Ormat Technologies Signs 20-Year Power Purchase Agreement with Switch for Geothermal Energy
Ormat Technologies Inc. has signed a 20-year Power Purchase Agreement to supply 13 MW of geothermal energy to data center company Switch, starting in 2030, with a contract value exceeding $200 million and potential for an additional 7 MW. The company anticipates securing more contracts to meet rising electricity demand in the data center sector, projecting 2025 revenues of $960-980 million and an EBITDA of $575-593 million. Ormat's stock has surged 80% over the past year, resulting in a market capitalization of $7.2 billion.
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Ormat Technologies Inc. signed a 20-year Power Purchase Agreement to provide 13 MW of renewable energy to Switch, a data center company, effective in 2030. The contract is valued at over $200 million and allows for a potential expansion of 7 MW.
Ormat anticipates more contracts for over 100 additional megawatts due to high demand for electricity in the data center sector. The company projects 2025 revenue of $960-980 million and EBITDA of $575-593 million, reflecting growth over the previous year. Ormat's stock has increased 80% in the past year, with a market cap of $7.2 billion.
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