Ormat Technologies Provides an Update on DOE Loan Guarantee Application

Ormat Technologies ORA has received several inquiries from the press and industry analysts regarding its pending application for a DOE loan guarantee under section 1705 in respect of a financing for the Company's Jersey Valley, Tuscarora, and McGinness Hills projects with John Hancock Life Insurance Company as the Lender Applicant. These inquiries have apparently been triggered by DOE's update and publication on May 10, 2011, on the DOE website, of the form of letters that it sent to various companies regarding their pending loan guarantee applications. As a result, the Company is today confirming that it has received a letter from the DOE stating that its application for the Jersey Valley, Tuscarora, and McGinness Hills projects is moving forward. Receipt of the DOE letter does not provide any assurance or guarantee that the project company has met, or will be able to meet, all of the DOE requirements for the issuance of a guarantee or that DOE will in fact ultimately issue a loan guarantee, as expressly noted in the DOE letter.