# Official Source: Ormat Cove Fort Acquisition

**Type:** source
**Status:** Useful
**Confidence:** Medium
**Source Type:** press-release
**URL:** https://investor.ormat.com/news-events/news/news-details/2024/Ormat-Completed-the-Acquisition-of-Contracted-Operating-Geothermal-and-Solar-Assets-From-Enel-Green-Power-North-America/default.aspx
**Archive:** https://web.archive.org/web/20240322134710/https://investor.ormat.com/news-events/news/news-details/2024/Ormat-Completed-the-Acquisition-of-Contracted-Operating-Geothermal-and-Solar-Assets-From-Enel-Green-Power-North-America/default.aspx
**Archived:** 2024-03-22
**Publisher:** Ormat Technologies, Inc.
**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

- [Ormat Technologies](ormat-technologies.md)