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Ormat Technologies, Inc. Message from Mr. Isaac Angel Chief Executive Officer Isaac Angel To our stakeholders, Sustainability is an essential and deeply embedded facet of Ormat and has been since the company was created five decades ago. In this, our fourth bi-annual sustainability report, we are pleased to review key highlights of our sustainability performance from 2012 and 2013 and the strategic framework that will carry our company forward as we provide clean energy solutions the world needs. Thriving in Sustainable Energy Markets I recently joined Ormat as its Chief Executive Officer, following the retirement of Mrs. Dita Bronicki in July 2014. Please see the section following this letter for a look at the many milestones the Bronicki family has contributed as founders, leaders and stewards of Ormat and its innovations. One of the key reasons I accepted this significant challenge is that I see a number of exciting opportunities for Ormat to continue to thrive in the sustainable energy markets we serve. Clean Energy Systems Expertise Ormat adds value to our client’s businesses through the clean energy systems expertise and products we design, manufacture and operate, and through the clean electricity we generate from geothermal sources. This two-segment, vertically integrated business model has provided a solid foundation for profitable growth, enabling Ormat to establish market leading positions in both sectors and a strong presence in more than 29 countries. Preventing CO2 Emissions Meaningful, long-term environmental benefits continue to accrue as a result of Ormat’s clean energy focus and this is becoming more important every day. Our expertise in developing geothermal resources and unlocking this natural, prolific power source has annually saved millions of tonnes of carbon dioxide from being released into the atmosphere. We’ve drilled over 200 geothermal wells since 2000 and own and operate 626 MW of geothermal and REG capacity across 18 complexes and power plants. Broadening Geothermal Development In addition, Ormat’s proprietary expertise in exploration and enhanced drilling and geothermal production technologies have advanced the availability of zero-emission geothermal electricity. Reliable base-load electricity from non-fossil fuel sources is becoming more vital to our customers, both in the US and around the world. Ormat is responsible for approximately 80% of all geothermal capacity installed in the United States since 2000 and we currently occupy approximately 90% of the world wide binary geothermal market. Capturing Waste Heat Similarly, our recovered energy generation technologies, also based on the Ormat Energy Converter, operate in countless applications globally, anywhere industrial activities like pipeline operations, cement manufacturing, and other energy-intensive production processes 6 2012-2013 Sustainability Report are undertaken. Cost-effective capture of waste heat that would otherwise be lost makes strong environmental and business sense now and going forward. Solid Sustainable Progress Over the past two years, Ormat has made steady progress as a sustainable company. Economically, we’ve increased revenues from $501.8 million in 2012 to $533.2 million in 2013, with product revenues contributing an 8.9% increase and electricity revenues growing by 4.7%. New customer orders and increased revenue contributions from several of our new and existing geothermal plants drove these improvements. From an environmental perspective, Ormat continued to push forward towards our goal of developing a geographically balanced portfolio of geothermal projects, completing the expansion of the Olkaria III geothermal complex in Kenya, the Don A. Campbell geothermal power plant in Nevada and the acquisition of the Platanares project in Honduras. Working Collaboratively Much of our success in advancing geothermal development comes from our experience in planning facilities that are ultra-efficient, minimize environmental footprints and optimize the energy value of the geothermal resource. We also clearly recognize the value of working collaboratively, with local communities, with governments, regulators, environmental groups and other key stakeholders. Bringing new facilities to market with the assurance that all aspects of environmental, employee and public safety have been carefully considered and incorporated into our facilities and operating plans is paramount to our ongoing success. We “earn” our license to operate by being thoughtful, responsible and responsive. More than 1,100 people work for Ormat. Our company is headquartered in Reno, Nevada, in the United States and we own and operate power facilities in the United States, Central America and Africa. Wherever we work, we strive to give back to the community. Education, health care and environmental protection are the areas where we focus our support. You’ll find more detailed information about Ormat’s human resources practices, our corporate community investment initiatives and our environmental standards, policies and performance inside this report. We also invite you to learn more about Ormat by visiting our website at www.ormat.com. Thank you for your interest in our sustainability journey. We are proud to be delivering clean energy the world needs. Sincerely, Isaac Angel Chief Executive Officer Ormat Technologies, Inc. 7PDF Image | Ormat Technologies
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