Ormat (ORA) 8-K Ormat Technologies Reports a Double-Digit Growth in Revenues, Net Income, andAdjusted EBITDA in the Second Quarter

Exhibit 99.1

PRESS RELEASE

Ormat Technologies Contact:	Investor Relations Agency Contact:
Smadar Lavi	Rob Fink/Brett Maas
Investor Relations	Hayden - IR
775-356-9029 (ext. 65726)	646-415-8972/646-536-7331
slavi@ormat.com	rob@haydenir.com / brett@haydenir.com

Ormat Technologies Reports a Double-Digit Growth in Revenues, Net Income, andAdjusted EBITDA in the Second Quarter

Strong First Half Performance Drives Increase in 2016 Adjusted EBITDA Guidance

RENO, Nev. August 2, 2016 - Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the second quarter ended June 30, 2016.

Second Quarter Highlights and Recent Developments:

● Total revenues of $159.9 million, up 13.8% compared to the second quarter of 2015;

● Electricity segment revenues of $104.0 million, up 14.4% compared to the second quarter of 2015, mainly due to new power plants commencing operations in the fourth quarter 2015 and early this year;

● Product segment revenues of $55.9 million, up 12.7% compared to the second quarter of 2015;

● Electricity generation increased 10.8% to 1.3 million MWh;

● Gross margin increased to 41.2% of total revenues compared to 36.1% in the second quarter of 2015, mainly as a result of improved operating efficiencies;

● Operating income grew 34.3% to $51.9 million compared to $38.6 million in the second quarter of 2015;

● Net income attributable to the company's shareholders of $24.3 million, or $0.49 per diluted share, compared to $14.4 million, or $0.28 per diluted share, in the second quarter of 2015;

● Adjusted EBITDA of $81.2 million, up 19.7% compared to $67.8 million in the second quarter of 2015;

● Declared a quarterly dividend of $0.07 per share for the second quarter of 2016;

● Secured $36.0 million Supply & EPC Contracts for a geothermal power plant in New Zealand;

● Completed construction of the Veyo Recovered Energy Generation Project in Southern Utah for UAMPS; and

● Closed the acquisition of the Bouillante Geothermal Power Plant on the Island of Guadeloupe.

“We continued to efficiently execute in the second quarter and delivered strong top-line growth and margin expansion, enabling us to deliver over 60% increase in net income and over 19% increase in Adjusted EBITDA compared to the second quarter last year,” noted Isaac Angel, Chief Executive Officer. “Our product segment has benefited, and will continue to benefit from higher revenue contribution, from several large contracts, and lower commodity prices, which drove gross margins in the products segment to higher than normal levels in the first half, a trend we expect to moderate through the end of the year. In the electricity segment, the contribution of new projects, and specifically the second phase of our Don Campbell Project in Nevada and Plant 4 of our Olkaria III complex in Kenya, is driving increased generation and revenues, while our focus on efficient utilization of infrastructure and operational enhancements are positively affecting gross margins.

“On the product side, we continued to win orders and strengthen our backlog,” added Mr. Angel. “In May, we signed $36 million Supply and EPC contracts, with Eastland Group for the Te Ahi O Maui geothermal project located near Kawerau, New Zealand. This contract as well as other new contracts that we recently signed increased our backlog to $228 million.”

“Looking forward we continue with the implementation of our strategic plan to expand our geographic presence as well as our footprint in the energy storage market which will further advance our goal of transitioning Ormat from a geothermal company to a recognized leader in the renewable energy industry,” continued Mr. Angel.

Guidance

Mr. Angel added, “The strong first-half performance and better than normal gross margins have enabled us to increase our guidance for full-year Adjusted EBITDA. We reiterate our revenue guidance and expect full-year 2016 total revenue of between $620 million and $640 million, with product segment revenue of between $210 million and $220 million. For the electricity segment, we expect revenues to be between $410 million and $420 million. We now expect 2016 Adjusted EBITDA of between $310 and $320 million for the full year.”

Financial Summary

SecondQuarter Results

For the three months ended June 30, 2016, total revenues were $159.9 million, up from $140.5 million in the second quarter of 2015, an increase of 13.8%. Electricity Segment revenues increased 14.4% to $104.0 million in the three months ended June 30, 2016, up from $90.9 million in the three months ended June 30, 2015. Product Segment revenues increased 12.7% to $55.9 million in the three months ended June 30, 2016, up from $49.6 million in the three months ended June 30, 2015.

The company reported net income attributable to the company’s shareholders of $24.3 million, or $0.49 per diluted share, compared to net income attributable to the company’s shareholders of $14.4 million, or $0.28 per diluted share, for the same period last year.

Adjusted EBITDA for the three months ended June 30, 2016 was $81.2 million, compared to $67.8 million for the three months ended June 30, 2015, an increase of 19.7%. The reconciliation of GAAP net cash provided by (used in) operating activities and net income to EBITDA and Adjusted EBITDA and additional cash flow information is set forth below in this release.

On August 2, 2016, ORMAT’s Board of Directors approved a payment of a quarterly dividend of $0.07 per share pursuant to the company’s dividend policy. The dividend will be paid on August 30, 2016 to shareholders of record as of the close of business on August 16, 2016. In addition, the company expects to pay a quarterly dividend of $0.07 per share in the next quarter.

Conference Call Details

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release at10 a.m. EDT on Wednesday, August 3, 2016. The call will be available as a live, listen-only webcast at investor.ormat.com. During the webcast, management will refer to slides that will be posted on the website. The slides and accompanying webcast can be accessed through the Events & Presentations in the Investor Relations section of Ormat's website.

An archive of the webcast will be available approximately 30 minutes after the conclusion of the live call.

Please ask to be joined into the Ormat Technologies, Inc. call. 

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About Ormat Technologies

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 72 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 450 employees in the United States and over 600 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,000 MW of gross capacity. Ormat’s current 707 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe and Kenya.

Ormat’s Safe Harbor Statement

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2016.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For theSix andThree-Month PeriodsEnded June 30, 2016 and 2015

(Unaudited)

	Three Months Ended June 30						Six Months Ended June 30
	2016			2015			2016			2015
	(In thousands, except per share data)						(In thousands, except per share data)
Revenues:
Electricity	$	104,001		$	90,926		$	211,869		$	180,879
Product		55,860			49,561			99,586			79,839
Total revenues		159,861			140,487			311,455			260,718
Cost of revenues:
Electricity		62,243			62,522			125,929			118,103
Product		31,822			27,182			55,857			47,807
Total cost of revenues		94,065			89,704			181,786			165,910
Gross margin		65,796			50,783			129,669			94,808
Operating expenses:
Research and development expenses		595			414			944			777
Selling and marketing expenses		3,668			4,283			7,343			7,716
General and administrative expenses		8,783			7,443			17,532			17,647
Write-off of unsuccessful exploration activities		863			—			1,420			174
Operating income		51,887			38,643			102,430			68,494
Other income (expense):
Interest income		245			44			565			53
Interest expense, net		(18,401	)		(18,859	)		(34,424	)		(36,687	)
Derivatives and foreign currency transaction gains (losses)		(4,332	)		(571	)		(2,370	)		(1,937	)
Income attributable to sale of tax benefits		4,519			4,731			8,917			10,283
Other non-operating expense, net		49			(1,675	)		240			(1,392	)
Income before income taxes and equity inlosses of investees		33,967			22,313			75,358			38,814
Income tax provision (benefit)		(7,890	)		(6,056	)		(17,399	)		(11,515	)
Equity in losses of investees, net		(1,144	)		(984	)		(2,081	)		(1,759	)
Net income		24,933			15,273			55,878			25,540
Net income attributable to noncontrolling interest		(584	)		(859	)		(2,258	)		(1,094	)
Net income attributable to the Company's stockholders	$	24,349		$	14,414		$	53,620		$	24,446
Earnings per share attributable to the Company's stockholders - Basic and diluted:
Basic:
Net Income	$	0.49		$	0.29		$	1.09		$	0.51
Diluted:
Net Income	$	0.49		$	0.28		$	1.07		$	0.49
Weighted average number of shares used in computation of earnings per shareattributable to the Company's stockholders:
Basic		49,456			48,881			49,314			48,063
Diluted		50,137			50,600			49,977			49,444

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of June 30, 2016 and December 31, 2015

(Unaudited)

	June 30,			December 31,
	2016			2015
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	192,556		$	185,919
Restricted cash, cash equivalents and marketable securities		38,005			49,503
Receivables:
Trade		59,042			55,301
Other		14,350			7,885
Inventories		16,690			18,074
Costs and estimated earnings in excess of billings on uncompleted contracts		15,259			25,120
Prepaid expenses and other		44,334			33,334
Total current assets		380,236			375,136
Deposits and other		18,487			17,968
Deferred charges		41,409			42,811
Property, plant and equipment, net		1,562,315			1,559,335
Construction-in-process		241,199			248,835
Deferred financing and lease costs, net		5,131			4,022
Intangible assets, net		24,236			25,875
Total assets	$	2,273,013		$	2,273,982
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	87,511		$	91,955
Billings in excess of costs and estimated earnings on uncompleted contracts		42,912			33,892
Current portion of long-term debt:
Limited and non-recourse:
Senior secured notes		29,998			29,930
Other loans		21,495			21,495
Full recourse		11,229			11,229
Total current liabilities		193,145			188,501
Long-term debt, net of current portion:
Limited and non-recourse:
Senior secured notes		279,971			294,476
Other loans		265,696			275,888
Full recourse:
Senior unsecured bonds		249,632			249,698
Other loans		13,161			18,687
Accumulated losses of unconsolidated company in excess of investment		15,347			8,100
Liability associated with sale of tax benefits		2,064			11,665
Deferred lease income		56,925			58,099
Deferred income taxes		21,907			32,654
Liability for unrecognized tax benefits		9,974			10,385
Liabilities for severance pay		19,026			19,323
Asset retirement obligation		21,677			20,856
Other long-term liabilities		7,053			1,776
Total liabilities		1,155,578			1,190,108
Equity:
The Company's stockholders' equity:
Common stock		49			49
Additional paid-in capital		856,827			849,223
Retained earnings (accumulated deficit)		183,018			148,396
Accumulated other comprehensive income (loss)		(12,838	)		(7,667	)
		1,027,056			990,001
Noncontrolling interest		90,379			93,873
Total equity		1,117,435			1,083,874
Total liabilities and equity	$	2,273,013		$	2,273,982

Ormat Technologies, Inc. and Subsidiaries

Reconciliation of EBITDA, Adjusted EBITDA and Additional Cash Flows Information

For theSix andThree-Month PeriodsEnded June 30, 2016 and 2015

(Unaudited)

We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for (i) termination fees, (ii) impairment of long-lived assets, (iii) write-off of unsuccessful exploration activities, (iv) any mark-to-market gains or losses from accounting for derivatives, (v) merger and acquisition transaction costs, (vi) stock-based compensation, (vii) gain or losses from extinguishment of liability and (viii) gain or loss on sale of subsidiary and property, plant and equipment. EBITDA and Adjusted EBITDA are not a measurement of financial performance or liquidity under accounting principles generally accepted in the United States of America and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America. EBITDA and Adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a company’s ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

The following tables reconcile net cash provided by (used in) operating activities and net income to EBITDA and Adjusted EBITDA for the six and three-month periods ended June 30, 2016 and 2015.

	Three Months Ended June 30						Six Months Ended June 30
	2016			2015			2016			2015
	(in thousands)						(in thousands)
Net cash provided by operating activities	$	92,529		$	29,579		$	119,573		$	112,726
Adjusted for:
Interest expense, net (excluding amortizationof deferred financing costs)		17,165			16,355			31,292			32,327
Interest income		(245	)		(44	)		(565	)		(53	)
Income tax provision		7,890			6,056			17,399			11,515
Adjustments to reconcile net income or loss to net cashprovided by operating activities (excludingdepreciation and amortization)		(42,519	)		12,593			(12,437	)		(34,627	)
EBITDA	$	74,820		$	64,539		$	155,262		$	121,888
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices		2,320			—			2,494			4,129
Stock-based compensation		817			1,029			1,659			2,156
Gain on sale of a subdiary and property, plant and equipment		—			—			—			—
Termination fee		—			—			—			—
Loss from extinguishment of liability		—			1,710			—			1,710
Merger and acquisition transaction costs		500			400			647			3,800
Impairment charges		—			—			—			—
Write-off of unsuccessful exploration activities		863			—			1,420			174
Mark to market on derivatives which represents currency forward contracts		1,920			170			—			(690	)
Adjusted EBITDA	$	81,240		$	67,848		$	161,482		$	133,167
Net cash used in investing activities	$	(10,669	)	$	(32,176	)	$	(55,289	)	$	(79,433	)
Net cash provided by (used in) financing activities	$	(37,802	)	$	69,538		$	(57,647	)	$	64,142

	Three Months Ended June 30				Six Months Ended June 30
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Net income	$	24,933	$	15,273	$	55,878	$	25,540
Adjusted for:
Interest expense, net (including amortizationof deferred financing costs)		18,156		18,815		33,859		36,634
Income tax provision		7,890		6,056		17,399		11,515
Depreciation and amortization		23,841		24,395		48,126		48,199
EBITDA	$	74,820	$	64,539	$	155,262	$	121,888
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices		2,320		—		2,494		4,129
Stock-based compensation		817		1,029		1,659		2,156
Gain on sale of a subdiary and property, plant and equipment		—		—		—		—
Termination fee		—		—		—		—
Loss from extinguishment of liability		—		1,710		—		1,710
Merger and acquisition transaction costs		500		400		647		3,800
Impairment charges		—		—		—		—
Write-off of unsuccessful exploration activities		863		—		1,420		174
Mark to market on derivatives which represents currency forward contracts		1,920		170		—		(690	)
Adjusted EBITDA	$	81,240	$	67,848	$	161,482	$	133,167