Ormat Technologies (ORA) Signs Long-Term PPA with Switch

Ormat Technologies, Inc. (NYSE:ORA) is included among the 10 Best Performing Utility Stocks in 2025.

Ormat Technologies, Inc. (NYSE:ORA) is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation, as well as energy storage solutions.

Ormat Technologies, Inc. (NYSE:ORA) revealed on January 12 that it had signed a 20-year power purchase agreement (PPA) with Switch, marking the energy provider’s first direct PPA with a data center operator. Under the terms of the agreement, Ormat will supply Switch with approximately 13 MW of clean, renewable energy from its Salt Wells geothermal power plant in Nevada. Moreover, the deal includes an option for Ormat to further expand the facility’s output to Switch by adding a Solar PV facility of around 7 MW, which would serve the auxiliary power needs of the geothermal power plant.

Energy deliveries are scheduled to begin in the first quarter of 2030, following the completion of a major plant upgrade, expected by the second quarter of this year.

Following the deal, Roth Capital maintained its ‘Buy’ rating on Ormat Technologies, Inc. (NYSE:ORA), while assigning the stock a price target of $125. Despite its modest size, the analyst believes the data center PPA is an important milestone for the company.

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