Israeli geothermal and renewable energy company Ormat Technologies Inc. (NYSE: ORA; TASE: ORA) has announced that it has entered into a long-term geothermal Power Purchase Agreement (PPA) with NV Energy to support Google’s operations in Nevada with up to 150MW of new geothermal capacity.
The PPA, which will cover a multi-project portfolio, is enabled through NV Energy’s Clean Transition Tariff (CTT) and is subject to approval by the Public Utilities Commission of Nevada (PUCN), expected in the second half of 2026. The agreement supports Ormat’s long-term growth strategy for the development of multiple new geothermal projects, which are expected to come online between 2028 and 2030.
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Ormat CEO Doron Blacher said, “AI is fundamentally increasing electricity demand across the technology sector, and geothermal power is uniquely positioned to deliver the reliable, carbon-free power required to support that growth.
“This portfolio PPA provides long-term profitable revenue growth and clear visibility into our portfolio development plans, while solidifying our conviction in the expanded exploration and drilling activities we have undertaken over the past several years that laid the groundwork for securing this significant agreement and others like it. 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. We are proud to partner with Google and NV Energy on this agreement, as Ormat’s leading capabilities in geothermal energy production will serve to strengthen Nevada’s clean-energy leadership while supporting our own growth in geothermal.”
“The momentum of the Clean Transition Tariff through this agreement with NV Energy, Google and Ormat demonstrates a proven, scalable model for large customers to partner with utilities and technology providers to bring new clean capacity to the grid,” said Briana Kobor, Head of Energy Market Innovation, Google. “By adding up to 150MW of new clean-firm geothermal capacity in Nevada, we are utilizing a repeatable framework that fully covers all costs associated with our electric service, ensuring the CTT insulates other ratepayers while strengthening the reliability of the local power system.”
Published by Globes, Israel business news – en.globes.co.il – on February 18, 2026.
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