ISRAEL 
HIGH-TECH & INVESTMENT REPORT

from the February 2006 issue


Ormat Files Shelf Registration statement to sell up to $1.0b of securities

Geothermal energy company Ormat Technologies Inc. (NYSE:ORA) said it filed a shelf registration statement to sell up to $1 billion of securities -- including common shares, debt securities, warrants and units of the company.

The company, which builds and operates geothermal and recovered energy power plants, said it plans to use the proceeds for various corporate purposes.

The New York Stock Exchange (ORA:NYSE) (ORMT:TASE) and Tel-Aviv Stock Exchange traded shares as of January 22 have risen more than 22%. Ormat has been listed in these pages as one of the potential bug winners for 2006.

Less than a month ago, US energy giant Calpine filed for chapter 11 bankruptcy. Since then, the analysts that cover Ormat Industries have busied themselves with the question where Ormat might fit into the picture. In a small section of the prospectus, Ormat says that money raised will be used for financing possible acquisition and for repurchase of its own shares. It is very likely that Ormat is arming itself with cash to be ready the moment that Calpine's geothermal assets are offered for sale.

The Ormat shares, traded on the New York Stock Exchange as well as on the Tel-Aviv Exchange have been one of our choices for outstanding performance. In the first three and a half weeks of January the TASE traded shares had appreciated by 23%



Reprinted from the Israel High-Tech & Investment Report February 2006

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