Utility Scale Geothermal Energy Developers sector
Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for Utility Scale Geothermal Energy Developers
1.1 - About Utility Scale Geothermal Energy Developers sector
Companies in this category develop, finance, build, own, and operate geothermal power plants and district heating assets. Utility Scale Geothermal Energy Developers deliver baseload renewable electricity and low-carbon heat by harnessing subsurface resources with high capacity factors and long asset lifecycles. Their value proposition centers on stable, fuel-free generation, predictable costs under long-term PPAs, and reliable decarbonization pathways for grid and thermal energy users.
Typical capabilities span geothermal resource exploration using geophysical surveys and MT imaging, reservoir modeling, and high-temperature drilling with well testing. Developers design and engineer flash and binary (ORC) power plants, build steam gathering and reinjection systems, and deliver EPC project execution. They structure PPAs, manage grid interconnection and permitting, implement H2S abatement and emissions controls, and deploy SCADA-based monitoring, predictive maintenance, and O&M services to optimize capacity factors and lifecycle performance.
Primary customer segments include electric utilities and IPPs procuring baseload renewables, municipal district heating operators seeking decarbonized thermal supply, and industrial energy users with process heat needs. Outcomes delivered are firm, 24/7 clean power, lower emissions and compliance with clean-energy mandates, reduced fuel price volatility through long-term PPAs, and improved grid reliability and resiliency compared to intermittent resources.
2. Buyers in the Utility Scale Geothermal Energy Developers sector
2.1 Top strategic acquirers of Utility Scale Geothermal Energy Developers companies
Ormat
HQ: United States
Website
- Description: Provider of vertically integrated geothermal, recovered energy generation and energy-storage solutions, designing, manufacturing, operating, owning and selling geothermal and REG power plants worldwide. Its proprietary Ormat Energy Converter turns low-, medium- and high-temperature heat into electricity, enabling clean, reliable power across diverse resource conditions.
- Key Products:
- Geothermal Power Plants: End-to-end design, construction, ownership and operation of geothermal facilities that generate clean electricity from subterranean heat, delivering over 1,100 MW in global capacity
- Recovered Energy Generation (REG) Plants: Waste-heat power plants that capture industrial or gas-turbine exhaust heat and convert it to electricity using proprietary converter technology, boosting efficiency and lowering emissions
- Ormat Energy Converter Units: Modular power-generation equipment that converts low-, medium- and high-temperature heat resources into electricity, enabling scalable deployment in varied geothermal and waste-heat environments
- Energy Storage Solutions: Battery-based systems leveraging Ormat’s renewable expertise to store electricity, manage grid demand and provide reliable renewable energy integration for utilities and developers.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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2.2 - Strategic buyer groups for Utility Scale Geothermal Energy Developers sector
M&A buyer group 1: Hydro Power
12 companies
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Description: Companies in Energy Hydropower Plant Solutions design, equip, build, modernize, and operate hydroelectric generation assets—dams, run‑of‑river plants, and pumped‑storage facilities. They supply critical electro‑mechanical systems and engineering services that improve efficiency, reliability, and grid stability while extending asset life. The category encompasses strategic buyers across equipment manufacturing, EPC delivery, and lifecycle O&M, supporting dependable renewable baseload and ancillary services for utilities and power producers.
Engie
- Type: N/A
- Employees: ●●●●●
- Description: Provider of national energy infrastructure and building services that deliver highly customizable building system maintenance, facility management, technical projects and integrated programs helping education, government, commercial and industrial customers boost efficiency, sustainability, reliability, safety, comfort and resource use while transitioning to a low-carbon economy.
- Key Products:
- Building System Maintenance Services: Provides customizable maintenance of HVAC, electrical and other building systems, improving reliability, safety, comfort and resource efficiency for diverse facilities
- Facility Management Services: Delivers comprehensive on-site management covering operations, maintenance and sustainability initiatives to enhance productivity and reduce operating costs for education, government and industrial clients
- Technical Projects: Executes specialized technical upgrades and retrofits that optimize energy use, boost performance and capture measurable savings across customer infrastructures
- Integrated Programs: Combines maintenance, management and technical solutions into tailored long-term programs that generate significant cost savings and support the shift to low-carbon operations.
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Key Products: ████████, ████████, ████████, ████████
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Buyer group 3: ████████ ████████
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3. Investors and private equity firms in Utility Scale Geothermal Energy Developers sector
3.1 - Buyout funds in the Utility Scale Geothermal Energy Developers sector
2.2 - Strategic buyer groups for Utility Scale Geothermal Energy Developers sector
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4 - Top valuation comps for Utility Scale Geothermal Energy Developers companies
4.2 - Public trading comparable groups for Utility Scale Geothermal Energy Developers sector
Valuation benchmark group 1: Electric Power Generation Companies
40 companies
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Description: Public companies in this comps group own, operate, and optimize fleets of utility‑scale power plants across renewable and thermal technologies. They generate and sell electricity into wholesale markets and under long‑term PPAs, often alongside energy trading and capacity services. They are comparable because valuation is driven by contracted cash flows, merchant price exposure, capacity factors, fuel mix, and asset scale within electric power generation.
NextEra Energy
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of electric power and energy infrastructure, including generation, transmission, and distribution of electricity, focusing on clean energy solutions like wind, solar, and natural gas, serving residential, commercial, and industrial customers.
- Key Products:
- Electric Power Generation: Development and operation of power projects producing electricity from wind, solar, and natural gas
- Electric Transmission: Operation of electric transmission lines
- Electric Distribution: Distribution of electricity to residential, commercial, and industrial customers
- Renewable Energy Solutions: Provision of sustainable energy solutions for businesses
- Energy Storage: Implementation of battery storage facilities to support energy generation.
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Revenue growth
Median
15.7%
2025E
16.0%
2026E
EBITDA margin
Median
28.2%
2025E
28.6%
2026E
Cash EBITDA margin
Median
27.6%
2025E
28.0%
2026E
EV/Revenue
Median
8.4x
2025E
6.8x
2026E
EV/EBITDA
Median
28.9x
2025E
24.4x
2026E
EV/Cash EBITDA
Median
29.0x
2025E
25.5x
2026E
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