SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended September 30, 2004

or

	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from                                  to

Commission file number: 000-30827

ORMAT TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

DELAWARE				88-0326081
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification Number)

980 Greg Street, Sparks, Nevada 89431

(Address of principal executive offices)

Registrant's telephone number, including area code: (775) 356-9029

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes     No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes     No

As of the date of this filing, the number of outstanding shares of common stock of Ormat Technologies, Inc. is 31,562,496, par value $0.001 per share.

Ormat Technologies, Inc.

FORM 10-Q

FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2004

TABLE OF CONTENTS

				Page
PART I.    FINANCIAL INFORMATION					3
ITEM 1.    Financial Statements					3
Condensed Consolidated Balance Sheets					3
Condensed Consolidated Statements of Operations					4
Consolidated Statements of Stockholders' Equity					5
Condensed Consolidated Statements of Cash Flow					6
Notes to Condensed Consolidated Financial Statements					7
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations					22
ITEM 3.    Quantitative and Qualitative Disclosures about Market Risk					63
ITEM 4.    Controls and Procedures					63
PART II.    OTHER INFORMATION					65
ITEM 1.    Legal Proceedings					65
ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds					65
ITEM 3.    Defaults upon Senior Securities					66
ITEM 4.    Submission of Matters to a Vote of Security Holders					66
ITEM 5.    Other Information					66
ITEM 6.    Exhibits					66
SIGNATURES					67
EXHIBIT INDEX
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2

2

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PART I.    FINANCIAL INFORMATION

ITEM 1.    Financial Statements

ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2004 and December 31, 2003
(Dollars in thousands, except per share amounts)

				September 30, 2004				December 31, 2003
				(unaudited)
Assets
Current assets:
Cash and cash equivalents				$	29,639			$	8,873
Restricted cash and cash equivalents					27,068				16,371
Receivables:
Trade, net of allowance of $0 and $627 in 2004 and 2003, respectively					37,607				28,689
Related entity					2,126				1,939
Other					2,102				729
Inventories, net					10,900				3,712
Costs and estimated earnings in excess of billings on uncompleted contracts					1,784				1,922
Prepaid expenses and other					2,881				2,091
Total current assets					114,107				64,326
Restricted cash equivalents					19,350				—
Unconsolidated investments					47,766				46,760
Deposits and other					15,126				13,071
Property, plant and equipment, net					467,365				344,015
Construction-in-process					45,721				35,118
Deferred financing costs, net					15,510				7,843
Intangible assets, net					49,078				32,005
Total assets				$	774,023			$	543,138
Liabilities and Stockholder's Equity
Current liabilities:
Accounts payable and accrued expenses				$	38,160			$	27,479
Billings in excess of costs and estimated earnings on uncompleted contracts					5,152				7,843
Current portion of long-term debt:
Limited and non-recourse					21,358				15,686
Full recourse					20,210				10,490
Senior secured notes (non-recourse)					3,279				—
Due to Parent					14,975				151
Total current liabilities					103,134				61,649
Long-term debt, net of current portion:
Limited and non-recourse					161,637				193,251
Full recourse					23,831				41,061
Senior secured notes (non-recourse)					186,506				—
Notes payable to Parent					193,187				177,004
Other liabilities					1,409				1,469
Deferred income taxes					20,375				13,886
Liabilities for severance pay					10,263				9,993
Asset retirement obligation					8,339				5,737
Total liabilities					708,681				504,050
Minority interest in net assets of subsidiaries					68				2,113
Commitments and contingencies (Notes 6, 8 and 9)
Stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 24,374,995 and 23,214,281 shares issued and outstanding					24				23
Additional paid-in capital					27,001				7,002
Unearned stock-based compensation					(196	)
Divisional deficit					—				(11,263	)
Capital surplus					—				—
Unearned stock-based compensation					(196	)			(86	)