TECHNOLOGY
Geothermal Deals
Geothermal — conventional, enhanced (EGS), and emerging closed-loop / pressure-geothermal. A small but accelerating category as policy support and offtake demand grow.
20
Tracked Deals
32.2 GW
Total Capacity
$28.49B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Jan 7, 2026 | Calpine Corporation — 27 GW natural gas + geothermal flee… Energy Capital Partners, Access Industries, CPP Investments → Constellation Energy | 27.0 GW | $26.6B (stock + cash) |
| Dec 10, 2025 | Cape Station EGS development (Phase I 100 MW + Phase II 4… Fervo Energy → B Capital (lead), Google, Mitsui, AllianceBernstein | 500 MW | $462M (Series E) |
| Mar 19, 2026 | Cape Station Enhanced Geothermal System (EGS) — Phase 1 ~… Fervo Energy → RBC Capital Markets, Barclays, BBVA, HSBC, MUFG, Société Générale, J.P. Morgan, Bank of America, Sumitomo Mitsui Trust Bank | 500 MW | $421M |
| Jan 4, 2024 | Enel Green Power NA geothermal and solar portfolio — Cove… Enel Green Power North America → Ormat Technologies | 150 MW | $271M |
| Feb 29, 2024 | Cape Station Phase I + Phase II — 400 MW Enhanced Geother… Fervo Energy → Devon Energy (lead) + existing investors | 400 MW | $244M |
| Jun 11, 2025 | Cape Station Phase I — 100 MW enhanced geothermal (EGS), … Fervo Energy → Breakthrough Energy Catalyst, Mercuria, XRA | 100 MW | $206M |
| Aug 22, 2023 | Cape Station Phase 1 development — 400 MW Enhanced Geothe… Fervo Energy → Devon Energy (lead, ~$10M anchor) | 400 MW | $138M (Series D extension) |
| Jan 21, 2026 | Sage Geosystems $97M+ Series B — Pressure Geothermal powe… Sage Geosystems → Ormat Technologies ($25M, co-lead), Carbon Direct Capital (co-lead), Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital, Ignis H2 Energy, SiteGround Capital, UC Berkeley Foundation Climate Solutions Fund | — | $97M+ |
| Apr 16, 2026 | Zanskar AI-native geothermal exploration platform — $40M … Zanskar → Just Climate; Spring Lane Capital; Tierra Adentro Growth Capital | — | $40,000,000 |
| Apr 19, 2023 | Initial Devon Energy investment in Fervo Energy — geother… Fervo Energy → Devon Energy | — | $10M |
Most Active Firms
Top Buyers / Financiers
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Fervo Energy | 11 | $1.48B |
| 2 | Sage Geosystems | 2 | $97M |
| 3 | Zanskar | 2 | $40M |
| 4 | Enel Green Power North America | 1 | $271M |
| 5 | Energy Capital Partners, Access Industries, CPP Investments | 1 | $26.60B |
Top Legal Counsel
| # | Firm | Deals |
|---|---|---|
| 1 | Kirkland & Ellis | 1 |
| 2 | Latham & Watkins, White & Case | 1 |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake8
- Strategic & Growth Capital6
- Project Finance3
- Project & Portfolio M&A1
- Corporate M&A1
Activity by Year
Recent Deals
Latest 10- Fervo Energy IPO (Nasdaq: FRVO) — enhanced geothermal systems pure-play; flag…Apr 17, 2026
Corporate Debt & Capital Markets · UT · 500 MW
- Zanskar AI-native geothermal exploration platform — $40M development capital …Apr 16, 2026
Project Finance · NV · $40,000,000
- EIG Geothermal Catalyst Partners — initial close of dedicated geothermal ener…Apr 14, 2026
Strategic & Growth Capital · Multi-state
- XGS Energy 115 MW next-generation geothermal — GEODE (Geothermal Exploration,…Apr 13, 2026
Power Purchase & Offtake · CA · 115 MW
- Zanskar / CC Power GEODE Agreement — California geothermal prospecting and of…Apr 13, 2026
Power Purchase & Offtake · CA
- Fervo Energy / Turboden 1.7 GW Geothermal ORC Turbine Supply Framework Agreem…Apr 7, 2026
Power Purchase & Offtake · UT · 1,750 MW
- Cape Station Enhanced Geothermal System (EGS) — Phase 1 ~100 MW, scaling to 5…Mar 19, 2026
Project Finance · UT · $421M · 500 MW
- Sage Geosystems $97M+ Series B — Pressure Geothermal power + long-duration en…Jan 21, 2026
Strategic & Growth Capital · TX · $97M+
- Calpine Corporation — 27 GW natural gas + geothermal fleet, creating 55 GW co…Jan 7, 2026
Corporate M&A · Multi-state · $26.6B (stock + cash) · 27,000 MW
- Cape Station EGS development (Phase I 100 MW + Phase II 400 MW) + broader Fer…Dec 10, 2025
Strategic & Growth Capital · UT · $462M (Series E) · 500 MW
Recent Moves at Active Firms
All moves →Jennifer Gasser joined as Partner, Energy and Infrastructure M&A at Paul WeissMar 3, 2026
Seth Richardson promoted to Partner, Project Development & Finance at Latham & WatkinsFeb 20, 2026
Thomas Verity joined as Partner, Energy M&A at Norton Rose FulbrightFeb 15, 2026
Neal Kemkar joined as Chief Network Officer at CeresFeb 9, 2026
Sean Wheeler joined as Partner, Co-Chair Global M&A; Head of Houston Office at Paul WeissFeb 3, 2026
Related
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