Ormat Retracts DOE Loan Guarantee Application

Ormat Technologies, Inc.

announced today that its subsidiary, Ormat Nevada Inc., decided not to proceed with the Part II of the DOE loan guarantee program application for Wister, CD-4 and Dead Horse Wells geothermal projects, currently under construction in California and Nevada. The decision was made in coordination with John Hancock Life Insurance Company (U.S.A.) relative to the pending application for up to $330 million in DOE funding. Ormat has decided to explore commercial financing for the projects in lieu of DOE support.