Geothermal Stocks List

PT Barito Renewables Energy Tbk is the listed renewable-energy vehicle of the Barito Pacific group, quoted on the Indonesia Stock Exchange since October 2023. Its principal subsidiary, Star Energy Geothermal, operates three geothermal working areas in West Java: Wayang Windu, Darajat and Salak. Each is held under a joint operation contract with Pertamina Geothermal Energy, with electricity and steam sold under long-term energy sales contracts to PGE and the state utility PLN. Contract rights run to between 2039 and 2047 depending on the field, and the price formulas are inflation-indexed rather than linked to commodity prices.

Installed geothermal capacity was 926 MW after the Wayang Windu retrofit completed in the first quarter of 2026, with further unit additions under construction at Salak, Wayang Windu and Darajat and exploration licences at Hamiding and Sekincau Selatan. Geothermal provides almost all of the group’s revenue; the balance comes from Barito Wind, which owns the Sidrap 1 wind farm in South Sulawesi and holds stakes in wind development projects with ACEN. Minority interests sit inside the Star Energy structure, so consolidated capacity overstates the equity-owned share, and PT Barito Pacific Tbk is the controlling shareholder.

Ormat Technologies develops, owns and operates geothermal power plants and sells the electricity they generate, with a fleet in the United States, Kenya, Guatemala, Honduras, Guadeloupe and Dominica and minority interests in Indonesia’s Sarulla and Ijen projects. Its Product segment manufactures the Ormat Energy Converter binary units and builds geothermal and recovered-energy plants for third parties, which makes it the main equipment supplier to the binary geothermal industry as well as an operator.

A separately reported Energy Storage segment owned 495 MW / 1,358 MWh of grid batteries in the United States as of Q2 2026. Ormat is also developing enhanced geothermal systems (EGS), with pilots alongside SLB and Sage Geosystems in Nevada and a planned commercial project at Dixie Valley. At its September 8, 2026 investor day, Ormat targeted 100 MW of operating EGS capacity in 2030–2031 and 1 GW in 2033–2035. These targets depend on successful pilot results, resource confirmation, permitting, water rights, interconnection, power purchase agreements, financing and final investment decisions.

Fervo Energy Company is a US geothermal developer listed on Nasdaq. It uses horizontal drilling and hydraulic stimulation to circulate water through hot rock with low natural permeability. Its Project Red commercial pilot supplies electricity in Nevada, while Cape Station in Utah is being developed as a larger, phased power project.

Cape Station’s first GeoBlock is in commissioning, with test power targeted for the fourth quarter of 2026 and full output by year-end. Two further GeoBlocks are scheduled to begin producing power in early 2027 and reach full output in the following months. Fervo’s S-1 reported that drilling time per well fell by about 75% and drilling cost per foot by about 70% between 2022 and 2025. At its Q2 2026 results the company put the all-in capital cost of the first Cape Station phase at about $7,000 per kilowatt and set a $5,500 per kilowatt target for the 400 MW second phase, which uses deeper wells with longer laterals and hotter rock.

In August 2026, a Fervo subsidiary signed a 396 MW power-purchase agreement with Google Energy, with deliveries planned in four stages beginning in the third quarter of 2028. A proposed further expansion of approximately 600 MW requires Google’s acceptance and a separate definitive agreement; see Fervo Energy Signs 396 MW Geothermal PPA With Google.

Mercury NZ Limited is a New Zealand electricity generator and multi-product retailer whose ordinary shares are listed on the NZX and ASX. Its five geothermal stations, Kawerau, Mōkai, Ngā Awa Pūrua, Ngā Tamariki and Rotokawa, provide long-lived baseload generation within an entirely renewable portfolio that also includes nine hydro stations on the Waikato River and wind farms. Some geothermal assets are jointly owned with Māori trusts, including Ngā Awa Pūrua and Mōkai.

The 2026 Ngā Tamariki expansion increased that station to five units and 132 MW. Beyond generation, Mercury sells electricity, gas, broadband and mobile services, and the New Zealand Crown must retain at least 51% of its ordinary shares.

Contact Energy Limited is a New Zealand electricity generator and retailer listed on the NZX and ASX. It operates seven geothermal stations in the central North Island, including Tauhara and Te Huka 3. Te Mihi Stage 2, a 101 MW net binary plant under construction, is expected to enter service in September 2027 as part of the replacement of older Wairākei capacity.

Contact also owns hydro, thermal, solar and battery assets and buys renewable electricity under long-term agreements. Its thermal fleet includes combined-cycle generation as well as fast-start peaking plants. The acquisition of Manawa Energy, completed in July 2025, expanded its hydro portfolio. Contact sells electricity, gas, broadband and mobile services to retail customers.

PT Pertamina Geothermal Energy Tbk is an Indonesia-listed developer and operator within the state-owned Pertamina group. It supplies geothermal steam to power plants operated by customers and generates electricity at its own plants, principally under contracts with PLN. Its business is focused on Indonesian geothermal resources.

PGE reports 727 MW of installed capacity in its own-operation portfolio, including 12 MW at Sibayak, which its June 2026 financial statements classify as discontinued. The five other areas are Kamojang, Ulubelu, Lahendong, Lumut Balai and Karaha. Capacity managed under joint-operation contracts is separate from this own-operation portfolio.

PGE is developing the 110 MW Hululais Units 1 and 2, with commercial operation targeted for 2028. Its other development projects include Lumut Balai Unit 3, targeted for 2029.

Polaris Renewable Energy Inc. is a Canadian independent power producer listed on the Toronto Stock Exchange. Its San Jacinto geothermal facility in Nicaragua has 82 MW of licensed capacity. The power-purchase agreement permits sales of electricity and capacity up to 72 MW and runs to January 2039.

Polaris also operates hydro, solar and wind assets in Latin America and the Caribbean. Its portfolio spans Nicaragua, Peru, Ecuador, the Dominican Republic, Panama and Puerto Rico. The Punta Lima wind investment is held through a tax-equity structure, giving Polaris operating responsibility alongside a separate tax-equity investor.