Ormat Commences Commercial Operation of the 80MW/320MWh Shirk Energy Storage Facility in California

PROJECT BACKED BY LONG-TERM RESOURCE ADEQUACY CONTRACT AND INCLUDED IN PREVIOUSLY ANNOUNCED HYBRID TAX EQUITY PARTNERSHIP

RENO, Nev., March 12, 2026 Ormat Technologies Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced the commencement of commercial operations at the Shirk energy storage facility, an 80MW/320MWh Battery Energy Storage System (BESS) located in Visalia, California.

The Shirk facility secures capacity under a 15-year Resource Adequacy Purchase and Sale Agreement (RA Agreement) with the City of Riverside, supporting grid reliability and helping meet California’s growing demand for flexible energy resources. The project represents another milestone in Ormat’s continued expansion of a stable and profitable energy storage portfolio.

The Shirk project qualifies for a 40% Investment Tax Credit (ITC), which the Company plans to monetize the tax benefits as part of the hybrid tax equity partnership with Morgan Stanley Renewables, Inc. that Ormat announced in May 2025, which supports the funding and optimization of the Company’s growing energy storage portfolio.

Doron Blachar, Chief Executive Officer of Ormat Technologies, stated, "We are pleased to announce the commencement of operations at the Shirk Energy Storage Facility, another important milestone in the continued growth of our energy storage platform. This project further demonstrates our ability to develop and deliver large-scale storage assets that provide critical reliability services to the grid while supporting California’s clean energy transition."

Blachar continued, "With long-term contracted revenues and the ability to monetize the project’s tax benefits through our previously announced hybrid tax equity partnership, Shirk strengthens the profitability and long-term visibility of our energy storage segment while advancing our strategy of building a diversified portfolio of contracted storage assets."

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 robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. 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. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,600MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,835MW with a 1,340MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 495MW energy storage portfolio that is located in the U.S.

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