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ORA customer relationships

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Ormat Technologies (ORA): Customer relationships that underpin a scalable geothermal growth story

Ormat monetizes its vertically integrated geothermal and recovered-energy platform by building, owning and operating power plants, selling electricity under long-term PPAs and providing equipment and EPC/O&M services to third parties. Revenue is driven by long-duration contracted cash flows with utilities, government buyers and corporate offtakers, while margins benefit from in-house manufacturing and operations expertise. For investors, the value proposition is predictable contracted earnings combined with project-level growth optionality from new PPAs and concessions. For a deeper read on how these relationships affect credit and revenue visibility, visit https://nullexposure.com/.

What the customer map looks like today

Ormat’s public disclosures and recent announcements show a mix of traditional utility PPAs, sovereign and state-owned counterparty contracts overseas, and a notable string of corporate and data‑center deals in North America. Long-term, fixed or quasi-fixed PPAs are central to Ormat’s monetization; counterparties are often utilities or government entities; and the company also sells equipment and delivers EPC/O&M services.

  • According to Ormat’s 2024 Form 10‑K, the company structures most power sales under long-term PPAs and tolling agreements that secure fixed revenues over a plant’s useful life.
  • A set of company statements and media releases in early 2026 document new long-term PPAs with large corporate and utility partners — deals that expand Ormat’s contracted portfolio and visibility into future cash flows.

Learn more about Ormat’s customer relationships and risk implications at https://nullexposure.com/.

Operating and business model constraints investors should treat as facts

Ormat operates under a clear contracting posture: long-term PPAs and tolling agreements underpin the electricity segment, providing contractual revenue stability. Counterparties are often governmental or utility entities outside the U.S., signaling sovereign and regulated-credit exposure for parts of the portfolio. The business is geographically diversified but U.S. revenue concentration remains material, and Ormat’s vertically integrated model (design, manufacture, EPC, O&M, ownership) creates greater control over project economics but increases capital intensity and execution risk. Finally, Ormat’s segment mix includes core product manufacturing and services (energy storage and BESS-as-a-service), which diversify revenue streams beyond pure power sales.

Customer relationships: what each partner contributes (source-backed)

The Kenya Power and Lighting Company Limited

Ormat has amended multiple long-term power purchase arrangements tied to the Olkaria III geothermal project, reflecting a multi‑year contractual relationship to supply geothermal output. This is described in Ormat’s FY2024 10‑K, which lists several amendments to the Olkaria III PPA (2014–2016 and related security agreement adjustments). (Source: FY2024 10‑K, ora-2024-12-31)

Sierra Pacific Power Company and Nevada Power Company

These NV Energy subsidiaries are identified by Ormat as major customers and part of the company’s credit risk concentration, indicating sizable, utility-scale offtake in Ormat’s U.S. portfolio. (Source: FY2024 10‑K, ora-2024-12-31)

Southern California Public Power Authority (SCPPA)

SCPPA consistently represented roughly one‑fifth of Ormat’s revenues in recent years, signaling meaningful revenue concentration with aggregated public power buyers in California. (Source: FY2024 10‑K, ora-2024-12-31)

Electricité de France (EDF)

On March 4, 2024, Ormat announced a 30‑year PPA with EDF for a 10 MW geothermal plant in Guadeloupe, a long-dated contract that demonstrates Ormat’s ability to secure European utility offtake for island-scale projects. (Source: FY2024 10‑K, ora-2024-12-31)

Calpine Energy Solutions

Ormat announced a 10‑year PPA with Calpine in January 2025, expanding its North American contracted roster with an established independent power producer. (Source: FY2024 10‑K, ora-2024-12-31)

NV Energy

Ormat signed a portfolio PPA with NV Energy to deliver up to 150 MW of new geothermal capacity to support Google’s Nevada operations, leveraging NV Energy’s Clean Transition Tariff; the arrangement is cited across Ormat earnings commentary and press releases in early 2026. (Sources: Q4 2025 earnings call; multiple 2026 news releases and press coverage)

Dominica Electricity Services Limited

Under a 25‑year arrangement, Ormat will build, operate and sell power to Dominica’s sole utility, with plant ownership transferring to the government at contract end—an example of concession-style project contracting in a sovereign context. (Source: FY2024 10‑K, ora-2024-12-31)

Kenya Power and Lighting Co. Ltd. (KPLC)

KPLC accounted for a double-digit percentage of Ormat’s revenue in recent years, underscoring the commercial importance of Kenyan utility offtake to Ormat’s international earnings mix. (Source: FY2024 10‑K, ora-2024-12-31)

The Kenya Power and Lighting Company PLC

Ormat disclosed a specific third amendment to a long-form PPA dated February 19, 2021, between KPLC and OrPower 4 Inc., indicating ongoing contract governance activity in the Kenyan portfolio. (Source: FY2024 10‑K, ora-2024-12-31)

Switch (SWCH)

In January 2026, Ormat executed a 20‑year PPA with Switch to supply roughly 13 MW from Salt Wells in Nevada, marking Ormat’s first direct PPA with a data‑center operator and expanding its corporate offtaker base. (Sources: Q4 2025 earnings call; January 2026 press reports)

Google (Alphabet; GOOGL/GOOG)

Ormat executed a portfolio PPA structure that supports Google’s Nevada data centers via NV Energy—described as a 15‑year arrangement for up to 150 MW—representing a strategic corporate offtake in the hyperscale data‑center segment. (Sources: Q4 2025 earnings call; multiple February–March 2026 press releases)

Implications for investors and operators

  • Revenue visibility is high: the business model is built on long-term PPAs and tolling agreements that anchor cash flows, which supports valuation as contracted infrastructure.
  • Counterparty and geography concentration matter: SCPPA, KPLC and NV Energy-related arrangements drive a material share of revenues and credit exposure; government and regulated buyers feature prominently.
  • Execution and capital intensity are central risks: Ormat’s vertically integrated model enables margin capture across the value chain but requires disciplined project delivery and capital allocation.

For a concise risk-adjusted view of Ormat’s customer exposures and how they translate to cash flow stability, check the analysis at https://nullexposure.com/.

Final takeaways and next steps

Ormat’s customer roster combines legacy utility PPAs, sovereign concession contracts, and new corporate offtake deals with hyperscalers and data‑center operators. That mix preserves contracted earnings while creating growth optionality through large, long-term PPAs announced in early 2026 (NV Energy/Google, Switch). Investors should weigh the benefits of long-dated contracted cash flows against concentration and project execution risk when assessing ORA for portfolios.

If you want a tailored briefing or a model-ready synopsis of these relationships, visit https://nullexposure.com/ to request a focused investor memo.