In February 2026, Ormat Technologies reported fourth-quarter and full-year 2025 results, issued 2026 revenue guidance of US$1.11 billion to US$1.16 billion, affirmed a quarterly dividend of US$0.12 per share for the next four quarters, and highlighted new long-term PPAs including a large geothermal agreement supporting Google’s Nevada operations.
A key development was Ormat’s long-term geothermal PPA with NV Energy to supply up to 150 MW for Google, using a portfolio structure that could underpin multi-project development in Nevada through 2030 and offers 15-year revenue visibility after the final project starts operations.
We’ll now examine how Ormat’s new long-term Google-linked geothermal PPA shapes and potentially reinforces its existing investment narrative.
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To own Ormat, you need to believe in its ability to translate long-duration geothermal and storage contracts into steady cash flows while managing high capital needs and regulatory uncertainty. The new Google-linked PPA reinforces the appeal of contracted, premium baseload demand, but in the near term the key catalyst remains execution on its development pipeline, while the biggest risk is still the combination of rising capex and leverage if funding conditions tighten. The latest earnings and 2026 guidance do not materially change that balance.
The long-term geothermal PPA with NV Energy for up to 150 MW to support Google stands out as the most relevant development. It directly ties into the catalyst of growing demand from large energy users for reliable, carbon-free baseload power under premium PPAs, potentially supporting future cash flow visibility, while also intersecting with the risk that Ormat must fund substantial new projects in a context of already elevated capex and net debt to EBITDA…
Read the full narrative on Ormat Technologies (it’s free!)
Ormat Technologies’ narrative projects $1.2 billion revenue and $171.7 million earnings by 2028. This requires 9.4% yearly revenue growth and about a $40 million earnings increase from $131.3 million today.
Uncover how Ormat Technologies’ forecasts yield a $128.60 fair value, a 21% upside to its current price.
Four fair value estimates from the Simply Wall St Community span roughly US$32 to US$129 per share, highlighting how far apart individual views can be. You can weigh those against the long term capex and leverage risks that sit behind Ormat’s growing pipeline of contracted projects and decide which set of assumptions feels more realistic for the company’s future performance.
