Attached files
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8-K - FORM 8-K - ORMAT TECHNOLOGIES, INC. | y93275e8vk.htm |
Exhibit 99.1
PRESS RELEASE |
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Ormat Technologies Contact:
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Investor Relations Contact: | |
Dita Bronicki
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Todd Fromer/ Rob Fink | |
CEO
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KCSA Strategic Communications | |
775-356-9029
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212-896-1215 (Todd) //212-896-1206 (Rob) | |
dbronicki@ormat.com
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tfromer@kcsa.com /rfink@kcsa.com |
SUBSIDIARIES OF ORMAT TECHNOLOGIES, INC. ISSUE $151,739,500.00 OF
4.687% SERIES A NOTES DUE DECEMBER 31, 2032
4.687% SERIES A NOTES DUE DECEMBER 31, 2032
RENO, NV, October 31, 2011 Ormat Technologies, Inc. (NYSE: ORA) today announced that its
wholly-owned indirect subsidiaries, OFC 2 LLC and its project subsidiaries (the Issuers), issued
$151,739,500.00 in aggregate principal amount of their 4.687% Series A Notes due December 31, 2032.
The Series A Notes are guaranteed as to 80% of principal and interest thereon by the U.S.
Department of Energy in accordance with and subject to the Departments Loan Guarantee Program
under Section 1705 of Title XVII of the Energy Policy Act of 2005.
The Series A Notes were issued under that certain Note Purchase Agreement, dated as of September
23, 2011, by and among the Issuers, OFC 2 Noteholder Trust, the U.S. Department of Energy, and John
Hancock Life Insurance Company (U.S.A.), as Administrative Agent.
Proceeds of the Series A Notes will be used for the construction of Ormats Tuscarora and McGinness
Hills geothermal power plants, which are scheduled to be built in two phases, with the capacity of
the first phase expected to be up to approximately 48 MW.
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 80 U.S. patents. Ormat has
engineered and built power plants, that it currently owns or has supplied to utilities and
developers worldwide, totaling approximately 1370 MW of gross capacity. Ormats current generating
portfolio includes the following geothermal and recovered energy-based power plants: in the United
States Brady, Brawley, Heber, Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2,
OREG 3 and OREG 4; in Guatemala Zunil and Amatitlan; in Kenya Olkaria III; and, in Nicaragua -
Momotombo.
Ormats 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
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relate to Ormats plans, objectives and expectations for future operations and are based
upon its managements 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 February 28, 2011.
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.
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