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Ormat Technologies Inc. Investor Presentation ORMAT TECHNOLOGIES INC. INVESTOR PRESENTATION MARCH 2020 CopyrightCopyright ©© 2020 2020 OrmatOrmat Technologies,Technologies, Inc.Inc. SAFE HARBOR STATEMENT This presentation includes Forward-Looking Statements and the disclaimer should be read carefully Forward-Looking Statements This presentation, and information provided during any discussion accompanying amounts for 2022 growth (MW) or 2022 operational performance metrics such as this presentation, may contain “forward-looking statements” within the meaning of growth (MW), revenue by segment, segment breakdown and domestic/international the Private Securities Litigation Reform Act of 1995. These statements involve geographic breakdown, among others. All of these and other forward-looking estimates, expectations, projections, goals, objectives, assumptions and risks, and statements made in or during the course of this presentation are made only as of the activities, events and developments that may or will occur in the future. When used date hereof and Ormat undertakes no obligation to update or revise any forward- in or during the course of this presentation, the words “may”, “will”, “could”, looking statements, whether as a result of new information, future developments or “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, otherwise, except as required by law. Forward-looking statements about “target” or “projects”, “thinks”, “forecasts”, “guidance”, “continue”, “goal”, “outlook”, “targeted” amounts represent current goals of Ormat’s management and are neither “potential,” “prospect” or “target”, or the negative of these terms or other estimates of Ormat’s actual results nor financial projections or forecasts that have been comparable terminology are intended to identify forward-looking statements, prepared in accordance with Securities and Exchange Commission (“SEC”) rules or although not all forward-looking statements contain such words or expressions. guidelines adopted by the American Institute of Certified Public Accountants. These Such forward-looking statements include, but are not limited to: forward-looking statements are not intended to be a guarantee of future results, but instead constitute Ormat’s current expectations based on assumptions that Ormat statements about Ormat Technologies, Inc.’s and its affiliates’ (“Ormat”) business currently believes are reasonable. You are cautioned not to place undue reliance on strategy; the expectations, projections and other forward-looking statements made in or during the course of this presentation as actual future results and developments may differ statements about Ormat’s competitive strengths; materially from such expectations, projections and forward-looking statements due to statements about Ormat’s development and operation of electricity generation, a number of risks, uncertainties and other factors, many of which are beyond Ormat’s storage and energy management assets, including distributed energy resources; control. statements about Ormat’s other plans, expectations, objectives and targets; These risks, uncertainties and other factors include, but are not limited to, the risks, uncertainties and other factors described in Ormat Technologies, Inc.'s Form 10-K filed statements about Ormat’s views on market and industry developments and with the SEC on March 02, 2020 and from time to time, in Ormat’s quarterly reports on economic conditions, and the growth of the markets in which Ormat conducts its Form 10-K that are filed with the SEC. business; and statements about the growth and diversification of Ormat’s customer base and Ormat’s future revenues, expenses, earnings, capital expenditures, regional market penetration, electricity generation, and other operational performance metrics, including statements about “target” or “targeted” Copyright © 2020 Ormat Technologies, Inc. 2 NON-GAAP METRICS Reconciliation to US GAAP Financial Information This presentation includes certain “non-GAAP financial measures” within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended, including EBITDA and Adjusted EBITDA. The presentation of these non-GAAP financial measures is not intended as a substitute for financial information prepared and presented in accordance with GAAP and such non-GAAP financial measures should not be considered as a measure of liquidity or as an alternative to cash flow from operating activities, net income or any other measures of performance prepared and presented in accordance with GAAP. Such non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The appendix slides in this presentation reconcile the non-GAAP financial measures included in the presentation to the most directly comparable financial measures prepared and presented in accordance with U.S. GAAP . Copyright © 2020 Ormat Technologies, Inc. All Rights Reserved. This document contains information proprietary to Ormat Technologies, Inc. Reproduction in any form without prior written permission is strictly prohibited. Copyright © 2020 Ormat Technologies, Inc. 3 INTRODUCTION TO ORMAT Market leader with proven track record in the geothermal energy sector Our mission is to become a leading global renewable energy provider Own & operate 55 years ~1,410 914 MW of experience Employees Generating Capacity 746 $M FY2019 revenues 43MW/46MWh of operating storage $M projects 384 FY2019 adj. EBITDA(1) (1) See appendix for reconciliation of non-GAAP financial measures . Copyright © 2020 Ormat Technologies, Inc. 4 SUMMARY – CONTINUING EXECUTION Improve Organic Strategic New efficiencies growth M&A activities Electricity segment gross Secured over Adjusted EBITDA(4) margin margin increased to: 242$M 52% 42% capital to support growth plan(1) Energy Storage pipeline Geothermal & Solar Growth 150-200MW 180-200MW expected by 2022(2) expected by 2022(3) (1) Numbers refer to the period since the beginning of 2019 (2) MW growth target is based on existing prospects and business development plans as February 25, 2020 (3) MW growth targets in the energy storage depends on our ability to secure site control and interconnection agreement and is based on our estimates and business development plans as of February 25, 2020 Copyright © 2020 Ormat Technologies, Inc. 5 (4) See appendix for reconciliation of non-GAAP financial measures THE WORLD’S ONLY VERTICALLY INTEGRATED GEOTHERMAL COMPANY Electricity segment Development Drilling Engineering Manufacturing Construction Operation Customers: & exploration Utilities, CCA and Municipalities 70% of total revenues(1) (1) Average 2017-2019 Copyright © 2020 Ormat Technologies, Inc. 6 THE WORLD’S ONLY VERTICALLY INTEGRATED GEOTHERMAL COMPANY Product segment Development Drilling Engineering Manufacturing Construction Operation Customers: & exploration Utilities and Developers 29% of total revenues(1) (1) Average 2017-2019 Copyright © 2020 Ormat Technologies, Inc. 7 VERTICAL INTEGRATION AS A PLATFORM TO GROW IN THE STORAGE MARKET Energy Storage & Management Services segment Development Engineering Procurement Construction Operation Development Inverter and Pipeline battery 1% of total revenues(1) (1) Average 2017-2019 Copyright © 2020 Ormat Technologies, Inc. 8 ELECTRICITY SEGMENT OVERVIEW Stable, well managed, cash generating assets • Global operation of 914 MW at 25 sites • 93% geothermal, 6% REG and 1% solar Global portfolio (914 MW) • Weighted average PPA life: 17 years(1) Annual revenue ($M) U.S. Guadeloupe 629 MW 15 MW (3) Guatemala Indonesia $540 (4) $510(4) 40 MW Kenya 42 MW $466(2) Honduras 150 MW $436 38 MW $376 2015 2016 2017 2018 2019 (1) Including re-contracting under the SCPPA Portfolio PPA. (2) 2017 FY revenue is exclusive of $2.7M revenues related to our Viridity business from the provision of energy storage and demand response services. (3) Ormat owns a 12.75% minority interest at Sarulla, which is accounted for under the equity method. (4) Electricity segment revenues were impacted by the shutdown of Puna during 2018 and 2019. Copyright © 2020 Ormat Technologies, Inc. 9 PRODUCT SEGMENT OVERVIEW Built approximately 190 power plants and installed over 3,000 MW of geothermal & REG over the years • Backlog of approximately $142 million as of February 25, 2020 • Continuing improving engineering, technology and delivery lead-time Revenue from 3rd party sales ($M) Backlog breakdown(1) $219 $226 $225 1% $202 $191 2% 24% 45% 2% 2% $212M - 5 yr. Average 24% 2015 2016 2017 2018 2019 Turkey NZ US Bolivia Chile Taiwan Others (1) The backlog includes revenues for the period between January 1, 2020 and February 25, 2020, compared to $216.8 million as of February 26, 2019, which included revenues for the period between January 1, 2019 and February 26, 2019 Copyright © 2020 Ormat Technologies, Inc. 10 ENERGY STORAGE AND MANAGEMENT SERVICES OVERVIEW Holistic offering that combines energy storage and energy management • 50 highly experienced staff • Operating Portfolio • 43MW/46MWh operating assets • Plumsted and Stryker – connected to PJM Interconnect • Hinesburg – connected to ISONE • ACUA – connected to PJM Interconnect • Multiple application, both in-front-of-the-meter as well as behind-the-meter • Combination of contracted and merchant revenues • Financing energy storage projects • $23.5M non-recourse financing for Plumsted and Stryker Copyright © 2020 Ormat Technologies, Inc. 11 GROWTH PLAN – GEOTHERMAL AND SOLAR • Added 7 MW from Tungsten Solar in Nevada during 2019 • Expect adding between 180 MW and 200 MW by the
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