Letter to Ormat Technologies, a Leader in the Renewable Energy Sector

Dear Chairwoman and Esteemed Corporate Venture Capitalists,

I am excited to present a compelling investment opportunity in Ormat Technologies, a global leader in the renewable energy sector. As a vertically integrated company specializing in geothermal, energy storage, and solar power solutions, Ormat represents a unique and promising proposition for your portfolio.

Ormat's Geothermal Expertise Ormat's core strength lies in its expertise in geothermal power generation. With over five decades of experience, the company has established itself as the only vertically integrated geothermal company globally, designing, developing, building, owning, and operating geothermal power plants worldwide. This end-to-end capability allows Ormat to optimize its operations, drive innovation, and maintain a competitive advantage in the geothermal market.

Diversified and Growing Business Model In recent years, Ormat has successfully diversified its business, expanding into energy storage and solar photovoltaic (PV) solutions. This diversification not only reduces the company's reliance on the geothermal market but also positions it to benefit from the growing demand for integrated renewable energy solutions. Ormat's energy storage segment, in particular, has seen significant growth, with the company securing long-term contracts and expanding its footprint in key markets like California.

Robust Financial Performance and Growth Outlook Ormat's financial performance has been consistently strong, with the company reporting revenue growth and expanding profitability in recent quarters. The company's 2023 outlook reflects its highest total revenue ever and record adjusted EBITDA growth, underscoring the strength of its operations and the growing demand for its products and services.

Furthermore, Ormat has ambitious growth targets, aiming to double its portfolio capacity to at least 2.6 gigawatts (GW) by the end of 2028. This expansion will be fueled by both organic growth and strategic acquisitions, as evidenced by Ormat's recent acquisition of a portfolio of geothermal and solar assets from Enel Green Power North America.

Sustainability and ESG Focus Ormat's commitment to sustainability and environmental, social, and governance (ESG) principles is a key differentiator. As a leading renewable energy company, Ormat's focus on developing clean, efficient, and responsible energy solutions aligns with the growing global emphasis on climate change mitigation and the transition to a low-carbon economy. The company's consistent efforts to improve its ESG performance and disclose its sustainability initiatives further enhance its appeal as an investment opportunity.

Investment Opportunity We believe that Ormat's unique position as a global leader in the renewable energy sector, its diversified business model, robust financial performance, and strong growth outlook make it a compelling investment opportunity. By supporting Ormat's continued expansion and innovation, you can position your organization at the forefront of the clean energy revolution and capitalize on the growing demand for sustainable energy solutions.

I would be delighted to discuss Ormat's business in more detail and explore how we can collaborate to drive the company's growth and create value for your organization. Thank you for your consideration, and I look forward to the opportunity to further engage on this exciting proposition.

Sincerely,

Gideon Gartnor

GartnorGroup