Ormat Technologies Announces Signing Of Amendments To Existing Ppas With 3CE And Silicon Valley Clean Energy For Portion Of Output From The 35MW 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. (NYSE:ORA) (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.