Ormat Technologies Awarded Telaga Ranu Geothermal Concession in Indonesia

RENO, Nev., Jan. 15, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced it has been awarded the Telaga Ranu Geothermal Working Area by the Government of Indonesia under the authority of the Ministry of Energy and Mineral Resources. The concession was awarded following a competitive tender process involving four qualified bidders and secures Ormat’s long-term rights to explore and develop the geothermal resource. This award strengthens Ormat’s development pipeline and supports the Company’s long-term growth strategy in Indonesia.

The Telaga Ranu project is located in Halmahera, North Maluku, within Indonesia’s highest approved feed-in tariff zone, and is part of the Government of Indonesia’s energy transition program. The concession has the potential to support up to 40MW of baseload geothermal energy, as reflected in PT PLN (Persero)’s Electricity Supply Plan (RUPTL). Development of the site by the end of 2030 would support Indonesia’s efforts to replace diesel-based power generation with reliable renewable energy, advancing the country’s decarbonization and renewable energy objectives while strengthening energy security and supporting economic growth in the region.

“The award of the Telaga Ranu geothermal concession represents a significant step in strengthening our development pipeline and highlights our confidence in Indonesia’s long-term geothermal potential,” said Doron Blachar, Chief Executive Officer of Ormat Technologies Inc. “Ormat is well positioned to apply our proven exploration and development capabilities as we move forward in the region. We believe this site has the potential to add up to 40MW to our exploration pipeline, bringing the total to approximately 200MW, in addition to the 59MW associated with our operating asset. We appreciate the trust placed in us by the Government of Indonesia through this tender process and look forward to working closely with our stakeholders to responsibly develop this resource and contribute to the country’s clean energy transition.”

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 1,695MW with a 1,310MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 385MW 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.