Geothermal Stocks List

Ormat Technologies develops, builds, owns and operates geothermal power plants and manufactures the equipment used in them. Its shares trade on the NYSE. As of Q2 2026, Ormat reported a portfolio of approximately 1,850 MW: 1,355 MW of geothermal, solar and recovered-energy generation and 495 MW of energy storage. Its owned generation assets span the United States, Kenya, Guadeloupe, Dominica, Honduras and Guatemala, and it holds minority stakes in the Sarulla and Ijen complexes in Indonesia. Ormat manufactures and sells the Ormat Energy Converter, a binary-cycle generator used by third-party geothermal operators. This equipment business provides a revenue stream alongside the company's owned generation assets.

Ormat's principal US geothermal complexes are in Nevada and California, and its international portfolio includes the 150 MW Olkaria III complex in Kenya. Ormat targets total portfolio capacity of approximately 2.6–2.8 GW by 2028. In February 2026 it announced a 15-year portfolio PPA with NV Energy for up to 150 MW to serve Google's data-centre operations, subject to approval by the Public Utilities Commission of Nevada. The underlying projects are scheduled to come online between 2028 and 2030.

Mercury NZ generates and retails electricity in New Zealand, and its shares trade on the NZX and ASX as MCY. Mercury's five geothermal stations are Rotokawa, Ngā Awa Pūrua, Ngā Tamariki, Kawerau and Mōkai. Commissioning the Ngā Tamariki OEC5 expansion in early 2026 added 46 MW of geothermal capacity. Mercury operates under New Zealand's mixed-ownership model, which requires the government to retain at least 51% of its shares.

Mercury's nine hydro stations on the Waikato River generate around 10% of New Zealand's electricity, averaging roughly 4,140 GWh a year. Hydro output can be ramped to follow demand, while the geothermal stations run at steady output. Mercury serves approximately 578,000 electricity connections and around 906,000 customer connections across electricity, gas, broadband and mobile services. It is constructing the Kaiwera Downs Stage 2 and Kaiwaikawe wind farms and targets 3.5 TWh of additional annual generation by 2030.

Contact Energy is one of New Zealand's largest electricity generators and retailers, listed on the NZX and ASX under the ticker CEN. It supplies residential, commercial and industrial customers. Contact operates seven geothermal stations across the Wairākei and Tauhara fields: Wairākei (138 MW), Te Mihi (166 MW), Tauhara (174 MW), Te Huka (26 MW), Te Huka 3 (51 MW, binary), Poihipi (53 MW) and Ohaaki (41 MW). Their combined nameplate capacity is approximately 649 MW; geothermal generation reached 4,914 GWh in FY2026, up 8% year on year. Contact completed a NZ$2.5 billion acquisition of Manawa Energy in July 2025, increasing its hydro portfolio to more than 26 schemes and its renewable development pipeline to approximately 11–12 TWh.

Contact is developing the 101 MW binary-cycle Te Mihi Stage 2 project at an estimated investment of approximately NZ$712 million, with operation due in September 2027. Its most recent completed geothermal project is the 174 MW Tauhara plant, officially opened in November 2024, which uses a single-shaft geothermal turbine described by Contact as the world's largest.

Houston-based Fervo Energy Company (NASDAQ: FRVO) develops enhanced geothermal systems using horizontal drilling and hydraulic fracturing to access heat in low-permeability rock. CEO Tim Latimer and CTO Jack Norbeck co-founded Fervo in 2017. Fervo completed its Nasdaq IPO on May 14, 2026, issuing 80.5 million Class A shares, including the underwriters' full over-allotment option, at $27 per share and raising approximately $2.2 billion in gross proceeds. The shares trade under FRVO.

Cape Station is Fervo's 500 MW EGS development under construction in Beaver County, Utah, built as three 33 MW GeoBlocks in Phase I and eight 50 MW GeoBlocks in Phase II. GeoBlocks 1 and 2 reached mechanical completion during Q2 2026 and GeoBlock 1 entered commissioning, with first power targeted for Q4 2026. Fervo targets initial power from GeoBlocks 2 and 3 by early 2027, with Phase II start-up in 2028. As of 30 June 2026, Phase I was backed by a $421 million non-recourse project finance facility. Fervo holds 658 MW of binding power purchase agreements, and in March 2026 it signed a non-binding 3 GW Geothermal Framework Agreement with Google Energy. Its geothermal mineral rights position covered more than 650,000 acres at 30 June 2026, and the company raised its installed-capacity expectation for the end of 2030 to 1.1 GW from 1 GW.

PT Pertamina Geothermal Energy Tbk (PGE) is Indonesia's largest geothermal operator by managed capacity and a majority-owned subsidiary of state energy company Pertamina. PGE has traded on the Indonesia Stock Exchange since its February 2023 IPO. PGE directly operates five geothermal working areas across Sumatra, Java and Sulawesi: Kamojang (235 MW), Ulubelu (220 MW), Lahendong (120 MW), Lumut Balai (110 MW, including Unit 2 commissioned in June 2025) and Karaha (30 MW). PGE reported approximately 727 MW of own-operation capacity and record production of 5,095 GWh in 2025. Its Joint Operation Contracts cover approximately 1,205 MW at the Sarulla, Wayang Windu, Gunung Salak and Darajat complexes, bringing total managed capacity to approximately 1,932 MW.

Around its 2023 IPO, PGE said its own operations and Joint Operation Contracts represented roughly 82% of Indonesia's installed geothermal capacity. More recent PGE materials, current as of August 2026, put the share associated with its working areas at approximately 70%. PGE directly operates 727 MW of the approximately 1,932 MW it reports as total managed capacity. Indonesia has one of the world's largest geothermal resource bases, only a small share of which has been developed. PGE earns revenue under long-term, US dollar-denominated Steam Sales Contracts and Power Purchase Agreements with state utility PLN. Steam Sales Contracts pay for steam supplied to plants operated by others; Power Purchase Agreements pay for electricity PGE generates itself. PGE targets approximately 1 GW of own-operation capacity by 2028 and has set a longer-term goal of 1.8 GW. Its development projects include the 110 MW Hululais project and Lumut Balai Units 3 and 4.

Toronto-listed Polaris Renewable Energy Inc., formerly Polaris Infrastructure, owns renewable power assets in Latin America and the Caribbean. Polaris owns the approximately 82 MW San Jacinto-Tizate geothermal plant in Nicaragua, including a 10 MW binary-cycle expansion commissioned in late 2022. The plant sells its output to state utility Disnorte-Dissur under a power purchase agreement extending to 2039.

Polaris also operates three run-of-river hydro plants in Peru with approximately 33 MW of combined capacity and a 6.75 MW hydro plant in Ecuador. Its other assets are a 25 MW solar plant in the Dominican Republic, a 10 MW solar plant selling into Panama's spot market, and the approximately 26 MW Punta Lima wind farm in Puerto Rico, acquired in March 2025 with a PPA extending to 2044. The portfolio totals approximately 182 MW across six jurisdictions. Output at San Jacinto depends on steamfield performance, and Polaris has cycled wells to manage reservoir pressure. It remains the company's largest generating asset.