Ormat Accelerates the Handover of Momotombo Power Plant

Ormat Technologies, Inc. ORA announced today that Ormat Holding Corp., the Company's wholly owned subsidiary, has sold its stake in the Momotombo Power Company (MPC), the operator of the Momotombo geothermal power plant in Nicaragua, to a private company for $7.5 million, approximately one year before the scheduled termination of the concession arrangement with the Nicaraguan owner. The 22MW power plant that the company operates under a concession since 1999 sells geothermal power to two off takers, DISNORTE and DISSUR, under a 15-year contract.  The $7.5 million consideration represents a prepayment of the expected EBITDA of the plant through the scheduled expiration of the contract. As a result of the sale, the Company expects to record a capital gain of approximately $2.5 million in the second quarter of 2013.