Ormat Technologies Signs Historic Geothermal PPA to Power Google's Data Centers

On February 17, 2026, Ormat Technologies Inc. (NYSE:ORA), a prominent player in the geothermal and renewable energy sector, announced a significant step forward for both the company and the clean energy landscape. The company has signed a long-term Power Purchase Agreement (PPA) with NV Energy to deliver up to 150 megawatts (MW) of geothermal power to support Google’s data center operations in Nevada. This agreement not only underscores Ormat’s commitment to expanding its geothermal portfolio but also aligns with Google’s sustainability goals.

The newly established PPA will span multiple geothermal projects, enabled by NV Energy’s Clean Transition Tariff (CTT), which aims to facilitate the transition to sustainable energy sources. The agreement is currently pending approval from the Public Utilities Commission of Nevada (PUCN), with expectations for approval in the latter half of 2026.

Under this portfolio structure, Ormat will have the opportunity to develop a series of new geothermal projects across Nevada. The projects are anticipated to commence operations as early as 2028, with the final project expected to come online by 2030. Once the first project achieves commercial operations, the contract will extend for 15 years, providing long-term stability for both Ormat and Google.

Doron Blachar, CEO of Ormat Technologies, emphasized the strategic importance of this agreement. He noted that the deal not only promises long-term profitable revenue growth but also enhances Ormat’s visibility into its future development plans. Blachar highlighted the groundwork laid through expanded exploration and drilling activities over the past few years, which has positioned the company favorably to secure such significant contracts.

"The combination of this PPA and its favorable terms, together with the extension of the geothermal tax credit provided through the OBBBA framework, strengthens our ability to execute our long-term growth strategy and create substantial shareholder value," Blachar stated.

Briana Kobor, Head of Energy Market Innovation at Google, remarked on the collaborative nature of the agreement. She pointed out that the CTT framework enables large customers like Google to work alongside utilities and energy providers to bring new, clean capacity to the grid. The addition of up to 150 MW of new geothermal capacity not only meets increasing energy demands but also ensures reliability and consistency in supply, benefiting all ratepayers.

With over five decades of experience, Ormat Technologies stands out as the only vertically integrated company involved in geothermal and recovered energy generation (REG). The company boasts a robust portfolio of approximately 3,600 MW of gross capacity globally, including a total generating portfolio of 1,695 MW. This includes 1,310 MW in geothermal and solar generation and a 385 MW energy storage portfolio in the U.S.

Ormat continues to leverage its expertise in geothermal energy and REG to expand into energy storage services, solar photovoltaic (PV) solutions, and energy storage combined with solar PV, positioning itself as a leader in the evolving energy market.

The signing of this PPA marks a pivotal moment for Ormat Technologies, demonstrating its capability to align with major technology firms like Google in advancing renewable energy initiatives. As the energy sector increasingly pivots toward sustainability, partnerships such as these are crucial for driving innovation and reliability in clean energy solutions. The upcoming years will be instrumental for Ormat as it embarks on developing new geothermal projects that not only serve corporate giants but also contribute significantly to Nevada’s clean energy leadership.