Ormat Technologies Announces Closing of $105 Million Long-Term Senior Debt Financing for the Olkaria III Geothermal Power Project in Kenya

Ormat Technologies Announces Closing of $105 Million Long-Term Senior Debt Financing for the Olkaria III Geothermal Power Project in Kenya

RENO, Nev., March 6, 2009 -- Ormat Technologies, Inc. (NYSE: ORA) announced today that its wholly-owned subsidiary, OrPower 4, Inc., concluded the closing under its previously announced loan documents for up to $105 million project financing to refinance Ormat's investment in the Olkaria III geothermal project. The 48 MW power plant is located in Naivasha, Kenya.


The first disbursement of approximately $90 million under the 10-year project finance loan is expected to occur within the next two weeks.

Commercial operation of the Phase II expansion began at the beginning of January and added 35 MW, bringing the project to its target capacity of 48 MW. The project currently accounts for 6% of Kenya's total energy production. The electricity generated is sold to Kenya Power & Light Company (KPLC) under a 20-year Power Purchase Agreement.
The closing announcement was made during the inauguration ceremony that took place yesterday at the project and was attended by: the Vice President of Kenya, the Minister of Energy, the Permanent Secretary of Energy, Chairman of the ERC, Members of Parliament, other Governmental officials, Representatives of KPLC, local community representatives and of the lender group of European Development Finance Institutions (EDFIs) arranged by Deutsche Investitions- und Entwicklungsgesellschaft mbH ("DEG").


Vice President H.E. Kolonzo Musyoka said during the ceremony: "The US $150 million injected into the project by Ormat is the largest single private sector investment in the power sector and is consistent with government policy to open the power sector to private participation." The Vice President concluded: "I am also pleased to note that the green technology used in the Olkaria power plant, will help reduce the cost of electricity and help save the country 120,000 tons of imported oil."


The Minister of Energy Mr. Kiriatu Murungi said: "At a price of US $29 per barrel of petroleum crude oil, this 48 MW geothermal plant is cheaper to operate than a heavy fuel oil fired plant. This means that at the current oil prices still above US $40 per barrel, OrPower 4 is providing cheaper electricity to the national grid than any existing oil fired plants in Kenya."
"Having reached the closing of this project finance is a very important and happy day for us," said Dita Bronicki, Ormat's CEO.

"I want to thank the Government, the Ministry, the authorities, our customer KPLC, as well as the DEG as lead Consortium and the lenders and last, but not least, the Olkaria III manager Ernest Mabwa, his team and all the Ormat employees," concluded Dita Bronicki.
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 more than 75 U.S. patents. Ormat has built over 1000 MW of plants, half for its own account and half as supplies to utilities and developers. Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; in Nicaragua - Momotombo and in New Zealand - GDL.

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 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 2, 2009.

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.
Ormat Technologies Contact: Investor Relations Contact: Dita Bronicki Todd Fromer / Marybeth Csaby CEO KCSA Strategic Communications 775-356-9029 212-896-1215 / 212-896-1236 dbronicki@ormat.com tfromer@kcsa.com / mcsaby@kcsa.com
SOURCE Ormat Technologies, Inc.
http://www.ormat.com





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Raser Technologies Files for Listing on the NYSE "Big Board"

Raser Technologies Files for Listing on the NYSE "Big Board"

Trading Expected to Transfer from NYSE Arca to NYSE in First Quarter 2009

PROVO, Utah, Dec 15, 2008 -- Raser Technologies, Inc. (NYSE Arca:RZ), a leader in geothermal power development, announced that it has received confirmation from the New York Stock Exchange that Raser has been cleared by NYSE Regulation to file an Original Listing Application to move from the NYSE Arca and list on the New York Stock Exchange. Upon approval of its application and satisfaction of the NYSE listing requirements, Raser expects to begin trading on the NYSE "Big Board" under the ticker symbol RZ in the first quarter of 2009. Until that time, Raser will continue to trade on the NYSE Arca under the ticker symbol RZ.

"The New York Stock Exchange remains the world's premier market for publicly traded companies," said Brent M. Cook, CEO of Raser Technologies. "We believe the increased exposure to a broader investment community provided by the NYSE will be in the best long-term interests of our stockholders."

About Raser Technologies Raser (NYSE Arca:RZ) is a publicly traded, environmentally focused technology licensing and development company operating in two business segments. Raser's Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron(TM) technology developed internally by its Transportation and Industrial Technology segment. Raser's Transportation and Industrial Technology segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser's award-winning Symetron(TM) technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications. Further information on Raser may be found at: www.rasertech.com.
Cautionary Note Regarding Forward-Looking Statements This press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding: our beliefs about the benefits to our stockholders of listing on the NYSE and our ability to meet the listing requirements for the NYSE to successfully list our common stock on the NYSE. These forward-looking statements are subject to a number of risks and uncertainties, including the risks identified in our quarterly report on Form 10-Q for the quarter ended September 30, 2008, as filed with the Securities and Exchange Commission, and all subsequent filings.
All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. SOURCE: Raser Technologies, Inc. Raser Technologies, Inc. Investor Relations Richard Putnam, 801-765-1200 investorrelations@rasertech.com or Hayden Communications, Inc. Cameron Donahue, 651-653-1854 cameron@haydenir.com or Public Relations contact: Stern & Co. Richard Stern, 212-888-0044 richstern@sternco.com or Alison Simard, 323-650-7117 arsimard@sternco.com



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