updated 5/10/2010 12:20:19 PM ET 2010-05-10T16:20:19

Ormat Technologies Inc. said Monday its parent company, Ormat Industries, has approved the repurchase of up to $50 million in stock.

Ormat designs, builds and runs geothermal power plants. It said the shares will be bought on the open market or through privately negotiated transactions.

The company currently has about 45.4 million shares outstanding. At current prices, the $50 million authorization would buy back about 1.7 million shares.

Ormat Technologies shares rose $1.54, or 5.5 percent, to $29.46 in midday trading.

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