Ormat Technologies Announces Signing of ‘Blend-and-Extend’ Amendment for CD4 Geothermal Power Plant

Amended PPA Reflects ~27% Increase in Contract Pricing

Amended PPA Terms to Take Effect on October 1, 2026

RENO, Nev., March 10, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. () (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced the signing and approval of an amendments to the existing power purchase agreements (PPAs) with Central Coast Community Energy (3CE) and Silicon Valley Clean Energy (SVCE) for a portion of the output from the 35MW Casa Diablo-IV (CD4) geothermal power plant, part of the Company’s Mammoth geothermal complex in California. The amended agreements cover a total of 15MW of contracted capacity. The remaining output from the CD4 facility is sold to the Southern California Public Power Authority (SCPPA).

The amended agreements extend the original PPAs, which were signed in 2022 and scheduled to expire in 2032, by five additional years through 2037. The execution of these contracts is in line with the Company’s “blend-and-extend” strategy, aimed at proactively re-contracting existing agreements ahead of expiration while securing improved, demand-driven economics.

As part of the amendment, the contract term has been extended from 10 years to 15 years. In addition, the contracted capacity under each agreement will increase from 7MW to 7.5MW, bringing the total contracted capacity with 3CE and SVCE to 15MW. The increased capacity and improved pricing will become effective on October 1, 2026. Pricing under the amended agreements is approximately 27% higher than under the original contracts.

Doron Blachar, Chief Executive Officer of Ormat Technologies, stated, “We are pleased to announce the approval of the blend-and-extend amendment for our CD4 power plant. This milestone reflects the successful execution of our strategy to proactively recontract PPAs with our customers ahead of expiration at improved prevailing rates. These amended agreements strengthen our long-term partnerships with 3CE and SVCE while enhancing their resource adequacy at a time when electricity demand continues to grow rapidly. The extended terms improve revenue visibility for our electricity segment and support stronger underlying pricing for the CD4 power plant. We remain focused on securing high-quality, long-term contracts that support sustainable growth and long-term shareholder value.”

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 3,600MW 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 1,755MW 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 415MW 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 and Adjusted EBITDA, 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, legal, market, industry and geopolitical developments and incentives, 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”, “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 most recent annual report, and in subsequent filings.

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.