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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q
(Mark One)

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

For the quarterly period ended March 31, 2005

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: 001-32347

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   [X]    No   [ ]

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

Yes   [ ]    No   [X]

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 QUARTER ENDED MARCH 31, 2005


PART I. FINANCIAL INFORMATION   4  
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS   4  
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS		       
18		  
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK		       
40		  
ITEM 4. CONTROLS AND PROCEDURES   40  
PART II – OTHER INFORMATION   41  
ITEM 1. LEGAL PROCEEDINGS   41  
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND
USE OF PROCEEDS		       
41		  
ITEM 3. DEFAULTS UPON SENIOR SECURITIES   41  
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS   41  
ITEM 5. OTHER INFORMATION   41  
ITEM 6. EXHIBITS   42  

SIGNATURES   56  

2



Certain Definitions

Unless the context otherwise requires, all references in this quarterly report to "Ormat", "the Company", "we", "us", "our company", "Ormat Technologies" or "our" refer to Ormat Technologies, Inc. and its consolidated subsidiaries. The "Senior Secured Notes" refers to Ormat Funding Corp.'s, one of our subsidiaries', 8¼% Senior Secured Notes due 2020 that were issued in February 2004.

3



PART I. FINANCIAL INFORMATION

ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS


  March 31,
2005		 December 31,
2004
  (Unaudited)
  (in thousands, except share
and per share amounts)
Assets      
Current assets:
Cash and cash equivalents $ 44,447   $ 36,750  
Marketable securities   29,045     89,166  
Restricted cash, cash equivalents and marketable securities   21,768     3,676  
Receivables:
Trade   29,450     26,913  
Related entities   2,539     2,413  
Other   3,092     1,816  
Inventories, net   6,521     6,046  
Costs and estimated earnings in excess of billings on uncompleted contracts   5,320     3,164  
Deferred income taxes   1,043     1,001  
Prepaid expenses and other   1,756     2,377  
Total current assets   144,981     173,322  
Restricted cash, cash equivalents and marketable securities   12,374     19,339  
Unconsolidated investments   50,018     48,818  
Deposits and other   13,543     13,759  
Deferred income taxes   3,888     3,044  
Property, plant and equipment, net   457,790     466,826  
Construction-in-process   80,308     60,177  
Deferred financing costs, net   17,240     15,873  
Intangible assets, net   48,253     48,930  
Total assets $ 828,395   $ 850,088  
Liabilities and Stockholders' Equity      
Current liabilities:
Accounts payable and accrued expenses $ 51,183   $ 37,565  
Billings in excess of costs and estimated earnings on uncompleted contracts   6,076     6,139  
Current portion of long-term debt:
Limited and non-recourse   9,840     8,295  
Full recourse   1,021     24,361  
Senior secured notes (non-recourse)   6,090     6,090  
Due to Parent, including current portion of notes payable to Parent   31,094     40,531  
Total current liabilities   105,304     122,981  
Long-term debt, net of current portion:
Limited and non-recourse   157,103     159,370  
Full recourse   3,000     3,000  
Senior secured notes (non-recourse)   183,399     183,399  
Notes payable to Parent, net of current portion   164,809     171,809  
Other liabilities   1,369     1,389  
Deferred income taxes   19,759     18,368  
Liabilities for severance pay   11,519     11,129  
Asset retirement obligation   10,853     10,665  
Total liabilities   657,115     682,110  
Minority interest in net assets of subsidiaries   64     64  
Commitments and contingencies (Notes 9 and 11)
Stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized;
31,562,496 shares issued and outstanding 		  31     31  
Additional paid-in capital   124,008     124,008  
Unearned stock-based compensation   (219 )    (244 ) 
Retained earnings   47,402     44,441  
Accumulated other comprehensive loss   (6 )    (322 ) 
Total stockholders' equity   171,216     167,914