##### Table of Contents





UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
 Form 10-K
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended
    December 31, 2009oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934   Commission file number:
    001-32347
 ORMAT TECHNOLOGIES,
    INC.
 (Exact name of registrant as
    specified in its charter)
  Delaware

88-0326081(State or other jurisdiction
    of
    incorporation or organization)

(I.R.S. Employer
    Identification Number)   6225 Neil Road, Reno, Nevada
    89511-1136
 (Address of principal executive
    offices)
  Registrants telephone number, including area code:
 (775) 356-9029
  Securities Registered Pursuant to Section 12(b) of the
    Act:
  Title of Each Class

Name of Each Exchange on Which RegisteredOrmat Technologies, Inc. Common Stock $0.001 Par Value

New York Stock Exchange   Securities Registered Pursuant to Section 12(g) of the
    Act:
 None
  o þ
  o þ
  þ o
  Regulation S-T o o
  Regulation S-K Form 10-K Form 10-K. o
    Large accelerated filer þ

Accelerated filer o

Non-accelerated filero
    (Do not check if a smaller reporting company)

Smaller reporting company o   Rule 12b-2 o þ




---



##### 





ORMAT
    TECHNOLOGIES, INC.
  FORM 10-K
    FOR THE YEAR ENDED DECEMBER 31, 2009
  TABLE OF
    CONTENTS
   
 Page No.PART IITEM 1.


BUSINESS


9ITEM 1A.


RISK FACTORS


64ITEM 1B.


UNRESOLVED STAFF COMMENTS


80ITEM 2.


PROPERTIES


80ITEM 3.


LEGAL PROCEEDINGS


81PART IIITEM 5.


MARKET FOR REGISTRANTS COMMON EQUITY,
    RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
    SECURITIES


82ITEM 6.


SELECTED FINANCIAL DATA


84ITEM 7.


MANAGEMENTS DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS


87ITEM 7A.


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
    MARKET RISK


119ITEM 8.


FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


120ITEM 9.


CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
    ACCOUNTING AND FINANCIAL DISCLOSURE


180ITEM 9A.


CONTROLS AND PROCEDURES


180ITEM 9B.


OTHER INFORMATION


181PART IIIITEM 10.


DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
    GOVERNANCE


181ITEM 11.


EXECUTIVE COMPENSATION


184ITEM 12.


SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
    AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS


184ITEM 13.


CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
    AND DIRECTOR INDEPENDENCE


185ITEM 14.


PRINCIPAL ACCOUNTANT FEES AND SERVICES


185PART IVITEM 15.


EXHIBITS, FINANCIAL STATEMENT SCHEDULES


185SIGNATURES


197EX-23.1EX-31.1EX-31.2EX-32.1EX-32.2   2




---



##### Table of Contents



Glossary
    of Terms
    Term

DefinitionAdder

Additional energy rate paymentAmatitlan Loan

$42,000,000 in aggregate principal amount borrowed by our
    subsidiary Ortitlan from TCW Global Project Fund II, Ltd.AMM

Administrador del Mercado Mayorista (administrator of the
    wholesale market  Guatemala)ARRA

American Recovery and Reinvestment ActAuxiliary Power

The power needed to operate a geothermal power plants
    auxiliary equipment such as pumps and cooling towers.Availability

The ratio of the time a power plant is ready to be in service,
    or is in service, to the total time interval under
    consideration, expressed as a percentage, independent of fuel
    supply (heat or geothermal) or transmission accessibility.Balance of Plant Equipment

Power plant equipment other than the generating units including
    items such as transformers, valves, interconnection equipment,
    cooling towers for water cooled power plants, etc.BLM

Bureau of Land Management of the U.S. Department of the InteriorCapacity

The maximum load that a power plant can carry under existing
    conditions, less auxiliary power.Capacity Factor

The ratio of the average load on a generating resource to its
    generating capacity during a specified period of time, expressed
    as a percentage.CDC

Commonwealth Development CorporationCNE

National Energy Commission of NicaraguaCNEE

National Electric Energy Commission of GuatemalaCompany

Ormat Technologies, Inc., a Delaware corporation, and
    subsidiariesCodification

FASB Accounting Standards CodificationCOSO

Committee of Sponsoring Organizations of the Treadway CommissionDEG

Deutsche Investitions-und Entwicklungsgesellschaft mbHDFIs

Development Finance InstitutionsDISNORTE

Empresa Distribudora de Electricidad del Norte (a Nicaragua
    distribution company)DISSUR

Empresa Distribudora de Electricidad del Sur (a Nicaragua
    distribution company)DOE

U.S. Department of EnergyDOGGR

California Division of Oil, Gas, and Geothermal ResourcesEGS

Enhanced Geothermal SystemsENATREL

Empresa Nicaraguense de TransmisionENEL

Empresa Nicaraguense de ElectricitdadEPA

U.S. Environmental Protection AgencyEPC

Engineering, procurement and constructionEPS

Earnings per shareExchange Act

U.S. Securities Exchange Act of 1934, as amendedFASB

Financial Accounting Standards BoardFERC

U.S. Federal Energy Regulatory Commission 3




---



##### Table of Contents



Term

DefinitionFlip Date

Date on which the holders of Class B membership units in OPC
    achieve a target after-tax yield on their investment in OPC.FPA

U.S. Federal Power Act, as amendedGAAP

Generally accepted accounting principlesGDC

Geothermal Development CompanyGDL

Geothermal Development LimitedGeothermal Power Plant

The power generation facility and the geothermal fieldGeothermal Steam Act

U.S. Geothermal Steam Act of 1970, as amendedHELCO

Hawaii Electric Light CompanyIFC

International Finance CorporationIID

Imperial Irrigation DistrictILA

Israel Land AdministrationINDE

Instituto Nacional de ElectrificationINE

Nicaragua Institute of EnergyIPPs

Independent Power ProducersISO

International Organization for StandardizationITC

Investment Tax CreditKETRACO

Kenya Electricity Transmission Company LimitedKPL

Kapoho Land PartnershipKPLC

Kenya Power and Lighting Co. LtdkW

Kilowatt. A unit of electrical power that is equal to 1,000
    watts.kWh

Kilowatt hour(s), a measure of power producedLNG

Liquefied Natural GasMACRS

Modified Accelerated Cost Recovery SystemMW

Megawatt. One MW is equal to 1,000 KW or one million watts.MWh

Megawatt hour(s), a measure of power producedNBPL

Northern Border Pipe Line CompanyNIS

New Israeli ShekelNYSE

New York Stock ExchangeOEC

Ormat Energy ConverterOFC

Ormat Funding Corp., a wholly owned subsidiary of the CompanyOFC Senior Secured Notes

81/4% Senior
    Secured Notes Due 2020 issued by OFCOlkaria Loan

$105,000,000 in aggregate principal amount borrowed by OrPower 4
    from a group of European DFIsOMPC

Ormat Momotombo Power Company, a wholly owned subsidiary of the
    CompanyOPC

OPC LLCOPC Transaction

Financing transaction involving four of our Nevada power plants
    in which institutional equity investors purchased an interest in
    our special purpose subsidiary that owns such plants.OrCal

OrCal Geothermal Inc., a wholly owned subsidiary of the CompanyOrCal Senior Secured Notes

6.21% Senior Secured Notes Due 2020 issued by OrCal 4




---



##### Table of Contents



Term

DefinitionOrganic Rankine Cycle

A process in which an organic fluid such as a hydrocarbon or
    fluorocarbon (but not water) is boiled in an evaporator to
    generate high pressure vapor. The vapor powers a turbine to
    generate mechanical power. After the expansion in the turbine,
    the low pressure vapor is cooled and condensed back to liquid in
    a condenser. A cycle pump is then used to pump the liquid back
    to the vaporizer to complete the cycle.  The cycle is
    illustrated in the figure below:(CHART)Ormat Nevada

Ormat Nevada Inc., a wholly owned subsidiary of the CompanyOrmat Systems

Ormat Systems Ltd., a wholly owned subsidiary of the CompanyOrPower 4

OrPower 4 Inc., a wholly owned subsidiary of the CompanyOrtitlan

Ortitlan Limitada, a wholly owned subsidiary of the CompanyOrgumil

Orgumil I de Electricidad, Limitada, a wholly owned subsidiary
    of the CompanyParent

Ormat Industries Ltd.PGV

Puna Geothermal Venture, a wholly owned subsidiary of the CompanyPower plant equipment

Interconnection equipment, cooling towers for water cooled power
    plant, etc.Power Act

Electric Power Act of 1997 of KenyaPPA

Power Purchase Agreementppm

Part per millionPLN

PT Perusahaan Listrik NegaraPTC

Production tax creditPUA

Israeli Public Utility AuthorityPUCN

Public Utilities Commission of NevadaPUHCA

U.S. Public Utility Holding Company Act of 1935PUHCA 2005

U.S. Public Utility Holding Company Act of 2005PURPA

U.S. Public Utility Regulatory Policies Act of 1978PV

PhotovoltaicQualifying Facility (ies)

Certain small power production facilities are eligible to be
    Qualifying Facilities under PURPA, provided that
    they meet certain power and thermal energy production
    requirements and efficiency standards.  Qualifying Facility
    status provides an exemption from PUHCA 2005 and grants certain
    other benefits to the Qualifying Facility.REG

Recovered Energy GenerationRGGI

Regional Greenhouse Gas Initiative 5




---



##### Table of Contents



Term

DefinitionRPS

Renewable Portfolio StandardsSCPPA

Southern California Public Power AuthoritySEC

U.S. Securities and Exchange CommissionSecurities Act

U.S. Securities Act of 1933, as amendedSOX Act

Sarbanes-Oxley Act of 2002SPE(s)

Special purpose entity (ies)Sunday Energy

Sunday Energy Ltd.Union Bank

Union Bank, N.A.U.S.

United States of AmericaWHOH

Waste Heat Oil Heaters  6




---



##### Table of Contents



Cautionary
    Note Regarding Forward-Looking Statements
      
    significant considerations, risks and uncertainties discussed in
    this annual report;
    operating risks, including equipment failures and the amounts
    and timing of revenues and expenses;
    geothermal resource risk (such as the heat content of the
    reservoir, useful life and geological formation);
    financial market conditions and the results of financing efforts;
    environmental constraints on operations and environmental
    liabilities arising out of past or present operations, including
    the risk that we may not have, and in the future may be unable
    to procure, any necessary permits or other environmental
    authorization;
    construction or other project delays or cancellations;
    political, legal, regulatory, governmental, administrative and
    economic conditions and developments in the United States and
    other countries in which we operate;
    the enforceability of the long-term PPAs for our power plants;
    contract counterparty risk;
    weather and other natural phenomena;
    the impact of recent and future federal, state and local
    regulatory proceedings and changes, including legislative and
    regulatory initiatives regarding deregulation and restructuring
    of the electric utility industry and incentives for the
    production of renewable energy in the United States and
    elsewhere;
    changes in environmental and other laws and regulations to which
    our company is subject, as well as changes in the application of
    existing laws and regulations;
    current and future litigation;
    our ability to successfully identify, integrate and complete
    acquisitions;
    competition from other similar geothermal energy projects,
    including any such new geothermal energy projects developed in
    the future, and from alternative electricity producing
    technologies; 7




---



##### Table of Contents




    the effect of and changes in economic conditions in the areas in
    which we operate;
    market or business conditions and fluctuations in demand for
    energy or capacity in the markets in which we operate;
    the direct or indirect impact on our companys business
    resulting from terrorist incidents or responses to such
    incidents, including the effect on the availability of and
    premiums on insurance;
    the effect of and changes in current and future land use and
    zoning regulations, residential, commercial and industrial
    development and urbanization in the areas in which we
    operate; and
    other uncertainties which are difficult to predict or beyond our
    control and the risk that we may incorrectly analyze these risks
    and forces or that the strategies we develop to address them may
    be unsuccessful. 8




---



##### Table of Contents



PART I  ITEM 1.
    BUSINESS  Certain
    Definitions
    Overview
   9




---



##### Table of Contents



year-to-year
 10




---



##### Table of Contents



11




---



##### Table of Contents



Company
    Contact and Sources of Information
  1-800-SEC-0330. http://www.sec.gov
  Form 10-K, 10-Q 8-K, www.ormat.com
 12




---



##### Table of Contents



(775) 356-9029.
  Our Power
    Generation Business
  Power
    Plants in Operation
    Power Plants We Own and
    Operate(1)GeneratingCapacity inProject

Location

MW(2)DomesticGeothermalOrmesa Complex

California


57.0Heber Complex

California


92.0Mammoth Complex

California


14.5
(3)North Brawley

California


50.0
(4)Steamboat Complex

Nevada


85.0Brady Complex

Nevada


24.0Puna

Hawaii


30.0REGOREG 1

North Dakota and South Dakota


22.0OREG 2

Montana, North Dakota and Minnesota


22.0Peetz

Colorado


3.5Total domestic owned facilities




400.0ForeignGeothermalMomotombo

Nicaragua


26.0Zunil

Guatemala


24.0Olkaria III Complex

Kenya


48.0Amatitlan

Guatemala


20.0Total foreign owned facilities




118.0Total domestic and foreign owned facilities




518.0     (1)

    
    We own and operate all but two of our power plants. Those
    exceptions are: the Momotombo power plant in Nicaragua, which we
    do not own but which we control and operate through a concession
    arrangement with the Nicaraguan government, and the Mammoth
    complex, in which we have a 50% ownership interest. A financial
    institution holds equity interests in one of our consolidated
    subsidiaries (OPC) that owns the Desert Peak 2 power plant in
    our Brady complex and the Steamboat Hills, Galena 2 and Galena 3
    power plants in our Steamboat complex. In this chart, we show
    these power plants as being 100% owned because all of the
    generating capacity is owned by OPC and we control the operation
    of the power plants. The nature of the equity interests held by
    the financial institution is described in Item 7 under the
    heading OPC Transaction.(2)

    
    References to generating capacity generally refer to the gross
    capacity less auxiliary power, in the case of all of our
    existing domestic power plants and the Momotombo, Amatitlan and
    Olkaria III power plants (three of our foreign power
    plants), and to the generating capacity that is subject to the
    take or pay PPAs in the case of the Zunil power
    plant (one of our foreign power plants). We determine the
    generating capacity figures taking into account resource
    capabilities. This column represents our net ownership in such
    generating capacity. 13




---



##### Table of Contents



In any given year, the actual power generation of a particular
    power plant may differ from that power plants generating
    capacity due to variations in ambient temperature, the
    availability of the resource, and operational issues affecting
    performance during that year. The capacity factor of the
    geothermal power plants in commercial operation in 2009 was 90%;
    the corresponding availability of the power generating facility
    was higher than 97%. The capacity factor of the REG power plants
    in 2009 was 40%; the corresponding availability of the power
    generating equipment was more than 93%.(3)

    
    Represents our 50% ownership.(4)

    
    The North Brawley power plant is not operating at full capacity
    due to injection challenges we are experiencing. Detailed
    information on those challenges is provided under Description of
    our Power Plants.    New Power
    Plants
        Our
    Product Business
    Power Units for Geothermal Power Plants.
  Power Units for Recovered Energy-Based Power
    Generation.
  EPC of Power Plants.
  Remote Power Units and Other Generators.
 14




---



##### Table of Contents



History
    Industry
    Background
  Geothermal
    Energy
    Hydrothermal geothermal-electricity generation 
  EGS 
  Co-produced Geothermal from Oil and Gas fields,
    geo-pressurized resources 
  Geothermal
    Power Plant Technologies
    Binary
    System
   15




---



##### Table of Contents



Flash
    Design System
  and/or
 16




---



##### Table of Contents



make-up
  
    Ormats
    Proprietary Technology
   17




---



##### Table of Contents



18




---



##### Table of Contents



Patents
      Research
    and Development
     19




---



##### Table of Contents



Market
    Opportunity
            and/or
  2009-2010,
 20




---



##### Table of Contents



cap-and-trade first-in-the-nation
            and/or
 21




---



##### Table of Contents



2
  and/or 2
     22




---



##### Table of Contents



Competitive
    Strengths
  Competitive Assets.
  
    Contracted Generation.  Virtually all of the
    electricity generated by our geothermal power plants is
    currently sold pursuant to long-term PPAs, providing generally
    predictable cash flows.
    Baseload Generation.  All of our geothermal
    power plants supply all or a part of the baseload capacity of
    the electric system in their respective markets. This means they
    supply electric power on an
    around-the-clock
    basis. We have a competitive advantage over other renewable
    energy sources, such as wind power, solar power or
    hydro-electric power (to the extent dependent on precipitation),
    which compete with us to meet electric utilities renewable
    portfolio requirements but which cannot serve baseload capacity
    because of their weather dependence and thus intermittent nature
    of these other renewable energy sources.
    Competitive Pricing.  Geothermal power plants,
    while site specific, are economically feasible to develop,
    construct, own, and operate in many locations, and the
    electricity they generate is generally price competitive
    compared to electricity generated from fossil fuels or other
    renewable sources under existing economic conditions and
    existing tax and regulatory regimes.
    Ability to Finance Our Activities from Internally Generated
    Cash Flow.The cash flow generated by our
    portfolio of operating geothermal and REG power plants provides
    us with a robust and predictable base for our exploration,
    development, and construction activities, to a certain level,
    without the need to tap into external liquidity sources. We
    believe that this gives us a competitive advantage over certain
    competitors whose activities are dependent on external credit
    and financing sources, particularly in light of the current
    global credit and financial crisis.
    Growing Legislative Demand for Environmentally-Friendly
    Renewable Resource Assets.Most of our currently
    operating power plants produce electricity from geothermal
    energy sources. The clean and sustainable characteristics of
    geothermal energy give us a competitive advantage over fossil
    fuel-based electricity generation as countries increasingly seek
    to balance environmental concerns with demands for reliable
    sources of electricity.
    High Efficiency from Vertical Integration.  
    Unlike our competitors in the geothermal industry, we are a
    fully-integrated geothermal equipment, services, and power
    provider. We design, develop, and manufacture most of the
    equipment we use in our geothermal and REG power plants. Our
    intimate knowledge of the equipment that we use in our
    operations allows us to operate and maintain our power plants
    efficiently and to respond to operational issues in a timely and
    cost-efficient manner. Moreover, given the efficient
    communications among our subsidiary that designs and
    manufactures the products we use in our operations and our
    subsidiaries that own and 23




---



##### Table of Contents



operate our power plants, we are able to quickly and cost
    effectively identify and repair mechanical issues and to have
    technical assistance and replacement parts available to us as
    and when needed.  
    We design, manufacture, and sell to third parties power units
    and other power generating equipment for geothermal and
    recovered energy-based electricity generation. Our extensive
    experience in the development of
    state-of-the-art,
    environmentally sound power solutions enable our customers to
    relatively easily finance their power plants.  
    Exploration and Drilling Capabilities.  We have
    in-house capabilities to explore and develop geothermal
    resources. In 2007, we established a drilling subsidiary that
    currently owns four drilling rigs. We employ an experienced
    resource group that includes engineers, geologists, and
    drillers. This resource group executes our exploration and
    drilling plans for projects that we develop.
    Highly Experienced Management Team.  We have a
    highly qualified senior management team with extensive
    experience in the geothermal power sector. Key members of our
    senior management team have worked in the power industry for
    most of their careers and average over 25 years of industry
    experience.
    Technological Innovation.  We have been granted
    more than 75 U.S. patents relating to various processes and
    renewable resource technologies. All of our patents are
    internally developed and therefore costs related thereto are
    expensed as incurred. Our ability to draw upon internal
    resources from various disciplines related to the geothermal
    power sector, such as geological expertise relating to reservoir
    management, and equipment engineering relating to power units,
    allows us to be innovative in creating new technologies and
    technological solutions.
    No Exposure to Fuel Price Risk.  A geothermal
    power plant does not need to purchase fuel (such as coal,
    natural gas, or fuel oil) in order to generate electricity.
    Thus, once the geothermal reservoir has been identified and
    estimated to be sufficient for use in a geothermal power plant
    and the drilling of wells is complete, the plant is not exposed
    to fuel price or fuel delivery risk apart from the impact fuel
    prices may have on the price at which we sell power under PPAs
    that are based on the relevant power purchasers avoided
    costs.    Business
    Strategy
    
    Development and Construction of New Geothermal Power
    Plants continuously seeking out commercially
    exploitable geothermal resources, developing and constructing
    new geothermal and recovered energy-based power plants and
    entering into long-term PPAs providing stable cash flows in
    jurisdictions where the regulatory, tax and business
    environments encourage or provide incentives for such
    development and which meet our investment criteria;
    Development and Construction of Recovered Energy Power
    Plants establishing a
    first-to-market
    leadership position in recovered energy power plants in North
    America and building on that experience to expand into other
    markets worldwide;
    Acquisition of New Assets acquiring from
    third parties additional geothermal and other renewable assets
    that meet our investment criteria;
    Increasing Output from Our Existing Power Plants increasing output from our existing geothermal power plants
    by adding additional generating capacity, upgrading plant
    technology, and improving geothermal reservoir operations,
    including improving methods of heat source supply and
    delivery; and 24




---



##### Table of Contents




    Technological Expertise investing in research
    and development of renewable energy technologies including in
    the solar energy field and leveraging our technological
    expertise to continuously improve power plant components, reduce
    operations and maintenance costs, develop competitive and
    environmentally friendly products for electricity generation and
    target new service opportunities.    
    the recent decline in the cost of solar PV technologies;
    the attractive electricity prices that may be achieved in
    certain jurisdictions;
    reliance on our EPC and development expertise in geothermal and
    recovered-energy power generation facilities; and
    in certain applications the potential synergies for operating
    solar PV or solar thermal in conjunction with our geothermal
    power plants.    
    acquisitions and joint ventures;
    expanding our internal research and development activity, or
    acquiring other companies engaged in solar research and
    development activities; and
    constructing and operating solar electric power generation
    facilities, either:  
    at some of our current plants to augment power output during
    day-time hours of peak demand when geothermal capacity can
    decrease because of ambient air temperature and solar generation
    capacity tends to peak; or
    at new locations on a stand-alone basis.    Recent
    Developments
  
    In February 2010, we signed a letter of intent with KPLC, the
    off-taker, of the Olkaria III complex located in Naivasha,
    Kenya, to expand the Olkaria III complex by up to
    52 MW (from 48 MW to up to 100 MW) within the
    framework of the existing PPA. The expansion is to be developed
    in two phases. Phase I will be comprised of 36 MW within
    3.5 years from finalizing the amendment to the existing
    PPA. An optional phase II may be comprised of up to
    16 MW within 4.5 years from finalizing the amendment
    to the existing PPA. The amendment to the existing PPA is
    subject to applicable governmental approvals and the consent of
    the lenders that provided the financing to the existing power
    plant.
    In February 2010, we announced that the North Brawley geothermal
    power plant in California has been placed in service and is
    currently operating at a stable capacity of 17 MW. We plan
    to request the PPA
    off-taker to
    agree to an extension of the firm operation date to the end of
    the year. This extension would give us time to bring the power
    plants generation to its full design capacity of 50MW.
    Further details on this plants status are provided under
    Description of Our Power Plants below.
    In February 2010, we signed an agreement to acquire 100% of the
    membership interests in HSS II, LLC, which owns the Tuscarora
    Project in the northern Independence Valley of northeast Nevada.
    The project is in an advanced stage of development and has one
    successful well. We plan to construct and operate a geothermal
    plant on the site, which is expected to become operational in
    2012, and sell electricity under a new PPA which we signed with
    Nevada Power Company (a subsidiary of NV Energy, Inc). 25




---



##### Table of Contents




    In January 2010, we were awarded a geothermal exploration
    concession in Chile. The concession is on approximately
    26,000 acres located to the north of the
    San Pablo/San Pedro twin volcanic complex in northern
    Chile and is close to access roads and to copper mines that
    could be potential users of the electricity. We plan to engage
    in preliminary testing and studies to assess the feasibility of
    the site for commercial development in accordance with the
    milestones set forth in the concession.
    In January 2010, we sold our interest in GDL for
    NZ$3.5 million (approximately US$2.6 million), and we
    were repaid a loan we made to GDL with an outstanding balance of
    NZ$24.3 million (approximately US$18.0 million).
    In December 2009, the PUCN approved certain amendments to
    certain of our PPAs for our power plants in Nevada that, among
    other things, removed partially the provisions for us to pay
    liquidated damages if certain minimum performance or
    availability criteria were not met.
    On November 4, 2009, we signed a
    20-year PPA
    with Nevada Power Company for a 30 MW power plant for the
    McGinness Hills project in Nevada. The PPA is still subject to
    various approvals, including PUCN approval.
    In November 2009, we entered into a loan agreement for
    $50.0 million with a commercial bank. The loan matures on
    November 10, 2014 and is payable in 10 semi-annual
    installments commencing on May 10, 2010. The loan bears
    interest at
    6-month
    LIBOR plus 3.25%.
    In October 2009, Ormat Nevada was awarded $13.7 million in
    grants under the DOEs Innovative Exploration and Drilling
    Projects program for three of its projects: Maui, Glass Buttes,
    and Wister. The total amount of the grants accounts for
    approximately 50% of the total exploration budget of these
    projects. Ormat Nevada will use a combination of technologies to
    locate fault zones within geothermal reservoirs.
    On October 30, 2009, Ormat Nevada acquired Lehman-OPC
    LLCs 30% interest in the Class B membership units of
    OPC, pursuant to a right of first offer for a price of
    $18.5 million. The repurchase of these interests at a
    discount resulted in a pre-tax gain of $13.3 million in the
    fourth quarter of 2009.
    In October 2009, Ormat Systems signed a joint venture agreement
    with Sunday Energy, a private company incorporated under the
    laws of Israel, to develop, construct and operate solar PV
    energy systems in Israel with a total capacity of 36 MW.
    Sunday will contribute the rights to all of its property
    required to develop solar energy systems above 1 MW to
    SPEs. Ormat Systems will own 70% of each SPE. Ormat Systems and
    Sunday will act, jointly, as the EPC contractor and the operator
    of each project in accordance with each companys share in
    the SPEs. The electricity generated from the projects will be
    sold to Israel Electric Corporation Ltd. under a
    20-year
    long-term PPA. The expected aggregate annual revenue from these
    agreements across all SPEs is approximately $30 million.
    The SPEs expect to finance their capital expenditure with 80%
    non-recourse third-party project financing debt.
    In July 2009, we entered into a
    6-year loan
    agreement and an
    8-year loan
    agreement for $20.0 million each with two separate groups
    of institutional investors. The
    6-year loan
    matures on July 16, 2015, is payable in 12 semi-annual
    installments commencing January 16, 2010, and bears annual
    interest of 6.5%. The
    8-year loan
    matures on August 1, 2017, is payable in 12 semi-annual
    installments commencing February 1, 2012, and bears
    interest at
    6-month
    LIBOR plus 5.0%.
    In May 2009, Ortitlan entered into a project financing loan of
    $42.0 million to refinance its investment in the
    20.5 MW Amatitlan geothermal power plant. The loan was
    provided by TCW Global Project Fund II, Ltd.
    In the second quarter of 2009, we completed construction of a
    new 75,000 square foot manufacturing facility, which we
    lease from our parent, adjacent to our existing facility in
    Yavne, Israel. The new facility will enable us to expand our
    manufacturing capabilities.
    In March 2009, we declared commercial operation of the Peetz REG
    power plant that converts recovered waste heat from the exhaust
    of an existing gas turbine at a compressor station located along
    a natural gas pipeline near Denver, Colorado. The electricity
    produced by the power plant is sold under a
    20-year PPA
    to Highline Electric Association Inc., a consumer-owned
    cooperative in Colorado and Nebraska. 26




---



##### Table of Contents



Operations
    of our Power Generation Segment
  How We Own Our Power Plants. and/or
  How We Explore and Evaluate Geothermal
    Resources.
  
    Identifying and evaluating potential geothermal resources using
    information available to us from public and private resources as
    described under Initial Evaluation below.
    Acquisition of land rights to any geothermal resources our
    initial evaluation indicates could potentially support a
    commercially viable power plant, taking into account various
    factors described under Land Acquisition below.
    Conducting geophysical and geochemical surveys on some or all of
    the sites acquired, as described under Surveys below.
    Obtaining permits to conduct exploratory drilling, as described
    under Environmental Permits below.
    Drilling one or more exploratory wells on some or all of the
    sites to confirm
    and/or
    define the geothermal resource where indicated by our surveys,
    creating access roads to drilling locations and related
    activities, as described under Exploratory Drilling
    below.
    Drilling a full-size well (as described below) if our
    exploratory drilling indicates the geothermal resource can
    support a commercially viable power plant taking into account
    various factors described under Drilling below.
    Drilling a full-size well is the point at which we consider a
    site moves from exploration to construction.    Initial Evaluation.
  
    We evaluate historic geologic and geothermal information
    available from public and private databases.
    For some sites, we may obtain and evaluate additional
    information from other industry participants, such as where oil
    or gas wells may have been drilled on or near a site.
    We generally create a digital, spatial geographic information
    systems database containing all pertinent information, including
    thermal water temperature gradients derived from historic
    drilling, geologic mapping information (e.g., formations,
    structure and topography), and any available archival
    information about the geophysical properties of the potential
    resource.
    We assess other relevant information, such as infrastructure
    (e.g., roads and electric transmission lines), natural features
    (e.g., springs and lakes), and man-made features (e.g., old
    mines and wells). 27




---



##### Table of Contents



Land Acquisition.
      Surveys. sub-surface
    Exploratory Drilling. and/or
 28




---



##### Table of Contents




    Converted to a full-size commercial well, used either for
    extraction or reinjection of geothermal fluids (Production Well).
    Used as an observation well to monitor and define the geothermal
    resource.      
    New information obtained concerning the geothermal resource as
    our exploration activities proceed, and particularly the
    expected MW capacity power plant the resource can be expected to
    support.
    Current and expected market conditions and rates for contracted
    and merchant electric power in the market(s) to be serviced.
    Anticipated costs associated with further exploration activities.
    Anticipated costs for design and construction of a power plant
    at the site.
    Anticipated costs for operation of a power plant at the site,
    particularly taking into account the ability to share certain
    types of costs (such as control rooms) with one or more other
    power plants that are, or are expected to be, operating near the
    site.    How We Construct Our Power Plants.
  
    Drilling Production Wells.
    Designing the well field, power plant, equipment, controls, and
    transmission facilities.
    Obtaining any required permits.
    Manufacturing (or in the case of equipment we do not manufacture
    ourselves, purchasing) the equipment required for the power
    plant.
    Assembling and constructing the well field, power plant,
    transmission facilities, and related facilities.    Drilling Production Wells.
   29




---



##### Table of Contents



Design.
  Permits.
  Manufacturing.
  Construction.
    How We Operate and Maintain Our Power
    Plants.
    How We Sell Electricity.
 30




---



##### Table of Contents



How We Finance Our Power Plants.
              How We Mitigate International Political
    Risk.
 31




---



##### Table of Contents



Description
    of Our Leases and Lands
    
    81% are leases with the U.S. government, acting through the
    BLM;
    10% are leases with various states, none of which is currently
    material; and
    9% are leases with private landowners
    and/or
    leaseholders.        Bureau
    of Land Management Geothermal Leases
    and/or
    rights-of-way.
 32




---



##### Table of Contents



Private
    Geothermal Leases
     33




---



##### Table of Contents



and/or
            Description
    of Our Power Plants
  Domestic
    Power Plants
    Brady ComplexLocation

Churchill County, NevadaGenerating Capacity

24 MWNumber of Power Plants

2 (Brady and Desert Peak 2 power plants)Technology

The Brady complex utilizes binary and flash systems. The complex
    uses air and water cooling systems.Subsurface Improvements

12 production wells and 6 injection wells connected to the
    plants through a gathering system. 34




---



##### Table of Contents



Material Equipment

Three OEC units and three steam turbines along with Balance of
    Plant equipment.Age

The Brady power plant commenced commercial operations in 1992
    and a new OEC unit was added in 2004. The Desert Peak 2 power
    plant commenced commercial operation in 2007.Land and Mineral Rights

The Brady complex area is comprised of mainly BLM leases. The
    leases are held by production. The scheduled expiration dates
    for all of these leases are after the end of the expected useful
    life of the power plants.The complexs rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the leases, and the Brady power plant
    holds Right of Ways from the BLM and from the private owner that
    allows access to and from the plant.Resource Information

The resource temperature at Brady is 284 degrees Fahrenheit and
    at Desert Peak 2 is 370 degrees Fahrenheit.The Brady and Desert Peak geothermal systems are located within
    the Hot Springs Mountains, approximately 60 miles northeast
    of Reno, Nevada, in northwestern Churchill County.The dominant geological feature of the Brady area is a linear
    NNE-trending band of hot ground that extends for a distance of
    two miles.The Desert Peak geothermal field is located within the Hot
    Springs Mountains, which form part of the western boundary of
    the Carson Sink. The structure is characterized by east-titled
    fault blocks and NNE-trending folds.Geologic structure in the area is dominated by high-angle normal
    faults of varying displacement.Temperature Cooling

Approximately 4 degrees Fahrenheit per year was observed during
    the past 15 years of production. The temperature decline at
    Desert Peak is less than 1 degree Fahrenheit per year.Sources of Makeup Water

Condensed steam is used for makeup water.Power Purchaser

Brady power plant  Sierra Pacific Power Company.Desert Peak 2 power plant  Nevada Power Company.Power Contract Expiration Date

Brady power plant  2022. Desert Peak 2 power
    plant  2027.Financing

OFC Senior Secured Notes (Brady) and OPC Transaction (Desert
    Peak 2).Heber ComplexLocation

Heber, Imperial County, CaliforniaGenerating Capacity

92 MWNumber of Power Plants

5 (Heber 1, Heber 2, Heber South, G-1 and G-2) 35




---



##### Table of Contents



Technology

The Heber 1 plant utilizes dual flash and the Heber 2, Heber
    South, G-1
    and G-2 plants utilize binary systems. The complex uses a water
    cooling system.Subsurface Improvements

29 production wells and 34 injection wells connected to the
    plants through a gathering system.Material Equipment

17 OEC units and 1 steam turbine with the Balance of Plant
    Equipment.Age

The Heber 1 plant commenced commercial operations in 1985 and
    the Heber 2 plant in 1993. The G-1 plant commenced commercial
    operation in 2006 and the G-2 plant in 2005. The Heber South
    plant commenced commercial operation in 2008.Land and Mineral Rights

The total Heber area is comprised of mainly private leases. The
    leases are held by production. The scheduled expiration dates
    for all of these leases are after the end of the expected useful
    life of the power plants.The complexs rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the leases.Resource Information

The resource supplying the flash flowing Heber 1 wells
    averages 350 degrees Fahrenheit. The resource supplying the
    pumped Heber 2 wells averages 325 degrees Fahrenheit.Heber production is from deltaic sedimentary sandstones
    deposited in the subsiding Salton Trough of Californias
    Imperial Valley. Produced fluids rise from near the magmatic
    heated basement rocks
    (~18,000
    feet) via fault/fracture zones to the near surface. Heber 1
    wells produce directly from deep (4,000 to 8,000 feet) fracture
    zones. Heber 2 wells produce from the nearer surface (2,000
    to 4,000 feet) matrix permeability sandstones in the
    horizontal outflow plume fed by the fractures from below and the
    surrounding ground waters.Scale deposition in the flashing H1 producers is controlled by
    down hole chemical inhibition supplemented with occasional
    mechanical cleanouts and acid treatments. There is no scale
    deposition in the Heber 2 production wells.Temperature Cooling

1 degree Fahrenheit per year was observed during the past
    20 years of productionSources of Makeup Water

Water is provided by condensate and by the IID.Power Purchaser

2 PPAs with Southern California Edison and 1 with SCPPA (Heber
    South plant).Power Contract Expiration Date

Heber 1  2015, Heber 2  2023, and Heber
    South  2031. The output from the G-1 and G-2 power
    plants is sold under the Heber 1 and 2 PPAs.Financing

OrCal Senior Secured Notes 36




---



##### Table of Contents



Mammoth ComplexLocation

Mammoth Lakes, CaliforniaGenerating Capacity

29 MW (out of which our ownership is 50)%Number of Power Plants

3 (G-1, G-2, and G-3)Technology

The Mammoth complex utilizes binary systems. The complex uses an
    air cooling system.Subsurface Improvements

9 production wells and 5 injection wells connected to the plants
    through a gathering system.Material Equipment

8 Rotoflow expanders together with the Balance of Plant
    equipment.Age

The G-1 plant commenced commercial operations in 1984 and G2 and
    G-3 commenced commercial operation in 1990.Land and Mineral Rights

The total Mammoth area is comprised mainly of BLM leases. The
    leases are held by production. The scheduled expiration dates
    for all of these leases are after the end of the expected useful
    life of the power plants.The complexs rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the leases.Resource Information

The resource temperature is an average of 340 degrees Fahrenheit.The Casa Diablo/Basalt Canyon geothermal field at Mammoth lies
    on the southwest edge of the resurgent dome within the Long
    Valley Caldera. It is believed that the present heat source for
    the geothermal system is an active magma body underlying the
    Mammoth Mountain to the northwest of the field. Geothermal
    waters heated by the magma flow from a deep source
    (> 3,500 feet) along faults and fracture zones
    from northwest to southeast east into the field area.The produced fluid has no scaling potential.Temperature Cooling

1 degree Fahrenheit per year was observed during the past
    20 years of production.Power Purchaser

Southern California EdisonPower Contract Expiration Date

G-1  2014, G2, and G-3  2020Financing

OFC Senior Secured NotesNorth Brawley Power PlantLocation

Imperial County, CaliforniaGenerating Capacity

50 MW (See supplemental information below)Number of Power Plants

1Technology

Binary system, the plant uses a water cooling system. 37




---



##### Table of Contents



Subsurface Improvements

15 production wells and 15 injection wells are currently
    connected to the plant through a gathering system.Material Equipment

5 OEC units together with the Balance of Plant Equipment.Age

The power plant was placed in service on January 15, 2010.Land and Mineral Rights

The total North Brawley area is comprised of private leases. The
    leases are held by production.  The scheduled expiration dates
    for all of these leases are after the end of the expected useful
    life of the power plants.The plants rights to use the geothermal and surface rights
    under the leases are subject to various conditions, as described
    in Description of Our Leases and Lands.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the leases.Resource Information

North Brawley production is from deltaic and marine sedimentary
    sands and sandstones deposited in the subsiding Salton Trough of
    the Imperial Valley. The total thickness of these sediments is
    over 15,000 feet in the Brawley area based on seismic refraction
    surveys. The shallow production reservoir (1,500 
    4,500 feet) being developed has matrix permeability and is
    conductively heated from the underlying fractured reservoir
    which convectively circulates fluid magmatically heated by the
    deep basement rocks. Temperatures in the current producing
    reservoir range from 300 to 380 degrees Fahrenheit (335 degrees
    Fahrenheit average). Produced fluid salinity ranges from 20,000
    to 50,000 ppm, and modest scaling and corrosion potential
    is chemically inhibited. The deeper fractured reservoir fluids
    exceed 525 degrees Fahrenheit, but are hypersaline and are not
    yet developed because of severe scaling and corrosion potential.
    The deep reservoir is not dedicated to the North Brawley power
    plant.The resource temperature is an average of 335 degrees Fahrenheit.Sources of Makeup Water

Water is provided by IID.Power Purchaser

Southern California EdisonPower Contract Expiration Date

2030Financing

Corporate fundsSupplemental Information

On January 15, 2010, the power plant was placed in service and
    it is currently generating at stable level of 17 MW.While we believe that the power plants reservoir has
    sufficient flow to support the 50 MW output, the
    re-injection of the geothermal fluid has been a challenge due to
    the existence of an exceptional amount of sand in the geothermal
    fluid. 38




---



##### Table of Contents



We have made substantial progress in our ability to manage the
    large quantities of sand in the reservoir by installing certain
    temporary measures for handling solids. As a result, we are able
    to maintain a stable generation level of 17 MW, while
    awaiting the arrival of what is expected to be permanent
    equipment for the solids handling. The permanent equipment is
    expected to provide better efficiency as well as a lower
    operating cost for the facility.However, it appears that even with the solids in check, the
    injection capacity of some of the wells is disappointing and we
    are evaluating how to gradually bring the injection capability
    to its design capacity.We plan to request the power purchaser to agree to an extension
    of the firm operation date to the end of the year. This would
    give us more time to bring the power plants generation to
    its full design capacity of 50 MW.We have temporarily deferred submitting an application for the
    ITC cash grant for the project. The cash grant is expected to be
    more than $100 million.The power plant currently has an interim transmission agreement
    with IID. A transmission study expected to be released shortly
    will allow IID to enter into a permanent transmission agreement.OREG 1 Power PlantLocation

Gas compressor stations along natural gas pipeline in North and
    South Dakota.Generating Capacity

22 MWNumber of Units

4Technology

The OREG 1 power plant utilizes our OEC units. The plant uses
    air cooled units.Material Equipment

4 WHOH and 4 OEC units together with the Balance of Plant
    equipment.Age

The OREG 1 power plant commenced commercial operations in 2006.Land

Easement from NBPLAccess to Property

Direct access to the plant from public roadsPower Purchaser

Basin Electric Power CooperativePower Contract Expiration Date

2031Financing

Corporate FundsOREG 2 Power PlantLocation

Four gas compressor stations along the Northern Border natural
    gas pipeline; one in Montana, two in North Dakota, and one in
    Minnesota.Generating Capacity

22 MWNumber of Units

4Technology

The OREG 2 power plant utilizes our OEC units. The plants use
    air cooled units. 39




---



##### Table of Contents



Material Equipment

4 WHOH and 4 OEC units together with the Balance of Plant
    equipment.Age

The OREG 2 power plant commenced commercial operations during
    2009.Land

Easement from NBPLAccess to Property

Direct access to the plant from public roadsPower Purchaser

Basin Electric Power CooperativePower Contract Expiration Date

2034Financing

Corporate fundsOrmesa ComplexLocation

East Mesa, Imperial County, CaliforniaGenerating Capacity

57 MWNumber of Power Plants

4 (OG I, OG II, GEM 2 and GEM 3)Technology

The OG plants utilize a binary system and the GEM plants utilize
    a flash system. The complex uses a water cooling system.Subsurface Improvements

34 production wells and 50 injection wells connected to the
    plants through a gathering system.Material Equipment

32 OEC units and 2 steam turbines with the Balance of Plant
    Equipment.Age

The various OG I units commenced commercial operations between
    1987 and 1989, and the OG II plant commenced commercial
    operation in 1988. Between 2005 and 2007 significant portion of
    the old equipment in the OG plants was replaced (including
    turbines through repowering). The GEM plants commenced
    commercial operation in 1989, and a new bottoming unit was added
    in 2007.Land and Mineral Rights

The total Ormesa area is comprised of BLM leases. The leases are
    held by production. The scheduled expiration dates for all of
    these leases are after the end of the expected useful life of
    the power plants.The complexs rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the leases.Resource Information

The resource temperature is an average of 307 degrees Fahrenheit.Production is from sandstones. Productive sandstones are between
    1,800 and 6,000 feet, and have only matrix permeability. The
    currently developed thermal anomaly was created in geologic time
    by conductive heating and direct outflow from an underlying
    convective fracture system. Produced fluid salinity ranges from
    2,000 ppm to 13,000 ppm, and minor scaling and
    corrosion potential is chemically inhibited. 40




---



##### Table of Contents



Temperature Cooling

1 degree Fahrenheit per year was observed during the past
    20 years of productionSources of Makeup Water

Water is provided by the IID.Power Purchaser

Southern California Edison under a single PPA.Power Contract Expiration Date

2018Financing

OFC Senior Secured NotesPeetz Power PlantLocation

Gas compressor stations along natural gas pipeline in Denver,
    Colorado.Generating Capacity

3.5 MWNumber of Units

1Technology

The Peetz power plant utilizes our OEC units. The plant uses an
    air cooled unit.Material Equipment

2 WHOH and 1 OEC unit together with the Balance of Plant
    equipment.Age

The Peetz power plant commenced commercial operations during
    2009.Land

Easement from Trailblazer Pipeline CompanyAccess to Property

Direct access to the plant from public roadsPower Purchaser

Highline Electric AssociationPower Contract Expiration Date

2029Financing

Corporate fundsPuna Power PlantLocation

Puna district, Big Island, HawaiiGenerating Capacity

30 MW (See supplemental information below)Number of Power Plants

1Technology

The Puna plant utilizes an Ormat geothermal combined cycle
    system. The plant uses an air cooling system.Subsurface Improvements

5 production wells and 3 injection wells connected to the plants
    through a gathering system.Material Equipment

10 OEC units consisting of 10 binary turbines, 10 steam turbines
    along with the Balance of Plant equipment.Age

The Puna plant commenced commercial operations in 1993.Land and Mineral Rights

The Puna area is comprised of private leases. The private lease
    is between PGV and KPL and it expires in 2046. PGV pays annual
    rental payment to KPL, which is adjusted every 5 years
    based on the CPI. 41




---



##### Table of Contents



The State of Hawaii owns all mineral rights (including
    geothermal resources) in the State. The State has issued a
    Geothermal Resources Mining Lease to KPL, and KPL in turn has
    entered into a sublease agreement with PGV, with the
    States consent. Under this arrangement, the State receives
    royalties of approximately 3% of the gross revenues.Access to Property

Direct access to the leased property is readily available via
    county public roads located adjacent to the leased property. The
    public roads are at the north and south boundaries of the leased
    property.Resource Information

The geothermal reservoir at Puna is located in volcanic rock
    along the axis of the Kilauea Lower East Rift Zone. Permeability
    and productivity are controlled by rift-parallel subsurface
    fissures created by volcanic activity. They may also be
    influenced by lens-shaped bodies of pillow basalt which have
    been postulated to exist along the axis of the rift at depths
    below 7,000 feet.The distribution of reservoir temperatures is strongly
    influenced by the configuration of subsurface fissures and
    temperatures are among the hottest of any geothermal field in
    the world, with maximum measured temperatures consistently above
    650 degrees Fahrenheit.Temperature Cooling

The resource temperature is stable.Power Purchaser

Two PPAs with HELCOPower Contract Expiration Date

December 31, 2027Financing

Operating LeaseSupplemental Information

The power plant is currently operating at approximately
    17 MW as a result of a decline of the steam supply to the
    power plant.Our analysis determined that the decline is not related to the
    reservoir parameters. We believe the issue is a wellbore
    restriction that reduces the flow from the existing wells to the
    power plant. We are in the process of implementing a repair
    through a chemical or mechanical cleaning of the wells. We
    started the drilling of a new production well to increase the
    capacity of the power plant. Drilling the new well and
    connecting it to the power plant is expected to be completed by
    the end of the second quarter of 2010. We believe this should
    enable the power plant to generate at full capacity and will
    support the additional 8 MW project which is under
    construction. The estimated cost for the new well is
    approximately $11 million.We are currently negotiating with HELCO a fixed energy rate that
    would apply to any energy generated and sold above 25 MW.Steamboat ComplexLocation

Steamboat, Washoe County, NevadaGenerating Capacity

85 MWNumber of Power Plants

7 (Steamboat 1A, Steamboat 2/3, Burdette, Steamboat Hills,
    Galena 2 and Galena 3).Technology

Binary system (except for Steamboat Hills, which utilizes a
    single flash system). The complex uses air and water cooling
    systems. 42




---



##### Table of Contents



Subsurface Improvements

23 production wells and 8 injection wells connected to the
    plants through a gathering system.Material Equipment

12 individual air cooled OEC units and one steam turbine
    together with the Balance of Plant equipment.Age

The Steamboat 1A plant commenced commercial operation in 1988
    and the other plants commenced commercial operation in 1992,
    2005, 2007 and 2008. During 2008, the Rotoflow expanders at
    Steamboat 2/3 were replaced with four turbines manufactured by
    us and repowered Steamboat 1A.Land and Mineral Rights

The total Steamboat area is comprised of 41% private leases, 41%
    BLM leases and 18% private land owned by us. The leases are held
    by production. The scheduled expiration dates for all of these
    leases are after the end of the expected useful life of the
    power plants.The complexs rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.We have easements for the transmission lines we use to deliver
    power to our power purchasers.Resource Information

The resource temperature is an average of 300 degrees Fahrenheit.The Steamboat geothermal field is a typical Basin and Range
    geothermal reservoir. Large and deep faults that occur in the
    rocks allow circulation of ground water to depths exceeding
    10,000 ft below the surface. Horizontal zones of permeability
    permit the hot water to flow eastward in an out-flow plume.Steamboat Hills and Galena 2 power plants produce hot water from
    fractures associated with normal faults. The rest of the power
    plants, acquire their geothermal water from the horizontal
    out-flow plume.The water in the Steamboat reservoir has a low total solids
    concentration. Scaling potential is very low unless the fluid is
    allowed to flash which will result in calcium carbonate scale.
    Injection of cooled water for reservoir pressure maintenance
    prevents flashing.Temperature Cooling

2 degrees Fahrenheit per year was observed during the past
    20 years of production.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the leases.Sources of Makeup Water

Water is provided by condensate and the local utility.Power Purchaser

Sierra Pacific Power Company (for Steamboat 1A,
    Steamboat 2/3, Burdette, Steamboat Hills, and
    Galena 3) and Nevada Power Company (for Galena 2).Power Contract Expiration Date

Steamboat 1A  2018, Steamboat 2/3 
    2022, Burdette  2026, Steamboat Hills 
    2018, Galena 3  2028, and
    Galena 2  2027.Financing

OPC Transaction (Steamboat Hills, Galena 2, and
    Galena 3) and OFC Senior Secured Notes (Steamboat 1A,
    Steamboat 2/3, and Burdette).  43




---



##### Table of Contents



Foreign
    Power Plants
    Amatitlan Power Plant (Guatemala)Location

Amatitlan, GuatemalaGenerating Capacity

20 MWNumber of Power Plants

1Technology

Binary system and a small back pressure steam turbine (1MW). The
    plant is air cooled.Subsurface Improvements

5 production wells and 2 injection wells connected to the plants
    through a gathering system.Material Equipment

1 steam turbine and 2 OEC units together with the Balance of
    Plant Equipment.Age

The plant commenced commercial operation in 2007.Land and Mineral Rights

Total resource concession area (under usufruct agreement with
    INDE) is for a term of 25 years from April 2003. Leased and
    company owned property is approximately 3% the of concession
    area. Under the agreement with INDE, the power plant company
    pays royalties of 3.5% of revenues up to 20.5 MW and 2% of
    revenues exceeding 20.5 MW.The generated electricity is sold at the plant fence. The
    transmission line is owned by INDE.Resource Information

The resource temperature is an average of 530 degrees Fahrenheit.The Amatitlan geothermal area is located on the north side of
    the Pacaya Volcano at approximately 5,900 feet above sea
    level.Hot fluid circulates up from a heat source beneath the volcano,
    through deep faults to shallower depths, and then cools as it
    flows horizontally to the north and northwest to hot springs on
    the southern shore of Lake Amatitlan and the Michatoya River
    Valley.Temperature Cooling

The resource temperature is stable.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the lease agreement.Power Purchasers

INDE and another local purchaser.Power Contract Expiration Date

Contract with INDE expires in 2028.Financing

Senior secured project loan from TCW Global Project Fund II, Ltd.Supplemental Information

The power plant was registered by the United Nations Framework
    Convention on Climate Change as a Clean Development Mechanism.
    It is expected to offset emissions of approximately 83,000 tons
    of
    CO2
    per year. The power plant has a long-term contract to sell all
    of its emission reduction credits to a European buyer. 44




---



##### Table of Contents



Momotombo Power Plant (Nicaragua)Location

Momotombo, NicaraguaGenerating Capacity

26 MWNumber of Power Plants

1Technology

Single flash and binary systems. The plant uses air and water
    cooling systems.Subsurface Improvements

10 production wells and 7 injection wells connected to the
    plants through a gathering system.Material Equipment

1 steam turbine and 1 OEC unit together with the Balance of
    Plant equipment.Age

The plant commenced commercial operation in 1983 and was already
    in existence when we signed the concession agreement in 1999.Land and Mineral Rights

The total Momotombo area is under a concession agreement which
    expires in 2014.We sell the generated electricity at the boundary of the plant.
    The transmission line is owned by the utility.Resource Information

The resource temperature is an average of 470 degrees Fahrenheit.The Momotombo geothermal reservoir is located within sedimentary
    and andesitic volcanic formations that relate to the Momotombo
    volcano.Main flow paths in the geothermal system are a hot reservoir
    layer. The shallow layer conducted deep fluids that eventually
    will be discharged at surface at the eastern edge of the
    geothermal system at the shore of the Lake Managua.Temperature Cooling

Approximately 3.5 degrees Fahrenheit per year was observed
    during the past 10 years of production.Access to Property

Direct access to public roads and access across the property are
    provided under surface rights granted pursuant to the concession
    assignment agreement.Sources of Makeup Water

Condensed steam is used for makeup water.Power Purchaser

DISNORTE and DISSURPower Contract Expiration Date

2014Financing

Project finance  Bank Hapoalim B.M. The loan will be
    fully paid off in March 2010.Olkaria III Complex (Kenya)Location

Naivasha, KenyaGenerating Capacity

48 MWNumber of Power Plants

2 (Olkaria III phase 1 and Olkaria III phase II).Technology

Binary system. The plants are air cooled. 45




---



##### Table of Contents



Subsurface Improvements

9 production wells and 3 injection wells connected to the plants
    through a gathering system.Material Equipment

6 OEC units together with the Balance of Plant Equipment.Age

Phase I plant commenced commercial operation in 2000 and was
    incorporated into the phase II plant in January 2009.Land and Mineral Rights

The total Olkaria III area is comprised of government
    leases. A license granted by the Kenyan government provides
    exclusive rights of use and possession of the relevant
    geothermal resources for an initial period of 30 years,
    expiring in 2029, which initial period may be extended for two
    additional five-year terms. The Kenyan Minister of Energy has
    the right to terminate or revoke the license in the event work
    in or under the license area stops during a period of six
    months, or a failure to comply with the terms of the license or
    the provisions of the law relating to geothermal resources.
    Royalties are paid to the Kenyan government monthly based on the
    amount of power supplied to the power purchaser and an annual
    rent.The power generated is purchased at the metering point located
    immediately after the power transformers in the 220kV
    sub-station within the power plant before the transmission lines
    which belong to the utility.Resource Information

The resource temperature is an average of 570 degrees Fahrenheit.The Olkaria III geothermal field is on the west side of the
    greater Olkaria geothermal area located at approximately
    6,890 feet above sea level within the Rift Valley.Hot geothermal fluids rise up from deep in the northeastern
    portion of the concession area through low permeability at depth
    to a high productivity two phase region from 3,280 to
    4,270 feet above sea level.Temperature Cooling

The resource temperature is stable.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the lease agreement.Power Purchaser

KPLCPower Contract Expiration Date

2029Financing

Senior secured project finance loan from a group of European DFISupplemental Information

We recently signed a letter of intent with KPLC with a view to
    expansion of the Olkaria III Complex within the framework
    of the existing PPA. See Projects under Development and
    Future Projects  Olkaria III Phase 3
    (Kenya).Zunil Power Plant (Guatemala)Location

Zunil, GuatemalaGenerating Capacity

24 MWNumber of Power Plants

1Technology

Binary system. The plant is air cooled. 46




---



##### Table of Contents



Material Equipment

7 OEC units together with the Balance of Plant equipment.Age

The plant commenced commercial operation in 1999.Land and Mineral Rights

The land owned by the plant includes the power plant, workshop
    and open yards for equipment and pipes storage.Pipelines for the gathering system transit through a local
    agricultural areas right of way acquired by the company.The geothermal wells and resource are owned by INDE.Our produced power is sold at our fence; power transmission
    lines are owned and operated by INDE.Access to Property

Direct access to public roads.Power Purchaser

INDEPower Contract Expiration Date

2019Financing

Senior secured project loan from IFC and CDCSupplemental Information

The energy output of the power plant is sold, until the end of
    2011, under a take or pay arrangement, under which
    the revenues are calculated based on 24 MW capacity
    unrelated to the actual performance of the reservoir (currently
    14 MW). From the beginning of 2012, the energy revenues
    will be paid based on the actual generation of the power plant.
    In 2009, the energy revenues were approximately 27% of the total
    revenues of the power plant.   Projects
    under Construction
      Carson Lake Project (U.S.)Location

Churchill County, NevadaProjected Generating Capacity

20 MWProjected Technology

Binary system. The plant will be air cooled.Subsurface Improvements

Awaiting drilling permits.Land and Mineral Rights

The Carson Lake area is comprised of BLM leases.The leases are currently held by the payment of annual rental
    payments, as described in Description of Our Leases and
    Lands.Unless steam is produced in commercial quantities, the primary
    term for these leases will expire commencing August 31, 2016.The projects rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Resource Information

The expected average temperature of the resource cannot be
    estimated as field development has not been completed yet. 47




---



##### Table of Contents



Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted in leases from BLM.Power Purchaser

Nevada Power CompanyPower Contract Expiration Date

20 years after date of commercial operation.Financing

Corporate funds.Supplemental Information

Commercial operation of the power plant is expected in 2013.Our initial joint venture with Nevada Power Company for this
    project contemplated a larger project. We are in preliminary
    discussions to address the implications of a smaller project.East Brawley Project (U.S.)Location

Imperial County, CaliforniaProjected Generating Capacity

30 MWProjected Technology

Binary system. The plant will be water cooled.Subsurface Improvements

In process.Material Equipment

Drilling equipment for wells.Condition

Equipment manufacturing is in process.The project is still awaiting the required construction permits.Land and Mineral Rights

The East Brawley area is comprised of mainly private leases, on
    which annual rental payments are paid, as described under
    Description of Our Leases and Lands.Unless steam is produced in commercial quantities, the primary
    term for these leases will expire on various dates commencing in
    June 2012.Resource Information

The expected average temperature of the resource cannot be
    estimated as field development has not been completed yet.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted pursuant to the leases.Power Purchaser

We are negotiating a PPA with Southern California Edison that
    was allocated from the Wister project.Power Contract Expiration Date

20 years from commercial operation.Financing

Corporate fundsSupplemental Information

Based on the assumption that the permit to construct will be
    obtained in the third quarter of 2010 commercial operation of
    the power plant is expected in 2012. The project is eligible for
    financing under section 1703 of the DOE loan guaranty program. 48




---



##### Table of Contents



GRE Project (U.S.)Location

Gas compressor stations along Northern Boarder natural gas
    pipeline in Martin County, Minnesota.Generating Capacity

5.5 MWNumber of Units

1Technology

Binary system. The plant will use an air cooled unit.Material Equipment

One WHOH and one OEC unit along with the Balance of Plant
    Equipment.Land

Easement from NBPLAccess to Property

Direct access to the plant from public roadsPower Purchaser

Great River EnergyPower Contract Expiration Date

2029Financing

Corporate fundsSupplemental Information

Plant interconnection to the utility grid line is expected to
    take place in the spring of 2010. Commercial operation will
    commence shortly thereafter.Jersey Valley Project (U.S.)Location

Pershing County, NevadaProjected Generating Capacity

15 MWProjected Technology

Binary system. The plant will use hybrid water and air cooled
    units.Subsurface Improvements

In processCondition

Field development for phase 1 completed. Power generating
    equipment is in production. Engineering in progress.
    Construction permit application not yet received.Land and Mineral Rights

The Jersey Valley area is comprised of BLM leases.The leases are currently held by the payment of annual rental
    payments, as described in Description of Our Leases and
    Lands.Unless steam is produced in commercial quantities, the primary
    term for these leases will expire commencing September 30, 2012.
    The projects rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Resource Information

The expected average temperature of the resource cannot be
    estimated as field development has not been completed yet.Access to Property

Direct access to public roads from leased property and access
    across leased property under surface rights granted in leases
    from BLM.Power Purchaser

Nevada Power CompanyPower Contract Expiration Date

20 years after date of commercial operation. 49




---



##### Table of Contents



Financing

Corporate fundsWe are discussing a possible DOE-guaranteed financing with an
    institutional investor.Supplemental Information

Commercial operation of the power plant is expected at the end
    of 2010.McGinness Hills Project (U.S.)Location

Lander County, NevadaProjected Generating Capacity

30 MWProjected Technology

Binary system. The plant will use hybrid water and air cooled
    units.Subsurface Improvements

1 production well completed and tested.Material Equipment

Drilling equipment for wells.Condition

Basic well field site preparation has been completed. Permits to
    drill have been obtained. One production well was drilled.
    Drilling for an additional well has begun. Engineering of the
    power plant is in process. Application for construction permits
    has not been completed yet. Long lead items are on order or in
    production.Land and Mineral Rights

The McGinness Hills area is comprised of BLM leases.The leases are currently held by the payment of annual rental
    payments, as described in Description of Our Leases and
    Lands.Unless steam is produced in commercial quantities, the primary
    term for these leases will expire commencing September 30, 2017.The projects rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Resource Information

The expected average temperature of the resource cannot be
    estimated as field development has not been completed yet.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted in leases from BLM.Power Purchaser

Nevada Power CompanyPower Contract Expiration Date

20 years after date of commercial operation.Financing

Corporate fundsWe are discussing a possible DOE-guaranteed financing with an
    institutional investor.Supplemental Information

Commercial operation of the power plant is expected in 2012.Puna Power Plant (U.S.)Location

Puna district, Big Island, HawaiiProjected Generating Capacity

Additional 8 MW to the Puna power plant.Projected Technology

Binary system. The plant will be air cooled. 50




---



##### Table of Contents



Subsurface Improvements

In processMaterial Equipment

Drilling equipment for wells and Balance of Plant equipment.Condition

Permits to start construction have been obtained and site
    construction has begun.Equipment manufacturing was completed.Land and Mineral Rights

The total Puna area, including the existing power plant, is
    comprised of private leases. See further description under Puna
    existing power plant above.Resource Information

See description of our Puna power plant above.Access to Property

See description of our Puna power plant above.Power Purchaser

Negotiations of a PPA are underway with HELCOPower Contract Expiration Date

Expected to coincide with the PPA of the existing Puna power
    plant: December 2027.Financing

Corporate fundsSupplemental Information

Commercial operation of the power plant is expected in 2010.Tuscarora Project (U.S.)Location

Elko County, NevadaProjected Generating Capacity

16 MW (Phase I)Projected Technology

Binary system. The plant is expected to use hybrid water and air
    cooled units.Subsurface Improvements

One full-size production well completed.Material Equipment

Drilling equipment for wells.Land and Mineral Rights

The Tuscarora area is comprised of private and BLM leases.The leases are currently held by payment of annual rental
    payments, as described in Description of Our Leases and
    Lands.Unless steam is produced in commercial quantities, the primary
    term for these leases will expire commencing November 20, 2014.The projects rights to use the geothermal and surface
    rights under the leases are subject to various conditions, as
    described in Description of Our Leases and Lands.Resource Information

The expected average temperature of the resource cannot be
    estimated as field development has not been completed yet.Access to Property

Direct access to public roads from the leased property and
    access across the leased property are provided under surface
    rights granted in leases from BLM.Power Purchaser

Nevada Power CompanyPower Contract Expiration Date

20 years after date of commercial operation. 51




---



##### Table of Contents



Financing

Corporate fundsWe are discussing a possible DOE-guaranteed financing with an
    institutional investor.Supplemental Information

Commercial operation of the power plant is expected in 2012.The project was acquired in February 2010.Under the PPA, the off-taker will purchase up to approximately
    40 MW of electricity from the project, which will be
    developed in stages with the first stage of approximately
    16 MW. The PPA allows for adjustment of the supply amount
    after the first year of commercial operation. The PPA is subject
    to approval by the PUCN.   Projects
    under Exploration and Development and Future Projects
    Mammoth
    Phase II (U.S.)
        Olkaria III
    Phase 3 (Kenya)
      Solar
    PV Projects (Israel)
    
    A 2 MW project to be built on non-agricultural land located
    in the north of Israel and comprised of approximately
    10 acres. The joint venture will own 50% of the project.
    Four 8 MW projects each to be built on agricultural land
    located in the south of Israel and comprised of approximately
    480 acres. 52




---



##### Table of Contents




    Two 8 MW projects and an additional 5 MW project to be
    built on non-agrarian land located in the south of Israel and
    comprised of approximately 80 acres.  Sarulla
    Project (Indonesia)
        Wister
    Project (U.S.) (previously known as Imperial
    Valley)
    30-100 MW
        Name of Project

StatusNevadaDead Horse Wells

Completed exploration studies and have started exploratory
    drilling at the site.Dixie Meadows

Completed exploration studies and are awaiting permits to start
    exploratory drilling at the site.Gabbs

Completed exploration studies and have started exploratory
    drilling at the site.Humboldt House

Lease acquired but no further action has yet been taken.Hyder Hot Springs

Lease acquired but no further action has yet been taken.Leach Hot Springs

Completed exploration studies and are awaiting permits to start
    exploratory drilling at the site.Seven Devils

Lease acquired but no further action has yet been taken.Smith Creek

Started exploration studies. 53




---



##### Table of Contents



Name of Project

StatusTungsten Mountain

Acquired 400 acres in the project area, and we plan to
    start physical exploration work once we secure more acreage.Wildhorse

Lease acquired but no further action has yet been taken.CaliforniaEast & North Brawley

Deep resource  lease acquired but no further action
    has yet been taken.Truck Haven

Lease acquired but no further action has yet been taken.HawaiiMaui

Started exploration studies and a $4.9 million DOE exploration
    grant has been awarded.OregonGlass Buttes  Mahogany

Started exploration studies and a $4.3 million DOE
    exploration grant has been awarded.Glass Buttes  Midnight Point

Started exploration studies.AlaskaMount Spurr

Started exploration studies.UtahDrum Mountain

Started exploration studies.Whirlwind Valley

Started exploration studies.Drum Mountain Expansion

Lease acquired but no further action has yet been taken.GuatemalaAmatitlan Phase II

Started exploration studies.Tecumburu

Surface rights have been obtained but no further action has yet
    been taken.ChileSan Pablo

Exploration concession has been approved but no further action
    has yet been taken.     Operations
    of our Product Segment
  Power Units for Geothermal Power Plants.
  12-month
  Power Units for Recovered Energy-Based Power
    Generation.
 54




---



##### Table of Contents



inside-the-fence
  Remote Power Units and other Generators.
  EPC of Power Plants.
     55




---



##### Table of Contents



Backlog
   SalesSales


Expected toExpected

Expected to


be Recognized


Expected SalesCompletion

be Recognized


in the Years


Until the Endof the Contract

in 2010


Following 2010


of the Contract(In millions)


(In millions)


(In millions)Geothermal

2010-2011

$
40.4


$
3.8


$
44.2Recovered Energy

2010


10.0







10.0Remote Power Units

2010-2011


27.3
*


3.6



30.9Other

2010


4.4







4.4Total Product Backlog



$
82.1


$
7.4


$
89.5     *
    
    Including $19.4 million, which will become effective upon
    receipt of a down payment from the customer.  Competition
      Electricity
    Segment
        Product
    Segment
     56




---



##### Table of Contents



Customers
  and/or
  Issuer

Standard & Poors Ratings Services

Moodys Investors Service Inc.Southern California Edison

BBB+ (stable outlook)

A3 (stable outlook)HELCO

BBB (Negative outlook)

Ratings WithdrawnSierra Pacific Power Company

BB (stable outlook)

Ratings WithdrawnNevada Power Company

BB (stable outlook)

Ba3 (stable outlook)SCPPA

A (Negative outlook)

Aa3 (stable outlook)       Raw
    Materials, Suppliers and Subcontractors
      Employees
  and/or
   57




---



##### Table of Contents



Insurance
  and/or and/or
    Regulation
    of the Electric Utility Industry in the United States
    PURPA
     58




---



##### Table of Contents



PUHCA
   59




---



##### Table of Contents



FPA
        State
    Regulation
      Environmental
    Permits
   60




---



##### Table of Contents



Environmental
    Laws and Regulations
  Right-to-Know
 61




---



##### Table of Contents



Regulation
    of the Electric Utility Industry in our Foreign Countries of
    Operation
    Nicaragua. No. 272-98 No. 271-98, No. 272-98 No. 271-98
        Guatemala. 93-96, not-for-profit
 62




---



##### Table of Contents



52-2003, 10-year
  Kenya.
    Regulation
    of Solar PV in Israel
    feed-in-tariff feed-in-tariff
  feed-in-tariff
  Year

Annual Cap

Cumulative Cap

Rate*In MW

In MW

(Cent/kWh)2010-2011


50



50



392012


65



115



372013


85



200



352014-2017


100



300



34     *
    
    Based on an exchange rate of the NIS/dollar as of
    December 31, 2009 ($1 = NIS 3.775) 63




---



##### Table of Contents




    Proven land position: for private lands, a signed option
    agreement between the candidate and the land-rights owner. In
    case the land is owned by ILA, the candidate must have a signed
    agreement with the land-rights owner and in addition an ILA
    land-rights preference.
    Adequate financial resources: the candidate must demonstrate 20%
    equity of the normative cost to build a power plant, which is
    estimated by the PUA at $5 million per installed MW.
    Feasibility study completed by the Israel Electric Corp. Ltd.
    that demonstrates the power plant can connect to the grid in
    accordance with the capacity demand (this requirement is only
    valid for facilities with capacity higher than 630KVA which will
    be connected to the high voltage grid).                ITEM 1A.
    RISK
    FACTORS    Our
    financial performance depends on the successful operation of our
    geothermal power and REG plants, which is subject to various
    operational risks.
    
    regular and unexpected maintenance and replacement expenditures; 64




---



##### Table of Contents




    shutdowns due to the breakdown or failure of our equipment or
    the equipment of the transmission serving utility;
    labor disputes;
    the presence of hazardous materials on our power plant sites;
    continued availability of cooling water supply;
    catastrophic events such as fires, explosions, earthquakes,
    landslides, floods, releases of hazardous materials, severe
    storms, or similar occurrences affecting our power plants or any
    of the power purchasers or other third parties providing
    services to our power plants; and
    the aging of power plants may reduce their availability and
    increase the cost of their maintenance.      Our
    exploration, development, and operation of geothermal energy
    resources are subject to geological risks and uncertainties,
    which may result in decreased performance or increased costs for
    our power plants.
     65




---



##### Table of Contents



Reduced
    levels of recovered energy required for the operation of our REG
    power plants may result in decreased performance of such power
    plants.
    Our
    business development activities may not be successful and our
    projects under construction may not commence operation as
    scheduled.
      
    unanticipated cost increases;
    shortages and inconsistent qualities of equipment, material and
    labor;
    work stoppages;
    inability to obtain permits and other regulatory matters;
    failure by key contractors and vendors to timely and properly
    perform;
    adverse environmental and geological conditions (including
    inclement weather conditions); and 66




---



##### Table of Contents




    our attention to other projects, including those in the solar
    energy sector.    A
    global recession and continued credit constraints could
    adversely affect us.
    
    potential adverse impacts on our ability to access credit and
    other financing sources (and the cost thereof) beyond the
    approved credit lines we have. This may impact our ability to
    finance future acquisitions or significant capital expenditures
    relating to new projects or refinancing existing power plants to
    recover our cash invested;
    potential adverse impacts on our ability to negotiate with
    existing lenders, waivers or modifications of the terms of
    existing financing arrangements if and when that might be
    necessary;
    potential declines in revenues in our Product Segment due to
    reduced or postponed orders or other factors caused by economic
    challenges faced by our customers and prospective customers;
    potential declines in revenues from some of our existing
    geothermal power plants as a result of curtailed electricity
    demand and low oil and gas prices; and
    potential adverse impacts on our customers ability to pay,
    when due, amounts payable to us and related increases in our
    cost of capital associated with any increased working capital or
    borrowing needs we may have if this occurs, or to collect
    amounts payable to us in full (or at all) if any of our
    customers fail or seek protection under applicable bankruptcy or
    insolvency laws.    We may
    be unable to obtain the financing we need to pursue our growth
    strategy and any future financing we receive may be less
    favorable to us than our current financing arrangements, either
    of which may adversely affect our ability to expand our
    operations.
     67




---



##### Table of Contents



Our
    foreign power plants expose us to risks related to the
    application of foreign laws, taxes, economic conditions, labor
    supply and relations, political conditions, and policies of
    foreign governments, any of which risks may delay or reduce our
    ability to profit from such power plants.
    
    changes in government policies or personnel;
    changes in general economic conditions;
    restrictions on currency transfer or convertibility;
    changes in labor relations;
    political instability and civil unrest;
    changes in the local electricity market;
    breach or repudiation of important contractual undertakings by
    governmental entities; and
    expropriation and confiscation of assets and facilities.  break-up
 68




---



##### Table of Contents



Our
    foreign power plants and foreign manufacturing operations expose
    us to risks related to fluctuations in currency rates, which may
    reduce our profits from such power plants and
    operations.
    A
    significant portion of our net revenue is attributed to payments
    made by power purchasers under PPAs. The failure of any such
    power purchaser to perform its obligations under the relevant
    PPA or the loss of a PPA due to a default would reduce our net
    income and could materially and adversely affect our business,
    financial condition, future results and cash flow.
      Seasonal
    variations may cause significant fluctuations in our cash flows,
    which may cause the market price of our common stock to fall in
    certain periods.
    Pursuant
    to the terms of some of our PPAs with investor-owned electric
    utilities in states that have renewable portfolio standards, the
    failure to supply the contracted capacity and energy thereunder
    may result in the imposition of penalties.
   69




---



##### Table of Contents



The
    short run avoided costs for our power purchasers may decline,
    which would reduce our power plant revenues and could materially
    and adversely affect our business, financial condition, future
    results and cash flow.
    If any
    of our domestic power plants loses its current Qualifying
    Facility status under PURPA, or if amendments to PURPA are
    enacted that substantially reduce the benefits currently
    afforded to Qualifying Facilities, our domestic operations could
    be adversely affected.
       70




---



##### Table of Contents



Our
    financial performance is significantly dependent on the
    successful operation of our power plants, which is subject to
    changes in the legal and regulatory environment affecting our
    power plants.
      The
    costs of compliance with environmental laws and of obtaining and
    maintaining environmental permits and governmental approvals
    required for construction and/or operation, which currently are
    significant, may increase in the future and could materially and
    adversely affect our business, financial condition, future
    results and cash flow; any non-compliance with such laws or
    regulations may result in the imposition of liabilities which
    could materially and adversely affect our business, financial
    condition, future results and cash flow.
  and/or
 71




---



##### Table of Contents



We
    could be exposed to significant liability for violations of
    hazardous substances laws because of the use or presence of such
    substances at our power plants.
      We may
    not be able to successfully integrate companies which we may
    acquire in the future, which could materially and adversely
    affect our business, financial condition, future results and
    cash flow.
    
    failure of the acquired companies to achieve the results we
    expect;
    inability to retain key personnel of the acquired companies;
    risks associated with unanticipated events or
    liabilities; and
    the difficulty of establishing and maintaining uniform
    standards, controls, procedures and policies, including
    accounting controls and procedures.    The
    power generation industry is characterized by intense
    competition, and we encounter competition from electric
    utilities, other power producers, and power marketers that could
    materially and adversely affect our business, financial
    condition, future results and cash flow.
   72




---



##### Table of Contents



The
    existence of a prolonged force majeure event or a forced outage
    affecting a power plant could reduce our net income and
    materially and adversely affect our business, financial
    condition, future results and cash flow.
    and/or and/or and/or
  The
    existence of a force majeure event or a forced outage affecting
    the transmission system of the IID could reduce our net income
    and materially and adversely affect our business, financial
    condition, future results and cash flow.
    Some
    of our leases will terminate if we do not extract geothermal
    resources in commercial quantities, thus requiring
    us to enter into new leases or secure rights to alternate
    geothermal resources, none of which may be available on terms as
    favorable to us as any such terminated lease, if at
    all.
   73




---



##### Table of Contents



Our
    BLM leases may be terminated if we fail to comply with any of
    the provisions of the Geothermal Steam Act or if we fail to
    comply with the terms or stipulations of such leases, which may
    materially and adversely affect our business, financial
    condition, future results and cash flow.
    Some
    of our leases (or subleases) could terminate if the lessor (or
    sublessor) under any such lease (or sublease) defaults on any
    debt secured by the relevant property, thus terminating our
    rights to access the underlying geothermal resources at that
    location.
  and/or
    Current
    and future urbanizing activities and related residential,
    commercial, and industrial developments may encroach on or limit
    geothermal activities in the areas of our power plants, thereby
    affecting our ability to utilize access, inject and/or transport
    geothermal resources on or underneath the affected surface
    areas.
  and/or
   74




---



##### Table of Contents



and/or
    We
    depend on key personnel for the success of our
    business.
    Our
    power plants have generally been financed through a combination
    of parent company loans and
    limited-or
    non-recourse project finance debt and lease financing. If our
    project subsidiaries default on their obligations under such
    limited-or non-recourse debt or lease financing, we may be
    required to make certain payments to the relevant debt holders
    and if the collateral supporting such leveraged financing
    structures is foreclosed upon, we may lose certain of our power
    plants.
    Changes
    in costs and technology may significantly impact our business by
    making our power plants and products less
    competitive.
   75




---



##### Table of Contents



Our
    expectations regarding the market potential for the development
    of recovered energy-based power generation may not materialize,
    and as a result we may not derive any significant revenues from
    this line of business.
    Our
    intellectual property rights may not be adequate to protect our
    business.
        We are
    subject to risks associated with a changing economic and
    political environment, which may adversely affect our financial
    stability or the financial stability of our
    counterparties.
    Possible
    fluctuations in the cost of construction, raw materials, and
    drilling may materially and adversely affect our business,
    financial condition, future results, and cash
    flow.
   76




---



##### Table of Contents



Conditions
    in Israel, where the majority of our senior management and all
    of our production and manufacturing facilities are located, may
    adversely affect our operations and may limit our ability to
    produce and sell our products or manage our power
    plants.
    day-to-day
      Failure
    to comply with certain conditions and restrictions associated
    with tax benefits provided to Ormat Systems by the Government of
    Israel as an approved enterprise may require us to
    refund such tax benefits and pay future taxes in Israel at
    higher rates.
   77




---



##### Table of Contents



If our
    parent defaults on its lease agreement with the Israel Land
    Administration, or is involved in a bankruptcy or similar
    proceeding, our rights and remedies under certain agreements
    pursuant to which we acquired our product business and pursuant
    to which we sublease our land and manufacturing facilities from
    our parent may be adversely affected.
      We are
    a holding company and our revenues depend substantially on the
    performance of our subsidiaries and the power plants they
    operate, most of which are subject to restrictions and taxation
    on dividends and distributions.
      Some
    of our directors and executive officers who also hold positions
    with our parent may have conflicts of interest with respect to
    matters involving both companies.
  and/or
 78




---



##### Table of Contents



Our
    controlling stockholders may take actions that conflict with
    your interests.
    The
    price of our common stock may fluctuate substantially and your
    investment may decline in value.
    
    actual or anticipated fluctuations in our results of operations
    including as a result of seasonal variations in our
    electricity-based revenues;
    variance in our financial performance from the expectations of
    market analysts;
    conditions and trends in the end markets we serve and changes in
    the estimation of the size and growth rate of these markets;
    announcements of significant contracts by us or our competitors;
    changes in our pricing policies or the pricing policies of our
    competitors;
    loss of one or more of our significant customers;
    legislation;
    changes in market valuation or earnings of our competitors;
    the trading volume of our common stock; and
    general economic conditions.  class-action
  Future
    sales of common stock by some of our existing stockholders could
    cause our stock price to decline.
   79




---



##### Table of Contents



Provisions
    in our charter documents and Delaware law may delay or prevent
    acquisition of us, which could adversely affect the value of our
    common stock.
    The
    SOX Act imposes significant regulatory, corporate and
    operational requirements on the Company. Failure to comply with
    such provisions may have significant adverse consequences to the
    Company.
    ITEM 1B.
    UNRESOLVED
    STAFF COMMENTS    ITEM 2.
    PROPERTIES  89511-1136.
        80




---



##### Table of Contents



ITEM 3.
    LEGAL
    PROCEEDINGS     81




---



##### Table of Contents



PART II  ITEM 5.
    MARKET
    FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS
    AND ISSUER PURCHASES OF EQUITY SECURITIES    Dividends:
        DividendDate Declared

Amount per Share

Record Date

Payment DateFebruary 26, 2008

$
0.05


March 14, 2008

March 27, 2008May 6, 2008

$
0.05


May 20, 2008

May 27, 2008August 5, 2008

$
0.05


August 19, 2008

August 29, 2008November 5, 2008

$
0.05


November 19, 2008

December 1, 2008February 24, 2009

$
0.07


March 16, 2009

March 26, 2009May 8, 2009

$
0.06


May 20, 2009

May 27, 2009August 5, 2009

$
0.06


August 18, 2009

August 27, 2009November 4, 2009

$
0.06


November 18, 2009

December 1, 2009February 23, 2010

$
0.12


March 16, 2010

March 25, 2010   High/Low
    Stock Prices:
    January 1First

Second

Third

Fourth

First

Second

Third

Fourth

toQuarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

March 4,2008

2008

2008

2008

2009

2009

2009

2009

2010High:

$
56.12


$
54.94


$
50.43


$
35.00


$
35.88


$
41.77


$
42.68


$
44.13


$
38.00Low:

$
39.79


$
45.15


$
36.33


$
22.85


$
22.84


$
26.85


$
33.99


$
35.70


$
28.79  82




---



##### Table of Contents



Stock
    Performance Graph:
    Comparison of Cumulative Returns For the Period
    November 11, 2004 through December 31, 2009
  
  11/11/2004


12/31/2004


12/31/2005


12/31/2006


12/31/2007


12/31/2008


12/31/2009Ormat Technologies Inc


$
100



$
109



$
174



$
245



$
367



$
212



$
252Standard & Poors Composite 500 Index


$
100



$
108



$
111



$
126



$
131



$
80



$
99IPP Peers*


$
100



$
119



$
110



$
167



$
163



$
131



$
187Renewable Peers*


$
100



$
126



$
202



$
170



$
327



$
102



$
101   *
    
    IPP Peers are The AES Corporation, NRG Energy Inc., Calpine
    Corporation and International Power PLC. Renewable Energy
    (Renewable) Peers are Acciona S.A., Evergreen Solar Inc., Energy
    Conversion Devices Inc., Nevada Geothermal Power Corp., Raser
    Technologies Inc. and U.S. Geothermal Inc.    Equity
    Compensation Plan Information
    Recent
    Sales of Unregistered Securities and Use of Proceeds from
    Registered Securities
   83




---



##### Table of Contents



ITEM 6.
    SELECTED
    FINANCIAL DATA      Years Ended December 31,2009


2008 (As
    Restated(2))(1)


2007(1)


2006(1)


2005(1)(In thousands, except per share data)Statements of Operations Data:Revenues:Electricity

$
255,855


$
252,256


$
215,969


$
195,483


$
177,369Product


159,389



92,577



79,950



73,454



60,623Total revenues


415,244



344,833



295,919



268,937



237,992Cost of revenues:Electricity


180,156



170,053



148,698



124,356



103,615Product


112,450



72,755



68,036



51,215



45,236Total cost revenues


292,606



242,808



216,734



175,571



148,851Gross margin:


122,638



102,025



79,185



93,366



89,141Operating expenses:Research and development expenses


10,502



4,595



3,663



2,983



3,036Selling and marketing expenses


14,584



10,885



10,645



10,361



7,876General and administrative expenses


26,412



25,938



21,416



18,094



14,320Write-off of unsuccessful exploration activities


2,367



9,828











Operating income


68,773



50,779



43,461



61,928



63,909Other income (expense):Interest income


639



3,118



6,565



6,560



4,308Interest expense, net


(16,241
)


(14,945
)


(29,745
)


(30,961
)


(55,317
)Foreign currency translation and transaction gains (losses)


1,107



(7,721
)


(1,339
)


(704
)


(439
)Impairment of auction rate securities


(279
)


(4,195
)


(2,020
)






Income attributable to sale of tax benefits


15,515



18,118



6,488







Gain from extinguishment of liability


13,348















Other non-operating income


479



771



890



694



512Income before income taxes and equity in income of investees


83,341



45,925



24,300



37,517



12,973Income tax provision


(16,924
)


(4,358
)


(1,822
)


(6,403
)


(4,690
)Equity in income of investees, net


2,136



1,725



4,742



4,146



6,894Net income


68,553



43,292



27,220



35,260



15,177Net loss (income) attributable to noncontrolling interest


298



316



156



(813
)


Net income attributable to the Companys stockholders

$
68,851


$
43,608


$
27,376


$
34,447


$
15,177  84




---



##### Table of Contents



Years Ended December 31,2009


2008 (As
    Restated(2))(1)


2007(1)


2006(1)


2005(1)(In thousands, except per share data)Earnings per share attributable to the Companys
    stockholders:Basic

$
1.52


$
0.99


$
0.71


$
1.00


$
0.48Diluted

$
1.51


$
0.98


$
0.70


$
0.99


$
0.48Weighted average number of shares used in computation of
    earnings per share attributable to the Companys
    stockholders:Basic


45,391



44,182



38,762



34,593



31,563Diluted


45,533



44,298



38,880



34,707



31,609Cash dividend per share declared during the year

$
0.25


$
0.20


$
0.22


$
0.15


$
0.12Balance Sheet Data (at End of Year):Cash and cash equivalents

$
46,307


$
34,393


$
47,227


$
20,254


$
26,976Working capital


55,652



3,296



22,337



34,429



36,616Property, plant and equipment, net (including construction-in
    process)


1,517,288



1,334,859



977,400



793,164



620,091Total Assets


1,855,001



1,630,976



1,277,368



1,160,102



914,480Long-term debt (including current portion)


624,442



386,635



322,472



372,009



365,539Notes payable to Parent (including current portion)


9,600



26,200



57,847



140,153



171,805Liability associated with sale of tax benefits


73,246



113,327



63,090







Equity


911,695



847,235



627,836



440,925



182,387     (1)

    
    We adopted the new accounting guidance for noncontrolling
    interests in a subsidiary on January 1, 2009. Under this
    guidance, noncontrolling interests are to be presented on the
    balance sheet as a component of equity. The adoption of this
    standard resulted in retrospective presentation changes to the
    statements of operations data for the years ended
    December 31, 2008, 2007, 2006 and 2005 and the balance
    sheet data as of the end of those years. The impact of adopting
    this standard is more fully described in Note 11 to our
    consolidated financial statements set forth in Item 8 of
    this annual report.(2)

    
    RestatementThrough the third quarter of 2009, we accounted for exploration
    and development costs using an accounting method that is
    analogous to the full cost method used in the oil and gas
    industry. Under that method, we capitalized costs incurred in
    connection with the exploration and development of geothermal
    resources on an
    area-of-interest
    basis. Each area of interest included a number of potential
    projects in the state of Nevada that were planned to be operated
    together with the same operation and maintenance team.
    Impairment tests were performed on an
    area-of-interest
    basis rather than at a single site. Under this methodology,
    costs associated with projects that we have determined are not
    economically feasible remained capitalized as long as the
    area-of-interest
    was not subject to impairment.Following a periodic review performed by the SEC Staff, we
    concluded that this accounting treatment was inappropriate in
    certain respects and have restated the 2008 consolidated
    financial statements to write-off capitalized costs for projects
    we have determined are not economically feasible in the period
    such determination was made.

The effect of the restatement on the statement of operations
    data for the year ended December 31, 2008 and on the
    balance sheet data as of the end of this year is as follows: 85




---



##### Table of Contents



Statements
    of Operations Data for the Year Ended December 31,
    2008:
  As RestatedBefore


ApplicationApplication of


of NewAs Originally


Restatement


New Accounting


AccountingReported


Adjustment


Standard


Standard


As restated(Dollars in thousands)Write-off of unsuccessful exploration activities

$



$
(9,828
)

$
(9,828
)

$



$
(9,828
)Operating income


60,607



(9,828
)


50,779







50,779Other income (expense):Interest income


3,118







3,118







3,118Interest expense, net


(7,677
)






(7,677
)


(7,268
)


(14,945
)Foreign currency translation and transaction losses


(7,721
)






(7,721
)






(7,721
)Income attributable to sale of tax benefits














18,118



18,118Other non-operating expense, net


(3,424
)






(3,424
)






(3,424
)Income before income taxes, minority interest, and equity in
    income of investees


44,903



(9,828
)


35,075



10,850



45,925Income tax provision


(7,962
)


3,604



(4,358
)






(4,358
)Minority interest


11,166







11,166



(11,166
)


Equity in income of investees, net


1,725







1,725







1,725Net income


49,832



(6,224
)


43,608



(316
)


43,292Net loss attributable to noncontrolling interest














316



316Net income attributable to the Companys stockholders

$
49,832


$
(6,224
)

$
43,608


$



$
43,608  86




---



##### Table of Contents



Balance
    Sheet Data as of December 31, 2008:
  As RestatedBefore


ApplicationApplication of


of NewAs Originally


Restatement


New Accounting


AccountingReported


Adjustment


Standard


Standard


As Restated(In thousands)AssetsProperty, plant and equipment (including
    construction-in-process)

$
1,344,687


$
(9,828
)

$
1,334,859


$



$
1,334,859Deferred financing and lease costs, net


16,127







16,127



3,113



19,240Total assets

$
1,637,691


$
(9,828
)

$
1,627,863


$
3,113


$
1,630,976Liabilities and equityLiability associated with sale of tax benefits

$



$



$



$
113,327


$
113,327Deferred income taxes


33,231



(3,604
)


29,627







29,627Total liabilities


674,018



(3,604
)


670,414



113,327



783,741Minority interest


117,245







117,245



(117,245
)


Equity:The Companys stockholders equity:Common stock


45







45







45Additional paid-in capital


701,273







701,273







701,273Retained earnings


144,465



(6,224
)


138,241







138,241Accumulated other comprehensive income


645







645







645846,428



(6,224
)


840,204







840,204Noncontrolling interest














7,031



7,031Total equity


846,428



(6,224
)


840,204



7,031



847,235Total liabilities and equity

$
1,637,691


$
(9,828
)

$
1,627,863


$
3,113


$
1,630,976   ITEM 7.
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS  You should read the following discussion and analysis of our
    results of operations, financial condition and liquidity in
    conjunction with our consolidated financial statements and the
    related notes. Some of the information contained in this
    discussion and analysis or set forth elsewhere in this annual
    report including information with respect to our plans and
    strategies for our business, statements regarding the industry
    outlook, our expectations regarding the future performance of
    our business, and the other non-historical statements contained
    herein are forward-looking statements. See Cautionary Note
    Regarding Forward-Looking Statements. You should also
    review Item 1A  Risk Factors for a
    discussion of important factors that could cause actual results
    to differ materially from the results described herein or
    implied by such forward-looking statements.
  General
  Overview
   87




---



##### Table of Contents



higher-than-average
 88




---



##### Table of Contents



Trends
    and Uncertainties
        
    The global recession resulting from the recent disruption in the
    global credit markets, failures or material business
    deterioration of investment banks, commercial banks, and other
    financial institutions and intermediaries in the United States
    and elsewhere around the world, significant reductions in asset
    values across businesses, households and individuals, and the
    slowdown in manufacturing and other business activity has also
    resulted in reduced worldwide demand for energy. If these
    conditions continue or worsen, they may adversely affect both
    our Electricity and Product Segments. Among other things, we
    might face: (i) potential declines in revenues in our
    Product Segment due to reduced orders or other factors caused by
    economic challenges faced by our customers and prospective
    customers; (ii) potential declines in revenues from some of
    our existing geothermal power projects as a result of curtailed
    electricity demand and low oil and gas prices; and
    (iii) potential adverse impacts on our customers
    ability to pay, when due, amounts payable to us. In addition, we
    may experience related increases in our cost of capital
    associated with any increased working capital or borrowing needs
    we may have if our customers do not pay, or if we are unable to
    collect amounts payable to us in full (or at all) if any of our
    customers fail or seek protection under applicable bankruptcy or
    insolvency laws.
    The worldwide credit crisis has reduced the availability of
    liquidity and credit to fund the continuation and expansion of
    industrial business operations worldwide. While we have
    sufficient financial resources to fund our projected activities
    for 2010, if these conditions continue or worsen, the cost of
    obtaining financing for our project needs may increase or such
    financing may not be available at all.
    Our primary focus continues to be the implementation of our
    organic growth through exploration, development, construction of
    new projects and enhancements of existing power plants. We
    expect that this 89




---



##### Table of Contents



investment in organic growth will increase our total generating
    capacity, consolidated revenues and operating income
    attributable to our Electricity Segment year over year. We may
    also look at acquisition opportunities that may arise.  
    In the United States, we expect to continue to benefit from the
    increasing demand for renewable energy. Thirty-five states and
    the District of Colombia, including California, Nevada and
    Hawaii (where we have been most active in geothermal development
    and in which all of our U.S. geothermal power plants are
    located) have RPS, renewable portfolio goals or other similar
    laws. These laws require that an increasing percentage of the
    electricity supplied by electric utility companies operating in
    such states be derived from renewable energy resources until
    certain pre-established goals are met. We expect that the
    additional demand for renewable energy from utilities in such
    states will outpace a possible reduction in general demand for
    energy due to the economic slow down and will continue to create
    opportunities for us to expand existing power plants and build
    new power plants.
    We expect that the increased awareness of climate change may
    result in significant changes in the business and regulatory
    environments, which may create business opportunities for us
    going forward. Although federal legislation addressing climate
    change appears likely, several states and regions are already
    addressing climate change. For example, the California Global
    Warming Solutions Act of 2006, which was signed into law in
    September 2006, regulates most sources of greenhouse gas
    emissions and aims to reduce greenhouse gas emissions to 1990
    levels by 2020, representing an approximately 30% reduction in
    greenhouse gas emissions from projected 2020 levels or about 15%
    from 2008 levels. The California Air Resources Board is expected
    to put in place measures for implementing the Global Warming
    Solutions Act of 2006 by 2012. In September of 2006, California
    also passed Senate Bill 1368, which prohibits the states
    utilities from entering into long-term financial commitments for
    base-load generation with power plants that fail to meet a
    CO2
    emission performance standard established by the California
    Energy Commission and the California Public Utilities
    Commission. Californias long-term climate change goals are
    reflected in Executive Order
    S-3-05,
    which requires a reduction in greenhouse gases to: (i) 2000
    levels by 2010; (ii) 1990 levels by 2020; and
    (iii) 80% of 1990 levels by 2050. In addition to
    California, twenty-one other states have set greenhouse gas
    emissions targets (Arizona, Colorado, Connecticut, Florida,
    Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota,
    Montana, New Hampshire, New Jersey, New Mexico, New York,
    Oregon, Rhode Island, Utah, Vermont, Virginia and Washington).
    Regional initiatives, such as the Western Climate Initiative
    (which includes seven U.S. states and four Canadian
    provinces) and the Midwest Greenhouse Gas Reduction Accord, are
    also being developed to reduce greenhouse gas emissions and
    develop trading systems for renewable energy credits. In
    September 2008, the
    first-in-the-nation
    auction of
    CO2
    allowances was held under the RGGI, a regional
    cap-and-trade
    system, which includes ten Northeast and Mid-Atlantic States.
    Under RGGI, the ten participating states plan to stabilize power
    section carbon emissions at their capped level, and then reduce
    the cap by 10% at a rate of 2.5% each year between 2015 and
    2018. In addition, thirty-five states and the District of
    Columbia have all adopted RPS, as discussed above. In November
    2008, California, by Executive Order
    S-14-08,
    adopted a goal for all retailers of electricity to serve 33% of
    their load with renewable energy by 2020, and in September of
    2009, Executive Order
    S-21-09
    directed the California Air Resources Board to adopt regulations
    consistent with the 33% renewable energy target by July 31,
    2010. Although it is currently difficult to quantify the direct
    economic benefit of these efforts to reduce greenhouse gas
    emissions, we believe they will prove advantageous to us.
    Outside of the United States, we expect that a variety of
    governmental initiatives will create new opportunities for the
    development of new projects, as well as create additional
    markets for our products. These initiatives include the award of
    long-term contracts to independent power generators, the
    creation of competitive wholesale markets for selling and
    trading energy, capacity and related energy products and the
    adoption of programs designed to encourage clean
    renewable and sustainable energy sources.
    We expect competition from the wind and solar power generation
    industry to continue. The current demand for renewable energy is
    large enough that this increased competition has not materially
    impacted our ability to obtain new PPAs. However, the increase
    in competition and the amount of renewable energy under contract
    may contribute to a reduction in electricity prices. Despite
    increased competition from the wind and 90




---



##### Table of Contents



solar power generation industry, we believe that baseload
    electricity, such as geothermal-based energy, will continue to
    be a leading source of renewable energy in areas with
    commercially viable geothermal resource.  
    We expect increased competition from binary power plant
    equipment suppliers. While we believe that we have a distinct
    competitive advantage based on our accumulated experience and
    current worldwide share of installed binary generation capacity,
    which is in excess of 90%, an increase in competition may lead
    to a reduction in prices that we are able to charge for our
    binary equipment, which in turn may impact our profitability.
    We also expect increased competition from new geothermal power
    developers which may impact the prices and availability of new
    leases for geothermal resources.
    While the current demand for renewable energy is large enough
    that increased competition has not impacted our ability to
    obtain new PPAs and new leases, increased competition in the
    power generation space may contribute to a reduction in
    electricity prices, and increased competition in geothermal
    leasing may contribute to an increase in lease costs.
    The viability of a geothermal resource depends on various
    factors such as the resource temperature, the permeability of
    the resource (i.e., the ability to get geothermal fluids to the
    surface) and operational factors relating to the extraction of
    the geothermal fluids. Such factors, together with the
    possibility that we may fail to find commercially viable
    geothermal resources in the future, represent significant
    uncertainties we face in connection with our growth expectations.
    As our power plants age, they may require increased maintenance
    with a resulting decrease in their availability, potentially
    leading to the imposition of penalties if we are not able to
    meet the requirements under our PPAs as a result of such
    decrease in availability.
    Our foreign operations are subject to significant political,
    economic and financial risks, which vary by country. Those risks
    include the partial privatization of the electricity sector in
    Guatemala, labor unrest in Nicaragua and the political
    uncertainty currently prevailing in some of the countries in
    which we operate. Although we maintain political risk insurance
    for most of our foreign power plants to mitigate these risks,
    insurance does not provide complete coverage with respect to all
    such risks.
    On May 5, 2009, President Obama and the U.S. Treasury
    Department proposed changing certain of the U.S. tax rules
    for U.S. corporations doing business outside the United
    States. The proposed changes would limit the ability of
    U.S. corporations to deduct expenses attributable to
    offshore earnings, modify the foreign tax credit rules and
    further restrict the ability of U.S. corporations to
    transfer funds between foreign subsidiaries without triggering a
    requirement to pay U.S. income tax. Although the scope of
    the proposed changes is unclear, it is possible that these or
    other changes in the U.S. tax laws may increase our
    U.S. income tax liability and adversely affect our
    profitability.
    The Energy Policy Act of 2005 authorizes FERC to revise PURPA so
    as to terminate the obligation of electric utilities to purchase
    the output of a Qualifying Facility if FERC finds that there is
    an accessible competitive market for energy and capacity from
    the Qualifying Facility. The legislation does not affect
    existing PPAs. We do not expect this change in law to affect our
    U.S. power plants significantly, as all of our current
    contracts are long-term. FERC issued a final rule that makes it
    easier to eliminate the utilities purchase obligation in
    four regions of the country. None of those regions includes a
    state in which our current power plants operate. However, FERC
    has the authority under the Energy Policy Act of 2005 to act, on
    a
    case-by-case
    basis, to eliminate the mandatory purchase obligation in other
    regions. If the utilities in the regions in which our domestic
    power plants operate were to be relieved of the mandatory
    purchase obligation, they would not be required to purchase
    energy from us upon termination of the existing PPA, which could
    have an adverse effect on our revenues. 91




---



##### Table of Contents



Revenues
    higher-than-average
          Revenues in Thousands


% of Revenues for Period IndicatedYear Ended December 31,


Year Ended December 31,2009


2008


2007


2009


2008


2007RevenuesElectricity

$
255,855


$
252,256


$
215,969



61.6
%


73.2
%


73.0
%Product


159,389



92,577



79,950



38.4



26.8



27.0Total

$
415,244


$
344,833


$
295,919



100.0
%


100.0
%


100.0
%   Geographical
    breakdown of revenues
   92




---



##### Table of Contents



Revenues in Thousands


% of Revenues for Period IndicatedYear Ended December 31,


Year Ended December 31,2009


2008


2007


2009


2008


2007United States

$
182,219


$
206,795


$
179,999



71.2
%


82.0
%


83.3
%Foreign


73,636



45,461



35,970



28.8



18.0



16.7Total

$
255,855


$
252,256


$
215,969



100.0
%


100.0
%


100.0
%       Seasonality
    Breakdown
    of Cost of Revenues
  Electricity
    Segment
  make-up
  Product
    Segment
   93




---



##### Table of Contents



Cash and
    Cash Equivalents
    Critical
    Accounting Policies
    
    Revenues and Cost of Revenues.  Revenues
    related to the sale of electricity from our geothermal and
    recovered energy-based power plants and capacity payments paid
    in connection with such sales (electricity revenues) are
    recorded based upon output delivered and capacity provided by
    such power plants at rates specified pursuant to the relevant
    PPAs. The PPAs are exempt from derivative treatment due to the
    normal purchase and sale exception. Revenues related to PPAs
    accounted for as operating leases with minimum lease rentals
    which vary over time are generally recognized on a straight-line
    basis over the term of the PPA. Revenues generated from
    engineering and operating services and sales of products and
    parts are recorded once the service is provided or product
    delivery is made, as applicable.    
    Property, Plant and Equipment.  We capitalize
    all costs associated with the acquisition, development and
    construction of power plant facilities. Major improvements are
    capitalized and repairs and maintenance (including major
    maintenance) costs are expensed. We estimate the useful life of
    our power plants to range 94




---



##### Table of Contents



between 25 and 30 years. Such estimates are made by
    management based on factors such as prior operations, the terms
    of the underlying PPAs, geothermal resources, the location of
    the assets and specific power plant characteristics and designs.
    Changes in such estimates could result in useful lives which are
    either longer or shorter than the depreciable lives of such
    assets. We periodically re-evaluate the estimated useful life of
    our power plants and revise the remaining depreciable life on a
    prospective basis.    construction-in-process. and/or construction-in-process.
  construction-in-process
  
    Impairment of Long-Lived Assets and Long-Lived Assets to be
    Disposed of.  We evaluate long-lived assets, such
    as property, plant and equipment,
    construction-in-process,
    PPAs, and unconsolidated investments for impairment whenever
    events or changes in circumstances indicate that the carrying
    amount of an asset may not be recoverable. Factors which could
    trigger an impairment include, among others, significant
    underperformance relative to historical or projected future
    operating results, significant changes in our use of assets or
    our overall business strategy, negative industry or economic
    trends, a determination that an exploration project will not
    support commercial operations, a determination that a suspended
    project is not likely to be completed, a significant increase in
    costs necessary to complete a project, legal factors relating to
    our business or when we conclude that it is more likely than not
    that an asset will be disposed of or sold.   95




---



##### Table of Contents




    Obligations Associated with the Retirement of Long-Lived
    Assets.  We record the fair market value of legal
    liabilities related to the retirement of our assets in the
    period in which such liabilities are incurred. Our liabilities
    related to the retirement of our assets include our obligation
    to plug wells upon termination of our operating activities, the
    dismantling of our power plants upon cessation of our
    operations, and the performance of certain remedial measures
    related to the land on which such operations were conducted.
    When a new liability for an asset retirement obligation is
    recorded, we capitalize the costs of such liability by
    increasing the carrying amount of the related long-lived asset.
    Such liability is accreted to its present value each period and
    the capitalized cost is depreciated over the useful life of the
    related asset. At retirement, we will either settle the
    obligation for its recorded amount or will report either a gain
    or a loss with respect thereto. Estimates of the costs
    associated with asset retirement obligations are based on
    factors such as prior operations, the location of the assets and
    specific power plant characteristics. We review and update our
    cost estimates periodically and adjust our asset retirement
    obligations in the period in which the revisions are determined.
    If actual results are not consistent with our assumptions used
    in estimating our asset retirement obligations, we may incur
    additional losses that could be material to our financial
    condition or results of operations.
    Accounting for Income Taxes.  Significant
    estimates are required to arrive at our consolidated income tax
    provision and other tax balances. This process requires us to
    estimate our actual current tax exposure and to make an
    assessment of temporary differences resulting from differing
    treatments of items for tax and accounting purposes. Such
    differences result in deferred tax assets and liabilities which
    are included in our consolidated balance sheets. For those
    jurisdictions where the projected operating results indicate
    that realization of our net deferred tax assets is not likely, a
    valuation allowance is recorded.     96




---



##### Table of Contents



New
    Accounting Pronouncements
    other-than-temporary other-than-temporary
     97




---



##### Table of Contents



Results
    of Operations
    Year Ended December 31,2009


2008 (As Restated
    (2))(1)


2007(1)(In thousands, except per share data)Statements of Operations Historical Data:Revenues:Electricity

$
255,855


$
252,256


$
215,969Product


159,389



92,577



79,950415,244



344,833



295,919Cost of revenues:Electricity


180,156



170,053



148,698Product


112,450



72,755



68,036292,606



242,808



216,734Gross margin:Electricity


75,699



82,203



67,271Product


46,939



19,822



11,914122,638



102,025



79,185Operating expenses:Research and development expenses


10,502



4,595



3,663Selling and marketing expenses


14,584



10,885



10,645General and administrative expenses


26,412



25,938



21,416Write-off of unsuccessful exploration activities


2,367



9,828



Operating income


68,773



50,779



43,461Other income (expense):Interest income


639



3,118



6,565Interest expense, net


(16,241
)


(14,945
)


(29,745
)Foreign currency translation and transaction gains (losses)


1,107



(7,721
)


(1,339
)Impairment of auction rate securities


(279
)


(4,195
)


(2,020
)Income attributable to sale of tax benefits


15,515



18,118



6,488Gain from extinguishment of liability


13,348







Other non-operating income, net


479



771



890Income before income taxes and equity in income of investees


83,341



45,925



24,300Income tax provision


(16,924
)


(4,358
)


(1,822
)Equity in income of investees, net


2,136



1,725



4,742Net income


68,553



43,292



27,220Net loss attributable to noncontrolling interest


298



316



156Net income attributable to the Companys stockholders

$
68,851


$
43,608


$
27,376Earnings per share  basic and dilutedBasic

$
1.52


$
0.99


$
0.71Diluted

$
1.51


$
0.98


$
0.70Weighted average number of shares used in computation of
    earnings per share:Basic


45,391



44,182



38,762Diluted


45,533



44,298



38,880   98




---



##### Table of Contents



Year Ended December 31,2009

2008 (As
    Restated(2))(1)

2007(1)Statements of Operations Percentage Data:Revenues:Electricity


61.6
%


73.2
%


73.0
%Product


38.4



26.8



27.0100.0



100.0



100.0Cost of revenues:Electricity


70.4



67.4



68.9Product


70.6



78.6



85.170.5



70.4



73.2Gross margin:Electricity


29.6



32.6



31.1Product


29.4



21.4



14.929.5



29.6



26.8Operating expenses:Research and development expenses


2.5



1.3



1.2Selling and marketing expenses


3.5



3.2



3.6General and administrative expenses


6.4



7.5



7.2Write-off of unsuccessful exploration activities


0.6



2.9



0.0Operating income


16.6



14.7



14.7Other income (expense):Interest income


0.2



0.9



2.2Interest expense, net


(3.9
)


(4.3
)


(10.1
)Foreign currency translation and transaction gains (losses)


0.3



(2.2
)


(0.5
)Impairment of auction rate securities


(0.1
)


(1.2
)


(0.7
)Income attributable to sale of tax benefits


3.7



4.4



2.2Gain from extinguishment of liability


3.2



0.0



0.0Other non-operating income, net


0.1



0.2



0.3Income before income taxes and equity in income of investees


20.1



12.4



8.2Income tax provision


(4.1
)


(1.3
)


(0.6
)Equity in income of investees, net


0.5



0.5



1.6Net income


16.5



11.7



9.2Net loss attributable to noncontrolling interest


0.1



0.1



0.1Net income attributable to the Companys stockholders


16.6
%


11.8
%


9.3
%     (1)

    
    We adopted the new accounting guidance for noncontrolling
    interests in a subsidiary on January 1, 2009. Under this
    guidance, noncontrolling interests are to be presented on the
    balance sheet as a component of equity. The adoption of this
    standard resulted in retrospective presentation and disclosure
    changes to the statements of operations data for the years ended
    December 31, 2008 and 2007. The impact of adopting this
    standard is more fully described in Note 11 to our
    consolidated financial statements set forth in Item 8 of
    this annual report.(2)

    
    RestatementThrough the third quarter of 2009, we accounted for exploration
    and development costs using an accounting method that is
    analogous to the full cost method used in the oil and gas
    industry. Under that method, we capitalized costs incurred in
    connection with the exploration and development of geothermal
    resources on an 99




---



##### Table of Contents



area-of-interest
    basis. Each area of interest included a number of potential
    projects in the state of Nevada that were planned to be operated
    together with the same operation and maintenance team.
    Impairment tests were performed on an
    area-of-interest
    basis rather than at a single site. Under this methodology,
    costs associated with projects that we have determined are not
    economically feasible remained capitalized as long as the
    area-of-interest
    was not subject to impairment.  Following a periodic review performed by the SEC Staff, we
    concluded that this accounting treatment was inappropriate in
    certain respects and have restated the 2008 consolidated
    financial statements to write-off capitalized costs for projects
    we have determined are not economically feasible in the period
    such determination was made.

The effect of the restatement on our results of operations for
    the year ended December 31, 2008 is as follows:  As RestatedBefore


ApplicationApplication of


of NewAs Originally


Restatement


New Accounting


AccountingReported


Adjustment


Standard


Standard


As Restated(Dollars in thousands)Write-off of unsuccessful exploration activities

$



$
(9,828
)

$
(9,828
)

$



$
(9,828
)Operating income


60,607



(9,828
)


50,779







50,779Other income (expense):Interest income


3,118







3,118







3,118Interest expense, net


(7,677
)






(7,677
)


(7,268
)


(14,945
)Foreign currency translation and transaction losses


(7,721
)






(7,721
)






(7,721
)Income attributable to sale of tax benefits














18,118



18,118Other non-operating expense, net


(3,424
)






(3,424
)






(3,424
)Income before income taxes, minority interest, and equity in
    income of investees


44,903



(9,828
)


35,075



10,850



45,925Income tax provision


(7,962
)


3,604



(4,358
)






(4,358
)Minority interest


11,166







11,166



(11,166
)


Equity in income of investees, net


1,725







1,725







1,725Net income


49,832



(6,224
)


43,608



(316
)


43,292Net loss attributable to noncontrolling interest














316



316Net income attributable to the Companys stockholders

$
49,832


$
(6,224
)

$
43,608


$



$
43,608   Comparison
    of the Year Ended December 31, 2009 and the Year Ended
    December 31, 2008
  Total
    Revenues
    Electricity
    Segment
   100




---



##### Table of Contents



Product
    Segment
    Total
    Cost of Revenues
    Electricity
    Segment
    Product
    Segment
   101




---



##### Table of Contents



Research
    and Development Expenses
    Selling
    and Marketing Expenses
    General
    and Administrative Expenses
    Write-off
    of Unsuccessful Exploration Activities
    Operating
    Income
   102




---



##### Table of Contents



Interest
    Income
    Interest
    Expense, Net
      Foreign
    Currency Translation and Transaction Gains
    (Losses)
    Impaiment
    of Auction Rate Securities
  other-than-temporary
  Income
    Attributable to Sale of Tax Benefits
    Gain
    from Extinguishment of Liability
   103




---



##### Table of Contents



Income
    Taxes
    Equity
    in Income of Investees
    Net
    Income
    Comparison
    of the Year Ended December 31, 2008 and the Year Ended
    December 31, 2007
  Total
    Revenues
    Electricity
    Segment
   104




---



##### Table of Contents



Product
    Segment
    Total
    Cost of Revenues
    Electricity
    Segment
    Product
    Segment
    Research
    and Development Expenses
    Selling
    and Marketing Expenses
   105




---



##### Table of Contents



General
    and Administrative Expenses
    Write-off
    of Unsuccessful Exploration Activities
    Operating
    Income
    Interest
    Income
    Interest
    Expense, Net
    Foreign
    Currency Translation and Transaction Losses
    Impairment
    of Auction Rate Securities
  other-than-temporary
 106




---



##### Table of Contents



Income
    Attributable to Sale of Tax Benefits
    Income
    Taxes
    Equity
    in Income of Investees
    Net
    Income
    Liquidity
    and Capital Resources
   107




---



##### Table of Contents



Form S-3,
  Loan
    Agreements with our Parent
  agreed-upon
  Third-Party
    Debt
    Non-Recourse
    and Limited-Recourse Third-Party Debt
  OFC
    Senior Secured Notes  Non-Recourse
  Steamboat 2/3
  OrCal
    Geothermal Senior Secured Notes 
    Non-Recourse
   108




---



##### Table of Contents



Olkaria III
    Loan  Non-Recourse
  6-month
  Amatitlan
    Loan  Non-Recourse
    Senior
    Loans from IFC and CDC  Non-Recourse
    Credit
    Facility Agreement (The Momotombo project) 
    Limited-Recourse
  3-month 3-month
 109




---



##### Table of Contents



New
    Financing of our Projects
  Financing
    of the North Brawley Power Plant
    Full-Recourse
    Third-Party Debt
  and/or
      and/or
  and/or
      6-year
  8-year 6-month
  5-year 6-month
 110




---



##### Table of Contents



Letters
    of Credit
        Puna
    Project Lease Transactions
  31-year
  OPC
    Transaction
     111




---



##### Table of Contents



Liquidity
    Impact of Uncertain Tax Positions
   112




---



##### Table of Contents



Dividend
    DividendAmountDate Declared

per Share

Record Date

Payment DateFebruary 26, 2008

$
0.05


March 14, 2008

March 27, 2008May 6, 2008

$
0.05


May 20, 2008

May 27, 2008August 5, 2008

$
0.05


August 19, 2008

August 29, 2008November 5, 2008

$
0.05


November 19, 2008

December 1, 2008February 24, 2009

$
0.07


March 16, 2009

March 26, 2009May 8, 2009

$
0.06


May 20, 2009

May 27, 2009August 5, 2009

$
0.06


August 18, 2009

August 27, 2009November 4, 2009

$
0.06


November 18, 2009

December 1, 2009February 23, 2010

$
0.12


March 16, 2010

March 25, 2010   Historical
    Cash Flows
    Year Ended December 31,2009


2008


2007(In thousands)Net cash provided by operating activities

$
110,772


$
116,949


$
58,725Net cash used in investing activities


(286,036
)


(398,991
)


(116,311
)Net cash provided by financing activities


187,036



269,286



84,559Translation adjustments on cash and cash equivalents


142



(78
)


Net change in cash and cash equivalents


11,914



(12,834
)


26,973   For the
    Year Ended December 31, 2009
       113




---



##### Table of Contents



For the
    Year Ended December 31, 2008
        Adjusted
    EBITDA
    and/or
 114




---



##### Table of Contents



Year Ended December 31,2009


2008 (As Restated)


2007(In thousands)Net cash provided by operating activities

$
110,772


$
116,949


$
58,725Adjusted for:Interest expense, net (excluding amortization of deferred
    financing costs)


13,623



13,590



28,375Interest income


(639
)


(3,118
)


(6,565
)Income tax provision (benefit)


16,924



4,358



1,822Adjustments to reconcile net income to net cash provided by
    operating activities (excluding depreciation and amortization)


22,392



(13,529
)


19,132EBITDA


163,072



118,250



101,489Interest, taxes, depreciation and amortization attributable to
    the Companys equity in Mammoth-Pacific L.P.


3,891



3,636



9,881Adjusted EBITDA

$
166,963


$
121,886


$
111,370     Capital
    Expenditures
        Exposure
    to Market Risks
   115




---



##### Table of Contents



available-for-sale, other-than-temporary.
   116




---



##### Table of Contents



Effects
    of Inflation
    Contractual
    Obligations and Commercial Commitments
    Payments Due By PeriodRemainingTotal


2010


2011


2012


2013


2014


ThereafterPrincipal of long-term liabilities

$
634,042


$
61,843


$
183,021


$
50,288


$
52,775


$
55,897


$
230,218Interest on long-term
    liabilities(1)


179,968



34,238



30,139



26,902



23,606



20,111



44,972Future minimum operating lease payments


87,754



7,567



8,061



8,199



8,062



8,647



47,218Benefits upon
    retirement(2)


14,021



3,161



1,040



587



717



643



7,873Asset retirement obligation


14,238























14,238$
930,023


$
106,809


$
222,261


$
85,976


$
85,160


$
85,298


$
344,519     (1)

    
    Interest on the OFC Senior Secured Notes due in 2020 is fixed at
    a rate of 8
    1/4%.
    Interest on the OrCal Senior Secured Notes due in 2020 is fixed
    at a rate of 6.21%. Interest on the Orzunil Senior Loans due in
    2010 and 2011 is fixed at rates of 10.300% and 11.775%,
    respectively. Interest on the Olkaria III loan due in 2018
    is fixed for $77.0 million at a rate of 6.9% and variable
    on the remaining balance. Interest on the Amatitlan Loan due in
    2016 is fixed at a rate of 9.83%. Interest on the Ormat
    Industries notes is fixed at the rate of 7.50%. Interest on the
    remaining debt is variable (based primarily on changes in LIBOR
    rates). Accordingly, for purposes of the above calculation of
    interest payments pertaining to variable rate debt, the
    methodology used to determine future LIBOR rates was the use of
    Constant Maturity Swaps.(2)

    
    The above amounts were determined based on the employees
    current salary rates and the number of years service that
    will have been accumulated at their retirement date. These
    amounts do not include amounts that might be paid to employees
    that will cease working with us before reaching their normal
    retirement age.  construction-in-process construction-in-process).
   117




---



##### Table of Contents



Concentration
    of Credit Risk
          Government
    Grants and Tax Benefits
  1-year 20-year
       118




---



##### Table of Contents



ITEM 7A.
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   119




---



##### Table of Contents



ITEM 8.
    FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA  Index to
    Consolidated Financial Statements of Ormat Technologies, Inc.
    and Subsidiaries
  Report of Independent Registered Public
    Accounting Firm


121Consolidated Financial Statements as of December 31, 2009
    and 2008 and for Each of the Three Years in the Period Ended
    December 31, 2009:Consolidated Balance Sheets


122Consolidated Statements of Operations and
    Comprehensive Income


123Consolidated Statements of Stockholders
    Equity


124Consolidated Statements of Cash Flows


125Notes to Consolidated Financial Statements


126    120




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    Internal Control  Integrated
    Framework
          
    121




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  CONSOLIDATED
    BALANCE SHEETS
  December 31,2009


2008 (As Restated)(In thousands)ASSETSCurrent assets:Cash and cash equivalents

$
46,307


$
34,393Restricted cash, cash equivalents and marketable securities


40,955



24,439Receivables:Trade


53,423



49,839Related entity


441



338Other


7,884



15,654Due from Parent


422



1,085Inventories


15,486



13,724Costs and estimated earnings in excess of billings on
    uncompleted contracts


14,640



6,982Deferred income taxes


3,617



3,003Prepaid expenses and other


12,080



16,222Total current assets


195,255



165,679Long-term marketable securities


652



1,994Restricted cash, cash equivalents and marketable securities


2,512



2,951Unconsolidated investments


35,527



30,559Deposits and other


18,314



16,876Deferred income taxes


22,532



13,965Property, plant and equipment, net


998,693



940,635Construction-in-process


518,595



394,224Deferred financing and lease costs, net


20,940



19,240Intangible assets, net


41,981



44,853Total assets

$
1,855,001


$
1,630,976LIABILITIES AND EQUITYCurrent liabilities:Accounts payable and accrued expenses

$
73,993


$
103,336Billings in excess of costs and estimated earnings on
    uncompleted contracts


3,351



15,670Current portion of long-term debt:Limited and non-recourse


19,191



6,676Full recourse


12,823



Senior secured notes (non-recourse)


20,227



20,085Due to Parent, including current portion of notes payable to
    Parent


10,018



16,616Total current liabilities


139,603



162,383Long-term debt, net of current portion:Limited and non-recourse


129,152



7,814Full recourse


77,177



Revolving credit lines with banks (full recourse)


134,000



100,000Senior secured notes (non-recourse)


231,872



252,060Notes payable to Parent






9,600Liability associated with sale of tax benefits


73,246



113,327Deferred lease income


72,867



74,427Deferred income taxes


44,530



29,627Liability for unrecognized tax benefits


4,931



3,425Liabilities for severance pay


18,332



17,640Asset retirement obligation


14,238



13,438Other long-term liabilities


3,358



Total liabilities


943,306



783,741Commitments and contingenciesEquity:The Companys stockholders equity:Common stock, par value $0.001 per share; 200,000,000 sharesauthorized; 45,430,886 and 45,353,120 shares issued and
    outstanding, respectively


46



45Additional paid-in capital


709,354



701,273Retained earnings


196,950



138,241Accumulated other comprehensive income


622



645906,972



840,204Noncontrolling interest


4,723



7,031Total equity


911,695



847,235Total liabilities and equity

$
1,855,001


$
1,630,976    122




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  CONSOLIDATED
    STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
  Year Ended December 31,2009


2008 (As Restated)


2007(In thousands, except per share data)Revenues:Electricity

$
255,855


$
252,256


$
215,969Product


159,389



92,577



79,950Total revenues


415,244



344,833



295,919Cost of revenues:Electricity


180,156



170,053



148,698Product


112,450



72,755



68,036Total cost of revenues


292,606



242,808



216,734Gross margin


122,638



102,025



79,185Operating expenses:Research and development expenses


10,502



4,595



3,663Selling and marketing expenses


14,584



10,885



10,645General and administrative expenses


26,412



25,938



21,416Write-off of unsuccessful exploration activities


2,367



9,828



Operating income


68,773



50,779



43,461Other income (expense):Interest income


639



3,118



6,565Interest expense, net


(16,241
)


(14,945
)


(29,745
)Foreign currency translation and transaction gains (losses)


1,107



(7,721
)


(1,339
)Impairment of auction rate securities


(279
)


(4,195
)


(2,020
)Income attributable to sale of tax benefits


15,515



18,118



6,488Gain from extinguishment of liability


13,348







Other non-operating income, net


479



771



890Income before income taxes and equity in income of investees


83,341



45,925



24,300Income tax provision


(16,924
)


(4,358
)


(1,822
)Equity in income of investees, net


2,136



1,725



4,742Net income


68,553



43,292



27,220Net loss attributable to noncontrolling interest


298



316



156Net income attributable to the Companys stockholders

$
68,851


$
43,608


$
27,376Comprehensive income:Net income

$
68,553


$
43,292


$
27,220Other comprehensive income (loss), net of related taxes:Currency translation adjustment


842



(885
)


Amortization of unrealized gains in respect of derivative
    instrumentsdesignated for cash flow hedge


(254
)


(293
)


(326
)Change in unrealized gains or losses on marketable securities
    available-for-sale


594



435



(590
)Comprehensive income


69,735



42,549



26,304Comprehensive loss attributable to noncontrolling interest


298



316



156Comprehensive income attributable to the Companys
    stockholders

$
70,033


$
42,865


$
26,460Earnings per share attributable to the Companys
    stockholders  basic and dilutedBasic

$
1.52


$
0.99


$
0.71Diluted

$
1.51


$
0.98


$
0.70Weighted average number of shares used in computation of earningsper share attributable to the Companys stockholders:Basic


45,391



44,182



38,762Diluted


45,533



44,298



38,880Dividend per share declared

$
0.25


$
0.20


$
0.22    123




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  CONSOLIDATED
    STATEMENTS OF STOCKHOLDERS EQUITY
  The Companys Stockholders EquityAccumulatedAdditional





OtherCommon Stock


Paid-in


Retained


Comprehensive





Noncontrolling


TotalShares


Amount


Capital


Earnings


Income


Total


Interest


Equity(In thousands, except per share data)Balance at December 31, 2006


38,102


$
38


$
353,399


$
85,053


$
2,304


$
440,794


$
67


$
440,861Stock-based compensation










3,763











3,763







3,763Cash dividend declared, $0.22 per share














(8,556
)






(8,556
)






(8,556
)Issuance of shares of common stock in a block trade transaction


3,000



2



137,242











137,244







137,244Issuance of unregistered shares of common stock to the Parent in
    a private placement


381



1



17,499











17,500







17,500Exercise of options by employees


47







743











743







743Tax benefit on exercise of options by employees










463











463







463Increase in noncontrolling interest due to sale of equity
    interest in OPC LLC


























4,838



4,838Cumulative adjustment from adoption of FIN No. 48














(328
)






(328
)






(328
)Net income














27,376







27,376



(156
)


27,220Other comprehensive loss, net of related taxes:Amortization of unrealized gains in respect of derivative
    instruments designated for cash flow hedge (net of related tax
    of $204,000)


















(326
)


(326
)






(326
)Change in unrealized gains or losses on marketable securities
    available-for-sale
    (net of related tax of $367,000)


















(590
)


(590
)






(590
)Balance at December 31, 2007


41,530



41



513,109



103,545



1,388



618,083



4,749



622,832Stock-based compensation










4,444











4,444







4,444Cash dividend declared, $0.20 per share














(8,912
)






(8,912
)






(8,912
)Issuance of shares of common stock in a block trade transaction


3,100



3



149,652











149,655







149,655Issuance of unregistered shares of common stock to the Parent in
    a private placement


694



1



33,314











33,315







33,315Exercise of options by employees


29







602











602







602Tax benefit on exercise of options by employees










152











152







152Increase in noncontrolling interest due to sale of equity
    interest in OPC LLC


























2,598



2,598Net income (loss) (as restated)














43,608







43,608
*


(316
)


43,292
*Other comprehensive income (loss), net of related taxes:Currency translation adjustment


















(885
)


(885
)






(885
)Amortization of unrealized gains in respect of derivative
    instruments designated for cash flow hedge (net of related tax
    of $181,000)


















(293
)


(293
)






(293
)Change in unrealized gains or losses on marketable securities
    available-for-sale
    (net of related tax of $260,000)


















435



435







435Balance at December 31, 2008 (as restated)


45,353



45



701,273



138,241



645



840,204



7,031



847,235Stock-based compensation










5,755











5,755







5,755Cumulative effect of adopting the
    other-than-temporaryimpairment standard as of April 1, 2009 (net of related tax
    of $650,000)














1,205



(1,205
)










Cash dividend declared, $0.25 per share














(11,347
)






(11,347
)






(11,347
)Exercise of options by employees


78



1



1,241











1,242







1,242Acquisition of noncontrolling interest










1,085











1,085



(2,010
)


(925
)Net income (loss)














68,851







68,851



(298
)


68,553Other comprehensive income (loss), net of related taxes:Currency translation adjustment


















842



842







842Amortization of unrealized gains in respect of derivative
    instruments designated for cash flow hedge (net of related tax
    of $158,000)


















(254
)


(254
)






(254
)Change in unrealized gains or losses on marketable securities
    available-for-sale
    (net of related tax of $339,000)


















594



594







594Balance at December 31, 2009


45,431


$
46


$
709,354


$
196,950


$
622


$
906,972


$
4,723


$
911,695    124




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  CONSOLIDATED
    STATEMENTS OF CASH FLOWS
  Year Ended December 31,2009


2008 (As Restated)


2007(In thousands)Cash flows from operating activities:Net income

$
68,553


$
43,292


$
27,220Adjustments to reconcile net income to net cash provided by
    operating activities:Depreciation and amortization


64,376



60,128



50,482Accretion of asset retirement obligation


1,060



1,069



1,105Stock-based compensation


5,755



4,444



3,763Amortization of deferred lease income


(2,685
)


(2,685
)


(2,685
)Income attributable to sale of tax benefits, net of interest
    expense


(8,322
)


(10,850
)


(3,726
)Equity in income of investees


(2,136
)


(1,725
)


(4,742
)Impairment of auction rate securities


279



4,195



2,020Loss on disposal of property , plant and equipment


2,469







Write-off of unsuccessful exploration activities


2,367



9,828



Loss from sell of auction rate securities


194







Return on investment in unconsolidated investments






2,435



9,787Changes in unrealized loss in respect of derivative instruments,
    net










199Gain on severance pay fund asset


(468
)


(324
)


(722
)Gain from extinguishment of liability


(13,348
)






Deferred income tax provision (benefit)


3,957



3,241



(4,930
)Liability for unrecognized tax benefits


1,506



(188
)


1,576Deferred lease revenues


1,125



914



Other






(423
)


Changes in operating assets and liabilities:Receivables


3,921



(6,327
)


(13,788
)Costs and estimated earnings in excess of billings on
    uncompleted contracts


(7,658
)


(3,374
)


7,608Inventories


(1,762
)


(3,412
)


(2,909
)Prepaid expenses and other


4,146



(9,163
)


(2,148
)Deposits and other


(49
)


(224
)


302Accounts payable and accrued expenses


(2,081
)


13,521



(12,212
)Due from/to related entities, net


(103
)


47



494Billings in excess of costs and estimated earnings on
    uncompleted contracts


(12,319
)


10,852



(985
)Liabilities for severance pay


692



2,439



1,823Due from/to Parent


1,303



(761
)


1,193Net cash provided by operating activities


110,772



116,949



58,725Cash flows from investing activities:Return of investment in unconsolidated investments






316



2,500Marketable securities, net


1,580



12,594



78,722Net change in restricted cash, cash equivalents and marketable
    securities


(15,873
)


5,614



20,117Capital expenditures


(270,623
)


(416,606
)


(216,358
)Cash paid for acquisition


(261
)






Intangible asset acquired










(1,150
)Increase in severance pay fund asset, net of payments made to
    retired employees


(921
)


(1,034
)


(269
)Repayment from unconsolidated investment


62



125



127Net cash used in investing activities


(286,036
)


(398,991
)


(116,311
)Cash flows from financing activities:Proceeds from public offerings, net of issuance costs






149,655



137,244Proceeds from issuance of unregistered shares of common stock to
    the Parent






33,315



17,500Proceeds from long-term loans


237,000







Proceeds from exercise of options by employees


1,242



602



743Proceeds from the sale of limited liability company interest in
    OPC LLC, net of transaction costs






63,029



69,200Purchase of limited liability company interest in OPC LLC


(18,500
)






Purchase of OFC Senior Secured Notes






(1,321
)


Proceeds from sale of interest rate caps










277Proceeds from revolving credit lines with banks


1,152,500



100,000



Repayment of revolving credit lines with banks


(1,118,500
)






Repayments of long-term debtParent


(16,600
)


(31,647
)


(31,647
)Other


(33,193
)


(34,142
)


(49,537
)Repayment of capital notes to Parent










(50,665
)Deferred debt issuance costs


(5,566
)


(1,293
)Cash dividends paid


(11,347
)


(8,912
)


(8,556
)Net cash provided by financing activities


187,036



269,286



84,559Effect of exchange rate changes on cash and cash equivalents


142



(78
)


Net change in cash and cash equivalents


11,914



(12,834
)


26,973Cash and cash equivalents at beginning of year


34,393



47,227



20,254Cash and cash equivalents at end of year

$
46,307


$
34,393


$
47,227Supplemental disclosure of cash flow information:Cash paid during the year for:Interest, net of interest capitalized

$
369


$
6,220


$
38,068Income taxes, net

$
5,098


$
5,033


$
6,990Supplemental non-cash investing and financing activities:Increase (decrease) in accounts payable related to purchases of
    property, plant and equipment

$
(23,890
)

$
13,368


$
18,665Decrease in asset retirement cost and asset retirement obligation

$
(260
)

$
(645
)

$
(4,923
)    125




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES
    TO CONSOLIDATED FINANCIAL STATEMENTS
  NOTE 1 
    BUSINESS
    AND SIGNIFICANT ACCOUNTING POLICIES  Business
      Cash
    dividends
    Shelf
    registration statements and issuance of stock
  Form S-3,
         126




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Form S-3,
  Rounding
    Restatement
  area-of-interest area-of-interest area-of-interest
   127




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Consolidated
    balance sheet data at December 31, 2008:
  ApplicationAs





As Restated Before


of NewOriginally


Restatement


Application of New


Accounting


AsReported


Adjustment


Accounting Standard


Standard


Restated(Dollars in thousands)AssetsConstruction-in-process

$
404,052


$
(9,828
)

$
394,224


$



$
394,224Deferred financing and lease costs, net


16,127







16,127



3,113



19,240Total assets

$
1,637,691


$
(9,828
)

$
1,627,863


$
3,113


$
1,630,976Liabilities and equityLiability associated with sale of tax benefits

$



$



$



$
113,327


$
113,327Deferred income taxes


33,231



(3,604
)


29,627







29,627Total liabilities


674,018



(3,604
)


670,414



113,327



783,741Minority interest


117,245







117,245



(117,245
)


Equity:The Companys stockholders equity:Common stock


45







45







45Additional paid-in capital


701,273







701,273







701,273Retained earnings


144,465



(6,224
)


138,241







138,241Accumulated other comprehensive income


645







645







645846,428



(6,224
)


840,204







840,204Noncontrolling interest














7,031



7,031Total equity


846,428



(6,224
)


840,204



7,031



847,235Total liabilities and equity

$
1,637,691


$
(9,828
)

$
1,627,863


$
3,113


$
1,630,976  128




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Consolidated
    statements of operations and comprehensive income data for the
    year ended December 31, 2008:
  As restatedBefore


ApplicationAs





Application of


of NewOriginally


Restatement


New Accounting


Accounting


AsReported


Adjustment


Standard


Standard


Restated(Dollars in thousands)Write-off of unsuccessful exploration activities

$



$
(9,828
)

$
(9,828
)

$



$
(9,828
)Operating income


60,607



(9,828
)


50,779







50,779Other income (expense):Interest income


3,118







3,118







3,118Interest expense, net


(7,677
)






(7,677
)


(7,268
)


(14,945
)Foreign currency translation and transaction losses


(7,721
)






(7,721
)






(7,721
)Income attributable to sale of tax benefits














18,118



18,118Other non-operating expense, net


(3,424
)






(3,424
)






(3,424
)Income before income taxes, minority interest, and equity in
    income of investees


44,903



(9,828
)


35,075



10,850



45,925Income tax provision


(7,962
)


3,604



(4,358
)






(4,358
)Minority interest


11,166







11,166



(11,166
)


Equity in income of investees, net


1,725







1,725







1,725Net income


49,832



(6,224
)


43,608



(316
)


43,292Net loss attributable to noncontrolling interest














316



316Net income attributable to the Companys stockholders

$
49,832


$
(6,224
)

$
43,608


$



$
43,608Comprehensive income:Net income

$
49,832


$
(6,224
)

$
43,608


$
(316
)

$
43,292Other comprehensive income (loss), net of related taxes:Currency translation adjustment


(885
)






(885
)






(885
)Amortization of unrealized gains in respect of derivative










instruments designated for cash flow hedge


(293
)






(293
)






(293
)Change in unrealized gains or losses on marketable










securities
    available-for-sale


435







435







435Comprehensive income


49,089



(6,224
)


42,865



(316
)


42,549Comprehensive loss attributable to noncontrolling interest














316



316Comprehensive income attributable to the Companys
    stockholders

$
49,089


$
(6,224
)

$
42,865


$



$
42,865    129




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Reclassification
    Basis
    of presentation
    less-than-majority-owned
  Cash
    and cash equivalents
    Auction
    rate securities
  available-for-sale
  Restricted
    cash, cash equivalents, and marketable securities
    Concentration
    of credit risk
       130




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
            Inventories
    Deposits
    and other
    Property,
    plant and equipment
    Leasehold improvements

15-20 yearsMachinery and equipment  manufacturing and drilling

10 yearsMachinery and equipment  computers

3-5 yearsOffice equipment  furniture and fixtures

5-15 yearsOffice equipment  other

5-10 yearsAutomobiles

5-7 years    131




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
      Exploration
    and development costs
    construction-in-process.
  and/or construction-in-process.
   132




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Asset
    retirement obligation
    Deferred
    financing and lease transaction costs
    23-year
  Intangible
    assets
  25-year
  Impairment
    of long-lived assets and long-lived assets to be disposed
    of
  construction-in-process,
     133




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
      Derivative
    instruments
    and/or
  Foreign
    currency translation
    Comprehensive
    income reporting
  available-for-sale mark-to-market
  Revenues
    and cost of revenues
    ,
 134




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
      Year Ended December 31,2009


2008


2007(Dollars in thousands)Energy and capacity

$
95,942


$
100,303


$
90,827Lease portion of energy and capacity


157,228



149,268



122,457Lease income


2,685



2,685



2,685$
255,855


$
252,256


$
215,969     Year Ended December 31,2009


2008


2007(Dollars in thousands)Energy and capacity

$
94,347


$
94,577


$
82,620Lease portion of energy and capacity


80,567



70,234



60,835Lease income


5,242



5,242



5,243$
180,156


$
170,053


$
148,698   and/or
  Warranty
    on products sold
    Research
    and development
    Stock-based
    compensation
   135




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Income
    taxes
    Earnings
    per share
        Year Ended December 31,2009


2008


2007(In thousands)Weighted average number of shares used in computation of basic
    earnings per share


45,391



44,182



38,762Add:Additional shares from the assumed exercise of
    stock-based
    awards


142



116



118Weighted average number of shares used in computation of diluted
    earnings per share


45,533



44,298



38,880   stock-based
  Use of
    estimates in preparation of financial statements
   136




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  New
    accounting pronouncements
  New
    accounting pronouncements effective in the year ended
    December 31, 2009
  Fair
    Value Measurements
    Noncontrolling
    Interests in Consolidated Financial Statements
    Business
    Combinations
    Disclosures
    about Derivative Instruments and Hedging Activities
    Recognition
    and Presentation of
    Other-Than-Temporary
    Impairments
  other-than-temporary
 137




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Subsequent
    Events
    The FASB
    Accounting Standards Codification
    New
    accounting pronouncements effective in future
    years
  Accounting
    for Transfers of Financial Assets
    Consolidation
    Guidance for Variable Interest Entities
    Accounting
    for revenue recognition
   138




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Updated
    Disclosure for Fair Value Measurements
    NOTE 2 
    INVENTORIES    December 31,2009


2008(Dollars in thousands)Raw materials and purchased parts for assembly

$
7,322


$
7,649Self-manufactured assembly parts and finished products


8,164



6,075Total

$
15,486


$
13,724   NOTE 3 
    COST AND
    ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS    December 31,2009


2008(Dollars in thousands)Costs and estimated earnings incurred on uncompleted contracts

$
121,292


$
69,452Less billings to date


110,003



78,140Total

$
11,289


$
(8,688
)     December 31,2009


2008(Dollars in thousands)Costs and estimated earnings in excess of billings on
    uncompleted contracts

$
14,640


$
6,982Billings in excess of costs and estimated earnings on
    uncompleted contracts


(3,351
)


(15,670
)Total

$
11,289


$
(8,688
)  139




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    NOTE 4 
    UNCONSOLIDATED
    INVESTMENTS    December 31,2009


2008(Dollars in thousands)Mammoth

$
33,659


$
30,131Sarulla


1,529



OLCL


339



428Total

$
35,527


$
30,559     The
    Mammoth Complex
      December 31,2009


2008(Dollars in thousands)Condensed balance sheets:Current assets

$
19,257


$
8,251Non-current assets


64,728



69,784Current liabilities


659



721Non-current liabilities


3,196



3,177Partners capital


80,130



74,137   140




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Year Ended December 31,2009


2008


2007(Dollars in thousands)Condensed statements of operations:Revenues

$
19,841


$
19,175


$
17,121Gross margin


6,181



5,180



4,281Net income


5,993



4,868



4,198Companys equity in income of Mammoth:50% of Mammoth net income

$
2,997


$
2,434


$
2,099Plus amortization of basis difference


593



593



5933,590



3,027



2,692Less income taxes


(1,363
)


(1,149
)


(1,023
)Total

$
2,227


$
1,878


$
1,669     The
    Sarulla Project
      The
    Leyte Complex
   141




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    December 31,2009


2008(Dollars in thousands)Condensed balance sheets:Current assets

$
594


$
427Non-current assets


33



324Current liabilities


273



261Stockholders equity


354



490   Year Ended December 31,2009


2008


2007(Dollars in thousands)Condensed statements of operations:Revenues

$



$



$
11,269Gross margin










5,433Net income (loss)


(112
)


(190
)


2,964Companys equity in income (loss) of OLCL:80% of OLCL net income (loss)

$
(91
)

$
(153
)

$
2,371Plus amortization of deferred revenue on intercompany profit










702Total

$
(91
)

$
(153
)

$
3,073   NOTE 5 
    FAIR
    VALUE OF FINANCIAL INSTRUMENTS      Level 1
  Level 2
  Level 3
 142




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Cost or AmortizedCost at December 31,


Fair Value at December 31, 20092009


Total


Level 1


Level 2


Level 3(Dollars in thousands)AssetsCurrent assets:Cash equivalents (includingrestricted cash accounts)

$
20,227


$
20,227


$
20,227


$



$
Derivatives(1)






91







91



Non-current assets:Illiquid auction rate securitiesincluding restricted cashaccounts) ($4.5 million parvalue), see
    below(2)


4,099



3,164











3,164Liabilities:Current liabilities:Derivatives(1)






(32
)






(32
)


$
24,326


$
23,450


$
20,227


$
59


$
3,164   Cost or AmortizedCost at December 31,


Fair Value at December 31, 20082008


Total


Level 1


Level 2


Level 3(Dollars in thousands)Assets:Current assets:Cash equivalents (includingrestricted cash accounts)

$
18,891


$
18,891


$
18,891


$



$
Derivatives(1)






625







625



Non-current assets:Illiquid auction rate securitiesincluding restricted cashaccounts) ($11.2 million parvalue), see
    below(2)


11,160



4,945











4,945Liabilities:Current liabilities:Derivatives(1)






(721
)






(721
)


$
30,051


$
23,740


$
18,891


$
(96
)

$
4,945     (1)

    
    Derivatives represent foreign currency forward contracts which
    are valued primarily based on observable inputs including
    forward and spot prices for currencies. 143




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
   (2)

    
    Included in the consolidated balance sheets as follows:  December 31,2009


2008(Dollars in thousands)Long-term marketable securities

$
652


$
1,994Long-term restricted cash, cash equivalentsand marketable securities


2,512



2,951$
3,164


$
4,945         Year Ended December 31,2009


2008(Dollars in thousands)Balance at beginning of year

$
4,945


$
8,367Sale of auction rate securities


(2,005
)


Total unrealized gains (losses):Included in net income


(279
)


(4,195
)Unrealized losses included in other comprehensiveincome in 2007 and expensed in 2008






773Realization of unrealized losses due to sale of auction rate
    securities


(430
)


Included in other comprehensive income


933



Balance at end of year

$
3,164


$
4,945   other-than-temporary other-than-temporary
 144




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  other-than-temporary other-than-temporary other-than-temporary other-than-temporary
        other-than-temporary
     145




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Fair Value


Carrying AmountDecember 31,


December 31,2009


2008


2009


2008(Dollars in millions)


(Dollars in millions)Orzunil Senior Loans

$
5.3


$
9.2


$
5.2


$
9.0Olkaria III Loan


96.6







99.5



Amatitlan Loan


41.1







41.1



Senior Secured Notes:Ormat Funding Corp.(OFC)


132.0



114.9



146.3



155.3OrCal Geothermal Inc.(OrCal)


103.7



103.6



105.8



116.8Loan from institutional investors


20.0







20.0



Parent Loan


9.7



26.1



9.6



26.2     NOTE 6 
    PROPERTY,
    PLANT AND EQUIPMENT AND
    CONSTRUCTION-IN-PROCESS  Construction-in-process
  Construction-in-process
  December 31,2009


2008 (As Restated)(Dollars in thousands)Projects under exploration and development:Up-front bonus lease costs

$
15,867


$
17,286Exploration and development costs


17,698



17,057Interest capitalized


52



61533,617



34,958Projects under construction:Up-front bonus lease costs


3,179



Drilling and construction costs


442,218



344,439Interest capitalized


39,581



14,827484,978



359,266Construction-in-process

$
518,595


$
394,224  146




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  construction-in-process
  Projects Under Exploration and DevelopmentUp-Front Bonus


Exploration and


InterestLease Costs


Development Costs


Capitalized


Total(Dollars in thousands)Balance at December 31, 2006

$



$
844


$



$
844Cost incurred during the year


8,207



15,184



205



23,596Balance at December 31, 2007


8,207



16,028



205



24,440Cost incurred during the year


9,079



33,568



2,280



44,927Write off of unsuccessful exploration costs






(9,278
)


(550
)


(9,828
)Transfer of projects under exploration and development to
    projects under construction






(23,261
)


(1,320
)


(24,581
)Balance at December 31, 2008 (as restated)


17,286



17,057



615



34,958Cost incurred during the year


1,760



24,961



2,003



28,724Write off of unsuccessful exploration costs






(1,505
)


(862
)


(2,367
)Transfer of projects under exploration and development to
    projects under construction


(3,179
)


(22,815
)


(1,704
)


(27,698
)Balance at December 31, 2009

$
15,867


$
17,698


$
52


$
33,617     Projects Under ConstructionUp-Front Bonus


Drilling and


InterestLease Costs


Construction Costs


Capitalized


Total(Dollars in thousands)Balance at December 31, 2006

$



$
162,676


$
5,555


$
168,231Cost incurred during the year






202,933



6,631



209,564Transfer of completed projects to property, plant and equipment






(152,905
)


(7,109
)


(160,014
)Balance at December 31, 2007






212,704



5,077



217,781Cost incurred during the year






346,298



19,032



365,330Transfer of completed projects to property, plant and equipment






(237,824
)


(10,602
)


(248,426
)Transfer from projects under exploration and development






23,261



1,320



24,581Balance at December 31, 2008 (as restated)






344,439



14,827



359,266Cost incurred during the year






191,470



25,393



216,863Transfer of completed projects to property, plant and equipment






(116,506
)


(2,343
)


(118,849
)Transfer from projects under exploration and development


3,179



22,815



1,704



27,698Balance at December 31, 2009

$
3,179


$
442,218


$
39,581


$
484,978  147




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Property,
    plant and equipment
    December 31,2009


2008(Dollars in thousands)Land where geothermal resource is located

$
25,507


$
17,914Leasehold improvements


1,086



2,605Machinery and equipment


65,600



53,709Office equipment


12,200



11,345Automobiles


4,679



3,062Geothermal and recovered energy generation power plants,
    includinggeothermal wells and exploration and resource development costs:United States of America


910,793



812,020Foreign countries


254,849



254,849Asset retirement cost


8,474



8,8151,283,188



1,164,319Less accumulated depreciation


(284,495
)


(223,684
)Property, plant and equipment, net

$
998,693


$
940,635   construction-in-process.
    U.S.
    Operations
  construction-in-process,
  Foreign
    Operations
  construction-in-process,
  20-year
     148




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
        NOTE 7 
    INTANGIBLE
    ASSETS      (Dollars in thousands)Year ending December 31:2010

$
3,1952011


3,1952012


3,1952013


3,1952014


3,195Thereafter


26,006Total

$
41,981   NOTE 8 
    ACCOUNTS
    PAYABLE AND ACCRUED EXPENSES    December 31,2009


2008(Dollars in thousands)Trade payables

$
46,410


$
82,624Salaries and other payroll costs


10,441



9,529Customer advances


6,511



3,024Accrued interest


2,061



527Income tax payable


2,589



1,803Property tax


1,629



840Other


4,352



4,989Total

$
73,993


$
103,336  149




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
   NOTE 9 
    LONG-TERM
    DEBT AND CREDIT AGREEMENTS    December 31,2009


2008(Dollars in thousands)Limited and non-recourse agreements:Non-recourse agreement:Senior loans (the Zunil power plant)

$
5,225


$
9,013Loan agreement (the Olkaria III power plant)


99,474



Loan agreement (the Amatitlan power plant)


41,056



Limited recourse agreement:Credit facility agreement


2,588



5,477148,343



14,490Less current portion


(19,191
)


(6,676
)Non-current portion

$
129,152


$
7,814Full recourse agreements:Loans from institutional investors:

$
40,000


$
Loan from a commercial bank


50,000



90,000



Less current portion


(12,823
)


Non-current portion

$
77,177


$
Revolving credit lines with banks

$
134,000


$
100,000Senior Secured Notes (non-recourse):Ormat Funding Corp. (OFC)

$
146,323


$
155,326OrCal Geothermal Inc. (OrCal)


105,776



116,819Total


252,099



272,145Less current portion


(20,227
)


(20,085
)Non-current portion

$
231,872


$
252,060   Senior
    Loans (the Zunil Power Plant)
  International
    Finance Corporation (IFC) Loan
    Commonwealth
    Development Corporation (CDC) Loan
   150




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Loan
    Agreement (the Olkaria III Complex)
  6-month
    Debt
    service reserve
    Loan
    Agreement (the Amatitlan Power Plant)
      Debt
    service reserve
   151




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Credit
    Facility Agreement (the Momotombo Power Plant)
  3-month 3-month
    Loan
    agreements with institutional investors
  6-year
  8-year 6-month
    Loan
    agreements with a commercial bank
  5-year 6-month
   152




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Future
    minimum payments
    (Dollars in thousands)Year ending December 31:2010

$
32,0142011


28,0322012


30,0902013


30,5672014


31,087Thereafter


86,553Total

$
238,343   Revolving
    credit lines with commercial banks
  and/or
      Restrictive
    covenants
   153




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  OFC
    Senior Secured Notes
  1 4
        Debt
    service reserve
      (Dollars in thousands)Year ending December 31:2010

$
10,0112011


11,2902012


10,8862013


11,8172014


13,703Thereafter


88,616Total

$
146,323   OrCal
    Senior Secured Notes
   154




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
      Debt
    service reserve
      (Dollars in thousands)Year ending December 31:2010

$
10,2162011


9,7002012


9,3122013


10,3912014


11,107Thereafter


55,050Total

$
105,776   Credit
    agreement with Union Bank
  and/or
 155




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    NOTE 10 
    PUNA
    POWER PLANT LEASE TRANSACTIONS    31-year 23-year
  31-year 23-year
    (Dollars in thousands)Year ending December 31:2010

$
7,5672011


8,0612012


8,1992013


8,0622014


8,647Thereafter


47,218Total

$
87,754   Depository
    accounts
   156




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Distribution
    account
    NOTE 11 
    OPC
    TRANSACTION           157




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
        Consolidated
    balance sheet data as of December 31, 2008:
  Balance as of





Revised and RestatedDecember 31, 2008,


Application of New


Balance As ofAs Restated


Accounting Standard


December 31, 2008(Dollars in thousands)Deferred financing and lease costs, net

$
16,127


$
3,113
(1)

$
19,240Total assets

$
1,627,863


$
3,113


$
1,630,976Liability associated with sale of equity interests

$



$
113,327
(2)

$
113,327Total liabilities


670,414



113,327



783,741Minority interest


117,245



(117,245
)


Equity:The Companys stockholders equity:Common stock


45







45Additional paid-in capital


701,273







701,273Retained earnings


138,241







138,241Accumulated other comprehensive income


645







645840,204







840,204Noncontrolling interest






7,031
(3)


7,031Total equity


840,204



7,031



847,235Total liabilities and equity

$
1,627,863


$
3,113


$
1,630,976     (1)

    
    Represents transaction costs that had previously been reflected
    as a component of minority interest on the consolidated balance
    sheets. Such costs are amortized using the effective interest
    method until the Flip Date.(2)

    
    Represents unamortized liability associated with sale of equity
    interests in OPC.(3)

    
    Represents noncontrolling interest in OPC. 158




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
   Consolidated
    statements of operations and comprehensive income data for the
    year ended December 31, 2008:
  Revised YearYear Ended





EndedDecember 31,


Application of New


December 31,2008 (As Restated)


Accounting Standard


2008(Dollars in thousands)Other income (expense):Interest income

$
3,118


$



$
3,118Interest expense, net


(7,677
)


(7,268
)(1)


(14,945
)Foreign currency translation and transaction losses


(7,721
)






(7,721
)Income attributable to sale of tax benefits






18,118
(2)


18,118Other non-operating expense, net


(3,424
)






(3,424
)Income before income taxes and equity in income of investees


35,075



10,850



45,925Income tax provision


(4,358
)






(4,358
)Minority interest


11,166



(11,166
)


Equity in income of investees, net


1,725







1,725Net income


43,608



(316
)


43,292Net loss attributable to noncontrolling interest






316
(3)


316Net income attributable to the Companys stockholders

$
43,608


$



$
43,608Comprehensive income:Net income

$
43,608


$
(316
)

$
43,292Other comprehensive income (loss), net of related taxes:Currency translation adjustment


(885
)






(885
)Amortization of unrealized gains in respect of derivative
    instruments designated for cash flow hedge


(293
)






(293
)Change in unrealized gains or losses on marketable securities
    available-for-sale


435







435Comprehensive income


42,865



(316
)


42,549Comprehensive loss attributable to noncontrolling interest






316
(3)


316Comprehensive income attributable to the Companys
    stockholders

$
42,865


$



$
42,865     (1)

    
    Represents interest expense using the Class B members
    targeted yield on the balance of the amount paid by them and
    amortization of transaction costs using the effective interest
    method.(2)

    
    Represents the value of production tax credits and taxable
    income or loss generated by OPC allocated to the Class B
    members in accordance with the OPC agreements.(3)

    
    Represents allocation of net loss on the 5% residual to the
    Class B members. 159




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
   Consolidated
    statements of operations and comprehensive income data for the
    year ended December 31, 2007:
  Revised YearYear Ended





EndedDecember 31,


Application of New


December 31,2007


Accounting Standard


2007(Dollars in thousands)Other income (expense):Interest income

$
6,565


$



$
6,565Interest expense, net


(26,983
)


(2,762
)(1)


(29,745
)Foreign currency translation and transaction losses


(1,339
)






(1,339
)Income attributable to sale of tax benefits






6,488
(2)


6,488Other non-operating expense, net


(1,130
)






(1,130
)Income before income taxes and equity in income of investees


20,574



3,726



24,300Income tax provision


(1,822
)






(1,822
)Minority interest


3,882



(3,882
)


Equity in income of investees, net


4,742







4,742Net income


27,376



(156
)


27,220Net loss attributable to noncontrolling interest






156
(3)


156Net income attributable to the Companys stockholders

$
27,376


$



$
27,376Comprehensive income:Net income

$
27,376


$
(156
)

$
27,220Other comprehensive income (loss), net of related taxes:Amortization of unrealized gains in respect of derivative
    instruments designated for cash flow hedge


(326
)






(326
)Change in unrealized gains or losses on marketable securities
    available-for-sale


(590
)






(590
)Comprehensive income


26,460



(156
)


26,304Comprehensive loss attributable to noncontrolling interest






156
(3)


156Comprehensive income attributable to the Companys
    stockholders

$
26,460


$



$
26,460     (1)

    
    Represents interest expense using the Class B members
    targeted yield on the balance of the amount paid by them and
    amortization of transaction costs using the effective interest
    method.(2)

    
    Represents the value of production tax credits and taxable
    income or loss generated by OPC allocated to the Class B
    members in accordance with the OPC agreements.(3)

    
    Represents allocation of net loss on the 5% residual to the
    Class B members. 160




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
   NOTE 12 
    ASSET
    RETIREMENT OBLIGATION    December 31,2009


2008(Dollars in thousands)Balance at beginning of year

$
13,438


$
13,014Changes in price estimates


(686
)


Changes in estimated useful lives






(2,419
)Liabilities incurred


426



1,774Accretion expense


1,060



1,069Balance at end of year

$
14,238


$
13,438     NOTE 13 
    STOCK-BASED
    COMPENSATION        Year Ended December 31,2009


2008


2007(Dollars in thousands,except per share data)Cost of revenues

$
3,296


$
2,471


$
1,769Selling and marketing expenses


708



221



657General and administrative expenses


1,751



1,752



1,337Total stock-based compensation expense


5,755



4,444



3,763Tax effect on stock-basedcompensation expense


701



483



502Net effect of stock-based compensation expense

$
5,054


$
3,961


$
3,261Effect of stock-based compensation expense on earnings per share

$
0.11


$
0.09


$
0.08  161




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  Valuation
    assumptions
      Year Ended December 31,2009


2008


2007For stock-based awards issued by the Company:Risk-free interest rates


1.6
%


2.7
%


4.5
%Expected lives (in years)


5.1



5.0



5.0Dividend yield


0.38
%


0.37
%


0.52
%Expected volatility


48.6
%


38.5
%


35.7
%Forfeiture rate


13.0
%


13.0
%


5.0
%   Stock-based
    awards
  The 2004
    Incentive Compensation Plan
   162




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Year Ended December 31,2009

2008

2007Weighted



Weighted



WeightedAverage



Average



AverageExercise



Exercise



ExerciseShares

Price

Shares

Price

Shares

PriceOutstanding at beginning of year


1,233


$
39.14



817


$
35.38



539


$
27.03Granted, at fair value:Stock options


30



38.50



481



44.53



435



42.78SARs*


573



26.84Exercised


(79
)


15.96



(29
)


11.36



(47
)


15.81Forfeited


(12
)


44.20



(36
)


40.01



(110
)


32.09Outstanding at end of year


1,745



36.08



1,233



39.14



817



35.38Exercisable at end of year


331



35.23



230



27.61



82



22.42Weighted-average fair value of options granted during the year





$
11.63






$
16.48






$
15.88     *
    
    Upon exercise, SARs entitle the recipient to receive shares of
    common stock equal to the increase in value of the award between
    the grant date and the exercise date.      Stock-Based Awards Outstanding

Stock-Based Awards ExercisableWeighted





WeightedAverage





AverageRemaining





RemainingNumber of

Contractual



Number of

ContractualExercise

Shares

Life in

Aggregate

Shares

Life in

AggregatePrice

Outstanding

Years

Intrinsic Value

Exercisable

Years

Intrinsic Value(In thousands)





(In thousands)$
15.00



34



4.8


$
787



34



4.8


$
78720.10



8



4.8



133



8



4.8



13325.74



30



5.8



363



30



5.8



36326.84



572



6.2



6,294











34.13



232



6.3



860



111



6.3



41337.90



23



3.8







23



3.8



38.50



30



6.8















38.85



8



4.2







8



4.2



42.08



350



4.3







87



4.3



45.78



428



5.3















52.98



30



4.8







30



4.8



1,745



5.5


$
8,437



331



5.2


$
1,696  163




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Stock-Based Awards Outstanding

Stock-Based Awards ExercisableWeighted





WeightedAverage





AverageRemaining





RemainingNumber of

Contractual



Number of

ContractualExercise

Shares

Life in

Aggregate

Shares

Life in

AggregatePrice

Outstanding

Years

Intrinsic Value

Exercisable

Years

Intrinsic Value(In thousands)





(In thousands)$
15.00



105



5.8


$
1,771



105



5.8


$
1,77120.10



13



5.8



153



13



5.8



15325.74



30



6.8



184











34.13



234



7.3







51



7.3



37.90



23



4.8







23



4.8



38.85



8



5.2







8



5.2



42.08



350



5.3















45.78



440



6.3















52.98



30



5.8







30



5.8



1,233



6.1


$
2,108



230



6.0


$
1,924   in-the-money
    The
    Parents Stock Option Plans
     164




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Year Ended December 31,2009

2008

2007Weighted



Weighted



WeightedAverage



Average



AverageExercise



Exercise



ExerciseShares

Price

Shares

Price

Shares

PriceOutstanding at beginning of year


284


$
3.78



403


$
3.68






$
Exercised


(284
)


3.78



(97
)


3.78



(657
)


2.05Expired










(1
)


1.75







Forfeited










(21
)


1.97



(38
)


3.68Outstanding at end of year










284



3.78



403



3.68Options exercisable at end of year










284


$
3.78



128


$
3.47     Options Outstanding

Options ExercisableWeighted





WeightedAverage





AverageNumber of

Remaining



Number of

RemainingExercise

Shares

Contractual

Aggregate

Shares

Contractual

AggregatePrice

Outstanding

Life in Years

Intrinsic Value

Exercisable

Life in Years

Intrinsic Value(In thousands)





(In thousands)$3.78


284



0.3


$
673



284



0.3


$
673   in-the-money
    NOTE 14 
    POWER
    PURCHASE AGREEMENTS   165




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
        (Dollars in thousands)Year ending December 31:2010

$
185,5592011


184,2992012


181,5042013


184,0812014


186,149Thereafter


2,111,587Total

$
3,033,179   NOTE 15 
    INTEREST
    EXPENSE, NET    Year Ended December 31,2009


2008


2007(Dollars in thousands)Parent

$
1,121


$
3,598


$
5,941Interest related to sale of tax benefits


7,568



7,268



2,762Other


34,947



25,391



27,877Less  amount capitalized


(27,395
)


(21,312
)


(6,835
)$
16,241


$
14,945


$
29,745   NOTE 16 
    INCOME
    TAXES    Year Ended December 31,2009

2008 (As Restated)

2007(Dollars in thousands)U.S

$
38,371


$
35,822


$
19,197Non-U.S.
    (foreign)


44,970



10,103



5,103$
83,341


$
45,925


$
24,300  166




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Year Ended December 31,2009

2008 (As Restated)

2007(Dollars in thousands)Current:State

$
885


$
(662
)

$
Foreign


12,082



1,779



6,752$
12,967


$
1,117


$
6,752Deferred:Federal


2,114



3,063



(786
)State


1,359



1,295



168Foreign


484



(1,117
)


(4,312
)3,957



3,241



(4,930
)$
16,924


$
4,358


$
1,822     Year Ended December 31,2009

2008 (As Restated)

2007(Dollars in thousands)Deferred tax expense (exclusive of the effect of other
    components listed below)

$
(4,588
)

$
5,062


$
18,369Benefit of operating loss carry forwards  U.S.


(23,036
)


4,278



(14,054
)Change in foreign income tax


9,134



402



(4,312
)Change in lease transaction


3,919



(943
)


(1,518
)Change in tax monetization transaction


7,858



4,947



4,597Change in intangible drilling costs


21,659







Benefit of production tax credits


(10,989
)


(10,505
)


(8,012
)$
3,957


$
3,241


$
(4,930
)     Year Ended December 31,2009

2008 (As Restated)

2007U.S. federal statutory tax rate


35.0
%


35.0
%


35.0
%State income tax, net of federal benefit


2.6



1.4



0.7Effect of foreign income tax, net


(3.8
)


(6.3
)


(1.5
)Production tax credits


(13.2
)


(22.9
)


(32.9
)Withholding tax










4.2Other, net


(0.3
)


2.3



2.0Effective tax rate


20.3
%


9.5
%


7.5
%  167




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    December 31,2009


2008 (As Restated)(Dollars in thousands)Deferred tax assets (liabilities):Net foreign deferred taxes, primarily depreciation

$
(21,225
)

$
(12,091
)Depreciation


(74,961
)


(71,913
)Intangible drilling costs


(21,659
)


Net operating loss carry forward  U.S.


49,996



26,960Intercompany profit elimination


31,724



22,940Tax monetization transaction


(17,402
)


(9,544
)Lease transaction


6,378



10,297Investment tax credits


1,971



1,971Production tax credits


34,212



23,223Stock options amortization


1,375



1,304Unconsolidated investment


(5,949
)


(4,586
)Accrued liabilities and other


(2,841
)


(1,220
)Total

$
(18,381
)

$
(12,659
)     December 31,2009


2008 (As Restated)(Dollars in thousands)Current assets

$
3,617


$
3,003Non-current assets


22,532



13,965Non-current liabilities


(44,530
)


(29,627
)$
(18,381
)

$
(12,659
)       20-year 20-year
 168




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Uncertain
    tax positions
      Year Ended December 31,2009


2008


2007(Dollars in thousands)Balance at beginning of year

$
3,425


$
5,330


$
3,754Additions based on tax positions takenin prior years


964



929



156Additions based on tax positions takenin the current year


1,282



814



1,420Decrease for settlements with taxing authorities


(740
)


(3,648
)


Balance at end of year

$
4,931


$
3,425


$
5,330   2000-2009 2002-2009.
    Israel

2007  2009Nicaragua

2006  2009Kenya

2006  2009Guatemala

2005  2009Philippines

2006  2009New Zealand

2007  2009    169




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Tax
    benefits in the U.S.
  1-year 20-year
    Income
    taxes related to foreign operations
  Guatemala
  Israel
 170




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
      NOTE 17 
    BUSINESS
    SEGMENTS      Electricity


Product


Consolidated(Dollars in thousands)Year Ended December 31, 2009Net revenues from external customers

$
255,855


$
159,389


$
415,244Intersegment revenues






33,751



33,751Depreciation and amortization expense


62,283



2,093



64,376Operating income


47,312



21,461



68,773Segment assets at year end*


1,757,327



97,674



1,855,001Expenditures for long-lived assets


265,252



5,371



270,623Year Ended December 31, 2008 (As Restated)Net revenues from external customers

$
252,256


$
92,577


$
344,833Intersegment revenues






81,557



81,557Depreciation and amortization expense


58,560



1,568



60,128Operating income


45,081



5,698



50,779Segment assets at year end*


1,555,315



75,661



1,630,976Expenditures for long-lived assets


412,734



3,872



416,606Year Ended December 31, 2007Net revenues from external customers

$
215,969


$
79,950


$
295,919Intersegment revenues






109,895



109,895Depreciation and amortization expense


49,398



1,084



50,482Operating income


43,689



(228
)


43,461Segment assets at year end*


1,230,220



47,148



1,277,368Expenditures for long-lived assets


214,221



2,137



216,358     *
    
    Segment assets of the Electricity Segment include unconsolidated
    investments. 171




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
     Year Ended December 31,2009


2008 (As Restated)


2007(Dollars in thousands)Revenues:Total segment revenues

$
415,244


$
344,833


$
295,919Intersegment revenues


33,751



81,557



109,895Elimination of intersegment revenues


(33,751
)


(81,557
)


(109,895
)Total consolidated revenues

$
415,244


$
344,833


$
295,919Operating income:Operating income

$
68,773


$
50,779


$
43,461Interest income


639



3,118



6,565Interest expense, net


(16,241
)


(14,945
)


(29,745
)Foreign currency translation and transaction gains (losses)


1,107



(7,721
)


(1,339
)Income attributable to sale of tax benefits


15,515



18,118



6,488Gain from extinguishment of liability


13,348







Other non-operating income (expense), net


200



(3,424
)


(1,130
)Total consolidated income before income taxes and equity in
    income of investees

$
83,341


$
45,925


$
24,300     Year Ended December 31,2009


2008


2007(Dollars in thousands)Revenues from external customers attributable
    to:(1)North America

$
248,357


$
252,557


$
236,273Pacific Rim


32,158



21,258



11,420Latin America


79,683



33,874



26,193Africa


34,857



10,704



9,896Far East


3,850



6,030



1,400Europe


16,339



20,410



10,737Consolidated total

$
415,244


$
344,833


$
295,919     (1)

    
    Revenues as reported in the geographic area in which they
    originate.  172




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  December 31,2009


2008 (As Restated)


2007(Dollars in thousands)Long-lived assets (primarily power plants and relatedassets) located in:North America

$
1,341,863


$
1,181,714


$
811,828Latin America


80,687



94,464



99,178Africa


131,997



113,157



113,410Europe


12,846



9,572



7,273Pacific Rim and Far East


12,816



9,873



7,744Consolidated total

$
1,580,209


$
1,408,780


$
1,039,433     Year Ended December 31,2009

2008

2007Revenues

%

Revenues

%

Revenues

%(Dollars in



(Dollars in



(Dollars inthousands)



thousands)



thousands)SCE(1)

$
87,017



21.0


$
95,254



27.6


$
94,430



31.9Hawaii Electric Light
    Company(1)


25,979



6.3



57,679



16.7



43,087



14.6Sierra Pacific Power Company andNevada Power
    Company(1)(2)


53,658



12.9



43,406



12.6



32,159



10.9NGP Blue Mountain I
    LLC(3)


46,893



11.3



32,646



9.5







Central American Bank for EconomicIntegration (Las Pailas
    Project)(3)


44,073



10.6















     (1)

    
    Revenues reported in Electricity Segment.(2)

    
    Subsidiaries of NV Energy, Inc.(3)

    
    Revenues reported in Product Segment.  NOTE 18 
    TRANSACTIONS
    WITH RELATED ENTITIES    Year Ended December 31,2009


2008


2007(Dollars in thousands)Property rental fee expense paid to the Parent

$
1,380


$
656


$
654Interest expense on note payable to Parent

$
1,125


$
3,597


$
5,941Corporate financial, administrative, executive services, and
    research and development services provided to the Parent

$
170


$
152


$
131Services rendered by an indirect shareholder of the Parent

$
91


$
110


$
142    173




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Notes
    payable to Parent
      Corporate
    and administrative services agreement with the
    Parent
    Lease
    agreements with the Parent
      Registration
    rights agreement
  Form S-1 Form S-3.
  NOTE 19 
    EMPLOYEE
    BENEFIT PLAN  401(k)
    Plan
   174




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Severance
    plan
        (Dollars in thousands)Year ending December 31:2010

$
3,1612011


1,0402012


5872013


7172014


6432015-2019


7,873$
14,021     NOTE 20 
    COMMITMENTS
    AND CONTINGENCIES  Geothermal
    resources
   175




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
    Letters
    of credit
    Purchase
    commitments
  construction-in-process
  construction-in-process).
  Grants
    and royalties
    Contingencies
   176




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
   NOTE 21 
    QUARTERLY
    FINANCIAL INFORMATION (UNAUDITED)  Three Months EndedMarch 31,


June 30,


Sept. 30,


Dec. 31,


March 31,


June 30,


Sept. 30,


Dec. 31,2008


2008


2008


2008 (As
    Restated)(1)(2)


2009


2009


2009 (As
    Revised)(3)


2009(4)(Dollars in thousands, except per share amounts)Revenues:Electricity Segment

$
59,519


$
61,774


$
68,837


$
62,126


$
62,638


$
60,562


$
68,715


$
63,940Products Segment


9,868



18,447



30,889



33,373



37,251



39,673



51,113



31,35269,387



80,221



99,726



95,499



99,889



100,235



119,828



95,292Cost of revenues:Electricity Segment


38,676



41,506



44,742



45,129



43,884



44,958



44,394



46,920Products Segment


8,050



15,704



23,730



25,271



24,243



27,242



35,780



25,18546,726



57,210



68,472



70,400



68,127



72,200



80,174



72,105Gross margin


22,661



23,011



31,254



25,099



31,762



28,035



39,654



23,187Operating expenses:Research and development expenses


696



785



1,894



1,220



801



2,487



3,863



3,351Selling and marketing expenses


3,519



2,020



2,647



2,699



4,301



3,215



3,393



3,675General and administrative expenses


6,027



5,925



7,587



6,399



7,535



5,582



6,437



6,858Write-off of unsuccessful exploration activities














9,828











2,367



Operating income


12,419



14,281



19,126



4,953



19,125



16,751



23,594



9,303Other income (expense):Interest income


1,046



1,052



637



383



151



276



158



54Interest expense, net


(4,786
)


(4,851
)


(3,017
)


(2,291
)


(3,290
)


(4,415
)


(4,358
)


(4,178
)Foreign currency translation and transaction gain (loss)


(183
)


(1,359
)


(1,028
)


(5,151
)


(2,560
)


2,569



1,320



(222
)Impairment of auction rate securities


(328
)






(2,045
)


(1,822
)


(279
)










Income attributable to sale of tax benefits


3,316



4,848



4,995



4,959



4,168



4,366



3,869



3,112Gain from extinguishment of liability






























13,348Other non-operating income (expense), net


40



309



(21
)


443



130



550



245



(446
)Income before income taxes, and equity in income of investees


11,524



14,280



18,647



1,474



17,445



20,097



24,828



20,971Income tax benefit (provision)


(2,071
)


(2,613
)


(3,187
)


3,513



(3,489
)


(4,478
)


(3,472
)


(5,485
)Equity in income of investees


539



408



372



406



550



355



591



640Net income


9,992



12,075



15,832



5,393



14,506



15,974



21,947



16,126Net loss attributable to noncontrolling interest


72



86



79



79


$
79


$
77


$
80


$
62Net income attributable to the Companys stockholders

$
10,064


$
12,161


$
15,911


$
5,472


$
14,585


$
16,051


$
22,027


$
16,188Earnings per share   basic and dilutedBasic

$
0.24


$
0.28


$
0.35


$
0.12


$
0.32


$
0.35


$
0.49


$
0.36Diluted

$
0.24


$
0.28


$
0.35


$
0.12


$
0.32


$
0.35


$
0.48


$
0.35Weighted average number of shares used in computation of
    earnings per share:Basic


42,163



43,828



45,337



45,347



45,353



45,369



45,413



45,426Diluted


42,271



43,978



45,483



45,423



45,405



45,451



45,564



45,623     (1)

    
    Included in income tax benefit (provision) for the three month
    period ended December 31, 2008 is an
    out-of-period
    adjustment of $835,000 that increased income tax provision. Such
    adjustment related to uncertain tax positions taken in 2004 to
    2007. 177




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
   (2)

    
    The effect of the restatement described in Note 1 on the
    financial statements for the three months ended
    December 31, 2008 is as follows:  As Restated BeforeApplication of New


Application of NewAs Originally


Restatement


Accounting


AccountingReported


Adjustment


Standard


Standard


As Restated(Dollars in thousands)Write-off of unsuccessful exploration activities

$



$
(9,828
)

$
(9,828
)

$



$
(9,828
)Operating income


14,781



(9,828
)


4,953







4,953Other income (expense): Interest income


383







383







383Interest expense, net


(348
)






(348
)


(1,943
)


(2,291
)Foreign currency translation and transaction losses


(5,151
)






(5,151
)






(5,151
)Income attributable to sale of tax benefits














4,959



4,959Other non-operating expense, net


(1,379
)






(1,379
)






(1,379
)Income before income taxes, minority interest and equity in
    income of investees


8,286



(9,828
)


(1,542
)


3,016



1,474Income tax benefit (provision)


(91
)


3,604



3,513







3,513Minority interest


3,095







3,095



(3,095
)


Equity in income of investees, net


406







406







406Net income


11,696



(6,224
)


5,472



(79
)


5,393Net loss attributable to noncontrolling interest














79



79Net income attributable to the Companys stockholders

$
11,696


$
(6,224
)

$
5,472


$



$
5,472   (3)

    
    The Company revised its financial statements for the three-month
    period ended September 30, 2009 to give effect to a
    write-off of costs associated with a project which the Company
    determined in the third quarter of 178




---



##### Table of Contents



ORMAT
    TECHNOLOGIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS 
    (Continued)
  2009 would not support commercial operations. The effect of the
    revision on the results of operations in that period is as
    follows:  As OriginallyReported


Adjustment


As Revised(Dollars in thousands)Write-off of unsuccessful exploration activities

$



$
(2,367
)

$
(2,367
)Operating income


25,961



(2,367
)


23,594Other income (expense):
    Interest income


158







158Interest expense, net


(4,358
)






(4,358
)Foreign currency translation and transaction gains


1,320







1,320Income attributable to sale of tax benefits


3,869







3,869Other non-operating income, net


245







245Income before income taxes and equity in income of investees


27,195



(2,367
)


24,828Income tax provision


(4,340
)


868



(3,472
)Equity in income of investees, net


591







591Net income


23,446



(1,499
)


21,947Net loss attributable to noncontrolling interest


80







80Net income attributable to the Companys stockholders

$
23,526


$
(1,499
)

$
22,027   (4)

    
    Included in income tax benefit (provision) for the three months
    ended December 31, 2009 is an out-of-period adjustment of
    $884,000 that increased income tax provision. Such adjustment
    related to tax positions taken in 2002 to 2008.  NOTE 22 
    SUBSEQUENT
    EVENTS  Transfer
    of shares in GDL
    Cash
    dividend
   179




---



##### Table of Contents



ITEM 9.
    CHANGES
    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
    FINANCIAL DISCLOSURE    ITEM 9A.
    CONTROLS
    AND PROCEDURES  Disclosure
    Controls and Procedures
  Rules 13a-15(e) 15d-15(e) Form 10-K. Form 10-K
  Managements
    Report on Internal Control over Financial Reporting
  Rule 13a-15(f)
    Internal Control  Integrated
    Framework
    Changes
    in Internal Control over Financial Reporting
  Rule 13a-15(f)
  Managements
    Consideration of the Restatement
  Form 10-K,
 180




---



##### Table of Contents



ITEM 9B.
    OTHER
    INFORMATION   PART III  ITEM 10.
    DIRECTORS
    AND EXECUTIVE OFFICERS OF THE REGISTRANT    Directors
    and Executive Officers Information
    Name

Age

PositionLucien Bronicki


76


Chairman of the Board of Directors; Chief Technology Officer(3)Yehudit Dita Bronicki


68


Chief Executive Officer; Director(2)Yoram Bronicki


43


President; Chief Operating Officer; Director(1)Joseph Tenne


54


Chief Financial Officer*Nadav Amir


59


Executive Vice President  Operations*Zvi Reiss


59


Executive Vice President  Project Management*Joseph Shiloah


64


Executive Vice President  Marketing and Sales, Rest
    of the World*Zvi Krieger


54


Executive Vice President  Geothermal Resource*Shimon Hatzir


48


Senior Vice President  Engineering*Etty Rosner


54


Senior Vice President  Contract Management; Corporate
    Secretary*Independent Directors:Dan Falk


65


Independent
    Director(3)Roger W. Gale


63


Independent
    Director(1)Robert F. Clarke


67


Independent
    Director(2)David Wagener


55


Independent
    Director(2)     *
    
    Performs the functions described in the table, but is employed
    by Ormat Systems.
    
    David Wagener has been appointed to the Board, effective as of
    April 1, 2010, to fill the vacancy resulting from Jacob
    Worenkleins resignation, effective as of March 31,
    2010.  (1)

    
    Denotes Class I Director  Term expiring at 2011
    Annual Shareholders Meeting.(2)

    
    Denotes Class II Director  Term expiring at 2012
    Annual Shareholders Meeting.(3)

    
    Denotes Class III Director  Term expiring at
    2010 Annual Shareholders Meeting.  Lucien Bronicki.
 181




---



##### Table of Contents



Yehudit Dita Bronicki.
  Yoram Bronicki.
  Joseph Tenne.
  Nadav Amir.
  Zvi Reiss.
 182




---



##### Table of Contents



Joseph Shiloah.
  Zvi Krieger.
  Shimon Hatzir.
  Etty Rosner.
  Dan Falk. non-U.S. company.
 183




---



##### Table of Contents



Regulation S-K, Regulation S-K
  Roger W. Gale, Ph.D. not-for-profit
  Robert F. Clarke.
  David Wagener.
  Audit
    Committee
  Regulation S-K,
  ITEM 11.
    EXECUTIVE
    COMPENSATION    ITEM 12.
    SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
    RELATED STOCKHOLDER MATTERS   184




---



##### Table of Contents



ITEM 13.
    CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
    INDEPENDENCE    ITEM 14.
    PRINCIPAL
    ACCOUNTANT FEES AND SERVICES   PART IV  ITEM 15.
    EXHIBITS,
    FINANCIAL STATEMENT SCHEDULES  (1) List of Financial Statements
    (2) List of Financial Statement
    Schedules
      ExhibitNo.

Document3
.1

Second Amended and Restated Certificate of Incorporation,
    incorporated by reference to Exhibit 3.1 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.3
.2

Third Amended and Restated By-laws, incorporated by reference to
    Exhibit 3.2 to Ormat Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on February 26,
    2009.3
.3

Amended and Restated Limited Liability Company Agreement of OPC
    LLC dated June 7, 2007, by and among Ormat Nevada Inc.,
    Morgan Stanley Geothermal LLC, and Lehman-OPC LLC, incorporated
    by reference to Exhibit 3.1 to Ormat Technologies, Inc.
    Current Report on
    Form 8-K
    to the Securities and Exchange Commission on June 13, 2007.4
.1

Form of Common Share Stock Certificate, incorporated by
    reference to Exhibit 4.1 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.4
.2

Form of Preferred Share Stock Certificate, incorporated by
    reference to Exhibit 4.2 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.4
.3

Form of Rights Agreement by and between Ormat Technologies, Inc.
    and American Stock Transfer & Trust Company,
    incorporated by reference to Exhibit 4.3 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 2
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.4
.4

Indenture for Senior Debt Securities, dated as of
    January 16, 2006, between Ormat Technologies, Inc. and
    Union Bank of California, incorporated by reference to
    Exhibit 4.2 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-3
    (File
    No. 333-131064)
    to the Securities and Exchange Commission on January 26,
    2006.4
.5

Indenture for Subordinated Debt Securities, dated as of
    January 16, 2006, between Ormat Technologies, Inc. and
    Union Bank of California, incorporated by reference to
    Exhibit 4.3 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-3
    (File
    No. 333-131064)
    to the Securities and Exchange Commission on January 26,
    2006. 185




---



##### Table of Contents



ExhibitNo.

Document10
.1.1

Credit Facility Agreement, dated September 5, 2000, between
    Ormat Momotombo Power Company and Bank Hapoalim B.M.,
    incorporated by reference to Exhibit 10.1.3 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.2

Credit Agreement, dated as of December 18, 2003, among
    OrCal Geothermal Inc. and Beal Bank, S.S.B. and the financial
    institutions party thereto from time to time, incorporated by
    reference to Exhibit 10.1.5 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.3

Indenture, dated February 13, 2004, among Ormat Funding
    Corp., Brady Power Partners, Steamboat Development Corp.,
    Steamboat Geothermal LLC, OrMammoth Inc., ORNI 1 LLC, ORNI 2
    LLC, ORNI 7 LLC, Ormesa LLC and Union Bank of California,
    incorporated by reference to Exhibit 10.1.7 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    200410
.1.4

First Supplemental Indenture, dated May 14, 2004, among
    Ormat Funding Corp., Brady Power Partners, Steamboat Development
    Corp., Steamboat Geothermal LLC, OrMammoth Inc., ORNI 1 LLC,
    ORNI 2 LLC, ORNI 7 LLC, Ormesa LLC and Union Bank of California,
    incorporated by reference to Exhibit 10.1.8 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.5

Fifth Supplemental Indenture, dated April 26, 2006, among
    Ormat Funding Corp. and Union Bank of California, N.A.,
    incorporated by reference to Exhibit 10.1.6 to Ormat
    Technologies, Inc. Quarterly Report on
    Form 10-Q
    (File No
    001-32347)
    to the Securities and Exchange Commission on August 7, 2006.10
.1.6

Loan Agreement, dated October 1, 2003, by and between Ormat
    Technologies, Inc. and Ormat Industries Ltd., incorporated by
    reference to Exhibit 10.1.9 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.7

Amendment No. 1 to Loan Agreement, dated September 20,
    2004, by and between Ormat Technologies, Inc. and Ormat
    Industries Ltd., incorporated by reference to
    Exhibit 10.1.10 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.8

Guarantee Fee Agreement, dated January 1, 1999, by and
    between Ormat Technologies, Inc. and Ormat Industries Ltd.,
    incorporated by reference to Exhibit 10.1.13 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.9

Reimbursement Agreement, dated July 15, 2004, by and
    between Ormat Technologies, Inc. and Ormat Industries Ltd.,
    incorporated by reference to Exhibit 10.1.14 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.10

Services Agreement, dated July 15, 2004, by and between
    Ormat Industries Ltd. and Ormat Systems Ltd., incorporated by
    reference to Exhibit 10.1.15 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.11

Agreement for Purchase of Membership Interests in OPC LLC dated
    June 7, 2007, by and among Ormat Nevada Inc., Morgan
    Stanley Geothermal LLC and Lehman-OPC LLC, incorporated by
    reference to Exhibit 10.1 to Ormat Technologies, Inc.
    Current Report on
    Form 8-K
    to the Securities and Exchange Commission on June 13, 2007.10
.1.12

First Amendment to Agreement for Purchase of Membership
    Interests in OPC LLC, dated as of April 17, 2008, by and
    among Ormat Nevada Inc., Morgan Stanley Geothermal LLC, and
    Lehman-OPC LLC, incorporated by reference to
    Exhibit 10.1.18 to Ormat Technologies, Inc. Quarterly
    Report on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008. 186




---



##### Table of Contents



ExhibitNo.

Document10
.1.13

Membership Interest Purchase Agreement, dated as of
    October 30, 2009, by and among Lehman-OPC LLC, Ormat Nevada
    Inc. and OPC LLC, incorporated by reference to
    Exhibit 10.1.13 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on November 3,
    2009.10
.2.1

Power Purchase Contract, dated July 18, 1984, between
    Southern California Edison Company and Republic Geothermal,
    Inc., incorporated by reference to Exhibit 10.3.1 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.2

Amendment No. 1, to the Power Purchase Contract, dated
    December 23, 1988, between Southern California Edison
    Company and Ormesa Geothermal, incorporated by reference to
    Exhibit 10.3.2 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.3

Power Purchase Contract, dated June 13, 1984, between
    Southern California Edison Company and Ormat Systems, Inc.,
    incorporated by reference to Exhibit 10.3.3 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.4

Power Purchase and Sales Agreement, dated as of August 26,
    1983, between Chevron U.S.A. Inc. and Southern California Edison
    Company, incorporated by reference to Exhibit 10.3.4 to
    Ormat Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.5

Amendment No. 1, to Power Purchase and Sale Agreement,
    dated as of December 11, 1984, between Chevron U.S.A. Inc.,
    HGC and Southern California Edison Company, incorporated by
    reference to Exhibit 10.3.5 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    200410
.2.6

Settlement Agreement and Amendment No. 2, to Power Purchase
    Contract, dated August 7, 1995, between HGC and Southern
    California Edison Company, incorporated by reference to
    Exhibit 10.3.6 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.7

Power Purchase Contract dated, April 16, 1985, between
    Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.7 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.8

Amendment No. 1, dated as of October 23, 1987, between
    Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.8 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.9

Amendment No. 2, dated as of July 27, 1990, between
    Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.9 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.10

Amendment No. 3, dated as of November 24, 1992,
    between Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.10 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.11

Amended and Restated Power Purchase and Sales Agreement, dated
    December 2, 1986, between Mammoth Pacific and Southern
    California Edison Company, incorporated by reference to
    Exhibit 10.3.11 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.12

Amendment No. 1, to Amended and Restated Power Purchase and
    Sale Agreement, dated May 18, 1990, between Mammoth Pacific
    and Southern California Edison Company, incorporated by
    reference to Exhibit 10.3.12 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004. 187




---



##### Table of Contents



ExhibitNo.

Document10
.2.13

Power Purchase Contract, dated April 15, 1985, between
    Mammoth Pacific and Southern California Edison Company,
    incorporated by reference to Exhibit 10.3.13 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.14

Amendment No. 1, dated as of October 27, 1989, between
    Mammoth Pacific and Southern California Edison Company,
    incorporated by reference to Exhibit 10.3.14 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.15

Amendment No. 2, dated as of December 20, 1989,
    between Mammoth Pacific and Southern California Edison Company,
    incorporated by reference to Exhibit 10.3.15 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.16

Power Purchase Contract, dated April 16, 1985, between
    Southern California Edison Company and Santa Fe Geothermal,
    Inc., incorporated by reference to Exhibit 10.3.16 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.17

Amendment No. 1, to Power Purchase Contract, dated
    October 25, 1985, between Southern California Edison
    Company and Mammoth Pacific, incorporated by reference to
    Exhibit 10.3.17 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.18

Amendment No. 2, to Power Purchase Contract, dated
    December 20, 1989, between Southern California Edison
    Company and Pacific Lighting Energy Systems, incorporated by
    reference to Exhibit 10.3.18 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.19

Interconnection Facilities Agreement, dated October 20,
    1989, by and between Southern California Edison Company and
    Mammoth Pacific, incorporated by reference to
    Exhibit 10.3.19 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.20

Interconnection Facilities Agreement, dated October 13,
    1985, by and between Southern California Edison Company and
    Mammoth Pacific (II), incorporated by reference to
    Exhibit 10.3.20 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    200410
.2.21

Interconnection Facilities Agreement, dated October 20,
    1989, by and between Southern California Edison Company and
    Pacific Lighting Energy Systems, incorporated by reference to
    Exhibit 10.3.21 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.22

Interconnection Agreement, dated August 12, 1985, by and
    between Southern California Edison Company and Heber Geothermal
    Company incorporated by reference to Exhibit 10.3.22 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.23

Plant Connection Agreement for the Heber Geothermal Plant
    No. 1, dated, July 31, 1985, by and between Imperial
    Irrigation District and Heber Geothermal Company incorporated by
    reference to Exhibit 10.3.23 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.24

Plant Connection Agreement for the Second Imperial Geothermal
    Company Power Plant No. 1, dated, October 27, 1992, by
    and between Imperial Irrigation District and Second Imperial
    Geothermal Company incorporated by reference to
    Exhibit 10.3.24 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 188




---



##### Table of Contents



ExhibitNo.

Document10
.2.25

IID-SIGC Transmission Service Agreement for Alternative
    Resources, dated, October 27, 1992, by and between Imperial
    Irrigation District and Second Imperial Geothermal Company
    incorporated by reference to Exhibit 10.3.25 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.26

Plant Connection Agreement for the Ormesa Geothermal Plant,
    dated October 1, 1985, by and between Imperial Irrigation
    District and Ormesa Geothermal incorporated by reference to
    Exhibit 10.3.26 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.27

Plant Connection Agreement for the Ormesa IE Geothermal Plant,
    dated, October 21, 1988, by and between Imperial Irrigation
    District and Ormesa IE incorporated by reference to
    Exhibit 10.3.27 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.28

Plant Connection Agreement for the Ormesa IH Geothermal Plant,
    dated, October 3, 1989, by and between Imperial Irrigation
    District and Ormesa IH incorporated by reference to
    Exhibit 10.3.28 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.29

Plant Connection Agreement for the Geo East Mesa Limited
    Partnership Unit No. 2, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.29 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.30

Plant Connection Agreement for the Geo East Mesa Limited
    Partnership Unit No. 3, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.30 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.31

Transmission Service Agreement for the Ormesa I, Ormesa IE
    and Ormesa IH Geothermal Power Plants, dated, October 3,
    1989, between Imperial Irrigation District and Ormesa Geothermal
    incorporated by reference to Exhibit 10.3.31 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.32

Transmission Service Agreement for the Geo East Mesa Limited
    Partnership Unit No. 2, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.32 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.33

Transmission Service Agreement for the Geo East Mesa Limited
    Partnership Unit No. 3, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.33 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    200410
.2.34

IID-Edison Transmission Service Agreement for Alternative
    Resources, dated, September 26, 1985, by and between
    Imperial Irrigation District and Southern California Edison
    Company incorporated by reference to Exhibit 10.3.34 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.35

Plant Amendment No. 1, to IID-Edison Transmission Service
    Agreement for Alternative Resources, dated, August 25,
    1987, by and between Imperial Irrigation District and Southern
    California Edison Company incorporated by reference to
    Exhibit 10.3.35 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.36

Agreement Addressing Renewable Energy Pricing and Payment
    Issues, dated June 15, 2001, by and between Second Imperial
    Geothermal Company QFID No. 3021 and Southern California
    Edison Company incorporated by reference to Exhibit 10.3.39
    to Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 189




---



##### Table of Contents



ExhibitNo.

Document10
.2.37

Amendment No. 1 to Agreement Addressing Renewable Energy
    Pricing and Payment Issues, dated November 30, 2001, by and
    between Second Imperial Geothermal Company QFID No. 3021
    and Southern California Edison Company incorporated by reference
    to Exhibit 10.3.40 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.38

Agreement Addressing Renewable Energy Pricing and Payment
    Issues, dated June 15, 2001, by and between Heber
    Geothermal Company QFID No. 3001 and Southern California
    Edison Company incorporated by reference to Exhibit 10.3.41
    to Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.39

Amendment No. 1 to Agreement Addressing Renewable Energy
    Pricing and Payment Issues, dated November 30, 2001, by and
    between Heber Geothermal Company QFID No. 3001 and Southern
    California Edison Company incorporated by reference to
    Exhibit 10.3.42 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.40

Energy Services Agreement, dated February 2003, by and between
    Imperial Irrigation District and ORMESA, LLC incorporated by
    reference to Exhibit 10.3.43 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.41

Purchase Power Contract, dated March 24, 1986, by and
    between Hawaii Electric Light Company and Thermal Power Company
    incorporated by reference to Exhibit 10.3.44 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.42

Firm Capacity Amendment to Purchase Power Contract, dated
    July 28, 1989, by and between Hawaii Electric Light Company
    and Puma Geothermal Venture incorporated by reference to
    Exhibit 10.3.45 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.43

Amendment to Purchase Power Contract, dated October 19,
    1993, by and between Hawaii Electric Light Company and Puma
    Geothermal Venture incorporated by reference to
    Exhibit 10.3.46 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.44

Third Amendment to the Purchase Power Contract, dated
    March 7, 1995, by and between Hawaii Electric Light Company
    and Puna Geothermal Venture incorporated by reference to
    Exhibit 10.3.47 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.45

Performance Agreement and Fourth Amendment to the Purchase Power
    Contract, dated February 12, 1996, by and between Hawaii
    Electric Light Company and Puna Geothermal Venture incorporated
    by reference to Exhibit 10.3.48 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.46

Agreement to Design 69 KV Transmission Lines, a Substation at
    Pohoiki, Modifications to Substations at Puna and Kaumana, and a
    Temporary 34.5 Facility to Interconnect PGVs Geothermal
    Electric Plant with HELCOs System Grid (Phase II and
    III), dated June 7, 1990, by and between Hawaii Electric
    Light Company and Puna Geothermal Venture incorporated by
    reference to Exhibit 10.3.49 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    200410
.3.1

Ormesa BLM Geothermal Resources Lease CA 966 incorporated by
    reference to Exhibit 10.4.1 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.2

Ormesa BLM License for Electric Power Plant Site CA 24678
    incorporated by reference to Exhibit 10.4.2 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 190




---



##### Table of Contents



ExhibitNo.

Document10
.3.3

Geothermal Resources Mining Lease, dated February 20, 1981,
    by and between the State of Hawaii, as Lessor, and Kapoho Land
    Partnership, as Lessee incorporated by reference to
    Exhibit 10.4.3 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.4

Geothermal Lease Agreement, dated October 20, 1975, by and
    between Ruth Walker Cox and Betty M. Smith, as Lessor,
    and Gulf Oil Corporation, as Lessee incorporated by reference to
    Exhibit 10.4.4 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.5

Geothermal Lease Agreement, dated August 1, 1976, by and
    between Southern Pacific Land Company, as Lessor, and Phillips
    Petroleum Company, as Lessee incorporated by reference to
    Exhibit 10.4.5 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.6

Geothermal Resources Lease, dated November 18, 1983, by and
    between Sierra Pacific Power Company, as Lessor, and Geothermal
    Development Associates, as Lessee incorporated by reference to
    Exhibit 10.4.6 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.7

Lease Agreement, dated November 1, 1969, by and between
    Chrisman B. Jackson and Sharon Jackson, husband and wife, as
    Lessor, and Standard Oil Company of California, as Lessee
    incorporated by reference to Exhibit 10.4.7 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.8

Lease Agreement, dated September 22, 1976, by and between
    El Toro Land & Cattle Co., as Lessor, and Standard Oil
    Company of California, as Lessee incorporated by reference to
    Exhibit 10.4.8 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.9

Lease Agreement, dated February 17, 1977, by and between
    Joseph L. Holtz, as Lessor, and Chevron U.S.A. Inc., as Lessee
    incorporated by reference to Exhibit 10.4.9 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.10

Lease Agreement, dated March 11, 1964, by and between John
    D. Jackson and Frances Jones Jackson, also known as Frances J.
    Jackson, husband and wife, as Lessor, and Standard Oil Company
    of California, as Lessee incorporated by reference to
    Exhibit 10.4.10 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.11

Lease Agreement, dated February 16, 1964, by and between
    John D. Jackson, conservator for the estate of Aphia Jackson
    Wallan, as Lessor, and Standard Oil Company of California, as
    Lessee incorporated by reference to Exhibit 10.4.11 to
    Ormat Technologies, Inc. Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.12

Lease Agreement, dated March 17, 1964, by and between Helen
    S. Fugate, a widow, as Lessor, and Standard Oil Company of
    California, as Lessee incorporated by reference to
    Exhibit 10.4.12 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.13

Lease Agreement, dated February 16, 1964, by and between
    John D. Jackson and Frances J. Jackson, husband and wife, as
    Lessor, and Standard Oil Company of California, as Lessee
    incorporated by reference to Exhibit 10.4.13 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.14

Lease Agreement, dated February 20, 1964, by and between
    John A. Straub and Edith D. Straub, also known as John A. Straub
    and Edythe D. Straub, husband and wife, as Lessor, and Standard
    Oil Company of California, as Lessee incorporated by reference
    to Exhibit 10.4.14 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004. 191




---



##### Table of Contents



ExhibitNo.

Document10
.3.15

Lease Agreement, dated July 1, 1971, by and between Marie
    L. Gisler and Harry R. Gisler, as Lessor, and Standard Oil
    Company of California, as Lessee incorporated by reference to
    Exhibit 10.4.15 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.16

Lease Agreement, dated February 28, 1964, by and between
    Gus Kurupas and Guadalupe Kurupas, husband and wife, as Lessor,
    and Standard Oil Company of California, as Lessee incorporated
    by reference to Exhibit 10.4.16 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.17

Lease Agreement, dated April 7, 1972, by and between Nowlin
    Partnership, as Lessor, and Standard Oil Company of California,
    as Lessee incorporated by reference to Exhibit 10.4.17 to
    Ormat Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.18

Geothermal Lease Agreement, dated July 18, 1979, by and
    between Charles K. Corfman, an unmarried man as his sole and
    separate property, and Lessor, and Union Oil Company of
    California, as Lessee incorporated by reference to
    Exhibit 10.4.18 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.19

Lease Agreement, dated January 1, 1972, by and between
    Holly Oberly Thomson, also known as Holly F. Oberly Thomson,
    also known as Holly Felicia Thomson, as Lessor, and Union Oil
    Company of California, as Lessee incorporated by reference to
    Exhibit 10.4.19 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.20

Lease Agreement, dated June 14, 1971, by and between
    Fitzhugh Lee Brewer, Jr., a married man as his separate
    property, Donna Hawk, a married woman as her separate property,
    and Ted Draper and Helen Draper, husband and wife, as Lessor,
    and Union Oil Company of California, as Lessee incorporated by
    reference to Exhibit 10.4.20 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.21

Lease Agreement, dated May 13, 1971, by and between Mathew
    J. La Brucherie and Jane E. La Brucherie, husband and
    wife, and Robert T. ODell and Phyllis M. ODell,
    husband and wife, as Lessor, and Union Oil Company of
    California, as Lessee incorporated by reference to
    Exhibit 10.4.21 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.22

Lease Agreement, dated June 2, 1971, by and between Dorothy
    Gisler, a widow, Joan C. Hill, and Jean C. Browning, as Lessor,
    and Union Oil Company of California, as Lessee incorporated by
    reference to Exhibit 10.4.22 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.23

Geothermal Lease Agreement, dated February 15, 1977, by and
    between Walter J. Holtz, as Lessor, and Magma Energy Inc., as
    Lessee incorporated by reference to Exhibit 10.4.23 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.24

Geothermal Lease, dated August 31, 1983, by and between
    Magma Energy Inc., as Lessor, and Holt Geothermal Company, as
    Lessee incorporated by reference to Exhibit 10.4.24 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.25

Unprotected Lease Agreement, dated July 15, 2004, by and
    between Ormat Industries Ltd. and Ormat Systems Ltd.
    incorporated by reference to Exhibit 10.4.25 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004. 192




---



##### Table of Contents



ExhibitNo.

Document10
.3.26

Geothermal Resources Lease, dated June 27, 1988, by and
    between Bernice Guisti, Judith Harvey and Karen Thompson,
    Trustees and Beneficiaries of the Guisti Trust, as Lessor, and
    Far West Capital, Inc., as Lessee incorporated by reference to
    Exhibit 10.4.26 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.27

Amendment to Geothermal Resources Lease, dated January, 1992, by
    and between Bernice Guisti, Judith Harvey and Karen Thompson,
    Trustees and Beneficiaries of the Guisti Trust, as Lessor, and
    Far West Capital, Inc., as Lessee incorporated by reference to
    Exhibit 10.4.27 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.28

Second Amendment to Geothermal Resources Lease, dated
    June 25, 1993, by and between Bernice Guisti, Judith Harvey
    and Karen Thompson, Trustees and Beneficiaries of the Guisti
    Trust, as Lessor, and Far West Capital, Inc. and its Assignee,
    Steamboat Development Corp., as Lessee incorporated by reference
    to Exhibit 10.4.28 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.29

Geothermal Resources Sublease, dated May 31, 1991, by and
    between Fleetwood Corporation, as Lessor, and Far West Capital,
    Inc., as Lessee incorporated by reference to
    Exhibit 10.4.29 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.30

KLP Lease and Agreement, dated March 1, 1981, by and
    between Kapoho Land Partnership, as Lessor, and Thermal Power
    Company, as Lessee incorporated by reference to
    Exhibit 10.4.30 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.31

Amendment to KLP Lease and Agreement, dated July 9, 1990,
    by and between Kapoho Land Partnership, as Lessor, and Puna
    Geothermal Venture, as Lessee incorporated by reference to
    Exhibit 10.4.31 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.32

Second Amendment to KLP Lease and Agreement, dated
    December 31, 1996, by and between Kapoho Land Partnership,
    as Lessor, and Puna Geothermal Venture, as Lessee incorporated
    by reference to Exhibit 10.4.32 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.33

Participation Agreement, dated May 18, 2005, by and among
    Puna Geothermal Venture, SE Puna, L.L.C., Wilmington
    Trust Company, S.E. Puna Lease, L.L.C., AIG Annuity
    Insurance Company, American General Life Insurance Company,
    Allstate Life Insurance Company and Union Bank of California,
    incorporated by reference to Exhibit 10.4.33 to Ormat
    Technologies, Inc. Quarterly Report on
    Form 10-Q/A
    to the Securities and Exchange Commission on December 22,
    2005.10
.3.34

Project Lease Agreement, dated May 18, 2005, by and between
    SE Puna, L.L.C. and Puna Geothermal Venture, incorporated by
    reference to Exhibit 10.4.34 to Ormat Technologies, Inc.
    Quarterly Report on
    Form 10-Q/A
    to the Securities and Exchange Commission on December 22,
    2005.10
.4.1

Patent License Agreement, dated July 15, 2004, by and
    between Ormat Industries Ltd. and Ormat Systems Ltd.
    incorporated by reference to Exhibit 10.5.4 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.4.2

Form of Registration Rights Agreement by and between Ormat
    Technologies, Inc. and Ormat Industries Ltd. incorporated by
    reference to Exhibit 10.5.5 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.10
.5.1

Ormat Technologies, Inc. 2004 Incentive Compensation Plan
    incorporated by reference to Exhibit 10.6.1 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 2
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004. 193




---



##### Table of Contents



ExhibitNo.

Document10
.5.2

Form of Incentive Stock Option Agreement incorporated by
    reference to Exhibit 10.6.2 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.10
.5.3

Form of Nonqualified Stock Option Agreement incorporated by
    reference to Exhibit 10.6.3 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.10
.6

Form of Executive Employment Agreement of Lucien Bronicki
    incorporated by reference to Exhibit 10.7 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    200410
.7.1

Form of Executive Employment Agreement of Yehudit Bronicki
    incorporated by reference to Exhibit 10.8 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.7.2

Amendment to Employment Agreement of Yehudit Bronicki, dated
    March 28, 2008, by and between Ormat Technologies, Inc. and
    Yehudit Bronicki, incorporated by reference to
    Exhibit 10.8.1 to Ormat Technologies, Inc. Quarterly Report
    on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008.10
.8.1

Form of Executive Employment Agreement of Yoram Bronicki
    incorporated by reference to Exhibit 10.9 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.8.2

Amendment to Employment Agreement of Yoram Bronicki, dated
    March 28, 2008, by and between Ormat Technologies, Inc. and
    Yoram Bronicki, incorporated by reference to Exhibit 10.8.1
    to Ormat Technologies, Inc. Quarterly Report on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008.10
.8.3

Amendment to Employment Agreement of Yoram Bronicki, dated
    November 4, 2009, by and between Ormat Technologies, Inc.
    and Yoram Bronicki, incorporated by reference to
    Exhibit 10.8.3 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on November 9,
    2009.10
.9

Form of Indemnification Agreement incorporated by reference to
    Exhibit 10.11 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 20,
    2004.10
.10

Note Purchase Agreement, dated December 2, 2005, among
    Lehman Brothers Inc., OrCal Geothermal Inc., OrHeber 1 Inc.,
    OrHeber 2 Inc., Second Imperial Geothermal Company, Heber Field
    Company and Heber Geothermal Company, incorporated by reference
    to Exhibit 10.12 to Ormat Technologies, Inc. Annual Report
    on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 2006.10
.11.1

Indenture dated as of December 8, 2005 among OrCal
    Geothermal Inc., OrHeber 1 Inc., OrHeber 2 Inc., Second Imperial
    Geothermal Company, Heber Field Company and Heber Geothermal
    Company and Union Bank of California, incorporated by reference
    to Exhibit 10.13 to Ormat Technologies, Inc. Annual Report
    on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 2006.10
.11.2

First Supplemental Indenture dated as of June 14, 2006
    amending the Indenture dated as of December 8, 2005 among
    OrCal Geothermal Inc., OrHeber 1 Inc., OrHeber 2 Inc., Second
    Imperial Geothermal Company, Heber Field Company and Heber
    Geothermal Company and Union Bank of California, incorporated by
    reference to Exhibit 10.13.2 to Ormat Technologies, Inc.
    Quarterly Report on
    Form 10-Q
    (File No
    001-32347)
    to the Securities and Exchange Commission on August 7, 2006.10
.12

Guarantee dated as of December 8, 2005 among OrCal
    Geothermal Inc., OrHeber 1 Inc., OrHeber 2 Inc., Second Imperial
    Geothermal Company, Heber Field Company and Heber Geothermal
    Company, incorporated by reference to Exhibit 10.14 to
    Ormat Technologies, Inc. Annual Report on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 2006.10
.13

Note Purchase Agreement, dated February 6, 2004, among
    Lehman Brothers Inc., Ormat Funding Corp., Brady Power Partners,
    Steamboat Geothermal LLC, OrMammoth Inc., ORNI 1 LLC, ORNI 2 LLC
    and ORNI 7 LLC, incorporated by reference to Exhibit 10.15
    to Ormat Technologies, Inc. Annual Report on
    Form 10-K
    to the Securities and Exchange Commission on March 28,
    2006. 194




---



##### Table of Contents



ExhibitNo.

Document10
.14

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Ormesa LLC and Southern
    California Edison Company, incorporated by reference to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.15

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Ormesa LLC and Southern
    California Edison Company, incorporated by reference to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.16

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Heber Geothermal Company and
    Southern California Edison Company, incorporated by reference to
    Ormat Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.17

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Second Imperial Geothermal
    Company and Southern California Edison Company, incorporated by
    reference to Ormat Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.18.1

Amended and Restated Power Purchase Agreement for
    Olkaria III Geothermal Plant, dated January 19, 2007,
    between OrPower 4 Inc. and The Kenya Power and Lighting Company
    Limited, incorporated by reference to Ormat Technologies, Inc.
    Annual Report o
    Form 10-K
    to the Securities and Exchange Commission on March 12, 2007.10
.18.2

Olkaria III Project Security Agreement, dated
    January 19, 2007, between OrPower 4 Inc. and The Kenya
    Power and Lighting Company Limited, incorporated by reference to
    Ormat Technologies, Inc. Annual Report o
    Form 10-K
    to the Securities and Exchange Commission on March 12, 2007.10
.18.3

Common Terms Agreement, dated January 5, 2009, between
    OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH, Societe de
    Promotion et de Participation pour la Cooperation Economique,
    and BNY Corporate Trustee Services Limited, incorporated by
    reference to Exhibit 10.18.3 to Ormat Technologies, Inc.
    Annual Report on Form 10-K for the year ended
    December 31, 2008 to the Securities and Exchange Commission
    on March 2, 2009.10
.18.4

DEG A Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.4 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009.10
.18.5

DEG B Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.5 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009.10
.18.6

DEG C Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.6 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009.10
.18.7

Proparco A Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.7 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009.10
.19

Amendment No. 2 to the Power Purchase Contract between
    Ormesa LLC and Ormat Technologies, Inc., and Southern California
    Edison Company (RAP ID 3012) dated April 23, 2006,
    incorporated by reference to Exhibit 10.21.2 to Ormat
    Technologies, Inc. Quarterly Report on
    Form 10-Q
    to the Securities and Exchange Commission on August 8,
    2007. 195




---



##### Table of Contents



ExhibitNo.

Document10
.20.1

Subscription Agreement dated as of October 22, 2007 between
    the Company and Ormat Industries Ltd., incorporated by reference
    to Exhibit 3.1 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on October 24,
    2007.10
.20.2

Amendment No. 1 to the Subscription Agreement, dated
    October 25, 2007, between the Company and Ormat Industries
    Ltd., incorporated by reference to Exhibit 1.1 to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on October 31,
    2007.10
.21

Subscription Agreement dated as of December 3, 2007 between
    the Company and Ormat Industries Ltd., incorporated by reference
    to Exhibit 3.1 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on January 9,
    2008.10
.22

Joint Ownership Agreement for the Carson Lake Project, dated as
    of March 12, 2008, by and between Nevada Power Company and
    ORNI 16 LLC, incorporated by reference to Exhibit 10.24 to
    Ormat Technologies, Inc. Quarterly Report on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008.10
.23

Note Purchase Agreement, dated as of May 18, 2009, among
    Ortitlan, Limitada and TCW Global Project Fund II, Ltd.,
    incorporated by reference to Exhibit 10.23 to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 21, 2009.21
.1

Subsidiaries of Ormat Technologies, Inc., incorporated by
    reference to Exhibit 21.1 to Ormat Technologies, Inc.
    Annual Report on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 200623
.1

Consent of PricewaterhouseCoopers LLP, Independent Registered
    Public Accounting Firm, filed herewith.31
.1

Certification of the Chief Executive Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002, filed
    herewith.31
.2

Certification of the Chief Financial Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002, filed
    herewith.32
.1

Certification of the Chief Executive Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002, filed
    herewith.32
.2

Certification of the Chief Financial Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002, filed
    herewith.99
.1

Material terms with respect to BLM geothermal resources leases
    incorporated by reference to Exhibit 99.1 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 2
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 20,
    2004.99
.2

Material terms with respect to BLM site leases incorporated by
    reference to Exhibit 99.2 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.99
.3

Material terms with respect to agreements addressing renewable
    energy pricing and payment issues incorporated by reference to
    Exhibit 99.3 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.  196




---



##### Table of Contents



SIGNATURES      By:
    /s/  YEHUDIT
    BRONICKI   Title:
    Chief Executive Officer, and Director      Signature

Capacity/s/  YEHUDIT
    BRONICKIYehudit
    Bronicki

Chief Executive Officer and Director
    (Principal Executive Officer)/s/  JOSEPH
    TENNEJoseph
    Tenne

Chief Financial Officer
    (Principal Financial and Accounting Officer)/s/  LUCIEN
    Y. BRONICKILucien
    Y. Bronicki

Chairman of the Board of Directors and
    Chief Technology Officer/s/  YORAM
    BRONICKIYoram
    Bronicki

President, Chief Operating Officer and
    Director/s/  DAN
    FALKDan
    Falk

Director  197




---



##### Table of Contents



ExhibitNo.

Document3
.1

Second Amended and Restated Certificate of Incorporation,
    incorporated by reference to Exhibit 3.1 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.3
.2

Third Amended and Restated By-laws, incorporated by reference to
    Exhibit 3.2 to Ormat Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on February 26,
    2009.3
.3

Amended and Restated Limited Liability Company Agreement of OPC
    LLC dated June 7, 2007, by and among Ormat Nevada Inc.,
    Morgan Stanley Geothermal LLC, and Lehman-OPC LLC, incorporated
    by reference to Exhibit 3.1 to Ormat Technologies, Inc.
    Current Report on
    Form 8-K
    to the Securities and Exchange Commission on June 13, 2007.4
.1

Form of Common Share Stock Certificate, incorporated by
    reference to Exhibit 4.1 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.4
.2

Form of Preferred Share Stock Certificate, incorporated by
    reference to Exhibit 4.2 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.4
.3

Form of Rights Agreement by and between Ormat Technologies, Inc.
    and American Stock Transfer & Trust Company,
    incorporated by reference to Exhibit 4.3 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 2
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.4
.4

Indenture for Senior Debt Securities, dated as of
    January 16, 2006, between Ormat Technologies, Inc. and
    Union Bank of California, incorporated by reference to
    Exhibit 4.2 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-3
    (File
    No. 333-131064)
    to the Securities and Exchange Commission on January 26,
    2006.4
.5

Indenture for Subordinated Debt Securities, dated as of
    January 16, 2006, between Ormat Technologies, Inc. and
    Union Bank of California, incorporated by reference to
    Exhibit 4.3 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-3
    (File
    No. 333-131064)
    to the Securities and Exchange Commission on January 26,
    2006.10
.1.1

Credit Facility Agreement, dated September 5, 2000, between
    Ormat Momotombo Power Company and Bank Hapoalim B.M.,
    incorporated by reference to Exhibit 10.1.3 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.2

Credit Agreement, dated as of December 18, 2003, among
    OrCal Geothermal Inc. and Beal Bank, S.S.B. and the financial
    institutions party thereto from time to time, incorporated by
    reference to Exhibit 10.1.5 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.3

Indenture, dated February 13, 2004, among Ormat Funding
    Corp., Brady Power Partners, Steamboat Development Corp.,
    Steamboat Geothermal LLC, OrMammoth Inc., ORNI 1 LLC, ORNI 2
    LLC, ORNI 7 LLC, Ormesa LLC and Union Bank of California,
    incorporated by reference to Exhibit 10.1.7 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.4

First Supplemental Indenture, dated May 14, 2004, among
    Ormat Funding Corp., Brady Power Partners, Steamboat Development
    Corp., Steamboat Geothermal LLC, OrMammoth Inc., ORNI 1 LLC,
    ORNI 2 LLC, ORNI 7 LLC, Ormesa LLC and Union Bank of California,
    incorporated by reference to Exhibit 10.1.8 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.5

Fifth Supplemental Indenture, dated April 26, 2006, among
    Ormat Funding Corp. and Union Bank of California, N.A.,
    incorporated by reference to Exhibit 10.1.6 to Ormat
    Technologies, Inc. Quarterly Report on
    Form 10-Q
    (File No
    001-32347)
    to the Securities and Exchange Commission on August 7,
    2006. 198




---



##### Table of Contents



ExhibitNo.

Document10
.1.6

Loan Agreement, dated October 1, 2003, by and between Ormat
    Technologies, Inc. and Ormat Industries Ltd., incorporated by
    reference to Exhibit 10.1.9 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.7

Amendment No. 1 to Loan Agreement, dated September 20,
    2004, by and between Ormat Technologies, Inc. and Ormat
    Industries Ltd., incorporated by reference to
    Exhibit 10.1.10 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.8

Guarantee Fee Agreement, dated January 1, 1999, by and
    between Ormat Technologies, Inc. and Ormat Industries Ltd.,
    incorporated by reference to Exhibit 10.1.13 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.9

Reimbursement Agreement, dated July 15, 2004, by and
    between Ormat Technologies, Inc. and Ormat Industries Ltd.,
    incorporated by reference to Exhibit 10.1.14 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.10

Services Agreement, dated July 15, 2004, by and between
    Ormat Industries Ltd. and Ormat Systems Ltd., incorporated by
    reference to Exhibit 10.1.15 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.1.11

Agreement for Purchase of Membership Interests in OPC LLC dated
    June 7, 2007, by and among Ormat Nevada Inc., Morgan
    Stanley Geothermal LLC and Lehman-OPC LLC, incorporated by
    reference to Exhibit 10.1 to Ormat Technologies, Inc.
    Current Report on
    Form 8-K
    to the Securities and Exchange Commission on June 13, 2007.10
.1.12

First Amendment to Agreement for Purchase of Membership
    Interests in OPC LLC, dated as of April 17, 2008, by and
    among Ormat Nevada Inc., Morgan Stanley Geothermal LLC, and
    Lehman-OPC LLC, incorporated by reference to
    Exhibit 10.1.18 to Ormat Technologies, Inc. Quarterly
    Report on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008.10
.1.13

Membership Interest Purchase Agreement, dated as of
    October 30, 2009, by and among Lehman-OPC LLC, Ormat Nevada
    Inc. and OPC LLC, incorporated by reference to
    Exhibit 10.1.13 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on November 3,
    2009.10
.2.1

Power Purchase Contract, dated July 18, 1984, between
    Southern California Edison Company and Republic Geothermal,
    Inc., incorporated by reference to Exhibit 10.3.1 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.2

Amendment No. 1, to the Power Purchase Contract, dated
    December 23, 1988, between Southern California Edison
    Company and Ormesa Geothermal, incorporated by reference to
    Exhibit 10.3.2 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.3

Power Purchase Contract, dated June 13, 1984, between
    Southern California Edison Company and Ormat Systems, Inc.,
    incorporated by reference to Exhibit 10.3.3 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.4

Power Purchase and Sales Agreement, dated as of August 26,
    1983, between Chevron U.S.A. Inc. and Southern California Edison
    Company, incorporated by reference to Exhibit 10.3.4 to
    Ormat Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.5

Amendment No. 1, to Power Purchase and Sale Agreement,
    dated as of December 11, 1984, between Chevron U.S.A. Inc.,
    HGC and Southern California Edison Company, incorporated by
    reference to Exhibit 10.3.5 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 199




---



##### Table of Contents



ExhibitNo.

Document10
.2.6

Settlement Agreement and Amendment No. 2, to Power Purchase
    Contract, dated August 7, 1995, between HGC and Southern
    California Edison Company, incorporated by reference to
    Exhibit 10.3.6 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.7

Power Purchase Contract dated, April 16, 1985, between
    Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.7 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.8

Amendment No. 1, dated as of October 23, 1987, between
    Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.8 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.9

Amendment No. 2, dated as of July 27, 1990, between
    Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.9 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 200410
.2.10

Amendment No. 3, dated as of November 24, 1992,
    between Southern California Edison Company and Second Imperial
    Geothermal Company, incorporated by reference to
    Exhibit 10.3.10 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.11

Amended and Restated Power Purchase and Sales Agreement, dated
    December 2, 1986, between Mammoth Pacific and Southern
    California Edison Company, incorporated by reference to
    Exhibit 10.3.11 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.12

Amendment No. 1, to Amended and Restated Power Purchase and
    Sale Agreement, dated May 18, 1990, between Mammoth Pacific
    and Southern California Edison Company, incorporated by
    reference to Exhibit 10.3.12 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.13

Power Purchase Contract, dated April 15, 1985, between
    Mammoth Pacific and Southern California Edison Company,
    incorporated by reference to Exhibit 10.3.13 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.14

Amendment No. 1, dated as of October 27, 1989, between
    Mammoth Pacific and Southern California Edison Company,
    incorporated by reference to Exhibit 10.3.14 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.15

Amendment No. 2, dated as of December 20, 1989,
    between Mammoth Pacific and Southern California Edison Company,
    incorporated by reference to Exhibit 10.3.15 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.16

Power Purchase Contract, dated April 16, 1985, between
    Southern California Edison Company and Santa Fe Geothermal,
    Inc., incorporated by reference to Exhibit 10.3.16 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.17

Amendment No. 1, to Power Purchase Contract, dated
    October 25, 1985, between Southern California Edison
    Company and Mammoth Pacific, incorporated by reference to
    Exhibit 10.3.17 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.18

Amendment No. 2, to Power Purchase Contract, dated
    December 20, 1989, between Southern California Edison
    Company and Pacific Lighting Energy Systems, incorporated by
    reference to Exhibit 10.3.18 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 200




---



##### Table of Contents



ExhibitNo.

Document10
.2.19

Interconnection Facilities Agreement, dated October 20,
    1989, by and between Southern California Edison Company and
    Mammoth Pacific, incorporated by reference to
    Exhibit 10.3.19 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.20

Interconnection Facilities Agreement, dated October 13,
    1985, by and between Southern California Edison Company and
    Mammoth Pacific (II), incorporated by reference to
    Exhibit 10.3.20 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.21

Interconnection Facilities Agreement, dated October 20,
    1989, by and between Southern California Edison Company and
    Pacific Lighting Energy Systems, incorporated by reference to
    Exhibit 10.3.21 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.22

Interconnection Agreement, dated August 12, 1985, by and
    between Southern California Edison Company and Heber Geothermal
    Company incorporated by reference to Exhibit 10.3.22 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.23

Plant Connection Agreement for the Heber Geothermal Plant
    No. 1, dated, July 31, 1985, by and between Imperial
    Irrigation District and Heber Geothermal Company incorporated by
    reference to Exhibit 10.3.23 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.24

Plant Connection Agreement for the Second Imperial Geothermal
    Company Power Plant No. 1, dated, October 27, 1992, by
    and between Imperial Irrigation District and Second Imperial
    Geothermal Company incorporated by reference to
    Exhibit 10.3.24 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.25

IID-SIGC Transmission Service Agreement for Alternative
    Resources, dated, October 27, 1992, by and between Imperial
    Irrigation District and Second Imperial Geothermal Company
    incorporated by reference to Exhibit 10.3.25 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.2.26

Plant Connection Agreement for the Ormesa Geothermal Plant,
    dated October 1, 1985, by and between Imperial Irrigation
    District and Ormesa Geothermal incorporated by reference to
    Exhibit 10.3.26 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.27

Plant Connection Agreement for the Ormesa IE Geothermal Plant,
    dated, October 21, 1988, by and between Imperial Irrigation
    District and Ormesa IE incorporated by reference to
    Exhibit 10.3.27 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.28

Plant Connection Agreement for the Ormesa IH Geothermal Plant,
    dated, October 3, 1989, by and between Imperial Irrigation
    District and Ormesa IH incorporated by reference to
    Exhibit 10.3.28 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.29

Plant Connection Agreement for the Geo East Mesa Limited
    Partnership Unit No. 2, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.29 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.30

Plant Connection Agreement for the Geo East Mesa Limited
    Partnership Unit No. 3, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.30 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.31

Transmission Service Agreement for the Ormesa I, Ormesa IE
    and Ormesa IH Geothermal Power Plants, dated, October 3,
    1989, between Imperial Irrigation District and Ormesa Geothermal
    incorporated by reference to Exhibit 10.3.31 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 201




---



##### Table of Contents



ExhibitNo.

Document10
.2.32

Transmission Service Agreement for the Geo East Mesa Limited
    Partnership Unit No. 2, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.32 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.33

Transmission Service Agreement for the Geo East Mesa Limited
    Partnership Unit No. 3, dated, March 21, 1989, by and
    between Imperial Irrigation District and Geo East Mesa Limited
    Partnership incorporated by reference to Exhibit 10.3.33 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.34

IID-Edison Transmission Service Agreement for Alternative
    Resources, dated, September 26, 1985, by and between
    Imperial Irrigation District and Southern California Edison
    Company incorporated by reference to Exhibit 10.3.34 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.35

Plant Amendment No. 1, to IID-Edison Transmission Service
    Agreement for Alternative Resources, dated, August 25,
    1987, by and between Imperial Irrigation District and Southern
    California Edison Company incorporated by reference to
    Exhibit 10.3.35 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.36

Agreement Addressing Renewable Energy Pricing and Payment
    Issues, dated June 15, 2001, by and between Second Imperial
    Geothermal Company QFID No. 3021 and Southern California
    Edison Company incorporated by reference to Exhibit 10.3.39
    to Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    200410
.2.37

Amendment No. 1 to Agreement Addressing Renewable Energy
    Pricing and Payment Issues, dated November 30, 2001, by and
    between Second Imperial Geothermal Company QFID No. 3021
    and Southern California Edison Company incorporated by reference
    to Exhibit 10.3.40 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.38

Agreement Addressing Renewable Energy Pricing and Payment
    Issues, dated June 15, 2001, by and between Heber
    Geothermal Company QFID No. 3001 and Southern California
    Edison Company incorporated by reference to Exhibit 10.3.41
    to Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.39

Amendment No. 1 to Agreement Addressing Renewable Energy
    Pricing and Payment Issues, dated November 30, 2001, by and
    between Heber Geothermal Company QFID No. 3001 and Southern
    California Edison Company incorporated by reference to
    Exhibit 10.3.42 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.40

Energy Services Agreement, dated February 2003, by and between
    Imperial Irrigation District and ORMESA, LLC incorporated by
    reference to Exhibit 10.3.43 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.41

Purchase Power Contract, dated March 24, 1986, by and
    between Hawaii Electric Light Company and Thermal Power Company
    incorporated by reference to Exhibit 10.3.44 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.42

Firm Capacity Amendment to Purchase Power Contract, dated
    July 28, 1989, by and between Hawaii Electric Light Company
    and Puna Geothermal Venture incorporated by reference to
    Exhibit 10.3.45 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.43

Amendment to Purchase Power Contract, dated October 19,
    1993, by and between Hawaii Electric Light Company and Puna
    Geothermal Venture incorporated by reference to
    Exhibit 10.3.46 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 202




---



##### Table of Contents



ExhibitNo.

Document10
.2.44

Third Amendment to the Purchase Power Contract, dated
    March 7, 1995, by and between Hawaii Electric Light Company
    and Puna Geothermal Venture incorporated by reference to
    Exhibit 10.3.47 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.45

Performance Agreement and Fourth Amendment to the Purchase Power
    Contract, dated February 12, 1996, by and between Hawaii
    Electric Light Company and Puna Geothermal Venture incorporated
    by reference to Exhibit 10.3.48 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.2.46

Agreement to Design 69 KV Transmission Lines, a Substation at
    Pohoiki, Modifications to Substations at Puna and Kaumana, and a
    Temporary 34.5 Facility to Interconnect PGVs Geothermal
    Electric Plant with HELCOs System Grid (Phase II and
    III), dated June 7, 1990, by and between Hawaii Electric
    Light Company and Puna Geothermal Venture incorporated by
    reference to Exhibit 10.3.49 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.1

Ormesa BLM Geothermal Resources Lease CA 966 incorporated by
    reference to Exhibit 10.4.1 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.2

Ormesa BLM License for Electric Power Plant Site CA 24678
    incorporated by reference to Exhibit 10.4.2 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.3

Geothermal Resources Mining Lease, dated February 20, 1981,
    by and between the State of Hawaii, as Lessor, and Kapoho Land
    Partnership, as Lessee incorporated by reference to
    Exhibit 10.4.3 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.4

Geothermal Lease Agreement, dated October 20, 1975, by and
    between Ruth Walker Cox and Betty M. Smith, as Lessor,
    and Gulf Oil Corporation, as Lessee incorporated by reference to
    Exhibit 10.4.4 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.5

Geothermal Lease Agreement, dated August 1, 1976, by and
    between Southern Pacific Land Company, as Lessor, and Phillips
    Petroleum Company, as Lessee incorporated by reference to
    Exhibit 10.4.5 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.6

Geothermal Resources Lease, dated November 18, 1983, by and
    between Sierra Pacific Power Company, as Lessor, and Geothermal
    Development Associates, as Lessee incorporated by reference to
    Exhibit 10.4.6 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.7

Lease Agreement, dated November 1, 1969, by and between
    Chrisman B. Jackson and Sharon Jackson, husband and wife, as
    Lessor, and Standard Oil Company of California, as Lessee
    incorporated by reference to Exhibit 10.4.7 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.8

Lease Agreement, dated September 22, 1976, by and between
    El Toro Land & Cattle Co., as Lessor, and Standard Oil
    Company of California, as Lessee incorporated by reference to
    Exhibit 10.4.8 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.9

Lease Agreement, dated February 17, 1977, by and between
    Joseph L. Holtz, as Lessor, and Chevron U.S.A. Inc., as Lessee
    incorporated by reference to Exhibit 10.4.9 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.10

Lease Agreement, dated March 11, 1964, by and between John
    D. Jackson and Frances Jones Jackson, also known as Frances J.
    Jackson, husband and wife, as Lessor, and Standard Oil Company
    of California, as Lessee incorporated by reference to
    Exhibit 10.4.10 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004. 203




---



##### Table of Contents



ExhibitNo.

Document10
.3.11

Lease Agreement, dated February 16, 1964, by and between
    John D. Jackson, conservator for the estate of Aphia Jackson
    Wallan, as Lessor, and Standard Oil Company of California, as
    Lessee incorporated by reference to Exhibit 10.4.11 to
    Ormat Technologies, Inc. Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.12

Lease Agreement, dated March 17, 1964, by and between Helen
    S. Fugate, a widow, as Lessor, and Standard Oil Company of
    California, as Lessee incorporated by reference to
    Exhibit 10.4.12 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.13

Lease Agreement, dated February 16, 1964, by and between
    John D. Jackson and Frances J. Jackson, husband and wife, as
    Lessor, and Standard Oil Company of California, as Lessee
    incorporated by reference to Exhibit 10.4.13 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.14

Lease Agreement, dated February 20, 1964, by and between
    John A. Straub and Edith D. Straub, also known as John A. Straub
    and Edythe D. Straub, husband and wife, as Lessor, and Standard
    Oil Company of California, as Lessee incorporated by reference
    to Exhibit 10.4.14 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.15

Lease Agreement, dated July 1, 1971, by and between Marie
    L. Gisler and Harry R. Gisler, as Lessor, and Standard Oil
    Company of California, as Lessee incorporated by reference to
    Exhibit 10.4.15 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.16

Lease Agreement, dated February 28, 1964, by and between
    Gus Kurupas and Guadalupe Kurupas, husband and wife, as Lessor,
    and Standard Oil Company of California, as Lessee incorporated
    by reference to Exhibit 10.4.16 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on July 20, 200410
.3.17

Lease Agreement, dated April 7, 1972, by and between Nowlin
    Partnership, as Lessor, and Standard Oil Company of California,
    as Lessee incorporated by reference to Exhibit 10.4.17 to
    Ormat Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.18

Geothermal Lease Agreement, dated July 18, 1979, by and
    between Charles K. Corfman, an unmarried man as his sole and
    separate property, and Lessor, and Union Oil Company of
    California, as Lessee incorporated by reference to
    Exhibit 10.4.18 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.19

Lease Agreement, dated January 1, 1972, by and between
    Holly Oberly Thomson, also known as Holly F. Oberly
    Thomson, also known as Holly Felicia Thomson, as Lessor, and
    Union Oil Company of California, as Lessee incorporated by
    reference to Exhibit 10.4.19 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.20

Lease Agreement, dated June 14, 1971, by and between
    Fitzhugh Lee Brewer, Jr., a married man as his separate
    property, Donna Hawk, a married woman as her separate property,
    and Ted Draper and Helen Draper, husband and wife, as Lessor,
    and Union Oil Company of California, as Lessee incorporated by
    reference to Exhibit 10.4.20 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.21

Lease Agreement, dated May 13, 1971, by and between Mathew
    J. La Brucherie and Jane E. La Brucherie,
    husband and wife, and Robert T. ODell and Phyllis M.
    ODell, husband and wife, as Lessor, and Union Oil Company
    of California, as Lessee incorporated by reference to
    Exhibit 10.4.21 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.22

Lease Agreement, dated June 2, 1971, by and between Dorothy
    Gisler, a widow, Joan C. Hill, and Jean C. Browning, as Lessor,
    and Union Oil Company of California, as Lessee incorporated by
    reference to Exhibit 10.4.22 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004. 204




---



##### Table of Contents



ExhibitNo.

Document10
.3.23

Geothermal Lease Agreement, dated February 15, 1977, by and
    between Walter J. Holtz, as Lessor, and Magma Energy Inc., as
    Lessee incorporated by reference to Exhibit 10.4.23 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.24

Geothermal Lease, dated August 31, 1983, by and between
    Magma Energy Inc., as Lessor, and Holt Geothermal Company, as
    Lessee incorporated by reference to Exhibit 10.4.24 to
    Ormat Technologies, Inc. Registration Statement Amendment
    No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.25

Unprotected Lease Agreement, dated July 15, 2004, by and
    between Ormat Industries Ltd. and Ormat Systems Ltd.
    incorporated by reference to Exhibit 10.4.25 to Ormat
    Technologies, Inc. Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.10
.3.26

Geothermal Resources Lease, dated June 27, 1988, by and
    between Bernice Guisti, Judith Harvey and Karen Thompson,
    Trustees and Beneficiaries of the Guisti Trust, as Lessor, and
    Far West Capital, Inc., as Lessee incorporated by reference to
    Exhibit 10.4.26 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.27

Amendment to Geothermal Resources Lease, dated January, 1992, by
    and between Bernice Guisti, Judith Harvey and Karen Thompson,
    Trustees and Beneficiaries of the Guisti Trust, as Lessor, and
    Far West Capital, Inc., as Lessee incorporated by reference to
    Exhibit 10.4.27 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.28

Second Amendment to Geothermal Resources Lease, dated
    June 25, 1993, by and between Bernice Guisti, Judith Harvey
    and Karen Thompson, Trustees and Beneficiaries of the Guisti
    Trust, as Lessor, and Far West Capital, Inc. and its Assignee,
    Steamboat Development Corp., as Lessee incorporated by reference
    to Exhibit 10.4.28 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.29

Geothermal Resources Sublease, dated May 31, 1991, by and
    between Fleetwood Corporation, as Lessor, and Far West Capital,
    Inc., as Lessee incorporated by reference to
    Exhibit 10.4.29 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.30

KLP Lease and Agreement, dated March 1, 1981, by and
    between Kapoho Land Partnership, as Lessor, and Thermal Power
    Company, as Lessee incorporated by reference to
    Exhibit 10.4.30 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.31

Amendment to KLP Lease and Agreement, dated July 9, 1990,
    by and between Kapoho Land Partnership, as Lessor, and Puna
    Geothermal Venture, as Lessee incorporated by reference to
    Exhibit 10.4.31 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.32

Second Amendment to KLP Lease and Agreement, dated
    December 31, 1996, by and between Kapoho Land Partnership,
    as Lessor, and Puna Geothermal Venture, as Lessee incorporated
    by reference to Exhibit 10.4.32 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 1 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.3.33

Participation Agreement, dated May 18, 2005, by and among
    Puna Geothermal Venture, SE Puna, L.L.C., Wilmington
    Trust Company, S.E. Puna Lease, L.L.C., AIG Annuity
    Insurance Company, American General Life Insurance Company,
    Allstate Life Insurance Company and Union Bank of California,
    incorporated by reference to Exhibit 10.4.33 to Ormat
    Technologies, Inc. Quarterly Report on
    Form 10-Q/A
    to the Securities and Exchange Commission on December 22,
    2005.10
.3.34

Project Lease Agreement, dated May 18, 2005, by and between
    SE Puna, L.L.C. and Puna Geothermal Venture, incorporated by
    reference to Exhibit 10.4.34 to Ormat Technologies, Inc.
    Quarterly Report on
    Form 10-Q/A
    to the Securities and Exchange Commission on December 22,
    2005. 205




---



##### Table of Contents



ExhibitNo.

Document10
.4.1

Patent License Agreement, dated July 15, 2004, by and
    between Ormat Industries Ltd. and Ormat Systems Ltd.
    incorporated by reference to Exhibit 10.5.4 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.4.2

Form of Registration Rights Agreement by and between Ormat
    Technologies, Inc. and Ormat Industries Ltd. incorporated by
    reference to Exhibit 10.5.5 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.10
.5.1

Ormat Technologies, Inc. 2004 Incentive Compensation Plan
    incorporated by reference to Exhibit 10.6.1 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 2
    on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.10
.5.2

Form of Incentive Stock Option Agreement incorporated by
    reference to Exhibit 10.6.2 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.10
.5.3

Form of Nonqualified Stock Option Agreement incorporated by
    reference to Exhibit 10.6.3 to Ormat Technologies, Inc.
    Registration Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 22,
    2004.10
.6

Form of Executive Employment Agreement of Lucien Bronicki
    incorporated by reference to Exhibit 10.7 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.7.1

Form of Executive Employment Agreement of Yehudit Bronicki
    incorporated by reference to Exhibit 10.8 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.7.2

Amendment to Employment Agreement of Yehudit Bronicki, dated
    March 28, 2008, by and between Ormat Technologies, Inc. and
    Yehudit Bronicki, incorporated by reference to
    Exhibit 10.8.1 to Ormat Technologies, Inc. Quarterly Report
    on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008.10
.8.1

Form of Executive Employment Agreement of Yoram Bronicki
    incorporated by reference to Exhibit 10.9 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 1
    on
    Form S-1
    (File No. 333-117527)
    to the Securities and Exchange Commission on September 28,
    2004.10
.8.2

Amendment to Employment Agreement of Yoram Bronicki, dated
    March 28, 2008, by and between Ormat Technologies, Inc. and
    Yoram Bronicki, incorporated by reference to Exhibit 10.8.1
    to Ormat Technologies, Inc. Quarterly Report on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008.10
.8.3

Amendment to Employment Agreement of Yoram Bronicki, dated
    November 4, 2009, by and between Ormat Technologies, Inc.
    and Yoram Bronicki, incorporated by reference to
    Exhibit 10.8.3 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on November 9,
    2009.10
.9

Form of Indemnification Agreement incorporated by reference to
    Exhibit 10.11 to Ormat Technologies, Inc. Registration
    Statement Amendment No. 2 on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 20,
    2004.10
.10

Note Purchase Agreement, dated December 2, 2005, among
    Lehman Brothers Inc., OrCal Geothermal Inc., OrHeber 1 Inc.,
    OrHeber 2 Inc., Second Imperial Geothermal Company, Heber Field
    Company and Heber Geothermal Company, incorporated by reference
    to Exhibit 10.12 to Ormat Technologies, Inc. Annual Report
    on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 2006.10
.11.1

Indenture dated as of December 8, 2005 among OrCal
    Geothermal Inc., OrHeber 1 Inc., OrHeber 2 Inc., Second Imperial
    Geothermal Company, Heber Field Company and Heber Geothermal
    Company and Union Bank of California, incorporated by reference
    to Exhibit 10.13 to Ormat Technologies, Inc. Annual Report
    on
    Form 10-K
    to the Securities and Exchange Commission on March 28,
    2006. 206




---



##### Table of Contents



ExhibitNo.

Document10
.11.2

First Supplemental Indenture dated as of June 14, 2006
    amending the Indenture dated as of December 8, 2005 among
    OrCal Geothermal Inc., OrHeber 1 Inc., OrHeber 2 Inc., Second
    Imperial Geothermal Company, Heber Field Company and Heber
    Geothermal Company and Union Bank of California, incorporated by
    reference to Exhibit 10.13.2 to Ormat Technologies, Inc.
    Quarterly Report on
    Form 10-Q
    (File No
    001-32347)
    to the Securities and Exchange Commission on August 7, 2006.10
.12

Guarantee dated as of December 8, 2005 among OrCal
    Geothermal Inc., OrHeber 1 Inc., OrHeber 2 Inc., Second Imperial
    Geothermal Company, Heber Field Company and Heber Geothermal
    Company, incorporated by reference to Exhibit 10.14 to
    Ormat Technologies, Inc. Annual Report on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 2006.10
.13

Note Purchase Agreement, dated February 6, 2004, among
    Lehman Brothers Inc., Ormat Funding Corp., Brady Power Partners,
    Steamboat Geothermal LLC, OrMammoth Inc., ORNI 1 LLC, ORNI 2 LLC
    and ORNI 7 LLC, incorporated by reference to Exhibit 10.15
    to Ormat Technologies, Inc. Annual Report on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 2006.10
.14

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Ormesa LLC and Southern
    California Edison Company, incorporated by reference to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.15

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Ormesa LLC and Southern
    California Edison Company, incorporated by reference to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.16

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Heber Geothermal Company and
    Southern California Edison Company, incorporated by reference to
    Ormat Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.17

Agreement No. 2 Addressing Renewable Energy Pricing Issues,
    dated May 10, 2006, between Second Imperial Geothermal
    Company and Southern California Edison Company, incorporated by
    reference to Ormat Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 16, 2006.10
.18.1

Amended and Restated Power Purchase Agreement for
    Olkaria III Geothermal Plant, dated January 19, 2007,
    between OrPower 4 Inc. and The Kenya Power and Lighting Company
    Limited, incorporated by reference to Ormat Technologies, Inc.
    Annual Report o
    Form 10-K
    to the Securities and Exchange Commission on March 12, 2007.10
.18.2

Olkaria III Project Security Agreement, dated
    January 19, 2007, between OrPower 4 Inc. and The Kenya
    Power and Lighting Company Limited, incorporated by reference to
    Ormat Technologies, Inc. Annual Report o
    Form 10-K
    to the Securities and Exchange Commission on March 12, 2007.10
.18.3

Common Terms Agreement, dated January 5, 2009, between
    OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH, Societe de
    Promotion et de Participation pour la Cooperation Economique,
    and BNY Corporate Trustee Services Limited, incorporated by
    reference to Exhibit 10.18.3 to Ormat Technologies, Inc.
    Annual Report on Form 10-K for the year ended
    December 31, 2008 to the Securities and Exchange Commission
    on March 2, 2009.10
.18.4

DEG A Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.4 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009.10
.18.5

DEG B Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.5 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009. 207




---



##### Table of Contents



ExhibitNo.

Document10
.18.6

DEG C Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.6 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009.10
.18.7

Proparco A Facility Loan Agreement, dated January 5, 2009,
    between OrPower 4, Inc. and DEG  Deutsche
    Investitions-Und Enticklungsgesellschaft MBH and Societe de
    Promotion et de Participation pour la Cooperation Economique,
    incorporated by reference to Exhibit 10.18.7 to Ormat
    Technologies, Inc. Annual Report on Form 10-K for the year
    ended December 31, 2008 to the Securities and Exchange
    Commission on March 2, 2009.10
.19

Amendment No. 2 to the Power Purchase Contract between
    Ormesa LLC and Ormat Technologies, Inc., and Southern California
    Edison Company (RAP ID 3012) dated April 23, 2006,
    incorporated by reference to Exhibit 10.21.2 to Ormat
    Technologies, Inc. Quarterly Report on
    Form 10-Q
    to the Securities and Exchange Commission on August 8, 2007.10
.20.1

Subscription Agreement dated as of October 22, 2007 between
    the Company and Ormat Industries Ltd., incorporated by reference
    to Exhibit 3.1 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on October 24,
    2007.10
.20.2

Amendment No. 1 to the Subscription Agreement, dated
    October 25, 2007, between the Company and Ormat Industries
    Ltd., incorporated by reference to Exhibit 1.1 to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on October 31,
    2007.10
.21

Subscription Agreement dated as of December 3, 2007 between
    the Company and Ormat Industries Ltd., incorporated by reference
    to Exhibit 3.1 to Ormat Technologies, Inc. Current Report
    on
    Form 8-K
    to the Securities and Exchange Commission on January 9,
    2008.10
.22

Joint Ownership Agreement for the Carson Lake Project, dated as
    of March 12, 2008, by and between Nevada Power Company and
    ORNI 16 LLC, incorporated by reference to Exhibit 10.24 to
    Ormat Technologies, Inc. Quarterly Report on
    Form 10-Q
    to the Securities and Exchange Commission on May 7, 2008.10
.23

Note Purchase Agreement, dated as of May 18, 2009, among
    Ortitlan, Limitada and TCW Global Project Fund II, Ltd.,
    incorporated by reference to Exhibit 10.23 to Ormat
    Technologies, Inc. Current Report on
    Form 8-K
    to the Securities and Exchange Commission on May 21, 2009.21
.1

Subsidiaries of Ormat Technologies, Inc., incorporated by
    reference to Exhibit 21.1 to Ormat Technologies, Inc.
    Annual Report on
    Form 10-K
    to the Securities and Exchange Commission on March 28, 2006.23
.1

Consent of PricewaterhouseCoopers LLP, Independent Registered
    Public Accounting Firm, filed herewith.31
.1

Certification of the Chief Executive Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002, filed
    herewith.31
.2

Certification of the Chief Financial Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002, filed
    herewith.32
.1

Certification of the Chief Executive Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002, filed
    herewith.32
.2

Certification of the Chief Financial Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002, filed
    herewith.99
.1

Material terms with respect to BLM geothermal resources leases
    incorporated by reference to Exhibit 99.1 to Ormat
    Technologies, Inc. Registration Statement Amendment No. 2
    on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on October 20,
    2004.99
.2

Material terms with respect to BLM site leases incorporated by
    reference to Exhibit 99.2 to Ormat Technologies, Inc.
    Registration Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.99
.3

Material terms with respect to agreements addressing renewable
    energy pricing and payment issues incorporated by reference to
    Exhibit 99.3 to Ormat Technologies, Inc. Registration
    Statement on
    Form S-1
    (File
    No. 333-117527)
    to the Securities and Exchange Commission on July 20, 2004.  208