Ormat Releases 2021 Sustainability Report

RENO, Nev., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (“Ormat,” the “Company,” “we” or “us”), a leading geothermal, energy storage, solar PV and recovered energy power company, today released the Company’s 2021 Corporate Sustainability Report, providing an overview of the Company’s environmental, social and governance (ESG) performance in 2021.

The 2021 Sustainability report has been newly updated and structured to enhance the clarity of Ormat’s ESG-related activities. The content has been restructured to include a chapter for each pillar of the ESG framework with expanded data collection to ensure accuracy and transparency for readers, stakeholders, and investors. Ormat’s 2021 Sustainability Report is the fourth iteration that the Company has published that is written in accordance with the GRI standards. The 2021 report is also the second to be guided by reporting standards from the Sustainability Accounting Standards Board (SASB) after introducing that standard into the Company’s disclosures last year.

“This year we took a step forward in managing ESG-related topics that are relevant to Ormat and we intend to continue our improvement and sustainability disclosures as we advance on our path towards a zero-emission future,” said Doron Blachar, CEO of Ormat. “Since our founding, sustainability and increasing the amount of renewable energy in our systems have been our primary focuses and we are proud that our efforts are lowering greenhouse gas emissions while bringing breakthrough technologies and solutions to the world’s electricity grids. We look forward to making a positive impact for all our stakeholders and playing an even larger role in the renewable energy sector on a global scale in the future.”

Ormat’s 2021 Sustainability Report is available on the Sustainability section of the Company’s website at https://www.ormat.com.

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 recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. 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 for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,168 MW with a 1,080 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and an 88 MW energy storage portfolio that is located in the U.S.

ORMAT’S 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 25, 2022, and in Ormat’s subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K that are filed from time to time with the SEC.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.