Ormat announces Sarulla Geothermal Power Plant Capacity Expands to 220 MW With Second Unit Commencing Commercial Operation

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RENO, Nev., Oct. 10, 2017 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA) today announced that the second unit of the Sarulla geothermal power plant, one of the world's largest power plants, located in Indonesia's North Sumatra, has commenced commercial operation.

The Sarulla power plant includes three units of approximately 110 MW each, utilizing both steam and brine extracted from the geothermal field to increase the power plant’s efficiency. SIL, the first unit of the power plant commenced commercial operation on March 17, 2017 and is performing well. The second unit, NIL 1, completed successfully its testing and commenced COD on October 2, 2017 selling additional 110 MW to the state-owned Indonesian power company PT Perusahaan Listrik Negara (PLN) under a 30 years Energy Sales Contract. Sarulla power plant is operated by Sarulla Operations Ltd. (SOL). The third unit, NIL 2, is under construction and SOL expects the unit to commence operation in 2018.

SOL is a consortium consists of Medco Energi Internasional Tbk, Inpex Corporation, Itochu Corporation, Kyushu Electric Power Co. Inc., and Ormat subsidiary that hold 12.75% equity interest.

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 73 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 720 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,200 MW of gross capacity. Ormat’s current 776 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. Ormat also intends to expand its operations and provide energy management and energy storage solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions, Inc. subsidiary, a Philadelphia-based company with nearly a decade of expertise and leadership in demand response, energy management and storage.

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 1, 2017.

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.