Fervo Energy closed $421M in non-recourse debt financing for the first phase of Cape Station, a major signal for next-gen geothermal bankability. The Utah plant is expected to deliver power this year, hit around 100 MW of generation capacity by early 2027, and eventually scale to 500 MW.Â
Ormat Technologies, one of the dominant US operators, raised $875M this week—upsized from the original $750M target after investor demand exceeded expectations.Â
Hitting the gas: Enhanced geothermal projects can now sprint from initiation to online in under three years, a new Center for Public Enterprise report says. That's 70-75% faster than conventional geothermal on federal land. It’s mostly thanks to tech and labor transfer from the shale industry.Â