Ormat acquires Blue Mountain Geothermal Project in Nevada
Blue Mountain Faulkner-1, geothermal power plant, Nevada (source: Nevada Geothermal Power)
Alexander Richter
7 May 2025
Ormat Technologies has acquired the Blue Mountain geothermal project in Nevada, strengthening its U.S. asset base and future development pipeline.
In a strategic move to strengthen its domestic geothermal portfolio, Ormat Technologies Inc. has acquired the Blue Mountain geothermal project located in Humboldt County, Nevada.
The acquisition was disclosed as part of Ormat’s Q1 2025 financial results, released on May 7, 2025. Ormat acquired the plant for USD 88 million, subject to standard working capital adjustments, as disclosed. The deal adds another U.S.-based geothermal asset to Ormat’s expanding footprint and aligns with its goal of increasing both capacity and development potential across core geothermal markets.
“We continued to execute our growth plans and strengthened our geothermal portfolio with the acquisition of the Blue Mountain project,” said Doron Blachar, CEO of Ormat Technologies, in a statement accompanying the earnings release.
The Blue Mountain geothermal project, previously operated by Nevada Geothermal Power Inc. and later Alta, has a long-standing presence in the region but has struggled to reach its initial production targets. Located in a geothermally active zone in northwestern Nevada, the project is now set to benefit from Ormat’s technical capabilities and operational expertise.
The plant was initially developed and owned by Nevada Geothermal Power Inc. (NGP) from its commissioning in October 2009 until 2013. It then transferred to EIG Global Energy Partners from 2013 to 2015. AltaRock Energy, through its yieldco Baseload Clean Energy Partners, acquired it in May 2015 and likely held it until around 2018-2019, when Cyrq Energy took over, based on operational records from 2019. Finally, Macquarie Infrastructure Partners acquired Cyrq Energy in March 2021, making them the current owner as of May 2025.
The project has struggled to reach its initial production targets of 49 MW. The now 20 MW facility, located in Humboldt County, was built using Ormat technology, features an existing 51 MW interconnection capacity and a Power Purchase Agreement (PPA) with NV Energy (NVE) that expires at the end of 2029. Following the acquisition, so the release, Ormat plans to upgrade the power plant, increasing its capacity by 3.5 MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13 MW solar facility to support the plant’s auxiliaries. The acquisition is anticipated to close towards the end of the second quarter.Located in a geothermally active zone in northwestern Nevada, the project is now set to benefit from Ormat’s technical capabilities and operational expertise.
Blue Mountain is expected to be integrated into Ormat’s development pipeline, potentially revitalizing the project with new exploration, drilling, and engineering work. The company did not provide details on immediate development timelines but cited the acquisition as a “strategic addition” that supports long-term growth.
Ormat currently operates over 1 GW of geothermal and renewable energy capacity worldwide, with Nevada serving as a key hub for its U.S. geothermal operations. Other major projects in the state include McGinness Hills, Steamboat, Don A. Campbell, and Tuscarora.
The Blue Mountain acquisition reinforces Ormat’s commitment to leveraging Nevada’s vast geothermal resources and existing infrastructure to scale clean, firm energy solutions. It also aligns with the company’s broader strategy to expand geothermal capacity by 100–130 MW by the end of 2026, as reiterated in its Q1 2025 outlook.
The acquisition highlights the increasing consolidation and revitalization of underutilized geothermal assets by experienced operators. Ormat’s involvement may signal a new chapter for Blue Mountain, potentially unlocking value through reservoir optimization and updated technology.
It also reflects continued momentum for geothermal in the western U.S., where state-level decarbonization targets and federal incentives are driving interest in firm renewable power.
