Doron Blachar
CEO / Ormat Technologies
In this exclusive interview with CEO North America, Ormat Technologies CEO Doron Blachar reveals why 2026 is a breakthrough year for the geothermal innovator and how the company is seizing new opportunities as demand for clean power soars.
Founded in 1965, Ormat Technologies has grown into a global leader in geothermal energy, recovered energy generation (REG), and energy storage solutions over the past six decades.
As the only vertically integrated geothermal company in the world, Ormat handles exploration, drilling, design, manufacturing, construction, ownership, and operation of geothermal power and waste heat REG across more than 30 countries. The company also oversees the design, construction, ownership, and operation of energy storage projects in the U.S.
Based in Reno, NV, and with a global team of approximately 1,600 dedicated employees, Ormat is committed to advancing renewable energy and building a cleaner, more sustainable future.
A Defining Era
Doron Blachar took the reins as CEO of Ormat Technologies in July 2020, “in the middle of COVID,” as he recalls. Blachar had been with Ormat since 2013, previously serving as CFO and later President.
From the outset, Blachar saw his new role as a chance to lead an already purpose-driven company toward even greater impact. “I saw a company that was in the right place— operating and developing renewable energy projects, geothermal projects that produce no emissions—and trying to make a better world going forward.”
“In the last few months we have secured multiple long-term PPAs, including a 15-year portfolio PPA of up to 150 MW to supply Google’s data center electricity needs through NV Energy, and a 20-year agreement with Switch for approximately 13 MW from the Salt Wells power plant, with potential for future recontracting of over 100 MW of our existing fleet under this framework.”
He also recognized extraordinary potential for growth and innovation. “I saw quite a lot of opportunities to expand the company through exploration in the US, as well as Indonesia.”
Today, Blachar is confident he is guiding the company through its most exciting period yet, with ideal market conditions and a surge in demand signaling the start of a new era of achievements for Ormat.
“It’s a great time for the business. I’ve been with Ormat for almost 13 years. This is the best time, both for traditional geothermal and for the potential of new technologies that can come into play. Our market is positioned exactly in the right place, in the right countries, with the right expertise and knowledge.”
Driving Global Growth
Today, Ormat’s total generating capacity stands at 1,835 MW: 1,340 MW from geothermal and solar projects spanning the US, Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and an additional 495 MW of energy storage in the US.
“Since I took on the CEO position, we’ve not only expanded our team significantly, but also increased our capital investment to explore and develop new geothermal projects.” “We are now working on multiple sites that will become projects in the next few years,” says Blachar. “We’ll see Ormat grow significantly in the US.”
He notes that a surge in demand for reliable, carbon-free electricity, particularly from data centers and the rise of AI, has unlocked new opportunities for the company. “The demand is endless,” says Blachar. “Whatever electricity we can generate, we’ll be able to sell at good prices.”
In the US, Ormat has secured several major long-term power purchase agreements (PPAs) with key industry players, including Switch. “Although it’s for one facility, it’s a platform to sign additional facilities based on the same contract, so it has the potential to grow significantly over time.”
Internationally, Ormat’s expansion is equally impressive. In the Caribbean, the company is completing construction of a new plant in Dominica, set to become operational this year, while its facility in Guadeloupe is on track to double in size. “In Guadeloupe, we acquired the power plant a few years ago, and now we’re building a second power plant that will also come online this year.”
In Indonesia, the company currently has two operating power plants and is developing new greenfield projects estimated at 180MW. These projects, undertaken through various partnerships and joint ventures, are expected to come online beginning in 2029.
Ormat’s expansion is due in part to its proven ability to acquire and enhance assets. “When we acquire assets—and we do this every year or two—we are able to enhance them and generate higher revenues thanks to our technology and operational expertise. For example, we acquired a Guadeloupe facility that was generating 10 megawatts. Within a few weeks, we increased it to 14 megawatts.”
Similar improvements have been made in the US, where the recently acquired facilities of Enel, Cove Fort, Stillwater, and Salt Wells are also undergoing upgrades and expansion.
“The R&D team can focus on developing new technologies and improvements since they know they already have the largest geothermal operation in the world that will buy whatever they manage to develop.”
Pioneering Geothermal Technology
Ormat is not only expanding and growing its global presence; it also aims to change the geothermal industry for the better by pioneering new technologies. “Ormat is the world’s largest geothermal operator when it comes to traditional geothermal. And today, there is a new geothermal technology called EGS (enhanced geothermal systems) evolving,” Blachar explains. “We have signed a joint venture with SLB to develop this technology, and we’re working on a pilot with them.”
Along with its collaboration with SLB, the world’s largest drilling company, Blachar says Ormat has also invested in developing the technology with another EGS company called Sage Geosystems.
Blachar notes that—despite the differences between traditional geothermal and EGS—if successful, the latest EGS breakthroughs could enable geothermal energy to be produced almost anywhere. “You won’t need to find a specific spot because the plan is to drill into the ground and inject water. The water will heat up, and then you can extract it.” “And that,” he asserts, “will basically change the industry.”
A Unique, Vertically Integrated Model
Since Ormat was founded, its core values have emphasized strong relationships with employees, clients, communities, and other stakeholders. According to its proud CEO, what makes Ormat unique are the employees and its comprehensive, vertically integrated approach.
“Ormat is a vertically integrated company. So effectively, we have the geologists who find the location, we do the drilling with our own rigs and through subcontractors, we have the engineers who design the power plants. We do the manufacturing, we do the construction, and we do the operation. So, actually, when it comes to geothermal, we do everything.” This structure allows Ormat not only to build and operate its own plants but also to supply equipment, engineering, and operational expertise to third parties worldwide.
Blachar’s commitment to fostering collaborative excellence can be seen in Ormat’s annual face-to-face meetings, where engineers, operators, and project managers share ideas to improve operations and reduce costs.
This ongoing feedback loop promotes continuous performance improvements. It also guarantees Ormat’s long-term success. “A few months ago, I started a capacity improvement project where we have an engineer, joined by an operating power plant manager, going from power plant to power plant to analyze the performance of each plant and see what needs to be improved.”
Blachar tells CEO North America, “When we build a power plant, we design it to run reliably for decades. That means more than selecting the right raw materials and suppliers; it requires disciplined preventive maintenance, routine inspections, timely upgrades, trained teams, and a robust spare-parts strategy to keep the plant performing safely and efficiently year after year.”
“In order for us to buy raw materials from a supplier, we send our engineers and manufacturing staff to conduct due diligence on that supplier, to physically visit the manufacturing facility and see the source of the raw materials in order to have confidence in what we are buying.”
Over the past year, Blachar’s team has also practiced constant adaptation in conjunction with the ever-changing market and geopolitical climate. Recently, the company has diversified its supplier base beyond China, now sourcing from Korea, Europe, India, and Indonesia. “Today, with the latest administration and tariffs, we’ve significantly increased the number of suppliers we’ve been working with,” he explains.
Delivering Results
2025 was a strong year for Ormat, with the company’s revenue rising 12.5% to nearly $1 billion and adjusted EBITDA increasing by 5.7%. The company’s energy storage segment more than doubled its year-over-year revenue, with new projects expected to drive further growth moving forward. Despite recent successes, Blachar’s team remains proactive, in line with Ormat’s ambitious plans to foster long-term growth.
“As we enter 2026, demand for reliable, low-carbon electricity, driven by AI and data center expansion, remains exceptionally strong,” Blachar told investors in recent earnings call. “With favorable market dynamics, recently signed PPAs, and an expanded exploration program, we remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028.”
A Vision for a Sustainable Future
Blachar’s message is clear: “What sets us apart is the fact that we are here for the long term. We just celebrated 60 years of operation last year. We have the depth of experience from all the locations where we operate.”
Along with the company’s upcoming industry-changing EGS technology development, the CEO also considers Ormat’s proven track record of acquiring and enhancing assets to be one of its greatest strengths.
According to Blachar, Ormat’s future in pioneering renewable is bright. “We believe Ormat is well-positioned to continue expanding its leadership in geothermal, next-generation geothermal technologies, and energy storage while delivering long-term shareholder value.”
As the world looks for sustainable, reliable energy solutions, Ormat Technologies is not only ready to meet the moment—it is leading the charge.
