Ormat Completes $88M Blue Mountain Geothermal Acquisition Nevada

Ormat Technologies has completed the acquisition of the 20-megawatt Blue Mountain geothermal power plant in Nevada from Cyrq Energy for $88 million, funded through bank debt. This acquisition increases Ormat's electricity generation portfolio to nearly 1.3 gigawatts and aligns with the company’s strategy to expand generation capacity through upgrades and acquisitions. Ormat plans to increase the plant’s capacity by approximately 3.5 MW and add a 13 MW solar facility to support auxiliary systems, pending permit and power purchase agreement (PPA) approvals. The Blue Mountain plant currently operates under a PPA with NV Energy that expires at the end of 2029, and Ormat sees potential for significant revenue upside through planned upgrades and future PPA renewals. CEO Doron Blachar emphasized that the acquisition reinforces Ormat’s commitment to sustainable base-load energy solutions and strengthens its partnership with NV Energy. The transaction and expansion plans underscore Ormat’s focus on providing reliable, clean energy and accelerating long-term growth in geothermal and renewable energy sectors.