Ormat Announces Pricing of Public Offering of Common Stock

Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading vertically integrated company that is primarily engaged in the geothermal and recovered energy generation (“REG”) businesses, as well the solar photovoltaic (PV) and energy storage and management services business, today announced that it has priced its underwritten public offering of 4,150,000 shares of its common stock at a price of $74.00 per share. The offering is expected to close on November 23, 2020, subject to market and other conditions.

Ormat intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, and for potential acquisitions, including complementary businesses, technologies or assets.

J.P. Morgan Securities LLC and BofA Securities are acting as joint book-running managers for the offering. UBS Securities LLC is also acting as a joint book-running manager for the offering. Cowen, HSBC Securities (USA) Inc., Oppenheimer & Co. Inc. and Roth Capital Partners are acting as co-managers for the offering. Ormat has granted the underwriters a 30-day option to purchase up to an additional 622,500 shares of its common stock.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3 (including a base prospectus and a related prospectus supplement) filed with the U.S. Securities and Exchange Commission. Copies of the base prospectus and related prospectus supplement may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email: [e-mail], or by telephone: [phone]; and from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at [e-mail].

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 and 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. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 3,000 MW of gross capacity. Ormat’s current 933 MW generating portfolio is spread globally across 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.

FORWARD-LOOKING STATEMENTS

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 include statements concerning the completion of the offering and the use of proceeds therefrom. 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,” in each case, included in Ormat’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 2, 2020, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on March 3, 2020, and Ormat’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 filed with the SEC on November 5, 2020 and other risk factors detailed from time to time in filings with the SEC. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Ormat Technologies Contact:Smadar LaviVP Corporate Finance and Head of Investor Relations775-356-9029 (ext. 65726)[e-mail]

Investor Relations Agency Contact:Rob FinkFNK IR646-809-4048 [e-mail]