Ormat Technologies, Inc. Announces Closing of Upsized $1 Billion Convertible Senior Notes Offering

RENO, Nev., March 23, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (ORA) (?Company? or ?Ormat?) today announced the closing of its previously announced private offering of $1 billion aggregate principal amount of convertible senior notes, including the full exercise of the initial purchasers? option to purchase additional notes.

The offering consists of $825 million aggregate principal amount of 1.50% Series A Convertible Senior Notes due 2031 (the ?Series A Notes?) and $175 million aggregate principal amount of 0.00% Series B Convertible Senior Notes due 2031 (the ?Series B Notes? and, together with the Series A Notes, the ?Notes?). The Notes were sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the ?Securities Act?).The Series A Notes will bear interest at a rate of 1.50% per year, payable semi-annually in arrears, and the Series B Notes will not bear regular interest. Both series of Notes will mature on March 15, 2031, unless earlier converted, redeemed or repurchased in accordance with their terms.

Holders of the Series B Notes will have the right to require the Company to repurchase all or a portion of their Notes on March 15, 2027, at a repurchase price equal to 100% of the principal amount, plus any accrued and unpaid special interest, if any.

The initial conversion price for both series reflects a premium of 30% over the Company?s common stock price at the time of pricing.

Management Commentary

?We are pleased with the successful completion of this offering, capitalizing on strong demand and a robust convertible securities market,? said Doron Blachar, Chief Executive Officer of Ormat Technologies (ORA). ?Strategically, this offering is a win for both the Company and our investors. We elected to execute this capital raise in the convertible market as it provided us with the best combination of low and no cash coupon, financial flexibility, and the ability to reduce equity dilution versus other debt and equity financing alternatives.?

Mr. Blachar continued, ?This strategic capital raise strengthens our balance sheet and enhances our ability to grow our business. Furthermore, the strong institutional participation in this offering reflects the positive investor sentiment currently being observed across geothermal and energy storage driven by the evolving electricity landscape and our proven ability to translate the current opportunity into strong shareholder returns.?

Use of Proceeds:

Ormat (ORA) used approximately $287.9 million of the net proceeds from the offering, as well as approximately $25 million cash on hand, and issued approximately 0.6 million shares of its common stock, to repurchase approximately $285.9 million aggregate principal amount of the Company's 2.50% convertible senior notes due 2027 in privately negotiated transactions. In addition, the Company used approximately $25 million of the net proceeds to repurchase shares of its common stock. The remainder of the net proceeds will be used for general corporate purposes.

ABOUT ORMAT TECHNOLOGIES (ORA)

With over five decades of experience, Ormat Technologies, Inc. (ORA) 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 3,600MW of gross capacity. Ormat (ORA) 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 1,835MW with a 1,340MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 495MW 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 the Company expects or anticipates will or may occur in the future, including such matters as future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, legal, market, industry and geopolitical developments and incentives, technological changes, demand for renewable energy, 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?, ?intends?, ?estimates?, ?predicts?, ?projects?, ?potential?, ?targets?, ?goal?, ?outlook?, ?guidance?, 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 (ORA) plans, objectives, goals and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although the Company believes that its plans and objectives reflected in or suggested by these forward-looking statements are reasonable, the Company may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties, including risks related to regulatory changes, geopolitical developments, commodity prices, interest rates, supply chain disruptions, and other risks described under "Risk Factors" as described in Ormat?s annual report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (?SEC?) on February 26, 2026 and our other reports 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, the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Ormat Technologies Contact: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) slavi@ormat.com

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Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com

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