Ormat Technologies Inc. Investor Presentation

ORMAT TECHNOLOGIES INC. INVESTOR PRESENTATION

MARCH 2020

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”

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.

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)

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)

Product segment

Development Drilling Engineering Manufacturing Construction Operation Customers: & exploration Utilities and Developers

29% of total revenues(1)

Energy Storage & Management Services segment

Development Engineering Procurement Construction Operation

Development Inverter and Pipeline battery

1% of total revenues(1)

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

• Added 7 MW from Tungsten Solar in Nevada during 2019 • Expect adding between 180 MW and 200 MW by the end of 2022(1)

Expected Project Expected COD PPA Capacity (MW) Geothermal Projects U.S - Steamboat Hills Enhancement 19 2020 H1  U.S - Heber Complex 11 Early 2021  U.S - CD4 30 End 2021  U.S - North Valley 15-20 2021  U.S - McGinness Hills Expansion 8 2021  U.S. – Puna expansion 8 2022  U.S – Dixie Meadows(2) 15 2022 TBD France (Guadeloupe Island) - Bouillante (2) 10 2022 TBD Kenya – Olkaria III expansion 10 2022  Solar Projects U.S - Wister Solar 20 AC 2021  U.S. Steamboat Solar 5 AC 2022 

• Continue to look for M&A opportunities

(1) MW growth target is based on existing prospects and business development plans as of February 25, 2020 (2) Projected COD is subject to PPA execution Copyright © 2020 Ormat Technologies, Inc. 12 PTC EXTENDER – DRIVER FOR GROWTH IN THE UNITED STATES

• In December 2019, the tax extenders package was signed into law and retroactively revived, extending the full PTC for geothermal facilities • Continues U.S. support for the geothermal industry. • PTC provides a tax credit of 2.5 cents per kWh of energy produced by the taxpayer from qualified geothermal energy projects • Start construction by December 31, 2020 • Placed in service within four years after the end of the year in which construction started • Extension of the PTC provides Ormat with • Improving project economics and feasibility • Enabling us to build new projects before signing a PPA and sell their electricity output in the “merchant” market until an acceptable long term PPA is obtained and signed • Extension will maximize benefits from the PTC • Increase our growth pace in the United States while maintaining our hurdle IRRs

Holistic offering that combines energy storage, demand response and energy management

Projects released for construction • Rabbit Hills, Texas (10 MW / 12.5 MWh)

• Finalizing market testing to get ERCOT’s approval to provide ancillary services; started generating revenue from energy optimization • Valecito, California (10 MW / 40 MWh)

• Signed EPC Agreement and provided a final notice to proceed

• Expect the major permit in March and groundbreaking in May 2020 • Israel Electric Corporation (IEC) Caesarea (1 MW / 0.5 MWh)

• System supplied to IEC in Q4 2019

(1) Development pipeline Rabbit Hill project Texas, U.S. • Expecting 150MW-200MW to be commissioned between 2020 and 2022

(1) 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. 14 FUNDING GROWTH – SECURED $242 MILLION OF CAPITAL

Successfully raised $242 million since the beginning of 2019 • $59.3M tax partnership transaction of McGinness Hills phase 3 • $50.0M of commercial paper • Three months LIBOR + 0.75%, issued for 90 days and extends automatically for additional periods of 90 days for up to 5 years • $18M with Société Géneralé and Banque Publique d’Investissement for our Bouillante power plant in Guadeloupe

• $9.0 million at a fixed interest rate of 1.93% (in EUR ), maturity – March and April 2026 • $9.0 million at a fixed interest rate of 1.52% (in EUR ), maturity – March and April 2026 • $23M with U.S. financial institution for Plumsted and Stryker, our battery storage projects • Interest rate of LIBOR plus 3.5%, maturity - May 2026 • Additional $50M under the senior unsecured notes from Migdal (institutional investor) • Fixed interest rate of 4.6%, maturity - March 2029 • $42M unsecured notes with DEG for the Olkaria III recent enhancement • Fixed interest rate of 6.04%, maturity - June 2028

$746 $719 $693 $663 7 15 3 $595 191 202 224 226 219

510 540 436 466 376

2015 2016 2017 2018 2019

Electricity Products Energy Storage and management services

-1% 13% FY 2018

FY 2018

$384 $368 $344 $324 88% $291 0% 9%

FY 2019

91%

2015 2016 2017 2018 2019 Electricity Products Energy Storage and management services

Total Debt ($M) Net Debt ($M)(1)

$1,268 $1,238 $1,090 $1,085

$939 $914 $817 $920 509 522 $685 $674 280 273 305

759 640 666 609 716

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Project Finance Corporate Debt Net Debt to Adjusted EBITDA(1) Net Debt(1) to Capitalization 3.0x (Total Equity) 2.8x 43% 42% 39% 2.4x 2.4x 37% 39% 2.1x

Sustainable growth Efficient operation Well positioned ESG Investment

• Substantial and growing • Focus on increasing • Market leader • Pure play in the cash flow from operation efficiencies • Strong cash flow renewable sustainable • Growth from identified • vertical integration • Strong balance sheet field geothermal projects • In-house technological • Access to various • Committed to ESG • Growth potential from and engineering sources of capital principals storage capabilities

• Global regulatory support • Improving margins

Contact IR: Smadar Lavi VP Corporate Finance and Head of Investor Relations 775-356-9029 (ext. 65726) [email protected]

• Working rapidly to resume operation of our Puna power plant following the volcanic eruption • Commercial operation of the full generating capacity is expected in the third quarter2020 • Assuming all other permits are received, transmission line upgrade is complete and field recovery is successfully achieved

Signed an amended and restated PPA with HELCO, subject to PUC approval

• Extends the current term until 2052

• Increases the current contract capacity by 8 MW to 46MW

• Fixed the energy rate to delinked to oil prices

• Current PPA remains in effect until commercial operation on the new 46MW power plant

• Terminated the lease transaction involving the Puna power plant

• Paid $20.5 million (including future lease payments)

• Provided the company the ability to satisfy its obligations under the new PPA

444 MW 1250 MW 16% 44%

700 614 2,817 MW 600 555 TOTAL 1124 MW 500 40%

400 342 MW 300 STG Binary - Ormat Binary - Others 220 180 200 158 136

100 53 44 45 54 41 55 16 15 28 20 16 2 2 0 12 4 -

Binary - Ormat Binary - Others STG Total

Full Geothermal potential is more than 10x the installed capacity

Europe Europe 3.4 GW 7.2 GW U.S U.S Asia pacific Asia pacific 3.6 GW 35 GW 4.7 GW 74.3 GW

Africa Africa 0.8 GW 5.1 GW

LATAM LATAM Ring of Fire 1.7 GW 36.4 GW Oceania Oceania 1.0 GW 3.6 GW

Areas with installed geothermal capacity Installed Potential

Source: Study based on “Think GeoEnergy” report: “Geothermal Market Analysis YE 2019” by Alexander Richter from February 2020 represent gross MW. Copyright © 2020 Ormat Technologies, Inc. 24 MARKET SHARE - ELECTRICITY SEGMENT

1 MW Top 10 Geothermal owners & operators (MW) 1,400 45

40 1,200

1,000 30

800 25

20 600

15 400

200 5

0 0 EDC Ormat/ CFE ENEL Star Energy Calpine Aboitiz Contact Mercury Terra-Gen (PNOC) worldwide Consortium Energy (ECP) Operation (MW) Estimated Project Count

(1) Source: Study based on Think GeoEnergy - “Geothermal Market Analysis YE 2019” by Alexander Richter from February 2020. Ormat’s data is presented at gross installed capacity. Copyright © 2020 Ormat Technologies, Inc. 25 MARKET SHARE - PRODUCTS SEGMENT

Major geothermal equipment suppliers (MW & project count)1

4,000 140

3,500 120

3,000 100

2,500 80 2,000 60 1,500

40 1,000

500 20

0 2 0 Toshiba Mitsubishi Fuji Ormat Ansaldo/Tosi GE Alstom Exergy

MW Operating Estimated Project Count

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 loss from extinguishment of liabilities, (viii) gain or loss on sale of subsidiary and property, plant and equipment and (ix) other unusual or non-recurring items. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, 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 U.S. GAAP. We use EBITDA and Adjusted EBITDA as a performance metric because it is a metric used by our Board of Directors and senior management in evaluating our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve-months periods ended December 31, 2019 and 2018.

Three Months Ended December 31 Twelve Months Ended December 31 2019 2018 2019 2018

(in thousands) (in thousands) Net income ...... $ 14,127 $ 23,089 $ 93,543 $ 110,111 Adjusted for: Interest expense, net (including amortization of deferred financing costs) 17,248 21,576 78,869 69,950 Income tax (benefit) provision ...... 25,477 31,386 45,613 34,733 Adjustment to investment in unconsolidated company: our proportionate share in interest, tax and depreciation and amortization ...... 5,205 (2,584) 13,089 9,184 Depreciation and amortization...... 36,260 32,749 143,242 127,732 EBITDA...... $ 98,317 $ 106,216 $ 374,356 $ 351,710

Mark-to-market gains or losses from accounting for derivatives 507 830 (1,402) 2,032 Stock-based compensation 2,127 2,836 9,358 10,218 Insurance proceeds in excess of assets carrying value — — — (7,150) Loss from extinguishment of liability 468 — 468 — Impairment of goodwill, net of reversal of a contingent liability — 3,142 — 3,142 Termination fee — — — 4,973 Merger and acquisition transaction cost 733 120 1,483 2,910 Write-off of unsuccessful exploration activities — 7 — 126 Adjusted EBITDA...... $ 102,152 $ 113,151 $ 384,263 $ 367,961

Puna's related EBITDA...... 2,591 (9,587) 1,280 (13,254)

Adjusted EBITDA excluding Puna's impact...... 104,743 103,564 385,543 354,707

The following table reconciles net income to EBITDA and Adjusted EBITDA for the twelve-month periods ended December 31, 2017, 2016, 2015 and 2014.

Year Ended December 31

2019 2018 2017 2016 2015 Cash and cash equivalents and Restricted cash (in millions $) Cash and cash equivalents 71 99 48 230 186 Restricted cash and cash equivalents 82 79 49 34 50 153 178 97 264 235 Total Debt (in millions $) Current portion of long-term debt: Short term revolving credit lines with banks (full recourse) 41 159 52 0 0 Commercial paper 50 0 0 0 0 Limited and non-recourse Senior secured notes 24 33 33 32 30 Other loans 34 30 21 21 21 Full recourse 77 5 3 12 11 Total current portion of long-term debt: 226 227 109 66 63

Long-term debt, net of current portion: Limited and non-recourse Senior secured notes (less deferred financing costs of $8,113 and $9,177, respectively) 339 375 312 350 305 Other loans (less deferred financing costs of $5,258 and $6,409, respectively) 317 320 242 262 283 Full recourse: Senior unsecured bonds (less deferred financing costs of $580 and $755, respectively) 286 304 204 204 250 Other loans (less deferred financing costs of $1,011 and $1,346, respectively) 69 42 46 57 19 Total long-term debt, net of current portion: 1,012 1,041 804 873 858 Total Debt 1,238 1,268 914 939 920

Total Debt Breakdown (in millions $): Full recourse: 522 509 305 273 280 Limited and non-recourse 716 759 609 666 640 Total Debt 1,238 1,268 914 939 920

Net Debt (in millions) 1,085 1,090 817 674 685

Total Equity 1,515 1,445 1,296 1,168 1,087 Net Debt to Capitalization (Total Equity) (%) 42% 43% 39% 37% 39%

Year Ended December 31 Net Debt to Adjusted EBITDA 2019 2018 2017 2016 2015

Net Debt (in millions) 1,085 1,090 817 674 685 Adjusted EBITDA (in millions) 384 368 344 324 291 Net Debt to Adjusted EBITDA (x) 2.8 3.0 2.4 2.1 2.4