Ormat Technologies announced a 150‑MW geothermal power purchase agreement with Nevada’s utility NV Energy to supply clean, baseload power for Google’s data‑center operations. The agreement is structured under NV Energy’s Clean Transition Tariff and is expected to receive approval from the Public Utilities Commission of Nevada in the second half of 2026.
The long‑term contract provides a new high‑margin revenue stream for Ormat’s electricity segment and expands its presence in a state that is increasingly demanding reliable, carbon‑free baseload power for AI and cloud services. The deal aligns with Ormat’s strategy of securing premium‑priced, long‑term PPAs and reinforces its reputation as a leading geothermal provider.
CEO Doron Blachar noted, “AI is fundamentally increasing electricity demand across the technology sector, and geothermal power is uniquely positioned to deliver the reliable, carbon‑free power required to support that growth.” The agreement builds on Ormat’s existing relationship with NV Energy, which previously secured a 160‑MW geothermal PPA in 2022.
The contract term extends 15 years beyond the final project’s commercial operation, giving Ormat a predictable revenue stream that will support future expansion. The 150‑MW commitment is expected to come online through a portfolio of projects that will be developed between 2028 and 2030, adding to Ormat’s operating portfolio of 1.7 GW.
The announcement was well received by investors, reflecting confidence in Ormat’s ability to capture premium pricing and secure long‑term contracts in a market that is increasingly demanding reliable, carbon‑free power for data centers.
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