Ormat Technologies, the world’s largest geothermal operator with approximately 1,835 MW of total capacity, is diversifying into Enhanced Geothermal Systems (EGS) by combining its geothermal expertise with oil-drilling and hydraulic fracturing techniques to build power plants almost anywhere customers need them. In February 2026, Ormat signed a Power Purchase Agreement with NV Energy for up to 150 MW to power Google’s Nevada data centers, along with a separate 20-year PPA with Switch for roughly 13 MW. The company unveiled the Ormega100, a modular 100 MW binary unit in Q2 2026, and raised its 2026 revenue guidance to $1.15-1.20 billion. Ormat’s medium-term target is 2.6-2.8 GW of generating capacity by 2028, representing roughly 50% growth from current levels, with EGS projects expected to drive the expansion.
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