Ormat Expands Portfolio with Blue Mountain Acquisition
Deal News | Jun 18, 2025 | Globenewswire
Ormat Technologies, a leading player in the geothermal and renewable energy sector, announced the completion of its acquisition of the Blue Mountain geothermal power plant from Cyrq Energy. The acquisition, valued at $88 million, includes a power plant that originally used Ormat technology and currently operates under a PPA with NV Energy set to expire in 2029. The plant, located in Nevada, has a capacity of 20MW. Ormat plans to enhance the plant's capacity by 3.5MW and potentially add a 13MW solar facility, in line with its strategy to expand its generation portfolio. This acquisition is funded by bank debt and represents a move towards increasing Ormat's generating capacity to 1,268MW, with Doron Blachar, Ormat's CEO, expressing optimism about the revenue improvement and sustained clean energy provision the acquisition might afford.
Sectors
- Renewable Energy
- Geothermal Power
Geography
- United States – Both Ormat Technologies and the Blue Mountain geothermal plant are located in Nevada, USA, and involve local energy partnerships.
Industry
- Renewable Energy – The acquisition involves geothermal and solar energy technologies, which are key components of the renewable energy sector.
- Geothermal Power – The article focuses on the acquisition of a geothermal power plant, which is a primary interest of Ormat Technologies.
Financials
- $88 million – The purchase price Ormat Technologies paid for the Blue Mountain geothermal power plant.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ormat Technologies, Inc. | Acquirer | Company | A leading company in geothermal and renewable energy, acquiring the Blue Mountain plant to expand its portfolio. |
| Cyrq Energy | Seller | Company | The company from which Ormat purchased the Blue Mountain geothermal plant. |
| NV Energy | Offtaker | Company | The power plant currently delivers power under a PPA with NV Energy. |
| Doron Blachar | Commentator | Person | Chief Executive Officer of Ormat Technologies, providing insights on the strategic acquisition. |