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Ormat acquires Blue Mountain geothermal power plant for USD 88mn

Ormat Technologies acquires the Blue Mountain geothermal power plant in Nevada from Cyrq Energy, enhancing its energy generation capacity to 1,268 MW, with potential expansion through technical upgrades planned in the short term.

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The American company Ormat Technologies has completed the full acquisition of the Blue Mountain geothermal power plant, located in Nevada, from Cyrq Energy for an amount of USD 88 million. This plant currently has an electrical production capacity of 20 megawatts (MW), under a contract with NV Energy, with the Power Purchase Agreement (PPA) set to expire at the end of 2029. This acquisition brings Ormat Technologies’ total generation capacity in its electricity segment to 1,268 MW. The transaction was funded through bank debt.

Planned capacity increase

According to Ormat Technologies, planned upgrades could increase the total capacity of the geothermal plant to approximately 23.5 MW, thereby enhancing performance and energy production efficiency. An additional expansion could be achieved through the proposed installation of a solar facility with a capacity of 13 MW. This installation would primarily serve the auxiliary needs of the current geothermal plant. However, this proposal remains conditional upon obtaining administrative permits and a new PPA contract.

Ormat Technologies was initially the company that supplied the technology during the initial construction of the Blue Mountain geothermal plant. Thus, the acquisition represents a return for the American firm to a familiar installation, where its teams already possess prior technical expertise. This could allow rapid integration of operations into its existing asset portfolio.

A targeted strategic investment

Ormat Technologies’ Chief Executive Officer Doron Blachar highlighted that this acquisition directly contributes to expanding the company’s electricity generation capacity. He added that the acquisition also offers additional revenue opportunities, notably through upgrades to existing installations and the potential addition of complementary solar infrastructure.

NV Energy remains the sole current buyer of energy produced by the Blue Mountain geothermal plant. Ormat Technologies has not provided further details regarding a possible renewal of the contract beyond its expiration at the end of 2029. The acquisition aligns with Ormat’s broader strategy aimed at strengthening its energy portfolio by securing strategically positioned geothermal assets and maximising their economic performance through targeted technical enhancements.

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