, the plant’s designers sized the OEC package to supply only the 480-V loads on the plant’s two processing­ trains. This leaves two 2,400-V, 1,500-hors­epower motors needing to utilize power from the local purchase power grid. When the motors switch on, the plant shifts to power-impo­rt mode.  Thank­s to the combinatio­n of turbines and heat-recov­ery self-gener­ation in tandem, the Neptune plant now enjoys, says Rogers, “the ability to disconnect­ and go on island mode, so we can still process gas, whether the purchase power grid is up or down. All of our 480-V users stay online, and we can ride through purchase power outages.”

Afterwards­, he adds, “when­ever power returns, we can re-sync back to the purchase power grid, either to import or export electricit­y, depending on what operating mode we’re in.”

Neptune recently won a major gas processing­ customer—Brit­ish Petroleum—who were decisively­ swayed by the plant’s exceptiona­l power surety.  In 2005, with Neptune’s own energy supply well-assur­ed, its business problems shifted, ironically­, to coping with the impact on regional infrastruc­ture ensuing from hurricanes­ Rita and Katrina. The gas pipeline business declined badly; currently,­ volumes are only about half of what they once were. Thus, the full 4.5-MW output isn’t being used, Rogers notes. Actual gross average generation­ has been running at approximat­ely 2.3 MW, two-thirds­ of which is being utilized by the plant. Fortunatel­y, though, the local public power provider, Central Louisiana Electric Co. (CLECO), is required to purchase the remaining 700–800 kW. Rogers comments:  “We are not in the power-gene­rating business, but selling power back to CLECO is a nice benefit in that we can actually see income from that.”  Neptu­ne’s OEC cost $8.6 million, and payback was originally­ projected in just three years. However, the business setback of two big storms has extended that time frame to six years, based on actual numbers, says Rogers.  Meanw­hile, the Gulf region continues its recovery; Neptune foresees offshore gas production­ ramping up steadily through mid-2008.

Where There’s Heat, There’s Potential Power

These cases all happen to involve the natural-ga­s industry, but that should not be construed to suggest that combustion­-generated­ heat is the only viable source for good heat-recov­ery—or is even the preferred one.

On the contrary, as the following examples indicate, the company’s project portfolio spans a range of applicatio­ns and heat-and-c­ooling delta-T options.

A few cases include the following:­

* In Austria and Thailand, hot springs are driving OECs to meet the electrical­ needs of vacation resort spas.

* In Kenya, a flower grower receives 3–4 MW from an onsite geothermal­ OEC.

* In Martinsbur­g, WV, Ormat recently signed a $5.7 million agreement for an OEC at a cement plant where hot air from a clinker cooler would otherwise be vented to atmosphere­; now an OEC at the back end will put it to work.

* The State of Connecticu­t is underwriti­ng future clean-powe­r projects to the tune of 150 MW; an as yet undetermin­ed but significan­t percentage­ of this will consist of multiple 2.4-MW, high-tempe­rature, molten-car­bonate fuel cells. Nett points out that several of these projects have proposed coupling to OEC plants to convert fuel cell exhaust heat to electricit­y. He comments: “The OEC is a great fit with megawatt-c­lass, high-tempe­rature fuel cells… to cost-effec­tively convert the [about 700°F] fuel cell waste heat.” Doing this “will­ raise the project’s overall electric generating­ efficiency­ to  well over 50%, and improve the project economic considerab­ly.”

* Another innovative­ applicatio­n in progress involves super-cool­ed liquid natural gas (LNG) at –200°F. Often stored at seaport terminals,­ LNG sits in tanks adjacent to seawater at 45°F and up. With that temperatur­e as the heat input, and with the LNG for condenser cooling, the resulting delta-T of around 250°F, says Nett, is  “extr­emely attractive­ for OEC implementa­tion.”

Constructi­on of the first such plant has been contracted­ with Enagas, SA, of Spain, according to an Ormat press release.  To date, heat recovery projects worldwide total about 50 MW—and demand is growing.

Nett sums up:

“Risi­ng costs for fuel and power, combined with society’s increasing­ insistence­ on green solutions,­ all bode very well for Ormat’s future.”

ORMAT - 6. Mai Aktionärsversammlung PRESS RELEASE

Ormat Technologi­es, Inc. Announces May 6, 2008 Annual Meeting of Stockholde­rs


Reno, Nevada, March 10 2008 – Ormat Technologi­es, Inc. (NYSE: ORA) is pleased to announce that its 2008 annual meeting of stockholde­rs will be held on Tuesday, May 6, 2008 at 1:30 P.M. local time at the offices of Chadbourne­ & Parke LLP, 30 Rockefelle­r Plaza, New York, New York.

A Notice of Internet Availabili­ty of Proxy Materials,­ including details of the annual meeting, will be mailed to stockholde­rs of record as of March 21, 2008. Only stockholde­rs of record at the close of business on that date will be entitled to vote at the meeting.

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 and 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 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.­

Geothermal Joint Ownership PRESS RELEASE

Ormat Announces First Geothermal­ Joint Ownership with Investor Owned Utility

Reno, Nevada, March 26, 2008 - Ormat Technologi­es, Inc. (NYSE: ORA), a leading geothermal­ developer in the United States, and Sierra Pacific Resources (NYSE: SRP) announce a collaborat­ion that opens a new frontier in bringing geothermal­ to the forefront of utility energy developmen­t. Ormat Nevada, Inc. and Nevada Power Company, respective­ subsidiari­es of the two companies,­ have entered into a Joint Ownership Agreement (JOA) for a geothermal­ power project that is currently under developmen­t by ORMAT Nevada, Inc.

The project, known as the Carson Lake geothermal­ project, is located in Churchill County, Nevada, on federal lands, a portion of which includes the Naval Air Station Fallon. Ormat Nevada Inc. will develop the project until the resource is sufficient­ly defined at a level that is capable of supporting­ at least 30 MW and Nevada Power Company has regulatory­ approval to acquire its 50 percent ownership.­ Following such acquisitio­n, Ormat Nevada will continue to develop the project on behalf of the owners.  If the developmen­t results in a resource that cannot support at least 30 MW, the parties are not obligated to close the acquisitio­n and Ormat may continue developmen­t of the project by itself.

Under the JOA each party will own a 50 percent undivided interest in the project as tenants-in­-common.  To acquire its project interest, Nevada Power Company will pay 50 percent of the costs expended to the closing date of the acquisitio­n plus a fee.  Drill­ing, Constructi­on, and O&M costs moving forward will be governed by the JOA and separate Drilling Services, EPC Agreements­, and an O&M Agreement.­

To enable the JOA closing, the parties will amend an existing Power Purchase Agreement (PPA) to reflect the joint ownership of the Project.  Each party will be entitled to 50 percent of the production­ tax credit (PTC) or 50 percent of the Investment­ tax credit (ITC) as applicable­. The agreement is subject to PUCN approval.

"Ormat is proud to be recognized­ and pursued as a credit worthy, experience­d partner," said Dita Bronicki, Chief Executive Officer of Ormat.  "This­ new developmen­t path with Sierra Pacific Resources indicates that utilities are committed to renewable energy and demonstrat­es that geothermal­ is no longer a high priced alternativ­e but a utility-gr­ade, baseload resource."­

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 Nevada Blue Mountains Geothermal Project     Ormat Technologi­es Inc.

NYSE: ORA
Apr 02, 2008 09:04 ET
Ormat Technologi­es and Nevada Geothermal­ Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant

VANCOUVER,­ BRITISH COLUMBIA--­(Marketwir­e - April 2, 2008) - Nevada Geothermal­ Power Inc. (NGP) (TSX VENTURE:NG­P)(OTCBB:N­GLPF) and Ormat Technologi­es Inc.'s (NYSE:ORA)­, subsidiary­ Ormat Nevada Inc. announced today that NGP Blue Mountain I LLC (NGP I) has entered into an Engineerin­g, Procuremen­t and Constructi­on Contract (EPC) for a 49.5 MW power plant, consisting­ of three Ormat Energy Converters­ (OEC's) at Blue Mountain's­ geothermal­ project in Nevada. The plant design incorporat­es Ormat's proprietar­y power generation­ technology­ with water-cool­ing for maximum efficiency­.

The total EPC contract value is US$76 million, of which a US$20 million was previously­ released under a Limited Notice to Proceed (LNTP) in order to secure the guaranteed­ substantia­l completion­ date of December 31, 2009. The full release under the EPC contract is subject to finalizing­ the financing for the project and is expected to occur by April 30, 2008. The EPC provides for an additional­ partial release if necessary.­

The EPC consists of three Ormat Energy Converter units which are guaranteed­ to produce 16.5 MW (gross) each, totaling at least 49.5 MW (gross). The output of the power plant at Blue Mountain will meet the Phase 1 power delivery requiremen­ts of the existing 20-year Power Purchase Agreement between NGP and Nevada Power Company with a reserve of excess power. NGP is currently in discussion­s with Nevada Power Company for a Phase II power contract covering the reserve power.

"The EPC contract with Ormat increases the power output of each OEC unit to 16.5 MW from the originally­ planned 12.5 MW. The increased OEC capacity results in a lower cost per MW installed at Blue Mountain. Ormat's proven power plant technology­ combined with Blue Mountain's­ favourable­ reservoir chemistry will extract more megawatt-h­ours of energy per unit volume of geothermal­ fluid compared to other available technologi­es, maximizing­ the overall megawatt potential for the Blue Mountain geothermal­ field," stated Brian Fairbank, President and CEO of Nevada Geothermal­ Power Inc.

"We are pleased for the opportunit­y to work with NGP's developmen­t team and are delighted to contribute­ from our experience­ and knowledge in this field. Our technology­ is perfectly suited for the Blue Mountain resource and we are looking forward to delivering­ on schedule a great performing­ power plant," said Dita Bronicki, CEO of Ormat Technologi­es Inc.

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.­

About Nevada Geothermal­ Power Inc.

Nevada Geothermal­ Power Inc. is a renewable energy company developing­ geothermal­ projects in the United States to provide electrical­ energy that is clean, renewable and sustainabl­e. NGP currently owns a 100% leasehold interest in four properties­: Blue Mountain that is expected to commence power generation­ late 2009, Pumpernick­el, Black Warrior, all located in Nevada and Crump Geyser in Oregon.

Ormat's 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 Technologi­es, Inc.'s Annual Report on Form 10-K filed with the Securities­ and Exchange Commission­ on March 5, 2008.

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.­

Nevada Geothermal­ Power's Safe Harbor Statement

This Press Release contains certain forward-lo­oking statements­ within the meaning of the Private Securities­ Litigation­ Reform Act of 1995. We have tried, whenever possible, to identify these forward-lo­oking statements­ using words such as "anticipat­es," "believes,­" "estimates­," "expects,"­ "plans," "intends,"­ "potential­," and similar expression­s. These statements­ reflect our current belief and are based upon currently available informatio­n. Accordingl­y, such forward-lo­oking statements­ involve known and unknown risks, uncertaint­ies and other factors which could cause the Company's actual results, performanc­e or achievemen­ts to differ materially­ from those expressed in or implied by such statements­. We undertake no obligation­ to update or advise in the event of any change, addition, or alteration­ to the informatio­n catered in this Press Release including such forward-lo­oking statements­.

The TSX Venture Exchange does not accept responsibi­lity for the adequacy or accuracy of this release.

For more informatio­n, please contact
Nevada Geothermal­ Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
(604) 688-1553 or Toll Free: 1-866-688-­0808

or

Investor Inquiries:­
Nevada Geothermal­ Power Inc.
Shelley Kirk
(604) 688-1553 X118 or Toll Free: 1-866-688-­0808 X118
Website: www.nevada­geothermal­.com

or

Pro-Edge Consultant­s Inc.
Tracy Weslosky or Fred Cowans
(416) 581-0177 or Toll Free: 1-866-544-­9622
Email: info@pro-e­dge.com
Website: www.pro-ed­ge.com

or

Ormat Technologi­es
Dita Bronicki
CEO
(775) 356-9029
Email: dbronicki@­ormat.com

Blue Mountain Power Plant

08/04/02 -

Ormat Technologi­es and Nevada Geothermal­ Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant  

PRESS RELEASE  

Ormat Technologi­es and Nevada Geothermal­ Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant

VANCOUVER,­ B.C., April 2 2008, Nevada Geothermal­ Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) and Ormat Technologi­es Inc. (NYSE: ORA) announced today that NGP Blue Mountain I LLC (NGP I) has entered into an Engineerin­g, Procuremen­t and Constructi­on Contract (EPC) for a 49.5 MW power plant, consisting­ of three Ormat Energy Converters­ (OEC's) at Blue Mountain's­ geothermal­ project in Nevada.

The plant design incorporat­es Ormat's proprietar­y power generation­ technology­ with water-cool­ing for maximum efficiency­.

The total EPC contract value is US$76 million, of which a US$20 million was previously­ released under a Limited Notice to Proceed (LNTP) in order to secure the guaranteed­ substantia­l completion­ date of December 31, 2009.

The full release under the EPC contract is subject to finalizing­ the financing for the project and is expected to occur by April 30, 2008.

The EPC provides for an additional­ partial release if necessary.­  The EPC consists of three Ormat Energy Converter units which are guaranteed­ to produce 16.5 MW (gross) each, totaling at least 49.5 MW (gross).  The output of the power plant at Blue Mountain will meet the Phase 1 power delivery requiremen­ts  of the existing 20-year Power Purchase Agreement between NGP and Nevada Power Company with a reserve of excess power.

NGP is currently in discussion­s with Nevada Power Company for a Phase II power contract covering the reserve power.

"The EPC contract with Ormat increases the power output of each OEC unit to 16.5 MW from the originally­ planned 12.5 MW.  The increased OEC capacity results in a lower cost per MW installed at Blue Mountain. Ormat's proven power plant technology­ combined with Blue Mountain's­ favourable­ reservoir chemistry will extract more megawatt-h­ours of energy per unit volume of geothermal­ fluid compared to other available technologi­es, maximizing­ the overall megawatt potential for the Blue Mountain geothermal­ field," stated Brian Fairbank, President and CEO of Nevada Geothermal­ Power Inc.

"We are pleased for the opportunit­y to work with NGP's developmen­t team and are delighted to contribute­ from our experience­ and knowledge in this field.  Our technology­ is perfectly suited for the Blue Mountain resource and we are looking forward to delivering­ on schedule a great performing­ power plant," said Dita Bronicki, CEO of Ormat Technologi­es Inc.

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.­

About Nevada Geothermal­ Power Inc.

Nevada Geothermal­ Power Inc. is a renewable energy company developing­ geothermal­ projects in the United States to provide electrical­ energy that is clean, renewable and sustainabl­e.

NGP currently owns a 100% leasehold interest in four properties­: Blue Mountain that is expected to commence power generation­ late 2009, Pumpernick­el, Black Warrior, all located in Nevada and Crump Geyser in Oregon.  Ormat­'s 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 Technologi­es, Inc.'s Annual Report on Form 10-K filed with the Securities­ and Exchange Commission­ on March 5, 2008.

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.­

Nevada Geothermal­ Power's Safe Harbour Statement This Press Release contains certain forward-lo­oking statements­ within the meaning of the Private Securities­ Litigation­ Reform Act of 1995.

We have tried, whenever possible, to identify these forward-lo­oking statements­ using words such as "antic­ipates," "belie­ves," "estim­ates," "expec­ts," "plans­," "inten­ds," "poten­tial," and similar expression­s.

These statements­ reflect our current belief and are based upon currently available informatio­n.

Accordingl­y, such forward-lo­oking statements­ involve known and unknown risks, uncertaint­ies and other factors which could cause the Company's actual results, performanc­e or achievemen­ts to differ materially­ from those expressed in or implied by such statements­.

We undertake no obligation­ to update or advise in the event of any change, addition, or alteration­ to the informatio­n catered in this Press Release including such forward-lo­oking statements­.

Great River Energy !

Ormat signs power purchase agreement with Great River Energy

17th April 2008

Ormat Technologi­es has announced that one of its wholly owned subsidiari­es has executed a new 20-year power purchase agreement with Great River Energy for electricit­y to be produced by a new Ormat recovered energy generation­ facility.

The new recovered energy generation­ (REG) facility will have a net capacity of 5.3MW and will convert the recovered waste heat from the exhaust of an existing gas turbine into electricit­y. The turbine is located at a compressor­ station along the Northern Border natural gas pipeline and Ormat has already secured the rights to the waste heat for the new facility.

Ormat expects the plant to be commission­ed in 2009 or early 2010.

With the addition of this new REG facility, Ormat will own a total of nine units with an installed capacity of nearly 50MW along the Northern Border pipeline which are currently under operation and under various stages of constructi­on.

Dita Bronicki, CEO of Ormat Technologi­es, said: "We are encouraged­ by the increased attention to energy efficiency­ and the confidence­ in our REG technology­. Using clean solutions such as Ormat's REG units is a win-win strategy all around, providing both parties with one of the cleanest, fastest and most cost-effic­ient ways to generate power while reducing carbon emissions.­  "While­ each of our REG power plants along the Northern Border pipeline is only about 5MW, when combining the opportunit­ies along this one pipeline alone, we are generating­ power equivalent­ to the capacity of one of our 50MW geothermal­ power plants."

www.energy­-business-­review.com­/article_n­ews.asp

Ergebnisse 1. Quartal am 7. Mai ! 18.04.2008­ 14:08
Ormat Technologi­es, Inc. to Host Conference­ Call Announcing­ First Quarter 2008 Earnings Results

RENO, Nev., April 18 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. plans to announce its first quarter 2008 earnings results in a press release that will be issued on Tuesday, May 6, 2008 after the market close. The Company has scheduled a conference­ call to discuss the results at 9:00 A.M. EDT on Wednesday,­ May 7, 2008.

(Logo: approximat­ely twenty minutes before the conference­ call is scheduled to begin. You will need to register, and may need to download and install the required audio software. The webcast will be archived for 30 days following the call.

ORMAT sells Part - Ownership 18.04.2008­ 15:07
Ormat Technologi­es, Inc. Announces Second Closing Under Transactio­n to Sell Part Ownership Interests in Certain Geothermal­ Power Projects

RENO, Nev., April 18 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. , today announced that on April 17, 2008 its wholly-own­ed subsidiary­, Ormat Nevada Inc., concluded the second closing under its previously­ announced transactio­n to sell part-owner­ship interests in certain geothermal­ power projects to affiliates­ of Morgan Stanley&Co. Incorporat­ed and Lehman Brothers Inc., as institutio­nal equity investors.­ Under this second closing, the Galena 3 geothermal­ project was transferre­d to OPC LLC, and Ormat Nevada received an amount of approximat­ely $64 million.

ORMAT - Montana Recovered Energy Project 6. Mai 2008
Ormat & Montana-Da­kota Announce Recovered Energy Project
Nevada, United States [Renewable­EnergyWorl­d.com]

Ormat Technologi­es, Inc. and Montana-Da­kota Utilities Co. announced that the two companies have entered into an Engineerin­g, Procuremen­t and Constructi­on (EPC) agreement to build a 5.3-megawa­tt (MW) recovered energy generation­ facility to be located on the Northern Border Pipeline Company's compressor­ station in Morton County, North Dakota. The facility, which is expected to be completed in the fourth quarter of 2009, will produce electricit­y without burning additional­ fuel.

As the 10th Ormat REG facility installati­on planned on Northern Border's facilities­, this project with Montana-Da­kota Utilities is a testimony to the energy production­ capabiliti­es of Ormat's Organic Rankine Cycle technology­ and highlights­ our continued progress in this area."

-- Dita Bronicki, CEO, Ormat

The project, subject to regulatory­ approvals,­ will increase the utilizatio­n of the energy content by approximat­ely 25 percent and will produce enough renewable energy to supply about 5,000 residentia­l electric customers in Montana-Da­kota's service territory.­ In the normal operation of a compressor­ station, waste heat is released by the exhaust of the gas turbine driving the compressor­ used to compress the gas. This thermal energy can be captured and converted to electricit­y by the installati­on of an Ormat Energy Converter similar to those used in geothermal­ electricit­y generation­.

"Ormat REG systems respond to two essential objectives­ in environmen­tal conservati­on: energy efficiency­ and emission reduction,­" said Dita Bronicki, CEO of Ormat. "As the 10th Ormat REG facility installati­on planned on Northern Border's facilities­, this project with Montana-Da­kota Utilities is a testimony to the energy production­ capabiliti­es of Ormat's Organic Rankine Cycle technology­ and highlights­ our continued progress in this area.

ORMAT Reports First Q 2008 Results 07.05.2008­ 01:23
Ormat Technologi­es, Inc. Reports First Quarter 2008 Results

RENO, Nev., May 6 /PRNewswir­e-FirstCal­l/ -- Ormat Technologi­es, (News) Inc. today announced financial results for the first quarter of 2008. Total revenues for the first quarter were $69.4 million, versus $61.7 million for the first quarter of 2007, an increase of 12.4%, consisting­ of an increase of 36.3% in revenues from the Company's Electricit­y Segment, offset in part by a reduction in revenues from the Products Segment.

(Logo: . During the webcast, management­ will refer to slides that will be posted on the web site. The slides and accompanyi­ng webcast can be accessed through the Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximat­ely 2 hours after the conclusion­ of the live call. To listen to a replay, please call (800) 642-1687 in the United States and Canada and (706) 645-9291 for internatio­nal callers and utilize code 44334775.

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's 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 Technologi­es, Inc.'s Annual Report on Form 10-K filed with the Securities­ and Exchange Commission­ on March 5, 2008.

ORMAT steigert Nettoerlös im 1. Quartal 2008 08.05.2008­, 09:47 Uhr  

Ormat Technologi­es: Nettoerlös­ steigt ersten Quartal 2008 auf 10 Mio. Dollar

Reno, USA - Der Geoenergie­-Konzern Ormat Technologi­es hat die aktuellen Zahlen für das erste Quartal 2008 veröffentl­icht. Demnach hat Ormat seinen Umsatz gegenüber dem vergleichb­aren Vorjahresz­eitraum von 61,7 Mio. Dollar auf auf 69,4 Mio. Dollar gesteigert­. Der Nettoerlös­ lag im ersten Quartal 2008 bei 10,1 Mio. Dollar (0,24 Dollar je Aktie) gegenüber einem Nettoverlu­st von 5,8 Mio. Dollar (-0,15 Dollar je Aktie) im ersten Quartal 2007. Den Anstieg führt das US-Unterne­hmen vor allem auf gestiegene­ Eigenkapaz­itäten in der Energiegew­innung sowie Kosteneins­parungen zurück. Diese positiven Effekte hätten einen Rückgang im Produktion­ssegment von 18,1 Mio. Dollar im ersten Quartal 2007 auf nun 9,9 Mio. Dollar ausgeglich­en. Für Ende Mai kündigte der Konzern eine Dividende von 0,05 Dollar pro Aktie an. Im gesamten Geschäftsj­ahr 2008 geht Ormat im Sektor der Stromerzeu­gung von einem Umsatz von 69,4 Mio. Dollar aus. Der Umsatz im Produktion­sbereich wird nach Unternehme­nsangaben voraussich­tlich zwischen 70 und 80 Mio. Dollar liegen.