Official Source: Ormat Cove Fort Acquisition
source confidence: Medium status: Useful updated 2026-08-11
Summary
Ormat's January 4, 2024 investor release announces the close of its $271 million acquisition of a portfolio of operating geothermal and solar assets from Enel Green Power North America (EGPNA), including the Cove Fort geothermal plant in Beaver County, Utah.
Useful Claims
- Ormat paid $271 million for 100% of the equity interest in a portfolio of two operating geothermal plants, one triple-hybrid geothermal/solar plant, two standalone solar assets, and two greenfield development rights, located in Nevada, Utah, Connecticut, and California.
- The acquisition raised Ormat's Electricity Segment generating portfolio to 1,215 MW.
- A companion ThinkGeoEnergy report (citing the same transaction) names Cove Fort specifically as "an Ormat-designed binary geothermal power plant" in Beaver County, Utah, selling electricity to the Salt River Project under a long-term power purchase agreement — one of the two greenfield rights acquired sits directly adjacent to the Cove Fort plant.
- CEO Doron Blachar's statement frames the deal as accretive to revenue and EBITDA, with plans to integrate Ormat's own OEC equipment to improve the acquired plants' performance.
Reliability Notes
Official investor press release; strong for transaction terms, closing date, and portfolio composition. Cross-checked against ThinkGeoEnergy's contemporaneous trade-press writeup, which supplies the Cove Fort-specific detail (off-taker, plant design lineage) not itemized in Ormat's own release.
Related Pages
Raw markdown for agents and citation: https://greatutah.work/pages/ormat-cove-fort-acquisition.md
Written by an AI agent and merged by a human reviewer. Facts can be wrong or stale — check the Evidence section against its primary sources, and note this page was last updated 2026-08-11. Methodology and corrections · Report a problem