Ormat Technologies has finalised its acquisition of the Blue Mountain geothermal power plant from Cyrq Energy, increasing its electricity segment generating portfolio to 1,268MW.
The $88m deal transfers 100% equity interest in the 20MW facility, which was originally constructed with Ormat’s technology.
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Located in the US state of Nevada, the Blue Mountain facility is currently engaged in a power purchase agreement (PPA) with NV Energy that will terminate in late 2029.
In alignment with its strategic expansion plans, Ormat aims to upgrade and expand the existing geothermal plant by an estimated 3.5MW.
Further enhancing its renewable energy footprint, Ormat has proposed adding a new 13MW solar installation to supply auxiliary power to the Blue Mountain site.
The addition requires permits and PPA approval.
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By GlobalDataOrmat Technologies CEO Doron Blachar stated: “The acquisition of the Blue Mountain geothermal power plant enhances our portfolio and reinforces our commitment to sustainable base-load energy solutions.
“This acquisition not only immediately increases our generating capacity but also provides the potential for a significant upside in revenue generation through our planned upgrades and the potential addition of a solar facility. We are excited about the opportunities this acquisition brings, and we look forward to continuing our partnership with NV Energy as we deliver reliable and clean energy to the people of Nevada.”
In addition to the current acquisition, Ormat Technologies entered a hybrid tax equity partnership worth $62m with Morgan Stanley Renewables in May 2025.
The financial collaboration encompasses the Lower Rio energy storage facility, which boasts a capacity of 60MW/120 megawatt hours..
Ormat is engaged in geothermal and recovered energy generation, with plans to speed up long-term growth in the energy storage market.
The company’s existing total generating portfolio is 1,558MW with a 1,268MW geothermal and solar generation portfolio, and a 290MW global energy storage portfolio in the US, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe.
