RENO - Ormat Technologies, Inc. (the 'Company', 'we', 'Ormat' or 'us') (NYSE: ORA) today announced financial results for the fourth quarter and full year ended December 31, 2019 and a transition of its senior management.

MANAGEMENT TRANSITIONS

Mr. Angel has decided to retire from his position as Chief Executive Officer, effective July 1, 2020, after six years of successful service to the Company, its employees and its shareholders. It is intended that Mr. Angel will become a member of Ormat's Board of Directors before his retirement as Chief Executive Officer and will continue to be employed by the Company through December 31, 2020 in order to assist with the management transition.

Ormat's Board of Directors has appointed Mr. Blachar, the Company's President and Chief Financial Officer, to succeed Mr. Angel. Mr. Blachar will assume the role of Chief Executive Officer on July 1, 2020 upon Mr. Angel's retirement. Mr. Blachar has served as Chief Financial Officer of Ormat since 2013 and was instrumental in the strategic development and growth of the company during that period. Previously, he held senior managerial positions with Shikun & Binui Ltd., A.D.O. Group Ltd., Teva Pharmaceutical Industries Ltd. and Amdocs Limited.

Mr. Blachar will be succeeded in his role as Chief Financial Officer by Assaf Ginzburg, effective May 10, 2020, at which point Mr. Blachar will serve as President of the Company until assuming his role as Chief Executive Officer on July 1, 2020. Mr. Ginzburg currently serves as Executive Vice President and Chief Financial Officer of Delek US Holdings, Inc. (NYSE: DK) and Delek Logistics Partners, LP (NYSE: DKL), and has over 15 years of experience in the energy industry. In his financial positions, Mr. Ginzburg supervised teams of senior financial professionals and has significant experience in all aspects of corporate finance, financial planning, tax, accounting and investor relations.

'Ormat is well positioned with broad and committed senior leadership, enabling a smooth and seamless transition,' commented Mr. Angel. 'Over the last seven years, Doron has proved himself to be a talented and outstanding executive with demonstrated ability as a business leader. I am confident that Doron will lead Ormat to continued success. Assaf Ginzburg is a proven financial executive with significant experience and Ormat will benefit from his expertise as we continue to grow. I look forward to continuing to be part of the Ormat family and, in the future, to contribute to Ormat's success as a member of the Board of Directors.'

The Board of Directors of Ormat issued the following statement: 'Isaac has led Ormat to become not only a geothermal industry leader, but also in the development of initiatives in the broader renewable energy sector. Isaac established a strong and responsible corporate culture, built a strong management team and created lasting value for employees, customers, and shareholders. We wish him the best in his well-deserved retirement from day-to-day leadership of Ormat and are grateful that he has agreed to continue to serve the Company in the future as a member of the Board of Directors. The Board is confident that the Company will reach new heights under Doron's leadership. Doron has been a strategic executive with a deep understanding of our industry and how to grow our business profitably. He has proven invaluable over the past seven years. Finally, we welcome Assaf Ginzburg to the Ormat team.'

'This was a positive ending to a strong year for Ormat,' commented Mr. Angel, Chief Executive Officer. 'With the encouraging regulatory environment, robust growth plan and increasing market demand for base-load renewable energy, Ormat is well-positioned for continued success in 2020 and beyond. Our electricity segment delivered 6.0% full-year growth despite no contribution by Puna for all of 2019 and we signed three important PPAs in Hawaii and California, giving us great visibility into the coming year. We now expect Puna to re-start operations in the second half of 2020 due to a delay in a building permit that was received just last week. In the product segment, we are close to signing a significant contract that, if signed, would replenish our backlog. Our storage and management services segment is growing, and as customers continue to seek innovative ways to improve efficiency of renewable energy systems through storage, we believe that this portion of our business will become increasingly relevant.'

Mr. Angel continued, 'Confidence in our business is growing with the recent extension of federal tax incentives, which supports our accelerated growth plans in the U.S. Today, we announce our 2022 growth targets, which projects the addition of 180MW to 200MW of new megawatts of generating capacity from geothermal and solar by the end of 2022 and are in an advance stage of securing a new operating and development pipeline of energy storage projects, demonstrating progress towards our stated goal to evolve from a geothermal leader to a leader in renewable energy. This evolution ties nicely with our energy storage efforts, positioning Ormat as an industry leader with a comprehensive range of products, solutions, properties and expertise to deliver clean, renewable energy in a variety of ways.'

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal, solar 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 77 U.S. patents, Ormat's power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 584 employees in the United States and 762 overseas. Ormat's flexible, modular solutions for geothermal power and REG are ideal for 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 approximately 3,000 MW of gross capacity. Ormat's current 914 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary.

Contact:

Smadar Lavi

Tel: 775-356-9029

Email: slavi@ormat.com

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