Cape Station EGS development (Phase I 100 MW + Phase II 400 MW) + broader Fervo development pipeline
Series E led by new investor B Capital. Google participates with simultaneous 115 MW additional commitment for Nevada data centers (NV Energy Clean Transition Tariff). Concurrent with $206M project-level financing in June 2025. Brings cumulative Fervo financing to ~$1.5B. Cape Station Phase I (100 MW) targets COD 2026; full 500 MW by 2028. Combined with March 2026 follow-on $421M non-recourse project debt.
$462M
Deal Value
500MW
Capacity
Geothermal
Technology
UT
Location
Deal Details
- Deal Type
- Strategic & Growth Capital
- Seller / Sponsor
- Fervo Energy
- Buyer / Financier
- B Capital (lead), Google, Mitsui, AllianceBernstein
- Deal Value
- $462M (Series E)
- Stage
- Construction + Development
- ISO/RTO
- Western
- Source
- Fervo Energy
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