Ormat Technologies, Inc. Second Quarter 2007 Earnings Call August 9, 2007

1. Ormat Technologies, Inc. Second Quarter 2007 Earnings Call August 9, 2007

2. Disclaimer Information provided during this call 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 the company’s plans, objectives and expectations for future operations, and are based on 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, please see risk factors as described in the annual report on Form 10-K, filed with the Securities and Exchange Commission on March 12, 2007. In addition, during this call, statements may be made that include a financial measure defined as non-GAAP financial measures by the Securities and Exchange Commission, such as adjusted EBITDA. This measure may be different from non-GAAP financial measures used by other companies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management of Ormat Technologies believes that adjusted EBITDA may provide meaningful supplemental information regarding liquidity measurement that both management and investors benefit from referring to this non-GAAP financial measure in assessing Ormat Technologies’ liquidity, and when planning and forecasting future periods. This non-GAAP financial measure may also facilitate management’s internal comparison to the company’s historical liquidity.

3. Agenda • Second Quarter 2007 Prepared Remarks • Business Overview; Dita Bronicki, President and CEO • Operations Overview; Yoram Bronicki, COO • Financial Overview; Joseph Tenne, CFO • Q & A

4. Business OverviewMs. Dita Bronicki, President and CEO

5. Financial Highlights • Q2 2007 Revenues - $84.1 million • 31.2% year-over-year increase • Electricity Segment Revenues - $55.4 million • 13.5% year-over-year increase • Products Segment Revenues - $28.7 million • 87.3% year-over-year increase • Net Income - $8.5 million • Q2 2006 Net Income - $8.4 million

6. Portfolio Highlights • Added 24 MW to project portfolio for a total of 403-409** MW in generating capacity at the end of Q2 • Ormesa construction added 10MW • Steamboat Hills OEC installation added 4MW • Galena 2 commercial operation added 10MW • Desert Peak 2 declared 11MW commercial operation **The 403 MW figure assumes the Brady project will continue to operate at 13 MW. The 409 figure assumes successful resource drilling that will bring the project back to its original 19 MW capacity.

7. Business Highlights – New PPAs • Highline Electric Association • 4MW REG facility in a compression station along a natural gas pipeline (near Denver, CO.) • Commissioning Mid-2009 (estimated) • REG market building momentum • Southern California Edison Corporation • 50MW North Brawley project (Imperial County, CA) • ORMAT option to increase capacity to 100MW • Project on-line by end of 2008 (estimated) • Nevada Power Company • 18 – 30 MW project • Project on line in late 2010 • Sarulla, Indonesia • Progress continues at the 340 MW project • ORA to own 12.75% minority interest in special purpose company that will own and operate the project and supply the equipment for the plant

8. OPC Transaction • Concluded a transaction that raised cost-efficient capital • Desert Peak 2, Galena 2, Steamboat Hills, and Galena 3 projects • Transaction effectively reduce need for debt financing for these projects • Allows Ormat to monetize its production tax credits and receive a large cash payment upfront

9. Strategic Improvements • Acquired 2 Drilling rigs in H1 ’07 • Construction of North Brawley project • Exploration • Lease Agreements in California and Nevada • App. 7,200 Acres total

10. Projects Updates

11. Capex Requirements • Approximately $400 million for • Construction activity* • Investment in machinery, building and equipment • Investment in operating projects • Exploration * The CapEx amount for the construction activity excludes Buffalo Valley, Brawley Phase II, Carson Lake and Grass Valley projects as their budget is not finalized yet

12. Products Segment - New Order • A $5.7 million supply contract with Italcementi Group • Cement Plant in Martinsburg, West Virginia • Supply within 14 month

13. Regulatory Support • Legislative efforts in the U.S. House of Representatives and the Senate have resulted in different proposals regarding: • A national renewable portfolio standard • Extension of production tax credits beyond the placed-in-service date of December 31, 2008

14. Second Quarter Operations UpdatesMr. Yoram Bronicki

15. Operational Highlights • Accumulation of issues impacting results in Q1 ’07 are mostly behind us • High availability in Heber, Puna and Ormesa – successful maintenance work in Q4 2006 and Q1 2007 • Maintenance at Ormesa and Heber 1 completed before high-demand summer months • Consolidation of Ormesa PPAs

16. Operational Highlights • Interim solution for Steamboat 2 / 3 turbines failure succeeded • Brady project generating at 13 MW • Momotombo project - turbine failure • Project expected to be in full operation in Q4 ’07 • Improvement in the OREG 1 pipeline’s gas flow

17. SecondQuarter 2007 Financial Results Mr. Joseph Tenne, CFO

18. 31.2 % Total Revenues Total Cost of Revenues Revenues (in millions of USD) 47.0 %

19. 13.5 % Revenues* Cost of Revenues* 14.2 % Electricity Segment Increase of $6.6 million revenues resulted from: • Increase in generating capacity: • New projects came on line at the end of Q2 2006 • Additional 24 MW in Q2 2007 • Completion of Amatitlan project in Guatemala - not yet declared commercial operation • Higher energy rates for the SO#4 contracts in California Increase in revenues partially offset by $1.2 million due to: • Capacity shortage in few projects • Turbine failure in the Momotombo project Increase in Cost of Revenuesresulted from: • Increase costs of new and enhanced projects placed in service • Inclusion of a full quarter of costs of revenues generated from the Amatitlan project • Increase in labor and materials costs in existing plants *In millions of USD

20. 87.3 % Revenues* Cost of Revenues* Products Segment Increase of revenues resulted from • Timing of revenue recognition – geothermal and recovered energy products Increase in Cost of Revenuesresulted from: 152.8 % • Increase in revenues over the same period in 2006 • Different product mix • Increase in labor, materials, construction and transportation costs, which affected our margins in this segment

21. Gross Margin Electricity Segment Gross Margin Products Segment Combined Gross Margin Gross Margin *In millions of USD

22. Net Income* EPS Net Income and EPS Main reason for the small increase in Net Income - decline in the Operating Income in the Products Segment Q2 2007 - 38.1 million shares Q2 2006 - 35.1 million shares *In millions of USD

23. Adjusted EBITDA * 5.1 % We calculate EBITDA as net income before interest, taxes, depreciation and amortization.  We calculate adjusted EBITDA to include operating income, depreciation and amortization of our equity investments in the Mammoth and Leyte Projects.  EBITDA and adjusted EBITDA are not measurements of financial performance under accounting principles generally accepted in the United States of America and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America.  EBITDA and adjusted EBITDA are presented because we believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of a Company’s ability to service and/or incur debt.  However, other companies in our industry may calculate EBITDA and adjusted EBITDA differently than we do.  A table that reconciles net income to EBITDA and adjusted EBITDA, for the three month periods ended June 30, 2007 and 2006 is included in the earning release that we issued on August 8, 2007 * For Adjusted EBITDA reconciliation see Appendix

24. Cash, Cash Equivalents and Marketable Securities * Cash • Funding of capital expenditures in the amount of $69.4 million • Repayment of long-term debt to our parent and third parties in the amount of $36.5 million • Payment of dividend - $4.6 million • $14.7 million of cash flow from operating activities • Net proceeds from OPC transaction - $69.5 million • Net increase of $17.9 million in restricted cash *In millions of USD

25. Cash Dividend The company’s dividend policy targets an annual payout of at least 20 percent of the Company’s net income, subject to Board approval.

26. Return Profile Economic Interests consist of: OPC Transaction • Allocation of Economic Benefits: • Production tax credits • Taxable income or loss • Cash distributions * Economic Benefits - production tax credits and taxable income or loss **Flip Date –occur once the institutional equity investors reach a target after-tax yield on their investment

27. OPC Transaction-Accounting Treatment • Full consolidation of OPC • The payments received from the investors for the equity interest are recorded as Minority Interest. • As the economic benefits flow to the investors they are recognized by us as Minority Interest in the Statement of Operation. • Interest expense, representing the Investors targeted yield, charged to Minority Interest. • At the Flip Date, the Minority Interest is valued at 5% of the net assets of OPC.

28. Updated Guidance • Revenues for the full year 2007 • Electricity Segment - $214 million and additional $18 million for the projects accounted for under the equity method* • Product Segment - between $70 million and $72 million *Based on today’s oil prices

29. Q & A Any Questions?

30. Appendix -Reconciliation of Adjusted EBITDA (Unaudited)