OrCal Geothermal Inc. Announces Extension of Consent Solicitation

RENO, Nev., Dec. 13, 2012 /PRNewswire/ -- OrCal Geothermal Inc. (the "Company"), a wholly owned subsidiary of Ormat Technologies, Inc. (NYSE: ORA), announced today that it has extended the expiration date of its previously announced consent solicitation, launched on December 3, 2012, relating to its 6.21% Senior Secured Notes due December 30, 2020 (CUSIP Number: 68557DAA3) (the "Notes").

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The consent solicitation will now expire at 5:00 p.m., New York time, on December 14, 2012, unless further extended by the Company.

Except as set forth herein, the consent solicitation is made upon the same terms and subject to the same conditions as set forth in the Consent Solicitation Statement dated December 3, 2012, which has been sent to all holders of the Notes. All holders of the Notes who have previously delivered a consent do not need to redeliver such consents or take any other action.

The consent solicitation is being conducted in order to waive certain provisions in the indenture governing the Notes. Receipt of valid and not revoked written consents from holders of at least 66 2/3% of the aggregate principal amount of outstanding Notes will constitute acceptance of the consent solicitation whereupon the consent and the waivers granted pursuant thereto shall be effective and consents shall no longer be revocable, all as more fully described in the Consent Solicitation Statement. Holders of the Notes may withdraw their consent at any time prior to the date on which consents have been delivered and not validly revoked by holders of at least 66 2/3% of the aggregate principal amount of the outstanding Notes.

The Company has retained Barclays Capital Inc. as the Solicitation Agent for the consent solicitation.  Union Bank, N.A., is the Tabulation and Information Agent for the consent solicitation. Questions regarding the consent solicitation may be directed to the Liability Management Group at Barclays Capital Inc. at 800-438-3242 (toll-free) or 212-528-7581 (collect). Requests for copies of the consent solicitation documents may be directed to the Tabulation and Information Agent at 415-273-2518 or the Company at 775-771-6801.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any solicitation of consent in any state in which such solicitation or the acceptance thereof would be unlawful.

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 OrCal Geothermal Inc.'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 February 29, 2012 and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2012.

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.

OrCal Geothermal Inc.
Smadar Lavi
1-775-771-6801
[email protected]

SOURCE Ormat Technologies, Inc.