ORMAT TECHNOLOGIES, INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-32347    
Entity Registrant Name ORMAT TECHNOLOGIES, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 88-0326081    
Entity Address, Address Line One 6884 Sierra Center Parkway,    
Entity Address, City or Town Reno,    
Entity Address, State or Province NV    
Entity Address, Postal Zip Code 89511-2210    
City Area Code 775    
Local Phone Number 356-9029    
Title of 12(b) Security Common Stock $0.001 Par Value    
Trading Symbol ORA    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 5,086,197,847
Entity Common Stock, Shares Outstanding   60,845,411  
Entity Central Index Key 0001296445    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Kesselman & Kesselman C.P.A.s
Auditor Firm ID 1309
Auditor Location Tel-Aviv, Israel
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 147,448 $ 94,395
Restricted cash and cash equivalents (primarily related to VIEs) 133,418 111,377
Receivables:    
Trade less allowance for credit losses of $308 and $224, respectively (primarily related to VIEs) 164,772 164,050
Other 36,711 50,792
Inventories 45,268 38,092
Costs and estimated earnings in excess of billings on uncompleted contracts 30,011 29,243
Prepaid expenses and other 40,141 59,173
Total current assets 597,769 547,122
Investment in unconsolidated companies 162,111 144,585
Deposits and other (primarily related to VIEs) 137,744 75,383
Deferred income taxes 138,903 153,936
Property, plant and equipment, net ($3,460,079 and $3,271,248 related to VIEs, respectively) 3,672,569 3,501,886
Construction-in-process ($392,644 and $251,442 related to VIEs, respectively) 1,048,174 755,589
Operating leases right of use ($17,236 and $13,989 related to VIEs, respectively) 41,756 32,114
Finance leases right of use (none related to VIEs) 4,690 2,841
Intangible assets, net 274,548 301,745
Goodwill 168,244 151,023
Total assets 6,246,508 5,666,224
Current liabilities:    
Accounts payable and accrued expenses 234,757 234,334
Short term revolving credit lines with banks (full recourse) 80,000 0
Commercial paper (less deferred financing costs of $17 and $23, respectively) 99,983 99,977
Billings in excess of costs and estimated earnings on uncompleted contracts 13,159 23,091
Current portion of long-term debt:    
Limited and non-recourse (primarily related to VIEs): 79,885 70,262
Full recourse 214,207 161,313
Financing liability 9,749 4,093
Operating lease liabilities 4,764 3,633
Finance lease liabilities 1,884 1,375
Total current liabilities 738,388 598,078
Long-term debt, net of current portion:    
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $13,488 and $8,849, respectively) 645,803 578,204
Full recourse (less deferred financing costs of $4,248 and $4,671, respectively) 1,009,090 822,828
Convertible senior notes (less deferred financing costs of $4,103 and $6,820, respectively) 472,334 469,617
Financing liability 206,647 216,476
Operating lease liabilities 29,760 22,523
Finance lease liabilities 2,850 1,529
Liability associated with sale of tax benefits 190,168 152,292
Deferred income taxes 68,661 68,616
Liability for unrecognized tax benefits 10,378 6,272
Liabilities for severance pay 11,942 10,488
Asset retirement obligation 135,574 129,651
Other long-term liabilities 33,637 29,270
Total liabilities 3,555,232 3,105,844
Commitments and contingencies (Note 20)
Redeemable noncontrolling interest 10,402 9,448
The Company's stockholders' equity:    
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,845,411 and 60,500,580 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 61 61
Additional paid-in capital 1,654,635 1,635,245
Treasury stock, at cost (258,667 shares held as of December 31, 2025 and 2024, respectively) (17,964) (17,964)
Retained earnings 909,343 814,518
Accumulated other comprehensive loss (2,132) (6,731)
Total stockholders' equity attributable to Company's stockholders 2,543,943 2,425,129
Noncontrolling interest 136,931 125,803
Total equity 2,680,874 2,550,932
Total liabilities, redeemable noncontrolling interest and equity $ 6,246,508 $ 5,666,224
v3.25.4
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Trade allowance for credit losses $ 164,772 $ 164,050
Property, plant and equipment, net 3,672,569 3,501,886
Construction-in-process 1,048,174 755,589
Operating leases right of use 41,756 32,114
Commercial paper 99,983 99,977
Limited and non-recourse $ 645,803 $ 578,204
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, issued (in shares) 60,845,411 60,845,411
Common stock, outstanding (in shares) 60,500,580 60,500,580
Treasury stock, common (in shares) 258,667 258,667
Senior Unsecured Bonds    
Debt issuance costs, noncurrent, net $ 4,248 $ 4,671
Convertible senior notes    
Debt issuance costs, noncurrent, net 4,103 6,820
Commercial paper    
Commercial paper 17 23
Variable Interest Entity, Primary Beneficiary    
Property, plant and equipment, net 3,460,079 3,271,248
Construction-in-process 392,644 251,442
Operating leases right of use 17,236 13,989
Variable Interest Entity, Primary Beneficiary    
Trade allowance for credit losses 308 224
Limited and non-recourse $ 13,488 $ 8,849
v3.25.4
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 989,543 $ 879,654 $ 829,424
Cost of revenues:      
Total cost of revenues 716,858 607,035 565,406
Gross profit 272,685 272,619 264,018
Operating expenses:      
Research and development expenses 6,304 6,501 7,215
Selling and marketing expenses 18,898 17,694 18,306
General and administrative expenses 79,592 80,119 68,179
Other operating income (14,844) (9,375) 0
Impairment of long-lived assets 12,064 1,280 0
Write-off of unsuccessful exploration and storage activities 1,446 3,930 3,733
Operating income 169,225 172,470 166,585
Other income (expense):      
Interest income 6,015 7,883 11,983
Interest expense, net (141,851) (134,031) (98,881)
Derivatives and foreign currency transaction gains (losses) 5,248 (4,187) (3,278)
Income attributable to sale of tax benefits 66,726 73,054 61,157
Other non-operating income, net 385 188 1,519
Income from operations before income tax and equity in earnings (losses) of investees 105,748 115,377 139,085
Income tax (provision) benefit 20,282 16,289 (5,983)
Equity in earnings (losses) of investees 960 (425) 35
Net income 126,990 131,241 133,137
Net income attributable to noncontrolling interest (3,092) (7,508) (8,738)
Net income attributable to the Company's stockholders 123,898 123,733 124,399
Comprehensive income:      
Net income 126,990 131,241 133,137
Other comprehensive income (loss), net of related taxes:      
Change in foreign currency translation adjustments 9,665 (8,232) 1,257
Change in unrealized gains or (losses) in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge (1,230) 602 (470)
Change in unrealized gains or losses in respect of an interest rate swap and cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax)     (4,237)
Other changes in comprehensive income 45 50 53
Comprehensive income 133,803 124,662 129,740
Comprehensive income attributable to noncontrolling interest (5,306) (6,328) (9,173)
Comprehensive income attributable to the Company's stockholders $ 128,497 $ 118,334 $ 120,567
Earnings per share attributable to the Company's stockholders:      
Basic (in dollars per share) $ 2.04 $ 2.05 $ 2.09
Diluted (in dollars per share) $ 2.02 $ 2.04 $ 2.08
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:      
Weighted average number of shares used in computation of earnings per share, basic (in shares) 60,705 60,455 59,424
Weighted average number of shares used in computation of earnings per share, diluted (in shares) 61,362 60,790 59,762
Cross currency swap derivative      
Other comprehensive income (loss), net of related taxes:      
Change in unrealized gains or losses in respect of an interest rate swap and cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax) $ (1,780) $ 988 $ (4,237)
Interest rate swap      
Other comprehensive income (loss), net of related taxes:      
Change in unrealized gains or losses in respect of an interest rate swap and cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax) 113 13 0
Electricity      
Revenues:      
Total revenues 693,900 702,264 666,767
Cost of revenues:      
Total cost of revenues 495,989 459,526 422,549
Product      
Revenues:      
Total revenues 216,686 139,661 133,763
Cost of revenues:      
Total cost of revenues 170,671 113,911 115,802
Energy storage      
Revenues:      
Total revenues 78,957 37,729 28,894
Cost of revenues:      
Total cost of revenues $ 50,198 $ 33,598 $ 27,055
v3.25.4
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cross currency swap derivative      
Change in respect of derivative instruments designated for cash flow hedge, tax $ 68 $ 324 $ 1,511
Interest rate swap      
Change in respect of derivative instruments designated for cash flow hedge, tax $ 0 $ 0 $ 0
v3.25.4
Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cross currency swap derivative
Interest rate swap
Total
Total
Cross currency swap derivative
Total
Interest rate swap
Common Stock
Additional Paid-in Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cross currency swap derivative
Accumulated Other Comprehensive Income (Loss)
Interest rate swap
Noncontrolling Interest
Balance (in shares) at Dec. 31, 2022             56,096              
Balance at the start of the period at Dec. 31, 2022 $ 2,020,975     $ 1,867,571     $ 56 $ 1,259,072 $ (17,964) $ 623,907 $ 2,500     $ 153,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 15,478     15,478       15,478            
Exercise of options/stock-based awards by employees and directors (in shares) [1]             123              
Exercise of options/stock-based awards by employees and directors [1] 314     314       314            
Issuance of common stock (in shares)             4,140              
Issuance of common stock 341,671     341,671     $ 4 341,667            
Cash paid to noncontrolling interest (7,648)                         (7,648)
Cash dividend declared (28,412)     (28,412)           (28,412)        
Change in noncontrolling interest rights (1,137)     901       901           (2,038)
Transaction with noncontrolling interest (29,055)     (2,663)       (2,663)           (26,392)
Net income 132,198     124,399           124,399       7,799
Other comprehensive income (loss), net of related taxes:                            
Change in foreign currency translation adjustments 1,257     822             822     435
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge (470)     (470)             (470)      
Change in unrealized gains or losses in respect of a derivative instrument that qualifies as a cash flow hedge (net of related tax) (4,237) $ (4,237) $ 0 (4,237)             (4,237)      
Other 53     53             53      
Balance (in shares) at Dec. 31, 2023             60,359              
Balance at the end of the period at Dec. 31, 2023 2,440,987     2,315,427     $ 60 1,614,769 (17,964) 719,894 (1,332)     125,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 20,197     20,197       20,197            
Exercise of options/stock-based awards by employees and directors (in shares) [1]             142              
Exercise of options/stock-based awards by employees and directors [1] 1     1     $ 1              
Cash paid to noncontrolling interest (4,707)                         (4,707)
Cash dividend declared (29,109)     (29,109)           (29,109)        
Buyout of class B membership in OPAL (1,418)     279       279           (1,697)
Net income 131,560     123,733           123,733       7,827
Other comprehensive income (loss), net of related taxes:                            
Change in foreign currency translation adjustments (8,232)     (7,052)             (7,052)     (1,180)
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge 602     602             602      
Change in unrealized gains or losses in respect of a derivative instrument that qualifies as a cash flow hedge (net of related tax)   988 13   $ 988 $ 13           $ 988 $ 13  
Other 50     50             50      
Balance (in shares) at Dec. 31, 2024             60,501              
Balance at the end of the period at Dec. 31, 2024 2,550,932     2,425,129     $ 61 1,635,245 (17,964) 814,518 (6,731)     125,803
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation 19,390     19,390       19,390            
Exercise of options/stock-based awards by employees and directors (in shares) [1]             344              
Cash paid to noncontrolling interest (5,890)                         (5,890)
Cash dividend declared (29,072)     (29,072)           (29,072)        
Increase in noncontrolling interest related to tax monetization transactions 12,059                         12,059
Net income 126,643     123,898           123,898       2,745
Other comprehensive income (loss), net of related taxes:                            
Change in foreign currency translation adjustments 9,665     7,451             7,451     2,214
Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge (1,230)     (1,230)             (1,230)      
Change in unrealized gains or losses in respect of a derivative instrument that qualifies as a cash flow hedge (net of related tax)   $ (1,780) $ 113   $ (1,780) $ 113           $ (1,780) $ 113  
Other 45     45             45      
Balance (in shares) at Dec. 31, 2025             60,845              
Balance at the end of the period at Dec. 31, 2025 $ 2,680,874     $ 2,543,943     $ 61 $ 1,654,635 $ (17,964) $ 909,343 $ (2,132)     $ 136,931
[1] Resulted in an amount lower than $1 thousand.
v3.25.4
Consolidated Statements of Equity (Parenthetical)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Common stock, dividends, per share, declared (in dollars per share) | $ / shares $ 0.48
Change in noncontrolling interest rights, tax $ 338
Cross currency swap derivative  
Change in respect of derivative instruments designated for cash flow hedge, tax 1,511
Interest rate swap  
Change in respect of derivative instruments designated for cash flow hedge, tax $ 0
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 126,990 $ 131,241 $ 133,137
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 292,124 262,863 224,797
Accretion of asset retirement obligation 8,330 7,747 6,164
Stock-based compensation 19,390 20,197 15,478
Income attributable to sale of tax benefits, net of interest expense (26,252) (22,145) (23,462)
Equity in losses (earnings) of investees, net (960) 425 (35)
Mark-to-market of derivative instruments 550 856 (2,206)
Loss (gain) on disposal of property, plant and equipment (303) 101 35
Write-off of unsuccessful exploration and storage activities 1,446 3,930 3,733
Impairment of long-lived assets 12,064 1,280 0
Loss (gain) on severance pay fund asset (294) (413) 154
Loss (gain) on foreign currency exchange rate (7,568) 3,428 0
Deferred income tax provision (33,174) 5,300 (6,017)
Liability for unrecognized tax benefits 4,106 (2,401) 2,114
Changes in operating assets and liabilities, net of businesses acquired:      
Receivables 4,468 27,172 (97,640)
Costs and estimated earnings in excess of billings on uncompleted contracts (210) (11,614) (1,962)
Long-term costs and estimated earnings in excess of billings on uncompleted contracts (48,930) (26,033) 0
Inventories (7,176) 6,945 (22,205)
Prepaid expenses and other 821 (8,510) (3,248)
Change in operating lease right of use asset 5,093 4,368 3,761
Deposits and other 5,759 (4,491) (7,900)
Accounts payable and accrued expenses (1,782) 11,426 68,590
Billings in excess of costs and estimated earnings on uncompleted contracts (11,322) 5,330 9,884
Liabilities for severance pay 1,454 (1,356) (989)
Change in operating lease liabilities (6,387) (9,472) (3,435)
Other liabilities, net (3,136) 4,745 10,653
Net cash provided by operating activities 335,101 410,919 309,401
Cash flows from investing activities:      
Capital expenditures (619,776) (487,678) (618,383)
Investment in unconsolidated companies (17,796) (18,969) (10,181)
Cash paid for acquisition of a business, net of cash acquired (88,650) (274,631) 0
Decrease (increase) in severance pay fund asset, net of payments made to retired employees (213) 1,024 221
Net cash used in investing activities (726,435) (780,254) (628,343)
Cash flows from financing activities:      
Proceeds from long-term loans, net of transaction costs 548,501 514,630 149,837
Proceeds from exercise of options by employees 0 0 314
Proceeds from issuance of common stock, net of stock issuance costs 0 0 341,671
Proceeds from issuance of convertible notes, net of transaction costs 0 44,041 0
Proceeds related to tax monetization transactions 151,986 0 42,329
Proceeds from issuance of commercial paper, net of transaction costs 0 0 99,971
Proceeds from revolving credit lines with banks 1,973,500 185,500 55,000
Repayment of revolving credit lines with banks (1,893,500) (205,500) (35,000)
Cash received from noncontrolling interest 10,276 12,251 7,341
Transaction with noncontrolling interest 0 (9,803) (30,000)
Repayments of long-term debt and financing liability (265,462) (209,280) (207,039)
Cash paid to noncontrolling interest (7,834) (6,373) (9,856)
Payments under finance lease obligations (1,840) (1,383) (1,963)
Deferred debt and tax monetization transactions issuance costs (20,809) (7,058) (4,229)
Cash dividends paid (29,072) (29,109) (28,412)
Net cash provided by (used in) financing activities 465,746 287,916 379,964
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 682 (579) 72
Net change in cash and cash equivalents and restricted cash and cash equivalents 75,094 (81,998) 61,094
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 205,772 287,770 226,676
Cash and cash equivalents and restricted cash and cash equivalents at end of period 280,866 205,772 287,770
Supplemental disclosure of cash flow information:      
Interest, net of interest capitalized 111,700 102,605 72,236
Income taxes, net of refunds 9,846 26,183 26,250
Supplemental non-cash investing and financing activities:      
Increase (decrease) in accounts payable related to purchases of property, plant and equipment (9,396) (2,501) (12,417)
Right of use assets obtained in exchange for new lease liabilities 15,851 13,360 6,402
Increase in asset retirement cost and asset retirement obligation $ (5,696) $ 740 $ 10,546
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 Business
 The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services. Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements (“PPAs”) for certain of such facilities are dependent upon their maintaining Qualifying Facility status.
 Rounding
 Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, unless otherwise indicated.
 Basis of Presentation
 The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation.
 Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss).
 Use of Estimates in Preparation of Financial Statements
 The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes.
Cash and Cash Equivalents
 The Company considers all highly liquid instruments, with an original maturity of three months or less, to be cash equivalents.
Restricted Cash and Cash Equivalents
 Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, which have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 months are classified as current restricted cash and cash equivalents, with the remainder classified as non-current restricted cash and cash equivalents, if applicable. Such amounts are invested primarily in money market accounts and commercial paper with a minimum investment grade of “A”.
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows:
 
December 31,
202520242023
(Dollars in thousands)
Cash and cash equivalents $147,448 $94,395 $195,808 
Restricted cash and cash equivalents 133,418 111,37791,962
Total cash and cash equivalents and restricted cash and cash equivalents $280,866 $205,772 $287,770 
Concentration of Credit Risk
 Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments, accounts receivable, and the cross-currency and interest rate swap transactions.
 Cash Investments:
The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2025 and 2024, the Company had deposits totaling $83.6 million and $31.2 million, respectively, in ten United States financial institutions that were federally insured up to $250,000 per account. At December 31, 2025 and 2024, the Company’s deposits in foreign countries of approximately $75.4 million and $73.9 million, respectively, were not insured.
 Account Receivables:
At December 31, 2025 and 2024, accounts receivable related to operations in foreign countries amounted to approximately $102.0 million and $105.2 million, respectively. At December 31, 2025 and 2024, accounts receivable from the Company’s major customers (see Note 17) amounted to approximately 56% and 57%, respectively, of the Company’s accounts receivable. The aggregate amount of notes receivable exceeding 10% of total receivables for the year ended December 31, 2025 and 2024 is $103.2 million and $99.7 million, respectively.
 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2025, the amount overdue from KPLC in Kenya was $29.5 million of which $21.1 million was paid in January and February of 2026. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).
In Honduras, as of December 31, 2025, the total amount overdue from ENEE was $20.3 million of which $1.0 million was collected in January and February of 2026. In addition, due to the financial situation in Honduras, the Company may experience additional delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.
Additionally, the Company considers the counterparty credit risk related to the cross-currency and interest rate swap transactions, as further described in note 11 to the consolidated financial statements, when assessing the hedge effectiveness, noting such risk to be low as of December 31, 2025.
 Inventories
 Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not material at December 31, 2025 and 2024.
 Deposits and Other
 Deposits and other consist primarily of performance bonds for construction and storage projects, long-term insurance contract funds and receivables, certain deferred costs and deferred financing costs, long-term derivative assets and long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project.
 Property, Plant and Equipment, Net
 Property, plant and equipment are stated at cost, (except when acquired as part of a business combination, as further described under Note 2 to the consolidated financial statements), net of accumulated depreciation. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets:
 
Years
Buildings 25
Leasehold improvements 15-30
Machinery and equipment — manufacturing and drilling 5-10
Machinery and equipment — computers 3-5
Energy storage equipment 8-20
Solar facility equipment30
Office equipment — furniture and fixtures 5-15
Office equipment — other5-10
Vehicles 5-7
 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations.
 The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $28.1 million, $14.7 million, and $17.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Exploration and Development Costs
 The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2025, 2024 and 2023. It normally takes two to three years from the time active exploration of a particular geothermal resource begins to the time a production well is in operation, assuming the resource is commercially viable. However, in certain sites the process may take longer due to permitting delays, transmission constraints or any other commercial milestones that are required to be reached in order to pursue the development process.
 In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses under “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss).
   Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may include drilling of temperature gradient holes, drilling of slim holes, building access roads to drilling locations, drilling full size production and/or injection wells and flow tests. If the slim hole supports a conclusion that the geothermal resource will support a commercially viable power plant, it may be converted to a full-size commercial well, used either for extraction or re-injection of geothermal fluids, or be used as an observation well to monitor and define the geothermal resource. Costs associated with these activities and other directly attributable costs, including interest once physical exploration activities begin, and permitting costs are capitalized and included in “Construction-in-process”. If the Company concludes that a geothermal resource will not support commercial operations, capitalized costs are expensed in the period such determination is made.
 When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $1.4 million, $3.9 million, and $3.7 million of unsuccessful exploration and storage activities, respectively, that the Company decided to no longer pursue, out of which $1.4 million, $2.0 million and $0.3 million, respectively, relate to storage activities that the Company decided to no longer pursue.
 All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences.
Asset Retirement Obligation
 The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing and storage sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss.
 Deferred Financing Costs
 Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2025, 2024 and 2023 amounted to $6.4 million, $5.9 million, and $5.9 million, respectively. During the years ended December 31, 2025, 2024 and 2023, no material amounts were written-off as a result of extinguishment of liabilities.
Goodwill
 Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not amortized but rather subject to a periodic impairment testing on an annual basis, which the Company performs on December 31 of each year, or if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Additionally, it is permitted to first assess qualitative factors to determine whether a quantitative goodwill impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. Otherwise, no further impairment testing is required. An entity has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative goodwill impairment test. This would not preclude the entity from performing the qualitative assessment in any subsequent period. The quantitative assessment compares the fair value of the reporting unit to its carrying value, including goodwill. Under ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), an entity should recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For further information relating to goodwill see Note 9 - Intangible Assets and Goodwill to the consolidated financial statements.
 Intangible Assets
 Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 4 to 19-year terms of the agreements (see Note 9) as well as acquisition costs allocation related to the Company's Energy Storage segment activities that are amortized over a period of between approximately 6 and 19 years. Intangible assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In case there are no such events or change in circumstances, there is no need to perform an impairment testing. The recoverability is tested by comparing the net carrying value of the intangible assets to the undiscounted net cash flows to be generated from the use and eventual disposition of these assets. If the carrying amount of a long-lived asset (or asset group) is not recoverable, the fair value of the asset (asset group) is measured and if the carrying amount exceeds the fair value, an impairment loss is recognized.
 Impairment of Long-lived Assets and Long-lived Assets to be Disposed of
 The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors which could trigger an impairment include, among others, significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of assets or its overall business strategy, negative industry or economic trends, a determination that an exploration project will not support commercial operations, a determination that a suspended project is not likely to be completed, a significant increase in costs necessary to complete a project, legal factors relating to its business or when it concludes that it is more likely than not that an asset will be disposed of or sold.
 The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are
managed under a combined operation management generally with one central control room that controls all of the power plants in a complex and one maintenance group that services all of the power plants in a complex. As a result, the cash flows from individual plants within a complex are not largely independent of the cash flows of other plants within the complex. The Company tests for impairment of its operating plants which are not operated as a complex as well as its projects under exploration, development or construction that are not part of an existing complex at the plant or project level. To the extent an operating plant becomes part of a complex, the Company will test for impairment at the complex level.
 Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset.
   If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Management believes that as of December 31, 2025, no impairment exists for long-lived assets, except as described below. However, estimates as to the recoverability of such assets may change based on revised circumstances. If actual cash flows differ significantly from the Company’s current estimates, a material impairment charge may be required in the future.
As further described under Note 8 to the consolidated financial statements, in the fourth quarter of 2025, the Company recorded a non-cash impairment charge of $12.1 million in respect of its Brawley power plant and OREG 2 facility. This charge was recorded under “Impairment of long-lived assets” line item in the consolidated statements of operations and comprehensive income (loss).
Derivative Instruments
 Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” into earnings to offset the impact of the underlying hedge transaction when it affects earnings under the same line item in the consolidated statements of operations and comprehensive income.
 The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
 Foreign Currency Translation
 The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except the Guadeloupe power plant and the Company's operations in New Zealand. For those U.S. dollar functional currency entities, all gains and losses from currency translations are included under “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Company's operations in Guadeloupe and New Zealand, respectively, and thus the impact from currency translation adjustments related to those locations is included as currency translation adjustments in “Accumulated other comprehensive income” in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to a debit of $1.9 million and a debit of $9.3 million, as of December 31, 2025 and 2024, respectively. 
 Comprehensive Income
Comprehensive income includes net income plus other comprehensive income (loss), which for the Company consists primarily of changes in foreign currency translation adjustments, changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge, and changes in respect of derivative instruments designated as a cash flow hedge. The changes in foreign currency translation adjustments included under other comprehensive income (loss) during the years ended December 31, 2025, 2024 and 2023 amounted to $9.7 million, $(8.2) million, and $1.3 million, respectively. The changes in the Company’s share in derivative instruments of an unconsolidated investment, and gains or losses in respect of derivative instruments designated as a cash flow hedge are disclosed under Note 5 – Investment in unconsolidated companies, and Note 7 - Fair value of financial instruments, respectively, to the consolidated financial statements.
Power Purchase Agreements
Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States, and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2025 to 2051.
Generally, capacity payments are calculated based on the amount of time that the power plants are available to generate electricity. The energy payments are calculated based on the amount of electrical energy delivered at a designated delivery point. The price terms are customary in the industry and include, among others, a fixed price, SRAC (the incremental cost that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others), and a fixed price with an escalation clause that includes the value for environmental attributes, known as renewable energy credits. Certain of the PPAs provide for bonus payments in the event that the Company is able to exceed certain target levels and potential payments by the Company if it fails to meet minimum target levels. The Company has PPAs that give the power purchaser or its designee a right of first refusal or a right of first offer to acquire the geothermal power plants at fair market value as negotiated between the parties. One of the Company’s subsidiaries in Guatemala sells power at an agreed upon price subject to terms of a “take or pay” PPA.
 Pursuant to the terms of certain of the PPAs, the Company may be required to make payments to the relevant power purchaser under certain conditions, such as shortfall in delivery of renewable energy and energy credits, and not meeting certain performance threshold requirements, as defined in the relevant PPA. The amount of payment required is dependent upon the level of shortfall in delivery or performance requirements and is recorded in the period the shortfall occurs. In addition, if the Company does not meet certain minimum performance requirements, the capacity of the power plant may be permanently reduced.
 Revenues and Cost of Revenues
 Revenues from contracts with customers are recognized in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Company is required to apply each of the following steps: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contracts; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment sale, engineering, construction and installation, and operating services; and (iii) sale of capacity, energy and/or ancillary services from its energy storage facilities.
 Electricity Segment Revenues:
Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. The Company assesses whether PPAs entered into, modified, or acquired in business combinations contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. In the Electricity segment, revenues for all but thirteen power plants are accounted as operating leases, and therefore equipment related to geothermal and recovered energy generation power plants as described in Note 8 is considered held for leasing. For power plants in the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company identified electricity as a separate performance obligation. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the invoiced amounts reasonably represents the value to customers of performance obligations fulfilled to date. The transaction price is determined based on the price per actual mega-watt output or available capacity as agreed to in the respective PPA. Customers are generally billed on a monthly basis and payment is typically due within 30 to 60 days after the issuance of the invoice.
Product Segment Revenues:
Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third parties are recognized over time since control is transferred continuously to the Company's customers. The majority of the Company's contracts include a single performance obligation which is essentially the promise to transfer the individual goods or services that are not separately identifiable from other promises in the contracts and therefore deemed as not distinct. Performance obligations are satisfied over-time if the customer receives the benefits as the Company performs work, if the customer controls the asset as it is being constructed, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. In the Company's Product segment, revenues are spread over a period of one to two years and are recognized over time based on the cost incurred to date in ratio to total estimated costs which represents the input method that best depicts the transfer of control over the performance obligation to the customer. Costs include direct material, labor, and indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.
 In contracts for which the Company determines that control is not transferred continuously to the customer, the Company recognizes revenues at the point in time when the customer obtains control of the asset. Revenues for such contracts are recorded upon delivery and acceptance by the customer. This generally is the case for the sale of spare parts, generators or similar products.
 Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration
will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are based on historical experience, anticipated performance and the Company's best judgment at the time.
 The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not distinct from those already provided. The Company includes the additional revenues related to the modifications in its transaction price when both parties to the contract approved the modification. As a significant change in one or more of these estimates could affect the profitability of the Company's contracts, the Company reviews and updates its contract-related estimates regularly. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period in which it is identified.
Energy Storage Segment Revenues:
Battery energy storage systems as a service, and related services revenues are recorded based on energy management of load curtailment capacity delivered or service provided at rates specified under the relevant contract terms. The Company determined that except for three storage facilities of which revenues are accounted as operating leases under lease accounting, such revenues are in the scope of ASC 606, and identified energy management services as a separate performance obligation. Performance obligations are satisfied once the Company provides verification to the electric power grid operator or utility of its ability to meet the committed capacity, the power curtailment requirements or the ancillary services and thus entitled to cash proceeds. Such verification may be provided by the Company bi-weekly, monthly or under any other frequency as set by the related program and are typically followed by a payment shortly after. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the amounts included in the verification document reasonably represent the value of performance obligations fulfilled to date. The transaction price is determined based on mechanisms specified in the contract with the customer.
Contract Assets and Contract Liabilities 
Contract assets related to the Company's Product segment reflect revenues recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect customer billing in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of December 31, 2025 and 2024 are as follows:
December 31,
20252024
(Dollars in thousands)
Contract assets (*) $30,011 $29,243 
Contract liabilities (*) $(13,159)$(23,091)
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts", and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was substantially recognized as product revenues during the year ended December 31, 2025 as a result of performance obligations that were satisfied. Additionally, as of December 31, 2025 and 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $75.0 million and $26.0 million, respectively, are included under “Deposits and other” in the consolidated balance sheets, and not under the contract assets and contract liabilities above, due to their long-term nature. Further details related to the Dominica Project are provided below under the caption “The Dominica Project”.
 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2025 and 2024:
Years Ended December 31,
20252024
Contract assetsContract liabilitiesContract assetsContract liabilities
(Dollars in thousands)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied$— $21,478 $— $12,698 
Cash received in advance for which revenues have not yet recognized, net of expenditures made— (11,546)— (17,119)
Reduction of contract assets as a result of rights to consideration becoming unconditional(19,774)— (5,070)— 
Contract assets recognized, net of recognized receivables20,542 — 15,945 — 
Net change in contract assets and contract liabilities$768 $9,932 $10,875 $(4,421)
The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract.  The majority of payments are received no later than the completion of the project and satisfaction of the Company's performance obligation.
On December 31, 2025, the Company had approximately $245.0 million of remaining performance obligations not yet satisfied or partly satisfied related to its Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.
The following schedule reconciles revenues accounted under lease accounting, and revenues accounted under ASC 606, Revenues from Contracts with Customers, to total consolidated revenues for the three years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
(Dollars in thousands)
Electricity and Energy Storage revenues accounted under lease accounting
$569,120 $553,348 $542,065 
Electricity, Product and Energy Storage revenues accounted under ASC 606 420,423326,306287,359
Total consolidated revenues $989,543 $879,654 $829,424 
Disaggregated revenues from contracts with customers for the years ended December 31, 2025, 2024, and 2023 are disclosed under Note 17 - Business Segments, to the consolidated financial statements.
The Dominica Project
In December 2023, the Company entered into agreements with the Commonwealth of Dominica to build and operate a 10 MW binary geothermal power plant in the Caribbean country of Dominica. Under these agreements, the Company will construct the power plant, operate and sell its generated energy to Dominica Electricity Services Limited (presently the only electricity utility in the Commonwealth of Dominica) over a period of 25 years, at the end of which, ownership of the power plant will be transferred to the Government of the Commonwealth of Dominica. The Company accounted for this transaction under the guidance of ASC 853, Service Concession Arrangements (“ASC 853”), which directs a reporting entity to apply ASC 606, Revenue from Contracts with Customers.
Under the aforementioned accounting guidance, the Company identified the construction and the operation of the power plant as two distinct performance obligations, and accordingly allocated the total transaction price to these separate performance obligations in the arrangement, based on their estimated stand-alone selling price. The Company concluded that the performance obligations are satisfied over time. Additionally, starting the second quarter of 2024, in conjunction with the power plant start of construction, the Company started recognizing revenues relating to the construction performance obligation based on an input method using costs incurred to total costs expected in the project. Such revenues are included under Product revenues in the consolidated statements of operations and comprehensive income.
Allowance for Credit Losses
The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses. Such instruments are primarily cash and cash equivalents, restricted cash and cash equivalents, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on class of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default
rate. The Company considered the current and expected future economic and market conditions related to inflation and rising interest rates and determined that the estimate of credit losses was not significantly impacted.
The following table describes the changes in the allowance for expected credit losses for the years ended December 31, 2025 and 2024 (all related to trade receivables):
Years Ended December 31,
20252024
(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$224 $90 
Change in the provision for expected credit losses for the period84 134 
Ending balance of the allowance for expected credit losses$308 $224 
Leases
ASU 2016-02, Leases (Topic 842), defines a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset, and (b) the right to direct the use of the asset.
The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities in the Electricity segment. The Company is also a lessee in finance lease transactions related to its fleet vehicles in the U.S. Additionally, one of the Company's power plant assets which was included in the Terra-Gen business acquisition in 2021, is subject to a sale and leaseback transaction that is accounted as a "failed" sale and leaseback. Additionally, as further described above under Revenues and cost of revenues, the Company acts as a lessor in PPAs that are accounted under ASC 842, Leases.
In accordance with the lease standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement.
The Company, both as a lessee and as a lessor, applies the following permitted practical expedients: 
1.Not reassess whether any existing contracts are or contain a lease;
2.Applying the practical expedient for a lessee to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease as a single component;
3.Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 months from the commencement date. Instead, the Company continued to recognize the lease payments for those leases in profit or loss on a straight-line basis over the lease term.
The Company applies the following significant accounting policies regarding leases it enters into following the adoption of the lease guidance on January 1, 2019:
1.Determining whether an arrangement contains a lease: on the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 
2. The Company as a lessee:
a. Lease classification: at the commencement date, a lease is a finance lease if it meets any one of the criteria below; otherwise, the lease is an operating lease:
•The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise;
•The lease term is for the major part of the remaining economic life of the underlying asset;
•The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset;
•The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of lease term.
b.Leased assets and lease liabilities - initial recognition: upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not readily determinable, the incremental borrowing rate of the Company is used. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease.
c.The lease term: the lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option.
d.Subsequent measurement of operating leases: after lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not been updated as a result of a reassessment event). The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company recognizes lease expense on a straight-line basis over the lease term.
e.Subsequent measurement of finance leases: after lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect lease payments made during the period. The Company determines the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset. The amortization period related to the finance lease transactions on fleet vehicles is 4-5 years. The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods.
f.Variable lease payments:
•Variable lease payments that depend on an index or a rate: on the commencement date, the lease payments may include variability and depend on an index or a rate (such as the Consumer Price Index or a market interest rate). The Company does not remeasure the lease liability for changes in future lease payments arising from changes in an index or rate unless the lease liability is remeasured for another reason. Therefore, after initial recognition, such variable lease payments are recognized in profit or loss as they are incurred.
•Other variable lease payments: variable payments that depend on performance or use of the underlying asset are not included in the lease payments. Such variable payments are recognized in profit or loss in the period in which the event or condition that triggers the payment occurs.
 3. The Company as a lessor:
At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease, however, the Company has no such leases as a lessor. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally as earned or on a straight-line basis.
Termination Fee
Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. No termination fees were incurred during 2025, 2024 and 2023.
Warranty on Products Sold
The Company generally provides a one to two year warranty against defects in workmanship and materials related to the sale of products for electricity generation. The Company considers the warranty to be an assurance type warranty since the warranty provides the customer the assurance that the product complies with agreed-upon specifications. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended December 31, 2025, 2024 and 2023.
Research and Development
Research and development costs incurred by the Company for the development of technologies related to its existing and new geothermal and recovered energy power plants as well as its storage facilities are expensed as incurred.
Stock-Based Compensation
The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Black-Merton-Scholes using binomial Tree option pricing model to calculate the fair value of the stock-based compensation awards.
Tax Monetization Transactions
The Company has the following seven tax monetization transactions: Tungsten, McGinness Hills 3, Steamboat Hills, CD4, North Valley, Heber 1 and 2 and two hybrid tax equity partnerships as further described under Note 12 – Tax Monetization Transactions. The purpose of these transactions is to form tax partnerships, whereby investors provide cash in exchange for equity interests that provide the holder a right to the majority of tax benefits associated with a renewable energy project. Except for the hybrid tax equity partnerships, the Company accounts for a portion of the proceeds from the transaction as debt under ASC 470. Given that a portion of these transactions is structured as a purchase of an equity interest the Company also classifies a portion as noncontrolling interest consistent with guidance in ASC 810. The portion recorded to noncontrolling interest is initially measured at the fair value of the discounted tax attributes and cash distributions which represents the partner's residual economic interest. The residual proceeds are recognized as the initial carrying value of the debt which is classified as a “Liability associated with the sale of tax benefits”. The Company applies the effective interest rate method to the liability associated with the tax monetization transaction component as described by ASC 835 and CON 7. The tax benefits and cash distributions realized by the partner each period are treated as the debt servicing amounts, with the tax benefit amounts giving rise to income attributable to the sale of tax benefits. The deferred transaction costs are capitalized and amortized using the effective interest method.
As further detailed under Note 12 – Tax Monetization Transactions, the Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. As such, income related to the ITCs associated with the Lower Rio and Arrowleaf storage facilities that are included in the hybrid tax equity partnership, was included under the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. Proceeds allocated to other tax attributes, will be included under “Income attributable to the sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Noncontrolling interest is recorded in the same manner described above, as a portion of the transaction is structured as a purchase of an equity interest, consistent with guidance in ASC 810.
Income Taxes
Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits (except for production tax credits which are sold under tax monetization transactions, as described above) as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not expected to be realized. A valuation allowance has been established to offset the Company’s U.S. deferred tax assets. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income.
Earnings per Share
Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) is computed by dividing net income attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period, net of treasury shares. The Company does not have any equity instruments that are dilutive, except for stock-based awards and convertible senior notes.
 The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share:
 
Year Ended December 31,
202520242023
(In thousands)
Weighted average number of shares used in computation of basic earnings per share
60,70560,45559,424
Add:
Additional shares from the assumed exercise of employee stock-based awards 427335338
Additional shares related to the effect of dilutive convertible senior notes
230——
Weighted average number of shares used in computation of diluted earnings per share
61,36260,79059,762
The number of stock-based awards that could potentially dilute future earnings per share which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 2.1 thousand, 38.5 thousand, and 82.5 thousand, respectively, for the years ended December 31, 2025, 2024 and 2023.
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest is currently redeemable and relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. The carrying value of the redeemable noncontrolling interest balance as of December 31, 2025 and 2024 approximates the redemption price of such interests. Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows:
20252024
(Dollars in thousands)
Redeemable noncontrolling interest as of January 1, $9,448 $10,599 
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary347 (319)
Cash paid to noncontrolling interest(956)— 
Currency translation adjustments1,563 (832)
Redeemable noncontrolling interest as of December 31, $10,402 $9,448 
Cash Dividends
During the years ended December 31, 2025, 2024 and 2023, the Company’s Board of Directors (the “Board”) declared, approved, and authorized the payment of cash dividends in the aggregate amount of $29.1 million ($0.48 per share), $29.1 million ($0.48 per share), and $28.4 million ($0.48 per share), respectively. Such dividends were paid in the years declared.
TOPP2 Power Plant in New Zealand
In May 2023, the Company signed with Eastland Generation Limited (“EGL”) agreements governing the development, supply, construction, and option to sell the TOPP2 power plant in New Zealand. In August 2025, the Company received an option exercise notice (the “Notice”) from EGL pursuant to which EGL wishes to acquire the TOPP2 power plant in New Zealand pursuant to a previously signed option agreement between the Company and EGL (the “Parties”). During the first quarter of 2026, the Parties signed and closed the sale agreement and amended the previously signed agreements governing the development, supply, construction, and sale of the TOPP2 power plant. The Company applied the guidance in Accounting Standard Codification 606 - Revenue from Contracts with Customers (“ASC 606”) to this transaction, under which several criteria must be met before a reporting entity can recognize revenue from contracts with customers. The Company concluded that as of December 31, 2025, not all required criteria for identifying a contract have been met, including but not limited to the Parties being required to sign and close on a sale agreement following the Notice. As a result, the Company did not record any revenues from this transaction in 2025. The Company is currently evaluating the accounting for this transaction, following the close of the sale agreement and the amendments to the development, supply and construction agreements of the TOPP2 power plant.
Settlement Agreement
As previously disclosed, on August 1, 2024, the Company entered into a settlement agreement, effective April 2024, (the “Agreement”) with a third-party battery systems supplier (the “Supplier”). Under the Agreement, the Supplier paid to the Company $35.0 million as a recovery of damages, such as significant loss of potential profit due to project delays, as well as additional costs incurred by the Company, related to locating and purchasing substitute battery solutions from alternative vendors (the “Recovery of Damages”), to settle the dispute. On August 16, 2024, the Company received the Recovery of Damages payment contingent upon certain conditions which the Company expects to be met, on a pro-rata basis, during the period until March 31, 2026. The Company accounted for the Recovery of Damages amount under the guidance of ASC 450, Contingencies, and ASC 705, Cost of Sales and Services, and as a result, deemed $25.0 million as a recovery of damages, which is recognized as income once contingency conditions are met, and $10.0 million as a reduction to the cost of battery systems to be purchased under the Agreement. During the years ended December 31, 2025 and 2024, the Company recognized income of $13.7 million, and $9.4 million, respectively. Such income was recorded under “Other operating income” in the consolidated statements of operations and comprehensive income. These amounts represent the non-refundable portion of the recovery of damages for which contingency conditions have been met.
New Accounting Pronouncements
New Accounting Pronouncements Effective in the Year Ended December 31, 2025
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. The Company has adopted this guidance as prescribed and applied the changes on a retrospective basis.
New Accounting Pronouncements Effective in Future Periods
Narrow-Scope Improvements
In December 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 270)” to improve the navigability of required interim disclosures, clarify when that guidance is applicable, and provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments provide a comprehensive list of required interim disclosures and add a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is not intended to change the fundamental nature of interim reporting or expand or reduce current interim reporting requirements. Rather, the objective of this ASU is to provide clarity regarding current interim reporting requirements already in place. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU should be applied either prospectively or retrospectively to all prior periods presented. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Accounting for Government Grants Received by Business Entities
In December 2025, the FASB issued ASU 2025-10 “Government Grants (Topic 832)” to establish authoritative guidance on the accounting for government grants received by business entities, including guidance for a grant related to an asset and a grant related to income. The overall principle is that a government grant is recognized in earnings in the same period(s) that the costs for which the grant was intended to compensate are recognized. A grant related to an asset is a government grant, or part of a government grant, that is conditioned on the purchase, construction, or acquisition of an asset. A grant related to income is a government grant, or part of a government grant, other than a grant related to an asset. The amendments in this ASU require that a government grant received by a business entity should not be recognized until it is probable that a business entity will comply with the conditions attached to the grant and that the grant will be received.
A grant related to an asset should be recognized on the balance sheet as a business entity incurs the related costs for which the grant is intended to compensate, either as: a. deferred income (the deferred income approach) or b. an adjustment to the cost basis in determining the carrying amount of the asset (the cost accumulation approach).
A grant related to income and a grant related to an asset for which the deferred income approach is elected should be recognized in earnings on a systematic and rational basis over the periods in which a business entity recognizes as expenses the costs for which the grant is intended to compensate. When a business entity elects the cost accumulation approach for a grant related to an asset, there is no separate subsequent recognition of the government grant proceeds in earnings as the carrying amount of the asset that reflects the government grant proceeds would be used to determine depreciation or other subsequent accounting for that asset.
This ASU is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Business entities should apply the amendments in this ASU using one of the following transition approaches:
1.A modified prospective approach to both government grants that are entered into on or after the effective date and government grants that are not complete as of the effective date. Under this approach, prior-period results should not be restated and there is no cumulative-effect adjustment.
2.A modified retrospective approach to both government grants that are entered into on or after the beginning of the earliest period presented and government grants that are not complete as of the beginning of the earliest period presented. Under this approach, all prior period results should be restated for government grants that are not complete as of the beginning of the
earliest period presented through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the earliest period presented.
3.A retrospective approach to all government grants through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the earliest period presented.
The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Hedge Accounting Improvements
In November 2025, the FASB issued ASU 2025-09 “Derivatives and Hedging (Topic 815)” to clarify certain aspects of the guidance on hedge accounting and to better reflect an entity’s risk management strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. This ASU addresses the following five issues:
1.Similar Risk Assessment for Cash Flow Hedges – This ASU expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge by changing the requirement to designate a group of individual forecasted transactions from having a shared risk exposure to having a similar risk exposure.
2.Hedging Forecasted Interest Payments on Choose-Your-Rate Debt Instruments – This ASU provides a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on variable-rate debt instruments with contractual terms that permit the borrower to change the interest rate index and related payment frequency upon which interest is accrued (commonly referred to as “choose-your-rate” debt instruments).
3.Cash Flow Hedges of Nonfinancial Forecasted Transactions – This ASU expands hedge accounting for forecasted purchases and sales of nonfinancial assets. Subject to meeting specific criteria, entities are permitted to apply hedge accounting for eligible components of forecasted spot-market transactions, forward-market transactions, and subcomponents of explicitly referenced components in an agreement’s pricing formula. The amendments also clarify that entities may designate a variable price component in a contract that is accounted for as a derivative as the hedged risk if all other hedge criteria are satisfied.
4.Net Written Options as Hedging Instruments – This ASU updates hedge accounting guidance to accommodate differences in the loan and swap markets that developed after the cessation of the London Interbank Offered Rate (LIBOR). The amendments eliminate the requirement to apply the net written option test to a compound derivative comprising a swap and a written option designated as the hedging instrument in a cash flow hedge or a fair value hedge of interest rate risk.
5.Foreign-Currency-Denominated Debt Instrument as Hedging Instrument and Hedged Item (Dual Hedge) – This ASU eliminates the recognition and presentation mismatch related to a dual hedge strategy (i.e., a hedge for which a foreign-currency-denominated debt instrument is both designated as the hedging instrument in a net investment hedge and designated as the hedged item in a fair value hedge of interest rate risk). The amendments require that an entity exclude the debt instrument’s fair value hedge basis adjustment from the net investment hedge effectiveness assessment, resulting in an entity immediately recognizing in earnings the gains and losses from the remeasurement of the debt instrument’s fair value hedge basis adjustment at the spot exchange rate.
This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU should be applied prospectively for all hedging relationships. Upon adoption of this ASU, entities are permitted to modify certain critical terms of certain existing hedging relationships without de-designating the hedge. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract
In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)” to address concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments in this ASU expand the scope exception for application of derivative accounting for certain contracts not traded on an exchange to include contracts for which settlement is based on operations or activities specific to one of the parties to the contract. The amendments in this ASU also clarify that an entity should apply the guidance in Topic 606 to a contract with share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU may be applied prospectively or on a modified retrospective basis. The Company is currently evaluating the potential impact of this guidance on its consolidated financial
statements; however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Measurement of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments – Credit Losses (Topic 326)” to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. Under the current accounting guidance, an entity estimates expected credit losses based on relevant information about past events, current economic conditions, and reasonable and supportable forecasts of future economic conditions that affect the collectability of the reported amounts. The amendments in this ASU introduce a practical expedient that allows all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of ASU 2025-05 will not have a material impact on its consolidated financial statements.
Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
In May 2025, the FASB issued ASU 2025-03 “Business Combinations (Topic 805) and Consolidation (Topic 810)” to modify the Topic 805 framework for identifying the accounting acquirer in certain business combinations when the legal acquiree is a variable interest entity (“VIE”). Under current accounting guidance, when a VIE is acquired, the primary beneficiary (i.e., the entity that consolidates the VIE) is the accounting acquirer. The amendments in this ASU revise current guidance to: (1) limit situations in which entities must identify the primary beneficiary as the accounting acquirer in certain business combinations, and (2) require that when a business combination involving a VIE is primarily effected through exchanging equity interests, entities must consider the general factors in Topic 805 to determine which entity is the accounting acquirer. This ASU is effective for annual and interim reporting periods beginning after December 15, 2026. This ASU should be applied prospectively to any acquisition transaction that occurs after the initial application date. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2025-03 will not have a material impact on its consolidated financial statements.
 Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosure about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU require disclosure of the following items in the notes to the financial statements at each interim and annual reporting date:
1The amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contain any of the expense categories listed in (a) through (e).
2A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
3The total amount of selling expenses recognized in continuing operations, and the entity’s definition of selling expenses.
The amendments of this ASU also require that an entity include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of the ASU or (2) retrospectively to any or all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04 “Debt – Debt with Conversion and Other Options (Subtopic 470-20)” to improve the relevance and consistency in application of induced conversion guidance. The amendments in this ASU clarify the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU can be adopted either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact
of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2024-04 will not have a material impact on its consolidated financial statements.
v3.25.4
BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
Blue Mountain Purchase Transaction
On June 18, 2025, the Company closed a purchase transaction with Cyrq Energy to acquire 100% ownership of the Blue Mountain geothermal power plant for a total consideration of $88.7 million (including customary post-closing working capital adjustments). The Blue Mountain power plant is a 20MW facility, located in Humboldt County, NV, under a Power Purchase Agreement (the “PPA”) with NV Energy that expires at the end of 2029.
As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the power plant through cost reduction, synergies and upgrades. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the power plant in accordance with ASC 810, Consolidation.
During the year ended December 31, 2025, the Company incurred $1.2 million of acquisition- related costs. Such costs are included under "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the respective periods. The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$1.7 
Deferred income taxes5.0 
Property, plant and equipment and construction-in-process (2)
86.2 
Operating lease right-of-use
1.4 
Total assets acquired$94.3 
Accounts payable, accrued expenses and others$0.3 
Long-term operating lease liabilities
1.2
Other long-term liability (3)
16.8
Asset retirement obligation3.7
Total liabilities assumed$22.0 
Total assets acquired, and liabilities assumed, net$72.3 
Goodwill (4)
$16.4 
(1) The gross amount of trade receivables was collected subsequent to the acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Other long-term liability is related to the long-term electricity PPA described above, and is amortized over the term of the PPA. The fair value of the long-term liability represents a PPA price that is relatively lower than the related prevailing market price, and was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future enhancements to the geothermal assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
During the year ended December 31, 2025, the acquired power plant contributed $6.6 million to the Company’s Electricity revenues, and $4.1 million to the Company's earnings which were included in the Company's consolidated statements of operations and comprehensive income for that period. Pro forma information is not provided as the Company deemed this information to be immaterial.
Business Combination - Enel Purchase Transaction
On January 4, 2024, the Company closed a purchase transaction with Enel Green Power North America (“EGPNA”), a subsidiary of Enel SpA (ENEL.MI) to acquire a portfolio of assets which includes two contracted geothermal power plants, one triple hybrid power plant which consists of geothermal, solar PV, and solar thermal units, two stand-alone solar power plants, and two greenfield development assets, for a total cash consideration of $274.6 million (including customary post-
closing working capital adjustment to the purchase price, based on the levels of net working capital of the acquired companies) for 100% of the equity interests in the entities holding those assets.
The geothermal power plants include the Cove Fort power plant located in Beaver County, Utah, which sells electricity under a long-term power purchase agreement (“PPA”) with Salt River Project, and the Salt Wells power plant located in Churchill County, Nevada, which sells electricity under a long-term PPA with NV Energy. The Stillwater triple hybrid geothermal, solar PV and solar thermal power plant is located in Churchill County, Nevada, and sells electricity to NV Energy under a PPA. The solar assets of Stillwater solar PV II in Churchill County, Nevada, and Woods Hill in Windham County, Connecticut, sell their electricity under PPAs, respectively.
As a result of the acquisition, the Company expanded its overall generation capacity and expects to improve the profitability of the purchased assets through cost reduction, synergies and development of the greenfield assets. The Company accounted for the transaction in accordance with Accounting Standard Codification ("ASC") 805, Business Combinations, and following the transaction, the Company consolidates the power plants and all other assets included in the transaction in accordance with ASC 810, Consolidation.
During 2024 and 2023, the Company incurred $1.3 million, and $1.1 million of acquisition-related costs, respectively. Such costs are included under "General and administrative expenses" in the consolidated statements of operations and comprehensive income for the respective periods.
The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$4.4 
Deferred income taxes2.9 
Property, plant and equipment and construction-in-process (2)
197.7 
Operating lease right of use1.2 
Other long-term assets0.2 
Intangible assets (3)
23.6 
Total assets acquired$230.0 
Accounts payable, accrued expenses and others$1.5 
Other current liabilities1.8 
Operating lease liabilities1.2 
Other long-term liabilities5.0 
Asset retirement obligation6.8 
Total liabilities assumed $16.3 
Total assets acquired, and liabilities assumed, net$213.7 
Goodwill (4)
$60.9 
(1) The gross amount of trade receivables was fully collected subsequent to acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
During the year ended December 31, 2024, the acquired portfolio of assets contributed $33.3 million to the Company Electricity revenues and $8.8 million to the Company's earnings which were included in the Company's consolidated statements of operations and comprehensive income for that period.
The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs, interest costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination.
Pro forma for the Year Ended
20242023
(Dollars in millions)
Electricity revenues$702.3 $702.2 
Total revenues879.7 864.9 
Net income attributable to the Company's stockholders125.2 111.0 
v3.25.4
INVENTORIES
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
 Inventories consist of the following:
 
December 31,
20252024
(Dollars in thousands)
Raw materials and purchased parts for assembly $23,710 $20,575 
Self-manufactured assembly parts and finished products 21,55817,517
Total $45,268 $38,092 
v3.25.4
COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
 Cost and estimated earnings on uncompleted contracts consist of the following:
 
December 31,
20252024
(Dollars in thousands)
Costs and estimated earnings incurred on uncompleted contracts $452,952 $327,671 
Less billings to date (436,100)(321,519)
Total $16,852 $6,152 

These amounts are included in the consolidated balance sheets under the following captions:
 
December 31,
20252024
(Dollars in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts $30,011 $29,243 
Billings in excess of costs and estimated earnings on uncompleted contracts (13,159)(23,091)
Total $16,852 $6,152 
 The completion costs of the Company’s construction contracts are subject to estimation. Due to uncertainties inherent in the estimation process, it is reasonably possible that estimated contract earnings will be further revised in the near term.
v3.25.4
INVESTMENT IN UNCONSOLIDATED COMPANIES
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED COMPANIES INVESTMENT IN UNCONSOLIDATED COMPANIES
 Investment in unconsolidated companies consists of the following:
 
December 31,
20252024
(Dollars in thousands)
Investment in Sarulla $66,680 $69,718 
Investment in Ijen90,431 72,367 
Other investments
5,000 2,500 
Total investment in unconsolidated companies$162,111 $144,585 
Investment in unconsolidated businesses and equity in the earnings (losses) of investees are included under the Electricity segment.
The Sarulla Complex
 The Company holds a 12.75% equity interest in a consortium that developed the 330 MW Sarulla geothermal power plant project in Tapanuli Utara, North Sumatra, Indonesia. The Sarulla project is comprised of three separately constructed 110 MW units. The Sarulla project is owned and operated by the consortium members under the framework of a joint operating contract and energy sales contract that were both executed on April 4, 2013. Under the joint operating contract, PT Pertamina Geothermal Energy, the concession holder for the project, provided the consortium with the right to use the geothermal field, and under the energy sales contract, PT PLN, the state electric utility, is the off-taker at the Sarulla complex for a period of 30 years. The Company has a significant influence over the Sarulla project through representation on Sarulla's board of directors, and thus accounts for its investment in the Sarulla geothermal project under the equity method prescribed by ASC 323 - Investments - Equity Method and Joint Ventures.
During the years ended December 31, 2025, 2024 and 2023, the Company made no cash equity investment in the Sarulla complex. As of December 31, 2025, total cash investment in the Sarulla complex since its inception is $62.0 million.
The Sarulla consortium entered into interest rate swap agreements with various international banks, effective as of June 4, 2014, and accounted for the interest rate swap as a cash flow hedge under which changes in the fair value of the hedging instrument, relative to the effective portion, are recorded in other comprehensive income.
The Company’s share of such gains (losses) recorded in other comprehensive income (loss) are as follows:
Year Ended
December 31,
202520242023
(Dollars in thousands)
Change in unrealized gains or (losses) in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge$(1,230)$602 $(470)
 The related accumulated gain recorded by the Company under accumulated other comprehensive income as of December 31, 2025, 2024 and 2023 and was $0.9 million, $2.1 million and $1.5 million, respectively.
In the second quarter of 2022, Sarulla agreed with its banks on a framework that will enable it to perform remediation works that are aimed to restore the power plants' performance. The first phase of the recovery plan included the drilling of an additional production well, which was successful, and certain modifications to surface equipment are still underway. Following the positive indications from the first phase, during the second quarter of 2024, Sarulla commenced discussions with the banks towards implementation of the additional phases and expects to commence drilling of additional two wells, in 2026, aiming for the same target zone of the successful well drilled earlier. As the Company determined that the current situation and circumstances related to its equity method investment in Sarulla are temporary, no impairment testing was required at year-end.
The Ijen Project
On July 2, 2019, the Company acquired 49% of the Ijen geothermal project from a subsidiary of Medco Power (“Medco”), which is a party to a Power Purchase Agreement and holds a geothermal license to develop the Ijen project in
East Java in Indonesia for a total consideration of approximately $2.7 million. As part of the transaction, the Company committed to make additional funding for the exploration and development of the project, subject to specific conditions. During 2025, 2024 and 2023, the Company made additional cash investments of approximately $14.9 million, $15.9 million, and $6.1 million, respectively, and $79.5 million in total. Medco retains 51% ownership in the project company, and the Company and Medco operate the power plant jointly. The Company accounted for its investment in the Ijen geothermal project company under the equity method prescribed by ASC 323 - Investments - Equity Method and Joint Ventures. Refer to Note 18 - Transactions with Related Entities for additional information related to the Ijen project.
v3.25.4
VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
 The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) accounting and disclosure requirements includes the following two steps: (i) determining whether the entity meets the criteria to qualify as a VIE; and (ii) determining whether the Company is the primary beneficiary of the VIE.
In performing the first step, the significant factors and judgments that the Company considers in making the determination as to whether an entity is a VIE include: (i) the design of the entity, including the nature of its risks and the purpose for which the entity was created, to determine the variability that the entity was designed to create and distribute to its interest holders; (ii) the nature of the Company’s involvement with the entity; (iii) whether control of the entity may be achieved through arrangements that do not involve voting equity; (iv) whether there is sufficient equity investment at risk to finance the activities of the entity; and (v) whether parties other than the equity holders have the obligation to absorb expected losses or the right to receive residual returns.
If the Company identifies a VIE based on the above considerations, it then performs the second step and evaluates whether it is the primary beneficiary of the VIE by considering the following significant factors and judgments: (i) whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.
 The Company’s VIEs include certain of its wholly owned subsidiaries that own one or more power plants with long-term PPAs. In most cases, the PPAs require the utility to purchase substantially all of the plant’s electrical output over a significant portion of its estimated useful life. Some of the VIEs have associated project financing debt that is non-recourse to the general creditors of the Company, is collateralized by substantially all of the assets of the VIE and those of its wholly owned subsidiaries (also VIEs) and is fully and unconditionally guaranteed by such subsidiaries. The Company has concluded that such entities are VIEs primarily because the entities do not have sufficient equity at risk and/or subordinated financial support is provided through the long-term PPAs. The Company has evaluated each of its VIEs to determine the primary beneficiary by considering the party that has the power to direct the most significant activities of the entity. Such activities include, among others, construction of the power plant, operations and maintenance, dispatch of electricity, financing and strategy. Except for power plants that it acquired, the Company is responsible for the construction of its power plants and generally provides operation and maintenance services. Primarily due to its involvement in these and other activities, the Company has concluded that it directs the most significant activities at each of its VIEs and, therefore, is considered the primary beneficiary. The Company performs an ongoing reassessment of the VIEs to determine the primary beneficiary for each. The Company has aggregated its consolidated VIEs into the following categories: (i) wholly owned subsidiaries with project debt; and (ii) wholly owned subsidiaries with PPAs.
The tables below detail the assets and liabilities (excluding intercompany balances which are eliminated in consolidation) for the Company’s VIEs, combined by VIE classifications, that were included in the consolidated balance sheets as of December 31, 2025 and 2024:
 
December 31, 2025December 31, 2024
Project DebtPPAsProject DebtPPAs
(Dollars in thousands)(Dollars in thousands)
Assets:
Restricted cash and cash equivalents
$133,289 $— $111,248 $— 
Other current assets 149,574 37,473 134,316 43,368 
Property, plant and equipment, net 2,191,754 1,268,325 1,852,498 1,418,750 
Construction-in-process 243,655 148,989 85,592 165,850 
Other long-term assets 410,150 48,855 286,840 89,261 
Total assets $3,128,422 $1,503,642 $2,470,494 $1,717,229 
Liabilities:
Accounts payable and accrued expenses $54,526 $12,293 $28,028 $12,635 
Long-term debt 778,422 — 710,477 — 
Other long-term liabilities 483,961 139,554 427,813 72,374 
Total liabilities $1,316,909 $151,847 $1,166,318 $85,009 
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 The fair value measurement guidance clarifies that fair value represents the amount that would be received upon selling an asset or paid upon transferring a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the fair value measurement guidance are described below:
 Level 1 — unadjusted observable inputs that reflect quoted prices for identical assets or liabilities in active markets; 
Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; 
Level 3 — unobservable inputs.
 The following table sets forth certain fair value information at December 31, 2025 and 2024 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.
 
December 31, 2025
Carrying Value
Fair Value
Total
Total
Level 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (including restricted cash accounts) $47,463 $47,463 $47,463 $— $— 
Derivatives: cross currency swap (2)
1,343 1,343 — 1,343 — 
Long-term assets:
Derivatives: interest rate swap (3)
1,407 1,407 — 1,407 — 
Derivatives: cross currency swap (2)
11,925 11,925 — 11,925 — 
Liabilities:
Current liabilities:
Derivatives: interest rate swap (3)
(832)(832)— (832)— 
Long-term liabilities:
Derivatives: interest rate swap (3)
(430)(430)— (430)— 
$60,876 $60,876 $47,463 $13,413 $— 
 
December 31, 2024
Carrying Value
Fair Value
Total
Total
Level 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (including restricted cash accounts) $52,031 $52,031 $52,031 $— $— 
Derivatives: interest rate swap (3)
180 180 — 180 — 
Derivatives: currency forward contracts (1)
550 550 — 550 — 
Liabilities:
Current liabilities:
Derivatives: cross-currency swap (2)
(3,500)(3,500)— (3,500)— 
Long-term liabilities:
Derivatives: cross-currency swap (2)
(6,653)(6,653)— (6,653)— 
$42,607 $42,607 $52,031 $(9,424)$— 
(1)     These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” and “Accounts payable and accrued expenses” on December 31, 2025 and December 31, 2024, as applicable, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.
(2) These amounts relate to cross-currency swap contracts valued primarily based on the present value of the cross-currency swap future settlement prices for U.S. Dollar and New Israeli Shekel zero yield curves and the applicable exchange rate as of December 31, 2025 and December 31, 2024, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, “Accounts payable and accrued expenses” and “Other long-term liabilities” on December 31, 2025, and 2024, in the consolidated balance sheets. Cash collateral deposits in respect of the cross-currency swap are presented under “Receivables, others” in the consolidated balance sheet. Such deposits amounted to $0.0 million as of December 31, 2025, and $9.7 million as of December 31, 2024.
(3) This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR prices based on USD zero yield curve as of December 31, 2025. This amount is included within “Receivables, other”, “Deposits and other”, “Accounts payable and accrued expenses”, and “Other long-term liabilities” in the consolidated balance sheets on December 31, 2025 and December 31, 2024. There were no cash collateral deposits in respect of the interest rate swap as of December 31, 2025 and 2024.
The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income (loss):
Derivatives instruments
Location of recognized gain (loss)Amount of recognized gain (loss)
Year Ended December 31,
202520242023
(Dollars in thousands)
Derivatives not designated as hedging instruments
Currency forward contracts (1)
(a)
$4,320 $419 $(2,190)
Derivatives designated as cash flow hedging instruments
Cross-currency swap (2)
(a)25,135 357 (6,201)
Interest rate swap (2)
(b)
67 1,504 — 
Total
25,202 1,861 (6,201)
(a) Derivative and foreign currency transaction gains (losses).
(b) Interest expenses, net.
(1) The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
(2) The foregoing cross-currency and interest rate swap transactions were designated as a cash flow hedging instruments. The changes in the cross-currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income. The changes in the interest rate swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income.
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the year ended December 31, 2025.
 The following table presents the effect of derivative instruments designated as cash flow hedges on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period
$684 $(318)$3,920 
Gain or (loss) recognized in Other comprehensive income (loss) (1):
Cross-currency swap
23,354 1,346 1,963 
Interest rate swap
180 1,517 — 
Amount reclassified from Other comprehensive income (loss) into earnings:
Cross-currency swap
(25,135)(357)(6,201)
Interest rate swap(67)(1,504)— 
Balance in Other comprehensive income (loss) end of period$(984)$684 $(318)
(1) The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 is net of tax of $0.1 million, $0.3 million and $1.5 million, respectively.
The estimated net amount of existing gain (loss) that is reported in “Accumulated other comprehensive income (loss)” as of December 31, 2025 that is expected to be reclassified into earnings within the next 12 months is immaterial. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flow is from the transaction commencement date through June 2031.
The fair value of the Company’s long-term debt approximates its fair value, except for the following: 
Fair value
Fair Value

Carrying Amount (*)
Hierarchy
2025202420252024
(Dollars in millions)(Dollars in millions)
Limited and non-recourse loans: fixed rate
3
$743.4 $636.5 $739.2 $657.3 
Full recourse loans:
Fixed-rate
3
804.8 920.4 808.7 940.4 
Variable-rate
3
427.6 48.5 418.8 48.4 
Financing liability: fixed-rate
3
223.0 223.4 216.4 220.6 
Convertible senior notes
2
643.7 471.2 476.4 476.4 
 (*) The carrying amount value excludes the related deferred financing costs.
The fair value of the long-term debt is determined by a valuation model, which is based on a conventional discounted cash flow methodology, and utilizes assumptions of current borrowing rates, except for the fair value of the convertible senior notes for which the fair value was estimated based on a quoted bid price of the notes in an over-the-counter market on the last trading day of the reporting period. A hypothetical change in the quoted bid price of the convertible senior notes will result in a corresponding change in the estimated fair value of these notes. The carrying value of the deposits of $11.4 million, the short term revolving credit lines with banks of $80.0 million, and the commercial paper of $100.0 million, approximate their fair value. Future changes to the interest rate may have a direct impact on the fair value of the Company's financial instruments.
v3.25.4
PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS
 Property, Plant and Equipment
 Property, plant and equipment, net, consist of the following:
December 31,
20252024
(Dollars in thousands)
Land owned by the Company where the geothermal resource is located $56,070 $51,500 
Leasehold improvements 18,311 12,746 
Machinery and equipment 419,231 389,252 
Buildings and office equipment
157,534 145,272 
Vehicles21,078 20,159 
Energy storage equipment522,610 324,065 
Solar facility equipment95,036 97,502 
Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs:
United States of America, net of cash grants 3,708,110 3,585,209 
Foreign countries 959,613 919,680 
Asset retirement cost 54,002 59,831 
Total cost of property, plant and equipment
6,011,595 5,605,216 
Less accumulated depreciation (2,339,026)(2,103,330)
Property, plant and equipment, net $3,672,569 $3,501,886 
 
Depreciation expense for the years ended December 31, 2025, 2024 and 2023 amounted to $252.0 million, $222.2 million and $186.5 million, respectively. Depreciation expense for the years ended December 31, 2025, 2024, and 2023 is net of the impact of the cash grant in the amount of $6.9 million, $6.9 million and $6.9 million, respectively.
 U.S. Operations
The net book value of the property, plant and equipment, including construction-in-process, located in the United States was approximately $3,852.9 million and $3,429.7 million as of December 31, 2025 and 2024, respectively. These amounts as of December 31, 2025 and 2024 are net of cash grants in the amount of $114.3 million and $121.1 million, respectively.
 Foreign Operations
The net book value of property, plant and equipment, including construction-in-process, located outside of the United States was approximately $868.6 million and $827.8 million as of December 31, 2025 and 2024, respectively.
The Company, through its wholly owned subsidiary, OrPower 4, Inc. (“OrPower 4”), owns and operates geothermal power plants in Kenya. The net book value of assets associated with the power plants was $363.4 million and $382.7 million as of December 31, 2025 and 2024, respectively. The Company sells the electricity produced by the power plants to Kenya Power and Lighting Co. Ltd. (“KPLC”) under a 20-year PPA ending between 2033 and 2036.
The Company, through its wholly owned subsidiary, Orzunil I de Electricidad, Limitada (“Orzunil”), owns a 97% interest in a geothermal power plant in Guatemala. The net book value of the assets related to the power plant was $26.3 million and $30.6 million at December 31, 2025 and 2024, respectively. The Company sells the electricity produced by the power plant to INDE, a Guatemalan power company under a PPA ending in 2034.
The Company, through its wholly owned subsidiary, Ortitlan, Limitada (“Ortitlan”), owns a power plant in Guatemala. The net book value of the assets related to the power plant was $38.3 million and $41.0 million at December 31, 2025 and 2024, respectively. The Company sells the electricity produced by the power plant to INDE under a long-term PPA ending in 2027, and to another local purchaser.
The Company, through its wholly owned subsidiary, GeoPlatanares, signed a BOT contract for the Platanares geothermal project in Honduras with ELCOSA, a privately owned Honduran energy company, for 15 years from the
commercial operation date. Platanares sells the electricity produced by the power plant to ENEE, the national utility of Honduras under a 30-year PPA which expires in 2047. The net book value of the assets related to the power plant was $68.6 million and $74.9 million at December 31, 2025 and 2024, respectively.
 The Company, through its subsidiary, Geothermie Bouillante ("GB"), owns a power plant in Guadeloupe. The net book value of the assets related to the power plant was $158.6 million and $112.4 million at December 31, 2025 and 2024, respectively. GB sells the electricity produced by the power plant to EDF, the French electric utility, under a 15-year PPA ending in 2030.
 Construction-in-Process
 Construction-in-process consists of the following:
December 31,
20252024
(Dollars in thousands)
Projects under exploration and development:
Up-front bonus costs $5,331 $5,331 
Exploration and development costs 280,836 187,669 
Interest capitalized 703 703 
Total projects under exploration and development
286,870 193,703 
Projects under construction:
Up-front bonus costs 11,031 11,031 
Drilling and construction costs 711,666 529,773 
Interest capitalized 38,607 21,082 
Total projects under construction
761,304 561,886 
Total projects under exploration and development and construction
$1,048,174 $755,589 
 
Projects under exploration and development
Up-front Bonus
Costs		Exploration and
Development Costs		Interest
Capitalized		Total
(Dollars in thousands)
Balance at December 31, 2022$5,335 $89,230 $703 $95,268 
Cost incurred during the year
— 70,667 — 70,667 
Write off of unsuccessful exploration costs
— (3,459)— (3,459)
Balance at December 31, 20235,335 156,438 703 162,476 
Cost incurred during the year
— 36,339 — 36,339 
Write-off of unsuccessful exploration costs
(4)(1,967)— (1,971)
Transfer of projects under exploration and development to projects under construction
— (3,141)— (3,141)
Balance at December 31, 20245,331 187,669 703 193,703 
Cost incurred during the year
— 97,234 — 97,234 
Transfer of projects under exploration and development to projects under construction
— (4,067)— (4,067)
Balance at December 31, 2025$5,331 $280,836 $703 $286,870 
 
Projects under construction
Up-front Bonus
Costs		Drilling and
Construction
Costs		Interest
Capitalized		Total
(Dollars in thousands)
Balance at December 31, 2022$11,156 $761,129 $25,645 $797,930 
Cost incurred during the year — 473,422 15,181 488,603 
Cost write-off
— (993)— (993)
Transfer of completed projects to property, plant and equipment — (615,142)(17,907)(633,049)
Balance at December 31, 202311,156 618,416 22,919 652,491 
Cost incurred during the year — 367,674 12,212 379,886 
Cost write-off
— (1,958)— (1,958)
Transfer of projects under exploration and development to projects under construction— 3,141 — 3,141 
Transfer of completed projects to property, plant and equipment
(125)(457,500)(14,049)(471,674)
Balance at December 31, 202411,031 529,773 21,082 561,886 
Cost incurred during the year
— 499,590 27,765 527,355 
Cost write-off
— (1,172)— (1,172)
Transfer of projects under exploration and development to projects under construction— 4,067 — 4,067 
Transfer of completed projects to property, plant and equipment
— (320,592)(10,240)(330,832)
Balance at December 31, 2025$11,031 $711,666 $38,607 $761,304 
 Impairment of Long-lived Assets
During the year ended December 31, 2025, the Brawley power plant has been generating electricity below its generating capacity and at less than 3MW, which was lower than its capacity and Company’s expectations, primarily due to the continuous wellfield issues. In the fourth quarter of 2025, as part of its resources allocation plan, the Company decided to cease all additional investments in the Brawley power plant as all previous remediation efforts have failed. As a result, the Company concluded that the Brawley power plant will no longer generate positive future cash flows and estimated the fair value of the Brawley power plant assets to be zero. As a result, the Company recorded a non-cash impairment loss of $7.2 million which was presented in the consolidated statement of operations and comprehensive income (loss) under “Impairment of long-lived-assets” for the year ended December 31, 2025. This write-off is allocated to the Electricity segment.
During the year ended December 31, 2025, the Company recorded a non-cash impairment loss of $4.9 million related to the expected termination of a waste-heat agreement between the Company's wholly-owned subsidiary, OREG2, and its customer. As a result of the expected waste-heat agreement termination, the Company concluded that the facility is no longer expected to generate positive future cash flows and estimated the related fair value of the facility to be zero. This non-cash impairment loss was presented in the consolidated statement of operations and comprehensive income (loss) under “Impairment of long-lived-assets” for the year ended December 31, 2025. This write-off is allocated to the Electricity segment.
v3.25.4
INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
 As of December 31, 2025 and 2024, intangible assets amounted to $274.5 million and $301.7 million, respectively, net of accumulated amortization of $209.0 million and $177.7 million, respectively. Intangible assets are mainly related to the Company’s PPAs acquired in business combination transactions, and to its energy storage activities.
The following table summarizes the information related to the Company's intangible assets as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
(Dollars in thousands)(Dollars in thousands)
Intangible assets:
Electricity segment$429,209 $(176,713)$425,115 $(150,108)
Energy Storage segment
54,310 (32,257)54,310 (27,573)
Total$483,519 $(208,970)$479,425 $(177,681)
Intangible liabilities:
Unfavorable contract liabilities
$(20,826)$3,346 $(5,000)$909 
Amortization expense for the years ended December 31, 2025, 2024 and 2023 amounted to $25.4 million, $27.8 million and $26.8 million, respectively. Amortization expenses are net of the amortization of the unfavorable contract liability primarily associated with the Blue Mountain PPA as further described below.
In June 2025, the Company completed the acquisition of the Blue Mountain power plant from Cyrq Energy which resulted in an increase of $16.8 million to Other long-term liabilities relating to the long-term electricity PPA, as further described under Note 2 to the consolidated financial statements. In January 2024, the Company completed the acquisition of a portfolio of geothermal and solar assets from EGPNA which resulted in an increase of $23.6 million to intangible assets relating to long-term electricity PPAs, as further described under Note 2 to the consolidated financial statements.
As of December 2025, 2024 and 2023, the Company assessed whether there were events or change in circumstances which may indicate that the intangible assets are not recoverable. The Company's assessment resulted in that there were no indications that the intangible assets are not recoverable in 2025, 2024 and 2023.
Estimated future amortization expense for the intangible assets and related other long-term liabilities, as of December 31, 2025 is as follows:
 
(Dollars in thousands)
Year ending December 31:
2026$24,578 
202722,365 
202822,092 
202922,068 
203020,758 
Thereafter 145,114 
Total $256,975 
 Goodwill
 Goodwill amounting to $168.2 million and $151.0 million as of December 31, 2025 and 2024, respectively, represents the excess of the fair value of consideration transferred in business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and non-controlling interest (as applicable) in the acquisitions. For the years 2025, 2024 and 2023, the Company's qualitative impairment assessment of goodwill related to its reporting units resulted in no impairment.
 Changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2025 and 2024 were as follows:
20252024
(Dollars in thousands)
Goodwill as of January 1, $151,023 $90,544 
Goodwill acquired (1)
16,388 60,872 
Translation differences 833 (393)
Goodwill as of December 31, $168,244 $151,023 
(1) Goodwill acquired in 2025 and 2024 is related to the Blue Mountain and Enel Purchase transactions, respectively, as further described under Note 2 to the consolidated financial statements.
v3.25.4
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 Accounts payable and accrued expenses consist of the following:
December 31,
20252024
(Dollars in thousands)
Trade payable $123,991 $124,697 
Salaries and other payroll costs 31,420 30,206 
Customer advances 3,053 3,613 
Accrued interest 22,990 23,274 
Income tax payable 11,466 8,885 
Property tax payable 4,675 3,812 
Scheduling and transmission 1,789 1,714 
Royalty accrual 5,633 7,062 
Deferred income
21,125 22,500 
Warranty accrual 2,296 1,287 
Other 6,318 7,284 
Total $234,757 $234,334 
v3.25.4
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER
The Company’s long-term debt consists of the following:
December 31,
20252024
(Dollars in thousands)
Limited and non-recourse agreements (*):
Limited recourse:$692,273 $603,006 
Non-recourse:46,903 54,309 
Total limited and non-recourse agreements$739,176 $657,315 
Less current portion (79,885)(70,262)
Noncurrent portion $659,291 $587,053 
Full recourse agreements (*):
$1,227,545 $988,812 
Less current portion (214,207)(161,313)
Noncurrent portion $1,013,338 $827,499 
Convertible senior notes (all noncurrent) (*)
$476,437 $476,437 
Financing liability$216,396 $220,569 
Less current portion(9,749)(4,093)
Noncurrent portion$206,647 $216,476 
(*) The amounts presented exclude the related deferred financing costs, if any.
Additional information related to the Company’s long-term debt is detailed in the following table below:
Loan
Inception Date
Amount Issued
Balance as of December 31, 2025
Annual Interest Rate (1)
Maturity Date
(Dollars in millions)
Limited recourse loans:
Mammoth Senior Secured Notes 2025
9/2025$23.4 $23.4 6.95%7/2034
Geothermie Bouillante tranche 1
8/202539.2 35.7 
3-month EUROBOR+1.8%
12/2030
Geothermie Bouillante tranche 2
8/202555.7 56.3 
3-month EUROBOR+2.0%
6/2046
Dominica Loan
8/202537.6 37.6 2.40%9/2042
Bottleneck Loan
11/202472.6 68.9 6.31%11/2039
Mammoth Senior Secured Notes
3/2024135.1 120.4 6.73%7/2047
Finance Agreement with DFC:
DFC Loan - Tranche I
8/201285.0 23.6 6.34%12/2030
DFC Loan - Tranche II
8/2012180.0 47.6 6.29%6/2030
DFC Loan - Tranche III
8/201245.0 13.4 6.12%12/2030
DFC - Platanares Loan
10/2018114.7 55.3 7.02%9/2032
OFC 2 Senior Secured Notes:
Series A
10/2011151.7 48.6 4.69%12/2032
Series C
8/2014140.0 62.6 4.61%12/2032
Idaho Refinancing Note11/202261.6 52.4 6.26%3/2038
U.S. Department of Energy8/201196.8 24.8 2.60%2/2035
Prudential Capital Group – Nevada9/201330.7 21.7 6.75%12/2037
Non-recourse loan:
Don A. Campbell Senior Secured Notes
11/201692.5 46.9 4.03%9/2033
Total limited and non-recourse loans:
$739.2 
Full recourse loans:
Discount 2025 III Loan
12/2025$100.0 $100.0 
3-month SOFR+2.42%
11/2034
Discount 2025 II Loan5/202550.0 46.9 
3-month SOFR+2.4%
5/2033
Hapoalim 2025 Loan3/2025150.0 137.6 
3-month SOFR+2.45%
3/2033
Discount 2025 Loan3/202550.0 45.3 
3-month SOFR+2.4%
2/2033
Mizrahi 2025 Loan
2/202550.0 46.9 
6-month SOFR+2.35%
4/2033
Hapoalim 2024 Loan
1/202475.0 58.6 6.60%1/2032
HSBC Bank 2024 Loan
1/2024125.0 87.5 
3-month SOFR+2.25%
1/2028
Discount 2024 Loan5/202431.8 25.8 6.75%5/2032
Discount 2024 II Loan9/202450.0 42.2 
3-month SOFR+2.35%
9/2028
Mizrahi Loan 202311/202350.0 37.5 7.15%10/2031
Hapoalim 2023 Loan2/2023100.0 75.0 6.45%2/2033
Mizrahi Bank Loan4/202275.0 42.2 4.10%4/2030
Bank Hapoalim Loan 7/2021125.0 44.6 3.45%6/2028
HSBC Bank Loan7/202150.0 21.4 3.45%7/2028
Discount Bank Loan9/2021100.0 50.0 2.90%9/2029
Senior Unsecured Bonds - Series 47/2020289.8 188.1 3.35%6/2031
Senior Unsecured Loan:
Migdal Loan
3/2018100.0 62.3 4.80%3/2029
Additional Migdal Loan3/201950.0 31.1 4.60%3/2029
Second Addendum Migdal Loan
4/202050.0 31.1 5.44%3/2029
Loan Agreements with DEG:
DEG 2 Loan
12/201650.0 12.5 6.28%6/2028
DEG 3 Loan2/201941.5 10.9 6.04%6/2028
DEG 4 Loan4/202430.0 30.0 7.79%6/2031
Total full-recourse loans:
$1,227.5 
Total limited, non-recourse and full-recourse loans:
$1,966.7 
(1) unless stated otherwise.
The Company entered into the following long-term agreements during the years ended December 31, 2025 and 2024:
Full-Recourse Third-Party Debt
Discount 2025 III Loan
On December 31, 2025, the Company entered into a definitive loan agreement (the “Discount 2025 III Loan Agreement”) with Discount Bank. The Discount 2025 III Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $100.0 million (the “Discount 2025 III Loan”). The outstanding principal amount of the Discount 2025 III Loan will be repaid in 36 quarterly payments of $2.8 million each, commencing on February 22, 2026. The Discount 2025 III Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt-to-adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million and (iii) an equity capital to total assets ratio of not less than 25%. The Discount 2025 III Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
Discount 2025 II Loan
On May 14, 2025, the Company entered into a definitive loan agreement (the “Discount 2025 II Loan Agreement”) with Discount Bank. The Discount 2025 II Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $50.0 million (the “Discount 2025 II Loan”). The outstanding principal amount of the Discount 2025 II Loan will be repaid in 32 quarterly payments of $1.6 million each, commencing on August 22, 2025. The Discount 2025 II Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt-to-adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million and (iii) an equity capital to total assets ratio of not less than 25%. The Discount 2025 II Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
Hapoalim 2025 Loan
On March 31, 2025, the Company entered into a definitive loan agreement (the “Hapoalim Loan Agreement 2025”) with Bank Hapoalim B.M. The Hapoalim Loan Agreement 2025 provides for a loan by Bank Hapoalim B.M. to the Company in an aggregate principal amount of $100.0 million (the “Hapoalim 2025 Loan”). On June 30, 2025, the Company amended and restated the Hapoalim Loan Agreement 2025 in order to increase the original principal amount of the Hapoalim 2025 Loan by an additional aggregated principal amount of $50 million (the “Amended Hapoalim 2025 Loan”). The outstanding principal amount of the Amended Hapoalim 2025 Loan will be repaid in 31 quarterly payments of $4.74 million each, commencing on September 30, 2025. The Amended Hapoalim 2025 Loan agreement includes various
affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million and (iii) an equity capital to total assets ratio of not less than 25%. The amended Hapoalim 2025 Loan agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
Discount 2025 Loan
On March 27, 2025, the Company entered into a definitive loan agreement (the “Discount Loan Agreement 2025”) with Discount Bank. The Discount Loan Agreement 2025 provides for a loan by Discount Bank to the Company in an aggregate principal amount of $50.0 million (the “Discount 2025 Loan”). The outstanding principal amount of the Discount 2025 Loan will be repaid in 32 quarterly payments of 1.6 million each, commencing on May 22, 2025. The Discount Loan Agreement 2025 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Discount Loan Agreement 2025 includes other customary affirmative and negative covenants, including payment and covenant events of default.
Mizrahi 2025 Loan
On February 2, 2025, the Company entered into a definitive loan agreement (the “Mizrahi Loan Agreement 2025”) with Mizrahi Bank. The Mizrahi Loan Agreement 2025 provides for a loan by Mizrahi Bank to the Company in an aggregate principal amount of $50.0 million (the “Mizrahi 2025 Loan”). The outstanding principal amount of the Mizrahi 2025 Loan will be repaid in 16 semi-annual payments of 3.1 million each, commencing on October 15, 2025. The Mizrahi Loan Agreement 2025 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a net debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Mizrahi Loan Agreement 2025 includes other customary affirmative and negative covenants, including payment and covenant events of default.
Hapoalim 2024 Loan
Concurrently with the purchase transaction with EGPNA, on January 2, 2024, as further described under Note 2, the Company entered into a definitive loan agreement (the “BHI Loan Agreement 2024”) with Hapoalim Bank. The BHI Loan Agreement 2024 provides for a loan by Hapoalim Bank to the Company in an aggregate principal amount of $75 million (the “Hapoalim 2024 Loan”). The BHI Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $75 million, and (iii) an equity capital to total assets ratio of not less than 25%. The BHI Loan Agreement includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.
HSBC Bank 2024 Loan
Concurrently with the purchase transaction with EGPNA, on January 2, 2024, as further described under Note 2, the Company entered into a definitive loan agreement (the "HSBC Loan Agreement 2024") with HSBC Bank. The HSBC Loan Agreement 2024 provides for a loan by HSBC Bank to the Company in an aggregate principal amount of $125 million (the “HSBC Bank 2024 Loan”). The outstanding principal amount of the HSBC Bank 2024 Loan will be repaid in 7 semi-annual payments of $12.5 million each, commencing on July 1, 2024, and an additional final principal payment on January 1, 2028 of $37.5 million. The duration of the HSBC Bank 2024 Loan is 4 years and it payable quarterly. The HSBC Loan Agreement 2024 includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The HSBC Loan Agreement 2024 includes other customary affirmative and negative covenants, including nonpayment and noncompliance events of default.
Interest Rate Swap
Concurrently with the issuance of the HSBC Bank 2024 Loan, the Company entered into a long-term interest rate swap ("IR Swap") transaction with the objective of hedging the variable interest rate fluctuations related to the HSBC Bank 2024 Loan at a fixed 3-month SOFR of 3.9%. The terms of the IR Swap match those of the HSBC Bank 2024 Loan, including the notional amount of the principal and interest payment dates. The Company designated the IR Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly measures the IR Swap instrument at fair value. The changes in the IR Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Interest expense, net in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the IR Swap effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income.
Discount 2024 Loan
On May 22, 2024, the Company entered into a definitive loan agreement (the "Discount 2024 Loan Agreement") with Israel Discount Bank Ltd. (“Discount Bank”). The Discount 2024 Loan Agreement provides for a loan by Discount Bank to the Company in an aggregate principal amount of $31.8 million (the “Discount 2024 Loan”). The outstanding principal amount of the Discount 2024 Loan will be repaid in 32 quarterly payments of $1 million each, commencing on August 22, 2024. The Discount 2024 Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Discount 2024 Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
Discount 2024 II Loan
On September 26, 2024, the Company entered into a definitive loan agreement (the "Discount 2024 II Loan Agreement") with Discount Bank of New York (“Discount NY Bank”). The Discount 2024 II Loan Agreement provides for a loan by Discount NY Bank to the Company in an aggregate principal amount of $50 million (the “Discount 2024 II Loan”). The outstanding principal amount of the Discount 2024 II Loan will be repaid in 15 quarterly payments of $1.56 million each, commencing on December 31, 2024, with a final 16th payment equal to the remaining unpaid principal amount of the loan of $26.6 million. The duration of the Discount 2024 II Loan is 4 years, unless extended by the Company under certain conditions for an additional period of up to 4 years. The Discount 2024 II Loan bears an annual interest of 3-month Term SOFR plus 2.35%, with a SOFR floor of 2.5%. The Discount 2024 II Loan Agreement includes various affirmative and negative covenants, including a requirement that the Company maintain (i) a financial debt to adjusted EBITDA ratio not to exceed 6.0, (ii) a minimum equity capital amount of not less than $750 million, and (iii) an equity capital to total assets ratio of not less than 25%. The Discount 2024 II Loan Agreement includes other customary affirmative and negative covenants, including payment and covenant events of default.
The Senior Unsecured Bonds - Series 4 and Related Cross-Currency Swap
Senior Unsecured Bonds - Series 4
On July 1, 2020, the Company concluded an auction tender and accepted subscriptions for New Israeli Shekels ("NIS") 1.0 billion aggregate principal amount of senior unsecured bonds (the “Senior Unsecured Bonds - Series 4”). The Senior Unsecured Bonds - Series 4 are denominated in NIS and were converted to approximately $289.8 million using a cross-currency swap transaction shortly after the completion of such issuance as further detailed below. The Senior Unsecured Bonds - Series 4 are payable semi-annually in arrears starting December 2020 and will be repaid in 10 equal annual payments commencing June 2022 unless prepaid earlier by the Company pursuant to the terms and conditions of the trust instrument that governs the Senior Unsecured Bonds - Series 4.
Cross-Currency Swap
Concurrently with the issuance of the Senior Unsecured Bonds - Series 4, the Company entered into a long-term cross-currency swap with the objective of hedging the currency rate fluctuations related to the aggregated principal amount and interest of the Senior Unsecured Bonds - Series 4 at an average fixed rate of 4.34%. The terms of the cross-currency swap match those of the Senior Unsecured Bonds - Series 4, including the notional amount of the principal and interest payment dates. The Company designated the cross-currency swap as a cash flow hedge as per ASC 815, Derivatives and Hedging and accordingly measures the cross-currency swap instrument at fair value. The changes in the cross-currency swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Derivatives and foreign currency transaction gains (losses) in the same period or periods during which the hedged transaction affects earnings. The hedged
transaction and the Senior Unsecured Bonds - Series 4 effect in earnings are presented in the same line item in the consolidated statements of operations and comprehensive income.
Non-Recourse and Limited-Recourse Third-Party Debt
Mammoth Senior Secured Notes 2025 - Limited-Recourse
On September 18, 2025, a wholly-owned indirect subsidiary of the Company (the “Issuer”), entered into a note purchase agreement with certain noteholders under the management of Prudential Investment Management, Inc., pursuant to which the Issuer issued $23.4 million principal amount of senior secured notes (the “Mammoth Senior Secured Notes 2025” or “MSSN 2025”). The note purchase agreement also includes a $3.0 million tranche of floating rate notes to be issued in the event of a shortfall in debt service with respect to the MSSN 2025. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.75% per annum. If drawn, the revolving notes shall bear interest at a rate equal to Term SOFR+2.50%. The MSSN 2025 are secured by the equity interests in the Issuer, and by the Issuer’s 100% ownership interests in a wholly-owned holding subsidiary that owns project subsidiaries including four geothermal power plants known as the Mammoth G1, G2, G3 and Casa Diablo 4 (“CD4”) projects. The MSSN 2025 will be repaid in 15 semi-annual payments, commencing on July 7, 2027. The Company provided a limited guarantee with respect to certain obligations of the Issuer as a member of CD4 which was amended and restated to accommodate the Mammoth Senior Secured Notes 2025.
The MSSN 2025 contains various customary restrictive covenants under the MSSN 2025, including limitations on additional indebtedness of the Issuer and its subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by the Issuer. In addition, there are restrictions on the ability of the Issuer to make distributions to its shareholders. Among other things, the distribution restrictions include both a historical and projected minimum debt service coverage ratio requirement.
Geothermie Bouillante Loan - Limited-Recourse
On July 31, 2025, Geothermie Bouillante S.A. (“GB”), a subsidiary of the Company that owns and operates the geothermal power plant in Guadeloupe, in which the Company indirectly holds a 63.75% ownership interest, entered into loan agreements (the “GB Loan Agreements”) with a consortium of French banks, pursuant to which GB will borrow up to €99.8 million aggregate principal amount, in connection with GB’s geothermal project in Guadeloupe.
The loan (the “GB Loan”) is comprised of two tranches. One tranche of €33.5 million was drawn on August 14, 2025 to cover the refinancing of investment in the existing power plant. It bears interest of 3-month Euro Interbank Offered Rate (“EUROBOR”) plus 1.8%, and matures in 5 years. The base rate as of August 14, 2025 was 2.14%. The second tranche covers the construction of GB’s 10MW expansion project which is expected to be commissioned in 2026, bears interest of 3-month EUROBOR plus 2.0%, and matures in 21 years. The base rate as of August 14, 2025 was 2.68%. €42.5 million of the second tranche was drawn on August 18, 2025 and €5.2 million during the fourth quarter of 2025. The remainder of the GB Loan withdrawals are expected to occur during the first half of 2026. The proceeds from the GB Loan were partially used to fully prepay the limited recourse Société Générale and Bpifrance loans which had an immaterial aggregated principal balance of $2.4 million.
The GB Loan is secured by all of the assets of GB and by the ownership interests in GB. The GB Loan Agreements require GB to comply with certain covenants, including, among others, restrictions on the incurrence of indebtedness or liens, amendment or modification of material project documents, or the ability of GB to merge or consolidate with another entity. In addition, there are restrictions on the ability of GB to make distributions to its shareholders, which include a required historical and projected debt service cover ratio. The drawdowns are subject to typical conditions for draws, including, among others, verification of project costs, and compliance with certain gearing ratios.
GB Loan Interest Rate Swap
Concurrently with the issuance of the GB Loan, the Company entered into a long-term interest rate swap (the “IR Swap”) transaction with the objective of hedging the variable interest rate fluctuations related to the GB Loan. The first tranche was hedged at a fixed 3-month EUROBOR of 2.29%, and the second tranche was hedged at a 3-month EUROBOR of 2.83%. The Company designated the IR Swap as a cash flow hedge as per ASC 815, Derivatives and Hedging, and accordingly measures the IR Swap instrument at fair value. The changes in the IR Swap fair value are initially recorded in Other Comprehensive Income (Loss) and reclassified to Interest Expense, Net in the same period or periods during which the hedged transaction affects earnings. The hedged transaction and the IR Swap effect in earnings are presented in the same line item in the consolidated statement of operations and comprehensive income.
Dominica Loan - Limited-Recourse
On June 23, 2025, one of the Company’s subsidiaries, Geothermal Power Company of Dominica (“GPCD”), entered into loan agreements (the “Dominica Loan Agreements”) with the Caribbean Development Bank (“CDB”) and Caricom Development Fund (“CDF”), (collectively, the “Lenders”) pursuant to which GPCD will borrow up to $49.8 million aggregate principal amount at an average interest rate of 2.4% (the “Dominica Loan”) in connection with GPCD’s 10MW Geothermal Project in Dominica.
On August 13, 2025, an aggregate principal amount of $37.6 million was drawn under the Dominica Loan, and the remainder is expected to be drawn during the remaining construction period. The proceeds are used to refinance the development and construction of the power plant, which were initially financed using equity.
The Dominica Loan is secured by all of the assets of GPCD. The GPCD Loan Agreements require GPCD to comply with certain covenants, including, among others, restrictions on the incurrence of indebtedness or liens, amendment or modification of material project documents, or the ability of GPCD to merge or consolidate with another entity. In addition, there are restrictions on the ability of GPCD to make distributions to its shareholders after the commercial operation of the power plant, which include a required historical and projected DSCR.
Bottleneck Loan
On November 19, 2024, a wholly owned indirect subsidiary of the Company entered into a note purchase agreement (“NPA”) for the private placement of $72.6 million senior secured notes due November 29, 2039. The NPA was signed with various investors, including funds and accounts managed by BlackRock Investment Management, LLC. and affiliates thereof (“BlackRock”) for the financing of the Bottleneck battery energy storage project located in the Central Valley of California (the “Project”).
On November 20, 2024, the Company completed the drawdown of the full loan amount (the “Bottleneck Loan”), bearing an annual interest rate of 6.31%. The loan will be repaid in 30 semi-annual repayments based on a sculpted amortization schedule starting on May 29, 2025. The NPA contains customary terms and conditions for senior secured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, minimum debt service coverage ratios, and prohibitions on certain fundamental changes of the borrower. The NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, breach of covenant, and certain events of bankruptcy. The Company provided a guaranty to the note holders covering certain outstanding obligations towards vendors of equipment installed in the project. Covenants will be first calculated on the date of the first principal payment in the second quarter of 2025.
Mammoth Senior Secured Notes
On March 28, 2024, Mammoth Pacific, LLC (the “Issuer”), a wholly-owned indirect subsidiary of the Company, entered into a note purchase agreement with the Prudential Insurance Company of America, pursuant to which the Issuer issued $135.1 million principal amount of senior secured notes (the “Mammoth Senior Secured Notes”). The note purchase agreement also includes an approximately $9 million tranche of floating rate notes to be issued in the event of a shortfall in debt service with respect to the Mammoth Senior Secured Notes. The Issuer shall pay a commitment fee on the revolving note tranche at a rate of 0.5% per annum. If drawn, the revolving notes shall bear interest at a rate equal to Term SOFR plus 1.25%. The Mammoth Senior Secured Notes are secured by the equity interests in the Issuer, and by the Issuer’s 100% ownership interests in its project subsidiaries including four geothermal power plants known as the Mammoth G1, G2, G3 and Casa Diablo 4 (“CD4”) projects. The remaining classes of ownership interests in CD4 are owned by an unrelated third-party and are not part of the collateral security package for the Mammoth Senior Secured Notes. The Mammoth Senior Secured Notes will be repaid in 46 semi-annual payments, commencing on November 30, 2024. The Mammoth Senior Secured Notes bear interest at a fixed rate of 6.73% per annum and have a final maturity date of July 14, 2047. The Company has provided a limited guarantee with respect to certain obligations of the Issuer as a member of CD4.
There are various restrictive covenants under the Mammoth Senior Secured Notes, including limitations on additional indebtedness of the Issuer and its subsidiaries. Failure to comply with these and other covenants will, subject to customary cure rights, constitute an event of default by the Issuer. In addition, there are restrictions on the ability of the Issuer to make distributions to its shareholders. Among other things, the distribution restrictions include both a historical and projected minimum debt service coverage ratio requirement. As part of the security package, the note purchase agreement states the Issuer shall establish and maintain customary reserve accounts which include a debt service reserve account, a make-up well reserve account and a maintenance reserve account.
Other Long-term debt
Convertible Senior Notes
 On June 22, 2022, the Company issued $375.0 million aggregate principal amount of its 2.5% convertible senior notes (the “Notes”, or the “Original Notes”) due 2027. Additionally, on July 15, 2024, the Company issued an additional 2.5% convertible senior notes (the “Additional Notes”) as further described below. The Original Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, pursuant to an indenture between the Company and U.S. Bank National Association, as trustee. Additionally, the Company granted the initial purchasers an option to purchase up to an additional $56.25 million aggregate principal amount of the Notes. The initial purchasers executed their option on June 27, 2022, and by that, increased the total aggregated principal amount of the Notes issued to $431.25 million. The Notes bear annual interest of 2.5%, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2023. The Notes mature on July 15, 2027, unless earlier converted, redeemed or repurchased and are the Company's senior unsecured obligations.
Holders of the Notes may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding January 15, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2022 (and only during such calendar quarter), if the last reported sale price of the Company's common stock, par value $0.001 per share (the “Common Stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (equivalent to an initial conversion price of approximately $90.27 per share of common stock); (2) during the five consecutive business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of Notes, as determined following a request by a holder or holders of the Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company's Common Stock and the conversion rate on each such trading day; (3) if the Company calls any or all of the Notes for redemption (the Company may not redeem the notes prior to July 21, 2025), at any time prior to the close of business on the second scheduled trading day prior to the redemption date, but only with respect to the Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events. On or after January 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.
The initial conversion rate was 11.0776 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $90.27 per share of common stock, subject to adjustment in certain events. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, it will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event or notice of redemption, as the case may be. The Company may not redeem the notes prior to July 21, 2025. The Company may redeem for cash all or any portion of the Notes, at its option, on or after July 21, 2025 and on or before the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, but excluding the redemption date. No sinking fund is provided for the Notes. Additionally, if the Company undergoes a fundamental change (other than certain exempted fundamental changes), holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest.
The Company incurred approximately $11.6 million of costs in respect of the issuance of the Notes, which were deferred and are presented as a reduction to the Notes principal amounts on the consolidated balance sheets. The deferred issuance costs are amortized over the term of the Notes into interest expenses, net in the consolidated statements of operations and comprehensive income. During the years ended December 31, 2025, 2024 and 2023, $2.7 million, $2.5 million, and $2.3 million, respectively, were recorded as amortized issuance costs under interest expenses, net. The effective interest rate on the Notes, including the impact of the deferred debt issuance costs, is 3.1%. During the years ended December 31, 2025, 2024 and 2023, $11.9 million, $11.4 million, and $10.7 million, respectively, were recorded as interest expenses on these Notes.
Additionally, in connection with the issuance of the Notes as described above, on June 27, 2022, the Company used approximately $221.9 million of the net proceeds from the issuance of these Notes to prepay its Series 3 Bonds that were set to mature in September 2022 in a single bullet payment.
Capped Call Transactions
In connection with the issuance of the Original Notes described above, the Company entered into capped call transactions (the "Capped Calls") with certain counterparties. The capped call transactions will cover, subject to customary adjustments, the number of shares of our common stock initially underlying the Notes of approximately 4.8 million shares of common stock and at an initial strike price of $90.27 per share. The Capped Calls are generally intended to reduce the potential dilution to the Company's Common Stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, in the event that at the time of conversion, the Common Stock price exceeds the conversion price. If, however, the market price per share of Common Stock exceeds the cap price of the Capped Calls, there would nevertheless be dilution or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Calls.
The Capped Calls exercise price is equal to the $90.27 initial conversion price of each of the Notes and the cap price of the Capped Calls is initially $107.63 per share, which represents a premium of approximately 55% above the closing price of the Company's common stock on the date of the Notes offering and is subject to customary anti-dilution adjustments. The Capped Calls transactions are separate transactions entered into by the Company with the option counterparties, are not part of the terms of the Notes and will not change the holders’ rights under the Notes.
The Company paid approximately $24.5 million for the Capped Calls which was recorded as a reduction to Additional Paid-in Capital in the consolidated statements of equity in the second quarter of 2022, as such transactions qualify for the equity classification with no subsequent adjustment to fair value under ASU 815, Derivatives and Hedging. The Capped Calls are not included in the calculation of diluted earnings per share because their impact is anti-dilutive. The Capped Calls transaction does not cover the Additional Notes described below.
Additional 2.50% Senior Convertible Notes
On July 15, 2024, the Company issued an additional $45.2 million aggregate principal amount of its 2.50% Convertible Senior Notes due 2027 (the “Additional Notes”). The Additional Notes were issued as additional notes pursuant to the indenture, dated June 27, 2022, as supplemented by the first supplemental indenture, dated July 15, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Indenture”). The Additional Notes constitute a further issuance of, and form a single series with, the $431.3 million aggregate principal amount of the Company’s outstanding 2.5% Convertible Senior Notes due 2027 originally issued in June 2022 (the “Original Convertible Notes” and together with the Additional Notes, the “Notes”). The Additional Notes will have substantially identical terms to the Existing Convertible Notes, except that the Additional Notes have a different issuance date and will initially trade under a different restricted CUSIP number than the Existing Convertible Notes until such time as the Additional Notes are no longer required to bear restrictive legends under the Indenture and have an unrestricted CUSIP. The aggregated proceeds received from the issuance of the Additional Notes were $44.0 million, net of discount and fees of $1.1 million.
Financing Liability
The financing liability was assumed by the Company as part of the purchase transaction with TG Geothermal Portfolio, LLC in July 2021, under which it acquired a number of geothermal assets and a transmission line. The financing liability is related to a sale and leaseback transaction entered into by TG Geothermal Portfolio, LLC in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the TG Geothermal Portfolio, LLC as a finance lease due to the its continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. During the fourth quarter of 2023, the Company decided to defer the buy-out payment to June 2038, as permitted under the lease transaction agreement, which resulted in an adjustment to the effective interest rate of the financing liability which increased from 2.55% to 6.12%, prospectively, and is being re-evaluated every quarter. The annual interest rate of the financing liability as of December 31, 2025, was 6.01%.
Balance as of
AnnualMaturity
Loan
December 31, 2025
Interest Rate (1)
Date (2)
(Dollars in millions)
Financing Liability - Dixie Valley$216.46.01%June 2038
(1) payable semi-annually
(2) final maturity date of the financing liability is assuming execution of the buy-out option in June 2038.
Short-Term Commercial Paper
On October 19, 2023, the Company entered into a framework agreement for participation in the issuance of commercial paper (the "Commercial Paper Agreement") with Barak Capital Underwriting Ltd. under which the Company allowed the participants to submit proposals for purchasing and to purchase the Company's commercial paper ("Commercial Paper") in accordance with the provisions of the Commercial Paper Agreement. On October 23, 2023, the Company completed the issuance of the Commercial Paper in the aggregate amount of $73.2 million, and subsequently on December 11, 2023, the Company issued an additional amount of $26.8 million, under the same terms. The Commercial Paper was issued for a period of 90 days and extends automatically for additional 90 days periods for up to five years, unless the Company notifies the participants otherwise or a notice of termination is provided by the participants in accordance with the provisions of the Commercial Paper Agreement. The Commercial Paper bears an annual interest of three months SOFR +1.1% which will be paid at the end of each ninety days period. As of December 31, 2025, the base rate was 5.0%.
Revolving Credit Lines with Commercial Banks
 As of December 31, 2025, the Company has credit agreements for committed and uncommitted credit lines with a number of financial institutions for an aggregate amount of $688.0 million (including $100.0 million from MUFG Union Bank, N.A. (“Union Bank”) and $35.0 million from HSBC Bank USA N.A. as described below). Under the terms of these credit agreements, the Company, or its Israeli subsidiary, Ormat Systems Ltd. (“Ormat Systems”), can request: (i) extensions of credit in the form of loans and/or the issuance of one or more letters of credit in the amount of up to $533.0 million; and (ii) the issuance of one or more letters of credit in the amount of up to $155.0 million. The credit agreements mature between March 2025 and December 2025. Loans and draws under the credit agreements or under any letters of credit will bear interest at the respective bank’s cost of funds or SOFR plus a margin. As of December 31, 2025, $80.0 million of short-term credit lines were outstanding, and letters of credit with an aggregate amount of $286.0 million were issued and outstanding under committed and non-committed lines under such credit agreements (including the amounts outstanding under the section Credit Agreements below with MUFG Union bank and HSBC bank).
 Credit Agreements
 Credit Agreement with MUFG Union Bank
Ormat Nevada has a credit agreement with MUFG Union Bank under which it has an aggregate available credit of up to $100.0 million as of December 31, 2025. The credit termination date is June 30, 2026.
 The facility is limited to the issuance, extension, modification or amendment of letters of credit. Union Bank is currently the sole lender and issuing bank under the credit agreement, but is also designated as an administrative agent on behalf of banks that may, from time to time in the future, join the credit agreement as lenders. In connection with this transaction, the Company entered into a guarantee in favor of the administrative agent for the benefit of the banks, pursuant to which the Company agreed to guarantee Ormat Nevada’s obligations under the credit agreement. Ormat Nevada’s obligations under the credit agreement are otherwise unsecured. As of December 31, 2025, letters of credit in the aggregate amount of $80.0 million were issued and outstanding under this credit agreement.
Credit Agreement with HSBC Bank USA N.A.
 Ormat Nevada has a credit agreement with HSBC Bank USA, N.A for one year with annual renewals. The current expiration date of the facility under this credit agreement is October 31, 2026. On December 31, 2025, the aggregate amount available under the credit agreement was $35.0 million. This credit line is limited to the issuance, extension, modification or amendment of letters of credit. In addition, Ormat Nevada has an uncommitted discretionary demand line of credit in the aggregate amount of $65.0 million available for letters of credit including up to $40 million of credit. In connection with this transaction, the Company entered into a guarantee in favor of the administrative agent for the benefit of the banks, pursuant to which the Company agreed to guarantee Ormat Nevada’s obligations under the credit agreement. Ormat Nevada’s obligations under the credit agreement are otherwise unsecured. As of December 31, 2025, letters of credit
in the aggregate amount of $33.7 million were issued and outstanding under the committed portion of this credit agreement and $21.6 million under the uncommitted portion of the agreement.
Surety Bonds 
 The Company entered into surety bond agreements (the “Surety Agreements”) with Chubb Limited, Travelers, Arch, Allianz and certain other third parties (the “Surety”) pursuant to which, as of December 31, 2025, the Company may request that the Surety issue up to an aggregate amount of $960.0 million of surety bonds with respect to the contractual obligations of the Company and its subsidiaries, all of which were available for surety bonds and surety-backed letters of credit. There is no expiration date for the Surety Agreements, but they may be terminated by the Company at any time upon between twenty and thirty days’ prior written notice to the Surety. Delivery of such termination notice will not affect any surety bonds issued and outstanding prior to the date on which such notice is delivered. As of December 31, 2025, the Surety issued surety bonds in the amount of $315.7 million, and surety-backed letters of credit in the amount of $127.7 million, under the Surety Agreements.
 Restrictive Covenants
 The Company’s obligations under the credit agreements, the loan agreements, and the trust instrument governing the bonds, described above, are unsecured, but are subject to a negative pledge in favor of the banks and the other lenders and certain other restrictive covenants. These include, among other things, a prohibition on: (i) creating any floating charge or any permanent pledge, charge or lien over the Company's assets without obtaining the prior written approval of the lender; (ii) guaranteeing the liabilities of any third-party without obtaining the prior written approval of the lender; and (iii) selling, assigning, transferring, conveying or disposing of all or substantially all of the Company's assets, or a change of control in the Company's ownership structure. Some of the credit agreements, the term loan agreements, as well as the trust instrument contain cross-default provisions with respect to other material indebtedness owed by us to any third-party. In some cases, including the credit agreements with MUFG Union Bank and with HSBC Bank USA N.A., the Company has agreed to maintain certain financial ratios, which are measured quarterly, such as: (i) equity of at least $750 million and in no event less than 25% of total assets; and (ii) 12-month debt, net of cash, cash equivalents marketable securities and short-term bank deposits to Adjusted EBITDA ratio not to exceed 6.0. As of December 31, 2025: (i) total equity was $2,680.9 million and the actual equity to total assets ratio was 42.9%, and (ii) the 12-month debt, net of cash, cash equivalents marketable securities and short-term bank deposits to Adjusted EBITDA ratio was 4.36 and as such, the covenants have been met as of December 31, 2025. During the year ended December 31, 2025, the Company distributed dividends in an aggregate amount of $29.1 million.
We are currently in compliance with our covenants with respect to the credit agreements, the loan agreements and the trust instrument (except as described below), and believe that the restrictive covenants, financial ratios and other terms of any of our full-recourse bank credit agreements will not materially impact our business plan or operations.
As of December 31, 2025, we did not meet the dividend distribution criteria related to the DAC 1 Senior Secured Notes, which resulted in certain equity distribution restrictions from this related subsidiary. As of December 31, 2025, the amount restricted for distribution by this subsidiary was $1.0 million. There were no restrictions on the retained earnings or net income of Ormat Technologies, Inc., as the parent company, in respect of these matters, as of December 31, 2025.
Future Minimum Payments
Future minimum payments under long-term obligations, including long-term debt and financing liability, as of December 31, 2025 are as follows:
 
(Dollars in
thousands)
Year ending December 31:
2026$303,653 
2027780,897 
2028335,092 
2029313,212 
2030211,681 
Thereafter 716,034 
Total $2,660,570 
v3.25.4
TAX MONETIZATION TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Investments in and Advances to Affiliates [Abstract]  
TAX MONETIZATION TRANSACTIONS TAX MONETIZATION TRANSACTIONS
Heber 1 and 2 Tax Monetization Transaction
On July 10, 2025, one of the Company’s wholly-owned subsidiaries that indirectly owns the Heber 1 and Heber 2 geothermal power plants entered into a partnership agreement with a private investor. Under the terms of the partnership agreement, the private investor acquired membership interests in the two Heber Geothermal power plants for an initial purchase price of $77.1 million and for which it will pay additional installments that are expected to amount to $25.7 million. The Company continues to operate and maintain the power plants and will receive substantially all the distributable cash flow generated by the power plants, as described below.
Under the terms of the partnership agreement, prior to December 31, 2032 (the “Target Flip Date”), the Company’s wholly-owned subsidiary, Ormat Nevada Inc. (“Ormat Nevada”), receives substantially all of the distributable cash flow generated by the project, while the private investor receives substantially all of the tax attributes of the project. Following the later of the Target Flip Date and the date on which the private investor reaches its target return, Ormat Nevada will receive 95% of the distributable cash and taxable income, on a go-forward basis. In the event that the private investor will not reach its target return by the Target Flip Date, then for the period between the Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 75% of the distributable cash generated by the power plants and 99% of the tax attributes as long as the power plants are generating PTCs.
On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the power plants again. 
Private investor’s capital contribution of $77.1 million was recorded as allocation to noncontrolling interests of $8.1 million, and to liability associated with sale of tax benefits of $69.0 million.
Hybrid Tax Equity Partnership
On May 20, 2025, the Company entered into a partnership agreement with a private investor under which the private investor acquired indirect membership interests in the Lower Rio and Arrowleaf storage facilities (the “Project Facilities”) for total estimated consideration of $62.9 million, all of which was paid in 2025. Following the transaction, the Company continues to operate and maintain the Project Facilities.
Under the transaction agreements, prior to reaching the flip date, which was defined as the later of the date on which the private investor reaches its target return, and the end of the ITCs recapture period (the “Flip Date”), the private investor receives substantially all of the distributable cash flow generated by the Project Facilities, and substantially all of the tax attributes of the Project Facilities. Following the Flip Date, the Company will receive substantially all of the distributable cash and taxable income, on a go-forward basis.
Following the Flip Date, but no later than May 19, 2033, the Company has the option to purchase the private investor’s interests at the greater of (i) the fair market value of the post-flip residual interest, (ii) five percent of the aggregate capital contributions of the private investor, (iii) the fair market value of the Class A units and (iv) the private investor’s book value investment. If the Company exercises this purchase option, it will become the sole owner of the storage facilities again.
As further described below under the caption “Transferable Production and Investment Tax Credits”, the Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statements of operations and comprehensive income, and therefore, income associated with ITCs was included in the “Income tax (provision) benefit” line. Income associated with other tax attributes, was included under “Income attributable to the sale of tax benefits” line in the consolidated statement of operations and comprehensive income. The private investor’s contribution of $62.9 million was primarily related to ITC benefits, and thus recorded against the related deferred tax asset, net of the amount related to noncontrolling interest of $3.9 million. Contributions related to other tax attributes are recorded to the liability associated with sales of tax benefits on the condensed consolidated balance sheets.
North Valley Tax Monetization Transaction
On October 27, 2023, one of the Company’s wholly-owned subsidiaries that indirectly owns the North Valley Geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the North Valley Geothermal power plant project for an initial purchase price of $43.1 million and for which it will pay additional installments that are expected to amount to approximately
$6.1 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.
Under the transaction documents, prior to December 31, 2032 (“Target Flip Date”), the Company’s wholly-owned subsidiary, Ormat Nevada Inc. ("Ormat Nevada"), receives substantially all of the distributable cash flow generated by the project, while the private investor receives substantially all of the tax attributes of the project. Following the later of the Target Flip Date and the date on which the private investor reaches its target return, Ormat Nevada will receive 97.5% of the distributable cash and taxable income, on a go-forward basis. In the event that the private investor will not reach its target return by the Target Flip Date, then for the period between the Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating Production Tax Credits ("PTCs") (and 5% of the tax attributes afterwards).
On the Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again.
Private investor’s capital contribution of $43.1 million was recorded as allocation to noncontrolling interests of $0.3 million, and to liability associated with sale of tax benefits of $42.8 million.
Casa Diablo IV ("CD4") Tax Monetization Transaction
On December 23, 2022, one of the Company’s wholly-owned subsidiaries that indirectly owns the CD4 geothermal power plant entered into a partnership agreement with JPM. Under the transaction documents, the private investor acquired membership interests in the CD4 geothermal power plant project for an initial purchase price of $50.3 million and for which it will pay additional installments that are expected to amount to approximately $7.3 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.
Under the transaction documents, prior to December 31, 2031 (“CD4 Target Flip Date”), the Company receives substantially all of the distributable cash flow generated by the project, while the private investor receives substantially 99% of the tax attributes of the project. Following the later of the CD4 Target Flip Date and the date on which the private investor reaches its target return, the Company will receive 97.5% of the distributable cash and 95.0% of the taxable income, on a go forward basis. In the event that JPM will not reach its target return by the CD4 Target Flip Date, then for the period between the CD4 Target Flip Date and the date on which the private investor reaches its target return, JPM will receive 75% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating PTCs (and 5% of the tax attributes afterwards).
On the Target Flip Date, the Company has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes JPM to reach its target return, if needed. If the Company exercises this purchase option, it will become the sole owner of the project again.
JPM’s capital contribution of $50.3 million was recorded as allocation to noncontrolling interests of $3.9 million and to liability associated with sale of tax benefits of $46.4 million.
Steamboat Hills Tax Monetization Transaction
On October 25, 2021, one of the Company’s wholly-owned subsidiaries that indirectly owns the Steamboat Hills Repower Geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the Steamboat Hills Repower Geothermal power plant project for an initial purchase price of $38.9 million and for which it will pay additional installments that are expected to amount to approximately $5.3 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.
Under the transaction documents, prior to December 31, 2029 (“Steamboat Hills Target Flip Date”), the Company’s wholly-owned subsidiary, Ormat Nevada, receives substantially all of the distributable cash flow generated by the project, while the private investor receives substantially all of the tax attributes of the project. Following the later of the Steamboat Hills Target Flip Date and the date on which the private investor reaches its target return, Ormat Nevada will receive 97.5% of the distributable cash and 95.0% of the taxable income, on a go forward basis. In the event that the private investor will not reach its target return by the Steamboat Hills Target Flip Date, then for the period between the Steamboat Hills Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating PTCs (and 5% of the tax attributes afterwards).
On the Steamboat Hills Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again.
McGinness Hills 3 Tax Monetization Transaction  
On August 14, 2019, one of the Company’s wholly-owned subsidiaries that indirectly owns the McGinness Hills phase 3 geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the McGinness Hills phase 3 geothermal power plant for an initial purchase price of $59.3 million and for which it will pay additional installments that are expected to amount to approximately $9.0 million and can reach up to $22.0 million based on the actual generation. The Company continues to consolidate, operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant and the private investor will receive substantially all of the tax attributes, as described below.
 Pursuant to the transaction documents, prior to December 31, 2027 (“MGH3 Target Flip Date”), one of the Company’s wholly owned subsidiaries receives substantially all of the distributable cash flow generated by the McGinness Hills phase 3 power plant, while the private investor receives substantially all of the tax attributes of the project. Following the later of the MGH3 Target Flip Date and the date on which the private investor reaches its target return, the Company will receive 97.5% of the distributable cash generated by the power plant and 95.0% of the tax attributes, on a go forward basis. In the event that the private investor will not reach its target return by the MGH3 Target Flip Date, then for the period between the MGH3 Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating PTCs (and 5% of the tax attributes afterwards).
 On the MGH3 Target Flip Date, the Company, through one of its wholly-owned subsidiaries, has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If the Company exercises this purchase option, it will become the sole owner of the project again.
Tungsten Mountain Tax Monetization Transaction  
 On May 17, 2018, one of the Company’s wholly-owned subsidiaries that indirectly owns the Tungsten Mountain geothermal power plant entered into a partnership agreement with a private investor. Under the transaction documents, the private investor acquired membership interests in the Tungsten Mountain geothermal power plant project for an initial purchase price of approximately $33.4 million and for which it will pay additional installments that are expected to amount to $13.0 million. The Company continues to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant, as described below.
 Under the transaction documents, prior to December 31, 2026 (“Tungsten Mountain Target Flip Date”), the Company’s wholly-owned subsidiary, Ormat Nevada, receives substantially all of the distributable cash flow generated by the project, while the private investor receives substantially all of the tax attributes of the project. Following the later of the Tungsten Mountain Target Flip Date and the date on which the private investor reaches its target return, Ormat Nevada will receive 97.5% of the distributable cash and 95.0% of the taxable income, on a go forward basis. In the event that the private investor will not reach its target return by the Tungsten Mountain Target Flip Date, then for the period between the Tungsten Mountain Target Flip Date and the date on which the private investor reaches its target return, the private investor will receive 100% of the distributable cash generated by the power plant and 99% of the tax attributes as long as the project is generating PTCs (and 5% of the tax attributes afterwards).
On the Tungsten Mountain Target Flip Date, Ormat Nevada has the option to purchase the private investor’s interests at the then-current fair market value, plus an amount that causes the private investor to reach its target return, if needed. If Ormat Nevada exercises this purchase option, it will become the sole owner of the project again.
Opal Geo Tax Monetization Buyout
On July 31, 2024, the Company entered into an agreement with the third-party investor in Opal Geo, LLC (“Opal Geo”), a wholly-owned limited liability company formed solely for purpose of monetization of federal production tax credits and certain other tax benefits, to purchase 100% of the Class B membership interests in Opal Geo for a total of $9.8 million. As a result, the Company became the sole owner and beneficiary of all the economic benefits in Opal Geo, and continued to consolidate Opal Geo in its consolidated financial statements. The purchase of the Class B membership interest in Opal Geo was recorded as an equity transaction resulting in a reduction to the remaining balance of the related liability associated with sale of tax benefits, and the related noncontrolling interest of $1.7 million. The surplus of $0.5 million was charged to additional paid-in capital on the Company’s consolidated balance sheets..
Transferable Production and Investment Tax Credits
Under the current IRA provision that includes a transferability provision for certain tax credits related to the clean production of energy, a reporting entity can monetize such credits through sale to a third-party. The option for transferability of credits applies to taxable years beginning after December 31, 2022. Several of the Company’s projects, which are not currently part of a tax monetization transaction, generate eligible tax credits, such as ITCs and PTCs, that are eligible to be transferred to a third-party under the existing provisions of the IRA. The Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. PTCs are accounted similarly to refundable or direct-pay credits outside of the “Income tax (provision) benefit” line with income recognized in the “Income attributable to sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Income recognized related to the expected sale of such transferable PTCs during the years ended December 31, 2025 and 2024, was $17.9 million, and $23.4 million, net of discount, respectively. Tax benefits recognized under Income tax (provision) benefit related to transferable ITCs during the years ended December 31, 2025 and 2024, were $44.1 million and $47.7 million, net of discount, respectively.
v3.25.4
ASSET RETIREMENT OBLIGATION
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATION ASSET RETIREMENT OBLIGATION
 The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below:
Year Ended December 31,
202520242023
(Dollars in thousands)
Balance at beginning of year $129,651 $114,370 $97,660 
Revision in estimated cash flows (8,071)(893)2,056 
Liabilities incurred and acquired 5,664 8,427 8,490 
Accretion expense 8,330 7,747 6,164 
Balance at end of year $135,574 $129,651 $114,370 
v3.25.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
 The Company makes an estimate of expected forfeitures and recognizes compensation costs only for those stock-based awards expected to vest. As of December 31, 2025, the total future compensation cost related to unvested stock-based awards that are expected to vest is $14.0 million, which will be recognized over a weighted average period of 1.15 years.
 During the years ended December 31, 2025, 2024 and 2023, the Company recorded compensation related to stock-based awards as follows:
Year Ended December 31,
202520242023
(Dollars in thousands)

Cost of revenues $8,757 $9,169 $6,899 
Selling and marketing expenses 854 921 866 
Research and development expenses222 144 94 
General and administrative expenses 9,557 9,963 7,620 
Total stock-based compensation expense 19,390 20,197 15,479 
Tax effect on stock-based compensation expense 1,964 1,998 1,598 
Net effect of stock-based compensation expense $17,426 $18,199 $13,881 
 During the fourth quarter of 2025, 2024 and 2023, the Company evaluated the trends of the employees stock-based award forfeiture rate and determined that the actual rates are 11.3%, 10.9% and 11.6%, respectively. This represents an increase (decrease) of 3.7%, (6.0)%, and 0.9%, respectively, from prior estimates. As a result of the change in the estimated forfeiture rate, there was an immaterial impact on stock-based compensation expense for each of the respective periods.
Valuation Assumptions
The Company estimates the fair value of the stock-based awards using the Black-Merton-Scholes methodology implemented using binomial Tree option pricing model. The dividend yield forecast is expected to be at least 20% of the Company’s yearly net profit, which is equivalent to a 0.7% yearly weighted average dividend rate in the year ended December 31, 2025. The risk-free interest rate was based on the yield from U.S. constant treasury maturities bonds with an equivalent term. The forfeiture rate is based on trends in actual stock-based awards forfeitures.
 The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions:
Year Ended December 31,
202520242023
For stock based awards issued by the Company:
Risk-free interest rates 4.0 %4.5 %4.2 %
Expected lives (in weighted average years) 2.12.22.5
Dividend yield 0.7 %0.7 %0.6 %
Expected volatility (weighted average) 28.8 %31.9 %38.2 %
The Company estimated the forfeiture rate (on a weighted average basis) as follows:
Year Ended December 31,
202520242023
Weighted average forfeiture rate 8.8 %8.2 %8 %
Stock-based Awards
The 2018 Incentive Compensation Plan
The 2018 Incentive Plan provides for the grant of the following types of awards: incentive stock options, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), Performance Stock Units (“PSUs), stock units, performance awards, phantom stock, incentive bonuses and other possible related dividend equivalents to employees of the Company, directors and independent contractors. SARs, RSUs and PSUs granted to employees under the 2018 Incentive Plan typically vest and become exercisable as follows: 50% on the second anniversary of the grant date, and 25% on each of the third and fourth anniversaries of the grant date, or 33.3% on each of the first, second and third anniversaries of the grant date. SARs, RSUs and PSUs granted to directors under the 2018 Incentive Plan typically vest and become exercisable (100%) on the first anniversary of the grant date. The term of stock-based awards typically ranges from six to ten years from the grant date. The shares of common stock issued in respect of awards under the 2018 Incentive Plan are issued from the Company’s authorized share capital upon exercise of options or SARs. In June 2022, the 2018 Incentive Compensation Plan was amended and restated to increase the number of shares authorized for issuance (which was initially 5,000,000) by 1,700,000 shares, to change the fungible ratio, and to implement a one year mandatory minimum vesting period, and in May 2024 amended and restated again to increase the number of shares authorized for issuance by 1,400,000 shares.
 As of December 31, 2025, 2,145,870 shares of the Company’s common stock are available for future grants under the 2018 Incentive Plan.
In March 2025, the Company granted certain members of its management and employees an aggregate of 210,961 restricted stock units ("RSUs") and 45,190 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 3 years from the grant date.
The fair value of each RSU and PSU on the grant date was $68.9 and $70.9, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model, and the Monte Carlo simulation, based on the following assumptions:
Risk-free interest rates3.95%—4.08%
Expected life (in years)1—3
Dividend yield0.69%
Expected volatility (weighted average)27.0%—31.0%
In March 2024, the Company granted certain members of its management and employees an aggregate of 209,563 RSUs and 61,197 PSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 3 years from the grant date.
The fair value of each RSU and PSU on the grant date was $64.9 and $64.0, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model, based on the following assumptions:
Risk-free interest rates4.27%—4.94%
Expected life (in years)1—3
Dividend yield0.73%
Expected volatility (weighted average)28.0%—34.0%
In March 2023, the Company granted certain members of its management and employees an aggregate of 174,422 RSUs and 35,081 PSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 4 years from the grant date. The fair value of each RSU and PSU on the grant date was $79.9 and $79.6, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model based on the following assumptions:
Risk-free interest rates3.86%—4.68%
Expected life (in years)1—4
Dividend yield0.59%
Expected volatility (weighted average)36.0%—42.2%
In May 2023, the Company granted its directors an aggregate of 10,852 RSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs have vesting periods 1 year from the grant date. The fair value of each RSU on the grant date was $82.9. The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model based on the following assumptions:
Risk-free interest rates4.70%
Expected life (in years)1
Dividend yield0.56%
Expected volatility (weighted average)34.80%
Information on the awards outstanding and the related weighted average exercise price as of and for the years ended December 31, 2025, 2024 and 2023 are presented in the table below:
 
Year Ended December 31,
202520242023
Awards
(In thousands)		Weighted
Average
Exercise
Price		Awards
(In thousands)		Weighted
Average
Exercise
Price		Awards
(In thousands)		Weighted
Average
Exercise
Price
Outstanding at beginning of year 1,380 $69.91 1,483 $52.57 1,810 $60.08 
Granted:
RSUs (1)
248 — 242 — 189 — 
PSUs (2)
45 — 61 — 35 — 
Exercised (835)69.63(377)62.91(492)56.00
Forfeited (25)71.15(29)64.16(59)54.09
Expired — — — — — — 
Outstanding at end of year 813 70.701,380 69.911,483 52.57
Options and SARs exercisable at end of year (3)
101 70.26614 69.41606 66.81
Weighted-average fair value of awards granted during the year $70.99 $64.95 $79.98 
(1)     An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU approximates the value of the underlying stock.
(2)     The PSUs shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in the S&P 500 index or based on achievement of three-year megawatt COD capacity targets.
(3) Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.
The following table summarizes information about stock-based awards outstanding at December 31, 2025 (shares in thousands):
Awards OutstandingAwards Exercisable
Exercise PriceNumber of
Stock-based
Awards
Outstanding		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value 		Number of
Stock-based
Awards
Exercisable		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value
$— 611 1.0$67,522 $— 
67.54 3 0.9113 3 0.9113 
69.14 45 0.41,869 45 0.41,869 
71.15 154 2.26,048 53 2.22,084 
90.28 1 1.012 1 1.012 
813 1.2$75,564 101 1.3$4,078 
 The following table summarizes information about stock-based awards outstanding at December 31, 2024 (shares in thousands): 
Awards OutstandingAwards Exercisable
Exercise PriceNumber of
Stock-based
Awards
Outstanding		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value 		Number of
Stock-based
Awards
Exercisable		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value
$— 537 1.0$36,349 — 0.0$— 
63.40 45 1.5196 45 1.5196 
67.547 1.81 7 1.91 
68.3447 1.4— 47 1.4— 
69.143351.4— 335 1.4— 
71.153853.2— 160 3.2— 
71.7140.6— 4 0.6— 
76.4350.9— 5 0.9— 
76.5492.9— 6 2.9— 
78.5362.3— 5 2.4— 
90.2812.0— 1 2.0— 
1,380 1.8$36,546 614 1.9$197 
 The aggregate intrinsic value in the above tables represents the total pretax intrinsic value, based on the Company’s stock price of $110.47 and $67.72 as of December 31, 2025 and 2024, respectively, which would have potentially been
received by the stock-based award holders had all stock-based award holders exercised their stock-based award as of those dates. The total number of in-the-money stock-based awards exercisable as of December 31, 2025 and 2024 was 101,426 and 51,940, respectively.
 The total pretax intrinsic value of options exercised during the year ended December 31, 2025 and 2024 was $27.1 million and $3.4 million, respectively, based on the average stock price of $85.9 and $72.0 during the years ended December 31, 2025 and 2024, respectively.
v3.25.4
INTEREST EXPENSE, NET
 12 Months Ended
Dec. 31, 2025
Interest Expense, Operating and Nonoperating [Abstract]  
INTEREST EXPENSE, NET INTEREST EXPENSE, NET
 The components of interest expense are as follows:
Year Ended December 31,
202520242023
(Dollars in thousands)
Interest related to sale of tax benefits $19,634 $18,149 $15,289 
Interest expense 150,333 130,605 $100,853 
Less — amount capitalized (28,116)(14,723)$(17,261)
$141,851 $134,031 $98,881 
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 U.S. and foreign components of income from continuing operations, before income taxes and equity in income (losses) of investees consisted of:
 
Year Ended December 31,
202520242023
(Dollars in thousands)
U.S $17,634 $36,984 $53,984 
Non-U.S. (foreign) 88,114 78,393 85,101 
Total income from continuing operations, before income taxes and equity in losses
$105,748 $115,377 $139,085 
The components of the provision (benefit) for income taxes, net are as follows:
 
Year Ended December 31,
202520242023
(Dollars in thousands)
Current:
Federal $769 $961 $672 
State 666 1,478 (1,806)
Foreign 21,435 22,075 35,379 
Total current income tax expense $22,870 $24,514 $34,245 
Deferred:
Federal (50,505)(44,992)(12,780)
State (4,174)(5,893)6,041 
Foreign 11,527 10,082 (21,523)
Total deferred tax provision (benefit) (43,152)(40,803)(28,262)
Total income provision (benefit)
$(20,282)$(16,289)$5,983 
 The following table is a reconciliation of the income tax provision and the U.S. federal statutory tax rate to the Company’s effective income tax rate (Dollars in thousands):
Year Ended December 31,
202520242023
US federal statutory tax rate$22,224 21.0 %$24,228 21.0 %$29,207 21.0 %
Domestic federal:
Cross-border tax laws:
Global intangible low-taxed income
(864)(0.8)1,696 1.5 392 0.3 
Other
(2,194)(2.1)(731)(0.6)46 — 
Tax credits:
Investment tax credits
(47,671)(45.0)(49,440)(42.7)(19,425)(14.0)
Nontaxable or nondeductible items:
Transferable tax credit sales
(3,680)(3.5)(4,921)(4.3)(2,394)(1.7)
Noncontrolling interest
(549)(0.5)(1,411)(1.2)(1,341)(1.0)
Other
(1,387)(1.3)(374)(0.3)122 0.1 
  Other Adjustments:
513 0.4 (456)(0.4)415 0.3 
State and local taxes, net of federal income tax effect (a)
(1,836)(1.7)(844)(0.7)3,345 2.4 
Foreign tax effects:
Cayman:
Other
1,428 1.3 1,416 1.2 1,574 1.1 
Dominica:
Foreign rate differential(4,200)(4.0)275 0.2 — — 
  Guatemala:
Foreign rate differential
(2,045)(1.9)(2,153)(1.9)(1,847)(1.3)
Other
(256)(0.2)(552)(0.5)(195)(0.1)
Israel:
Nondeductible stock compensation
1,356 1.3 1,890 1.6 1,024 0.7 
Deferred income
— — 1,559 1.4 (1,559)(1.1)
Exchange rate differential
1,018 1.0 — — — — 
Intra-entity transfers
— — (1,162)(1.0)(669)(0.5)
Tax rate change
— — — — (558)(0.4)
Withholding tax
4,113 3.9 — — — — 
Other
(379)(0.4)(986)(0.9)27 — 
Kenya:
Foreign rate differential
6,295 5.9 6,121 5.3 10,755 7.8 
Exchange rate differential
— — 11,101 9.6 (8,398)(6.0)
Nondeductible items
1,300 1.2 (889)(0.8)570 0.4 
Tax rate change
— — — — (7,417)(5.3)
Other
818 0.8 886 0.8 1,391 1.0 
New Zealand:
Pillar two
1,622 1.5 — — — — 
Other
69 0.1 (450)(0.4)8 — 
Other foreign jurisdictions:
(83)(0.1)(1,691)(1.5)(1,205)(0.9)
Change in unrecognized tax benefits4,106 3.9 599 0.5 2,115 1.5 
Income tax provision/(benefit) and effective tax rate$(20,282)(19.2)%$(16,289)(14.1)%$5,983 4.3 %
(a) During the tax years ended December 31, 2025, 2024 and 2023, state taxes in California comprised more than 50% of the total state and local taxes, net of federal income tax effect.
The net deferred tax assets and liabilities consist of the following:
December 31,
20252024
(Dollars in thousands)
Deferred tax assets (liabilities):
Net foreign deferred taxes, primarily depreciation $(42,336)$(36,955)
Depreciation 24,313 (38,831)
Intangible drilling costs (25,903)(19,307)
Net operating loss carryforward - U.S. 21,875 22,760 
Tax monetization transaction (62,200)(53,950)
Right-of-use assets(8,063)(7,317)
Lease liabilities6,918 5,949 
Production and investment tax credits
107,774 118,461 
Foreign tax credits 6,030 30,919 
Withholding tax (16,276)(19,308)
Basis difference in partnership interest (13,157)(13,586)
Excess business interest1,723 18,122 
Sale and leaseback transaction52,478 54,480 
Other assets11,202 14,512 
Accrued liabilities and other 8,484 12,071 
Total72,862 88,020 
Less - valuation allowance (2,620)(2,700)
Total, net$70,242 $85,320 
The following table presents income taxes paid, net of refunds:
Year Ended December 31,
202520242023
(Dollars in thousands)
U.S. federal:
$850 $(38)$1,000 
California
1,890 425 310 
Other U.S. state and local
91 (776)1,328 
Foreign:
Israel
(876)2,525 (3,462)
Kenya
6,681 22,801 23,550 
Guadeloupe
305 326 2,637 
Other
905 920 887 
Total income taxes paid, net of refunds
$9,846 $26,183 $26,250 
 The following table presents a reconciliation of the beginning and ending valuation allowance:
 
Year Ended December 31,
20252024
(Dollars in thousands)
Balance at beginning of the year $2,700 $2,870 
Additions to valuation allowance 0 0 
Release of valuation allowance (80)(170)
Balance at end of the year $2,620 $2,700 
 At December 31, 2025, the Company had U.S. federal net operating loss (“NOL”) carryforwards of approximately $30.4 million, all of which was generated before 2018 and expires by 2038.
At December 31, 2025, the Company had PTCs in the amount of $107.8 million. These PTCs are available for a 20-year period and begin to expire in 2027. At December 31, 2025, the Company had no remaining ITCs. At December 31, 2025, the Company had U.S. foreign tax credits (“FTCs”) in the amount of $6.0 million. These FTCs are available for a 10-year period, and begin to expire in 2028.
At December 31, 2025, the Company had state NOL carryforwards of approximately $238.3 million, $233.7 million which expire between 2026 and 2045 and $4.6 million are available to be carried forward for an indefinite period.
The Company has recorded deferred tax assets for net operating losses, foreign tax credits, and production tax credits.  Realization of the deferred tax assets and tax credits is dependent on generating sufficient taxable income in appropriate jurisdictions prior to expiration of the NOL carryforwards and tax credits. Based upon available evidence of the Company’s ability to generate additional taxable income in the future and historical losses in prior years, a valuation allowance in the amount of $2.6 million and $2.7 million is recorded against the U.S. deferred tax assets as of December 31, 2025 and 2024, respectively, as it is more likely than not that the deferred tax assets will not be realized. The overall decrease in the valuation allowance of $0.1 million is due to the ability to utilize attributes that previously have been fully valued. The Company is maintaining a valuation allowance of $2.6 million against a portion of its state NOLs and capital loss carryforward that are expected to expire before they can be utilized in future periods.
  On April 24, 2018, the Company acquired 100% of stock of USG for approximately $110 million. Under the acquisition method of accounting, the Company recorded a net deferred tax asset of $1.7 million comprised primarily of federal and state NOLs netted against deferred tax liabilities for partnership basis differences and fixed assets. The total amount of acquired federal and state NOLs, which are subject to limitations under Section 382, were $113.9 million and $49.9 million, respectively.  A valuation allowance of $1.8 million has been recorded against such acquired state NOLs, as it is more likely than not that the deferred tax asset will not be realized.
The FASB released guidance Staff Q&A, Topic 740, No. 5, that states a company can make an accounting policy election to either recognize deferred taxes related to GILTI or to provide for the GILTI tax expense in the year the tax is incurred as a period cost.  The Company has elected to treat any GILTI inclusions as a period cost. We have elected and applied the tax law ordering approach when considering GILTI as part of our valuation allowance.
 The Company uses the flow-through method to account for investment tax credit earned on eligible battery storage projects. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis.
The following table presents the deferred taxes on the balance sheet as of the dates indicated: 
Year Ended December 31,
20252024
(Dollars in thousands)
Non-current deferred tax assets $138,903 $153,936 
Non-current deferred tax liabilities (68,661)(68,616)
Non-current deferred tax assets, net 70,242 85,320 
Uncertain tax benefit offset (1)
(95)(95)
$70,147 $85,225 
 (1) The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes.
 At December 31, 2025, the Company is no longer indefinitely reinvested with respect to the earnings of its foreign subsidiaries due to forecasted changes in cash needs and the impact of U.S. tax reform. The Company has accrued withholding taxes that would be owed upon future distributions of such earnings. Accordingly, as of December 31, 2025, the Company has accrued $12.6 million of foreign withholding taxes on future distributions of foreign earnings.
Uncertain Tax Positions
 The Company is subject to income taxes in the United States (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite evidence supporting the position. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered probable.
 At December 31, 2025 and 2024, there are $10.4 million and $6.3 million of unrecognized tax benefits, respectively, that if recognized would reduce the effective tax rate. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income.
 A reconciliation of the Company's unrecognized tax benefits is as follows:
Year Ended December 31,
20252024
(Dollars in thousands)
Balance at beginning of year $4,657 $6,930 
Additions based on tax positions taken in prior years 3,348 1,260 
Additions based on tax positions taken in the current year 3,873 431 
Reduction based on tax positions taken in prior years (3,176)(3,964)
Reduction based on tax positions taken in the current year (265)— 
Balance at end of year $8,437 $4,657 
The Company and its U.S. subsidiaries file consolidated income tax returns for federal and state (where applicable) purposes. As of December 31, 2025, the Company has not been subject to U.S. federal or state income tax examinations.
The Company remains open to examination by the Internal Revenue Service for the years 2007-2024 and by local state jurisdictions for the years 2010-2024. These examinations may lead to ordinary course adjustments or proposed adjustments to the Company's taxes or the Company's net operating losses with respect to years under examination as well as subsequent periods.
 The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated:
Israel
2023
–
2025
Kenya
2020
–
2025
Guatemala
2021
–
2025
Honduras
2019
–
2025
Guadeloupe
2025
–
2025
 Management believes that the liability for unrecognized tax benefits is adequate for all open tax years based on its assessment of many factors, including among others, past experience and interpretations of local income tax regulations. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. As a result, it is possible that federal, state and foreign tax examinations will result in assessments in future periods. To the extent any such assessments occur, the Company will adjust its liability for unrecognized tax benefits. The Company is not able to reasonably estimate the amount of unrecognized tax benefits that will be reduced within the next twelve months.
 Tax Benefits in the United States
 On August 16, 2022, the Inflation Reduction Act was signed into law in the United States. The Company believes that the construction and operations of its geothermal power plants, recovered energy-based power plants, battery energy storage systems and solar PV will benefit in the future from the IRA and enhance the economic feasibility of projects in the United States. PTCs can be generated from 3.00 cents per kWh, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 3.63 cents per kWh. ITCs can be earned on investments from 30.0%, once the Wages & Apprenticeship rules are met, and if bonus credit requirements are met the credit could rise up to 50.0%. Battery Energy Storage Systems are eligible for ITC for projects placed-in-service after December 31, 2022. In addition, the Company can now monetize PTCs and ITCs earned by transferring the credits to a third-party without having to enter into a tax equity transaction.
On July 4, 2025, the OBBBA was enacted into law in the United States. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017 and numerous changes to the energy tax credits initially introduced and expanded under the IRA. The OBBBA allows for geothermal and battery storage to qualify for 100% PTC or ITC related to projects that start construction by the end of December 2033, 75% PTC or ITC by the end of December 2034 and 50% PTC or ITC by the end of December 2035. In order to qualify for 100% energy credit, solar projects must start construction by July 4, 2026 and be placed-in-service within four years, or start construction after July 3, 2026 and be placed-in-service by December 31, 2027. The law seeks to limit content from foreign entities of concern (“FEOC”) used in energy related projects that start construction after December 31, 2025. Under the new FEOC rules, a U.S. energy project can only receive specific tax credits if the project’s equipment from certain FEOC- related entities does not exceed set amounts, and the rules disqualify other credits from applying to US-made products that contain too many inputs from certain FEOC- related entities. The rules also prevent a company from receiving specific tax credits if it relies too much on investment or material assistance from certain FEOC- related entities, including in circumstances where a contract, license, or other arrangement gives an FEOC- related entity effective control over the company or its projects or products.
The Organization for Economic Co-operation and Development (“OECD”) issued a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2). Certain aspects of Pillar 2 became effective January 1, 2024, and other aspects became effective January 1, 2025. Effective January 1, 2025, the Company met the revenue threshold requirements and is now subject to Pillar 2. The impact of Pillar 2 resulted in an income tax expense of $1.9 million for the twelve months ended December 31, 2025.
In January 2026, the OECD released a “side-by-side” package introducing new safe harbors and providing an exemption for U.S. based multi-national companies from parts of the global minimum corporate tax. The updated model rules will need to be incorporated into local tax legislation to be effective. The Company will continue to evaluate the impact of the proposed legislative changes as new guidance becomes available.
Income Taxes Related to Foreign Operations
Dominica – On June 25, 2025, the Company received a letter from the Dominica Ministry of Finance stating that during the construction phase of our BOT project in Dominica, the Company would enjoy a 0% income tax rate. Once this project reaches commercial operation, the Company will enjoy a 10% preferential income tax rate granted to the Company by the Dominica government.
Guadeloupe — The Company’s operations in Guadeloupe are taxed at a maximum rate of 26.5% in 2021, and 25% in 2022 and beyond.
Guatemala — The enacted tax rate is 25%. Orzunil, a wholly owned subsidiary, was granted a benefit under a law which promotes development of renewable power sources. The law allows Orzunil to reduce the investment made in its geothermal power plant from income tax payable, which currently reduces the effective tax rate to zero. Ortitlan pays income tax of 7% on its Electricity revenues.
Honduras — The Company’s operations in Honduras are exempt from income taxes for the first ten years starting at the commercial operation date of the power plant, which was in September 2017.
Israel — The Company’s operations in Israel through its wholly owned Israeli subsidiary, Ormat Systems Ltd. (“Ormat Systems”), are taxed at a reduced corporate tax rate under the “Benefited Enterprise” tax regime of the Encouragement of Capital Investments Law, 1959 (the “Investment Law”), with respect to two of its investment programs. In January 2011, new legislation amending the Investment Law by adding, inter alia, the Preferred Enterprise Regime was enacted. Under the Preferred Enterprise Regime, a uniform reduced corporate tax rate would apply to all qualified income of certain industrial companies, as opposed to the Investment Law incentives that are limited to income from a “Benefited Enterprise” during their benefits period. According to the amendment, the uniform tax rate applicable to the zone where the production facilities of Ormat Systems are located is 16% for qualifying income.
Kenya — In June 2023, the President of Kenya signed into law the 2023 Finance Act ("Finance Act"). The Finance Act, among several other changes, reduced the statutory corporate income tax rate for Branches from 37.5% to 30%, introduced a Branch Profits tax based on the change in Net Assets and limits interest deductions to 30% of EBITDA. The Finance Act also reduced the corporate tax rate on Branches from 37.5% to 30.0%. The Company implemented this change and recorded an associated benefit during 2023.
v3.25.4
BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
 The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets. Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants in the United States, and geothermal power plants in foreign countries, and sells the electricity generated by those power plants. Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. Under the Energy Storage segment, the Company owns and operates grid connected In-Front-of-the-Meter battery energy storage systems, which provide capacity, energy and/or ancillary services directly to the electric grid.
The accounting policies of the segments are the same as those described under Note 1 to the condensed consolidated financial statements. Transfer prices between the segments were determined on current market values or cost plus markup of the seller’s segment. The Company’s Chief Operating Decision Maker (“CODM”) is comprised of its CEO and CFO. To evaluate segment performance and allocate the Company’s resources, the CODM uses segment measures of gross profit and operating income. The CODM reviews budget-to-actual variances of both profit measures on a monthly basis when making decisions about allocation of the Company’s resources to the segments. 
 Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers as required by ASC 606, Revenue from Contracts with Customers (“ASC 606”). Total consolidated revenues, gross profit (loss) and operating income (loss) of the Company’s business segments exclude intersegment revenues, gross profit (loss) and operating income (loss) as these activities are eliminated in consolidation and are not included in CODM’s evaluation of performance of each segment.
 
ElectricityProductEnergy Storage
Total
(Dollars in thousands)
Year Ended December 31, 2025:
Revenues from external customers:
United States (1)
$500,377 $10,954 $78,957 $590,288 
Foreign (2)
193,523 205,732 — 399,255 
Net revenues from external customers 693,900 216,686 78,957 989,543 
Less:
Depreciation and amortization expenses (3)
236,278 10,377 29,365 276,020 
Other cost of revenues expenses (4)
259,711 160,294 20,833 440,838 
Segment gross profit (loss)
197,911 46,015 28,759 272,685 
Less:
Segment operating expenses (5)
83,284 22,613 (2,436)103,460 
Segment operating income (loss) $114,627 $23,402 $31,195 $169,225 
Total depreciation and amortization expense (6)
250,787 11,751 29,586 292,124 
Segment assets at period end (7) (*)
5,338,343 276,205 631,960 6,246,508 
Expenditures for long-lived assets 446,843 13,132 159,801 619,776 
* Including unconsolidated investments 162,111 — — 162,111 
Year Ended December 31, 2024:
Revenues from external customers:
United States (1)
$510,645 $8,969 $37,729 $557,343 
Foreign (2)
191,619 130,692 — 322,311 
Net revenues from external customers 702,264 139,661 37,729 879,654 
Less:
Depreciation and amortization expenses (3)
218,252 10,363 20,262 248,876 
Other cost of revenues expenses (4)
241,274 103,548 13,336 358,159 
Segment gross profit (loss)242,738 25,750 4,131 272,619 
Less:
Segment operating expenses (5)
80,832 15,428 3,889 100,149 
Segment operating income (loss) $161,906 $10,322 $242 $172,470 
Total depreciation and amortization expense (6)
230,957 11,693 20,213 262,863 
Segment assets at period end (7) (*)
4,983,069 229,687 453,468 5,666,224 
Expenditures for long-lived assets 375,540 10,005 102,133 487,678 
* Including unconsolidated investments 144,585 — — 144,585 
Year Ended December 31, 2023:
Revenues from external customers:
United States (1)
$473,323 $7,610 $28,894 $509,827 
Foreign (2)
193,444 126,153 — 319,597 
Net revenues from external customers666,767 133,763 28,894 829,424 
Less:
Depreciation and amortization expenses (3)
189,194 5,358 14,621 209,173 
Other cost of revenues expenses (4)
233,355 110,444 12,434 356,233 
Segment gross profit (loss)244,218 17,961 1,839 264,018 
Less:
Segment operating expenses (5)
75,384 14,425 7,624 97,433 
Segment operating income (loss) $168,834 $3,536 $(5,785)$166,585 
Total depreciation and amortization expense (6)
199,344 10,908 14,545 224,797 
Segment assets at period end (7) (*)
4,652,392 199,897 355,990 5,208,279 
Expenditures for long-lived assets 474,592 20,599 123,192 618,383 
* Including unconsolidated investments125,439 — — 125,439 
(1)Electricity segment revenues in the United States are all accounted under lease accounting, except for $143.5 million, $153.2 million, and $124.7 million for the years 2025, 2024 and 2023, respectively, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements, except for Energy Storage revenues of $18.8 million, $4.2 million and none for the years ended December 31, 2025, 2024 and 2023, respectively, that are accounted under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted under lease accounting. Product revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements.
(3)Depreciation and amortization expense amounts align with the segment-level information that is regularly provided to the CODM, and do not include intersegment transactions. Depreciation and amortization expenses included in the segment measure of gross profit are related to the specific tangible and intangible assets associated with each of the reportable segment.
(4)Other cost of revenues expenses for each reportable segment include:
Electricity: primarily cost of manpower, utilities, repair and maintenance, royalties, and property taxes.
Products: primarily cost of raw materials and finished goods used in manufacturing, manpower, transportation, and third-party subcontractors.
Energy Storage: primarily cost of manpower, utilities, and insurance.
(5)Segment operating expenses include research and development expenses, selling and marketing expenses, and general and administrative expenses such as manpower, depreciation and amortization, legal and professional services. Such expenses do not include intersegment transactions. Segment operating expenses related to the Energy Storage segment are directly related to this segment. Segment operating expenses related to the Electricity and Product segments are allocated between these two segments based on their weighted contribution to revenues, except for certain specific expenses or gains that are specifically allocated to one of these segments, as applicable, such as impairment of long-lived assets, write-off of unsuccessful exploration activities, and other operating income.
(6)Total depreciation and amortization expenses for each segment are related to the specific tangible and intangible assets associated with the respective reportable segment.
(7)Electricity segment assets include goodwill in the amount of $163.6 million , $146.4 million and $85.9 million as of December 31, 2025, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2025, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of December 31, 2025, 2024 and 2023.
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: 
Year Ended December 31,
202520242023
(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit (loss)
$272,685 $272,619 $264,018 
Less operating expenses:
Research and development expenses
6,304 6,501 7,215 
Selling and marketing expenses
18,898 17,694 18,306 
General and administrative expenses
79,592 80,119 68,179 
Other operating income(14,844)(9,375)—
Write-off of long-lived assets
12,064 1,280 — 
Write-off of unsuccessful exploration activities
1,446 3,930 3,733 
Operating income $169,225 $172,470 $166,585 
Interest income 6,015 7,883 11,983 
Interest expense, net (141,851)(134,031)(98,881)
Derivatives and foreign currency transaction gains (losses)5,248 (4,187)(3,278)
Income attributable to sale of tax benefits 66,726 73,054 61,157 
Other non-operating income (expense), net 385 188 1,519 
Total consolidated income before income taxes and equity in earnings (losses) of investees $105,748 $115,377 $139,085 
Reconciliation of profit or loss (segment operating income):
Total segment operating income
$169,225 $172,470 $166,585 
Interest income6,015 7,883 11,983 
Interest expense, net(141,851)(134,031)(98,881)
Derivatives and foreign currency transaction gains (losses)5,248 (4,187)(3,278)
Income attributable to sale of tax benefits66,726 73,054 61,157 
Other non-operating income (expense), net385 188 1,519 
Total consolidated income before income taxes and equity in earnings (losses) of investees$105,748 $115,377 $139,085 
 The Company sells electricity, products, and provides energy storage services mainly to the geographical areas set forth below based on the location of the customer. The following tables present certain data by geographic area: 
Year Ended December 31,
202520242023
(Dollars in thousands)
Revenues from external customers attributable to:
United States $590,288 $557,343 $509,827 
Indonesia 1,489 7,616 26,732 
Kenya 117,422 114,066 109,217 
Dominica
48,931 — — 
Turkey 5,147 3,013 2,469 
Guatemala 28,014 28,955 30,174 
New Zealand 128,817 78,665 66,526 
Honduras28,658 30,304 31,589 
Other foreign countries 40,777 59,692 52,889 
Consolidated total $989,543 $879,654 $829,424 
The following table presents information on geographic area of long-lived assets:
Year Ended December 31,
202520242023
(Dollars in thousands)
Long-lived assets (primarily power plants and related assets) located in:
United States $3,897,443 $3,464,011 $3,085,892 
Kenya 363,422 382,738 377,563 
Guadeloupe
158,627 112,375 101,728 
Other foreign countries 347,697 333,306 276,300 
Consolidated total $4,767,189 $4,292,430 $3,841,483 
 The following table presents revenues from major customers:
 
Year Ended December 31,
202520242023
Revenues%Revenues%Revenues%
(Dollars in
thousands)		(Dollars in
thousands)		(Dollars in
thousands)
Southern California Public Power (1)
$175,999 17.8 %$181,120 20.6 %$181,656 21.2 %
Sierra Pacific Power Company and Nevada Power Company (1)(2)
136,730 13.8 133,108 15.1 116,797 14.1 %
KPLC (1)
117,422 11.9 114,066 13.0 109,217 13.2 %
(1 )Revenues reported in Electricity segment.
(2) Subsidiaries of NV Energy, Inc.
v3.25.4
TRANSACTIONS WITH RELATED ENTITIES
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
TRANSACTIONS WITH RELATED ENTITIES TRANSACTIONS WITH RELATED ENTITIES
 There were no transactions between the Company and related entities, other than those disclosed below and elsewhere in these consolidated financial statements. The Company considers entities in which it accounts for its ownership in those entities under the equity method as related entities. Refer to Note 5, Investment in Unconsolidated Companies, for further information on such investments.
In 2023, the Company signed a contract for supply of key equipment to the Ijen project in Indonesia, which is jointly developed by Medco and the Company. The Ijen project is owned by PT Medco Cahaya Geothermal (“MCG”), in which the Company holds ownership of 49%, as further described under Note 5, Investment in Unconsolidated Companies, to the consolidated financial statements. Product revenues for the years ended December 31, 2025, 2024 and 2023, included revenues related to sale of spare parts and the supply agreement for the Ijen project in Indonesia in the amount of $1.2 million, $7.4 million, and $24.0 million, respectively. As of December 31, 2025 and 2024, there were no amounts due from MCG.
There were no Product revenues or amounts due related to the Sarulla project for the years ended December 31, 2025 and 2024, and as of December 31, 2025 and 2024, respectively. Products revenues for the year ended December 31, 2023, included revenues in the amount of $1.6 million related to a project to the Sarulla project in Indonesia.
v3.25.4
EMPLOYEE BENEFIT PLAN
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLAN EMPLOYEE BENEFIT PLAN
 401(k) Plan
 The Company has a 401(k) Plan (the “Plan”) for the benefit of its U.S. employees. Employees of the Company and its U.S. subsidiaries who have completed 60 days of employment are eligible to participate in the Plan. Contributions are made by employees through pre- and post-tax deductions up to 60% of their annual salary, subject to the maximum amount permitted by law. In 2025, 2024 and 2023, the Company matched employee contributions, after completion of one year of service, up to a maximum of 6% of the employee’s annual salary. The Company’s contributions to the Plan were $4.6 million, $4.3 million and $3.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
 Severance Plan
 The Company, through Ormat Systems, provides limited non-pension benefits to all current employees in Israel who are entitled to benefits in the event of termination or retirement in accordance with the Israeli Government sponsored programs. These plans generally obligate the Company to pay one month’s salary per year of service to employees in the event of involuntary termination. There is no limit on the number of years of service in the calculation of the benefit obligation. The liabilities for these plans are recorded at each balance sheet date by determining the undiscounted obligation as if it were payable at that point in time. Such liabilities have been presented in the consolidated balance sheets as “liabilities for severance pay”. The Company has an obligation to partially fund the liabilities through regular deposits in pension funds and severance pay funds. The amounts funded are $5.8 million and $5.9 million at December 31, 2025 and 2024, respectively, and have been presented in the consolidated balance sheets as part of “Deposits and other”. The severance pay liability covered by the pension funds is not reflected in the financial statements as the severance pay risks
have been irrevocably transferred to the pension funds. Under the Israeli severance pay law, restricted funds may not be withdrawn or pledged until the respective severance pay obligations have been met. As allowed under the program, earnings from the investment are used to offset severance pay costs. Severance pay expenses for the years ended December 31, 2025, 2024 and 2023 were $2.8 million, $2.9 million and $2.2 million, respectively, which are net of income (loss) amounting to $0.3 million, $0.4 million, and $(0.2) million, respectively, generated from the regular deposits and amounts accrued in severance funds.
The Company expects to pay the following future benefits to its employees upon their reaching normal retirement age, not including amounts already funded into the severance funds to-date:
(Dollars in
thousands)
Year ending December 31:
2026$668 
2027199
2028479
2029720
2030502
2031-20482,912
Total
$5,480 
 The above amounts were determined based on the employees’ current salary rates and the number of years’ service that will have been accumulated at their retirement date. These amounts do not include amounts that might be paid to employees that will cease working with the Company before reaching their normal retirement age.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
 Geothermal Resources
The Company, through its project subsidiaries in the United States and other foreign locations, controls certain rights to geothermal fluids through certain leases with the BLM or through private leases. Royalties on the utilization of the geothermal resources are computed and paid to the lessors as defined in the respective agreements. Royalty expense under the geothermal resource agreements were $31.0 million, $32.1 million and $30.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
 Letters of Credit
In the ordinary course of business with customers, vendors, and lenders, the Company is contingently liable for performance under letters of credit totaling $286.0 million at December 31, 2025. Management does not expect any material losses to result from these letters of credit because performance is not expected to be required.
 Purchase Commitments
The Company purchases raw materials for inventories, construction-in-process and services from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company enters into agreements with contract manufacturers and suppliers that either allow them to procure goods and services based upon specifications defined by the Company, or that establish parameters defining the Company’s requirements. At December 31, 2025, total obligations related to such supplier agreements were $355.1 million (out of which $106.7 million relate to construction-in-process). All such obligations are payable in 2026.
 Grants and Royalties
The Company, through Ormat Systems, had historically, through December 31, 2003, requested and received grants for research and development from the Office of the Chief Scientist of the Israeli Government. Ormat Systems is required to pay royalties to the Israeli Government at a rate of 3.5% to 5.0% of the revenues derived from products and services developed using these grants. No royalties were paid for the years ended December 31, 2025, 2024 and 2023. The Company is not liable for royalties if the Company does not sell such products and services. Such royalties are capped at the amount of the grants received plus interest of 5.9%. The cap at December 31, 2025 and 2024, amounted to $2.7 million and $2.6 million, respectively, of which approximately $1.8 million and $1.6 million, represents the interest portion, as defined above, for 2025 and 2024, respectively.
 Lease Commitments
The Company's lease commitments are detailed under Note 21, Leases to the consolidated financial statements.
  Contingencies
In February 2025, Engie Resources, LLC and certain of its affiliates filed an action against the Company’s wholly-owned subsidiary in the United States District Court for the Northern District of Texas, which was later re-filed in the Texas Business Court. The complaint alleges that the Company breached its contractual obligations, including certain indemnity obligations, under certain service agreements with or involving the plaintiffs, by failing to properly schedule responsive reserve service on behalf of the plaintiffs during the power crisis in Texas in February 2021. The plaintiffs originally sought $47.5 million in damages. In December 2025, the plaintiffs amended their complaint to add claims related to the same facts, seeking an additional $7.0 million in damages. The Company considers it has strong legal defenses and intends to vigorously defend itself against the claims and take all necessary legal action to have them dismissed. The Company has filed a motion for summary judgment with a hearing date set for March 20, 2026. Trial is scheduled to begin subject to the outcome of the motion for summary judgment on May 18, 2026. No amounts have been accrued for potential losses under this matter, as the Company believes the probability of the claimant receiving a material award is low and it cannot currently reasonably predict the outcome of the proceedings, which is inherently uncertain.
Additionally, from time to time, the Company is named as a party to other various lawsuits, claims and other legal and regulatory proceedings that arise in the ordinary course of the Company's business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to such lawsuits, claims and proceedings, the Company accrues reserves when a loss is probable, and the amount of such loss can be reasonably estimated. It is the opinion of the Company’s management that the outcome of these proceedings, individually and collectively, will not be material to the Company’s consolidated financial statements as a whole.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company is a lessee in operating transactions primarily consisting of land leases for its exploration and development activities and storage activities. Additionally, the Company is a lessee in finance lease transactions for its fleet vehicles. The Company is a lessor primarily in PPAs that are accounted under lease accounting, as further described under Note 1 to the consolidated financial statements under “Revenues and cost of revenues”, and “Leases”.
Leases in Which the Company is a Lessee
The table below presents the effects on the amounts relating to total lease cost:
Year Ended December 31,
202520242023
(Dollars in thousands)
Lease cost:
Finance lease cost:
Amortization of right-of-use assets $1,821 $1,388 $1,922 
Interest on lease liabilities 206 143 168 
Operating lease cost 6,665 5,657 4,771 
Short-term and variable lease cost 10,220 6,738 6,741 
Total lease cost
$18,912 $13,926 $13,602 
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases $206 $143 $168 
Operating cash flows for operating leases 7,909 10,526 4,448 
Financing cash flows for finance leases 1,840 1,383 1,963 
Right-of-use assets obtained in exchange for new finance lease liabilities 3,677 761 1,671 
Right-of-use assets obtained in exchange for new operating lease liabilities 12,174 12,599 4,731 
December 31,
Additional information as of the end of the year:20252024
Weighted-average remaining lease term — finance leases (in years)
12.313.4
Weighted-average remaining lease term — operating leases (in years)14.916.3
Weighted-average discount rate — finance leases (in percentage)
6 %6 %
Weighted-average discount rate — operating leases (in percentage)5 %5 %
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating LeasesFinance Leases
Financing Liability (1)
(Dollars in thousands)
Year ending December 31,
2026$6,098 $551 $22,675 
20274,879 1,885 20,815 
20283,914 1,127 20,578 
20293,211 938 23,165 
20302,477 399 19,856 
Thereafter30,608 29 230,986 
Total future minimum lease payments51,187 4,929 338,075 
Less imputed interest16,663 402 121,679 
Total$34,524 $4,527 $216,396 
(1) Financing liability was assumed as part of the Terra-Gen business combination transaction in 2021 as further described under Note 11 to the consolidated financial statements, and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.  
Leases in Which the Company is a Lessor
The table below presents lease income recognized as a lessor:
Year Ended December 31,
202520242023
(Dollars in thousands)
Lease income relating to lease payments of operating leases $569,120 $553,348 $542,065 
LEASES LEASES
The Company is a lessee in operating transactions primarily consisting of land leases for its exploration and development activities and storage activities. Additionally, the Company is a lessee in finance lease transactions for its fleet vehicles. The Company is a lessor primarily in PPAs that are accounted under lease accounting, as further described under Note 1 to the consolidated financial statements under “Revenues and cost of revenues”, and “Leases”.
Leases in Which the Company is a Lessee
The table below presents the effects on the amounts relating to total lease cost:
Year Ended December 31,
202520242023
(Dollars in thousands)
Lease cost:
Finance lease cost:
Amortization of right-of-use assets $1,821 $1,388 $1,922 
Interest on lease liabilities 206 143 168 
Operating lease cost 6,665 5,657 4,771 
Short-term and variable lease cost 10,220 6,738 6,741 
Total lease cost
$18,912 $13,926 $13,602 
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases $206 $143 $168 
Operating cash flows for operating leases 7,909 10,526 4,448 
Financing cash flows for finance leases 1,840 1,383 1,963 
Right-of-use assets obtained in exchange for new finance lease liabilities 3,677 761 1,671 
Right-of-use assets obtained in exchange for new operating lease liabilities 12,174 12,599 4,731 
December 31,
Additional information as of the end of the year:20252024
Weighted-average remaining lease term — finance leases (in years)
12.313.4
Weighted-average remaining lease term — operating leases (in years)14.916.3
Weighted-average discount rate — finance leases (in percentage)
6 %6 %
Weighted-average discount rate — operating leases (in percentage)5 %5 %
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating LeasesFinance Leases
Financing Liability (1)
(Dollars in thousands)
Year ending December 31,
2026$6,098 $551 $22,675 
20274,879 1,885 20,815 
20283,914 1,127 20,578 
20293,211 938 23,165 
20302,477 399 19,856 
Thereafter30,608 29 230,986 
Total future minimum lease payments51,187 4,929 338,075 
Less imputed interest16,663 402 121,679 
Total$34,524 $4,527 $216,396 
(1) Financing liability was assumed as part of the Terra-Gen business combination transaction in 2021 as further described under Note 11 to the consolidated financial statements, and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.  
Leases in Which the Company is a Lessor
The table below presents lease income recognized as a lessor:
Year Ended December 31,
202520242023
(Dollars in thousands)
Lease income relating to lease payments of operating leases $569,120 $553,348 $542,065 
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Cash Dividend
On February 24, 2026, the Company’s Board of Directors declared, approved and authorized payment of a quarterly dividend of $7.3 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on March 10, 2026, payable on March 24, 2026.
Convertible Senior Notes
As further disclosed under Note 11 to the consolidated financial statements, on or after January 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Senior Notes may convert all or any portion of their Notes at any time and as a result, the Company expects to present the
Notes under short-term liabilities on the consolidated balance sheet, starting the first quarter of 2026. As of the filing date of this Form 10-K for the fiscal year ended December 31, 2025, no portion of the Notes was converted.
Business Combination - Solar and Storage Facility Purchase Transaction
On January 29, 2026, the Company closed a purchase transaction with Innergex Renewables USA LLC. to acquire a solar and storage facility on the Big Island of Hawaii, for a total cash consideration of $80.5 million (subject to a customary post-closing working capital adjustment to the purchase price) for 100% of the equity interests in the entity holding this asset. The acquired assets include a 30MW solar PV facility paired with a 30MW/120MWh battery energy storage system, which achieved commercial operation in March 2025. All output from the facility is sold under a 25-year fixed price power purchase agreement with HECO.
As a result of the acquisition, the Company expanded its overall storage and solar generation capacity and expects to improve the profitability of the purchased assets through cost reduction and synergies. The Company will account for the transaction under ASC 805, Business Combinations. The Company is still evaluating the accounting related to the purchase transaction, including the purchase price allocation, and therefore, such allocation is not provided herewith. The Company expects to consolidate the acquired assets in its consolidated financial statements starting from the transaction close date.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement Each of Jessica Woelfel, the General Counsel, Chief Compliance Office and Corporate Secretary, and Ofer Ben Yosef, the Executive Vice President – Energy Storage and Business Development, modified their existing “Rule 10b5-1 trading arrangements” (as defined in Item 408(a) of Regulation S-K), on November 25, 2025 and December 12, 2025, respectively. The modified Rule 10b5-1 trading arrangements provide for the sale of up to, in Ms. Woelfel’s case, 11,662 shares underlying equity awards (assuming maximum payouts under outstanding PSUs) until the earlier of May 8, 2026 or the completion of all transactions under her plan, and in Mr. Ben Yosef’s case, 23,144 shares underlying equity awards (assuming maximum payouts under outstanding PSUs), until the earlier of December 10, 2027 or the completion of all transactions under his plan. For SEC disclosure purposes, the modifications are considered terminations of these officers’ previously disclosed Rule 10b5-1 trading arrangements (adopted by Ms. Woelfel on June 30, 2025 and Mr. Ben Yosef on June 26, 2025, respectively) and adoptions of new Rule 10b5-1 trading arrangements.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Jessica Woelfel [Member]  
Trading Arrangements, by Individual  
Name Jessica Woelfel
Title General Counsel, Chief Compliance Office and Corporate Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 30, 2025
Expiration Date May 8, 2026
Arrangement Duration 312 days
Aggregate Available 11,662
Ofer Ben Yosef [Member]  
Trading Arrangements, by Individual  
Name Ofer Ben Yosef
Title Executive Vice President – Energy Storage and Business Development
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 26, 2025
Expiration Date December 10, 2027
Arrangement Duration 897 days
Aggregate Available 23,144
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We prioritize the management of cybersecurity risk and the protection of information across our enterprise by embedding data protection and cybersecurity risk management in our operations. Our processes for assessing, identifying, and managing material risks from cybersecurity threats have been integrated into our overall risk management system and processes.
As a foundation of this approach, our privacy and security policies govern our business lines and subsidiaries. We monitor the privacy and security regulations applicable to us in the regions where we do business as well as proposed privacy and security regulations and emerging risks.
We conduct internal and external penetration testing and risk assessments on a regular basis, and have engaged consultants, auditors and other relevant third parties to assist us with cybersecurity risk management processes. Our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks. Computer viruses, hackers, and employee or vendor misconduct, and other external hazards could expose our data systems and those of our vendors to security breaches, cybersecurity incidents or other disruptions, any of which could materially and adversely affect our ability to conduct our business. While we have experienced cybersecurity incidents, to date, we are not aware that we have experienced a material cybersecurity incident. The sophistication of cybersecurity threats continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may be insufficient. In addition, new technology that could result in greater operational efficiency may further expose our computer systems to the risk of cybersecurity incidents. We may also maintain cyber liability insurance that covers certain damages caused by cybersecurity incidents. However, there is no guarantee that adequate insurance will continue to be available at rates that we believe are reasonable or that the costs of responding to and recovering from a cybersecurity incident will be covered by insurance or recoverable in rates.
For more information, see Part I of this Annual Report, Item 1A “Risk Factors—Risks Related to the Company’s Business and Operation—A cyber-incident, cyber security breach, severe natural event or physical attack on our operational networks and information technology systems could have a material adverse effect on our financial condition, results of operations, liquidity and cash flows.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We prioritize the management of cybersecurity risk and the protection of information across our enterprise by embedding data protection and cybersecurity risk management in our operations. Our processes for assessing, identifying, and managing material risks from cybersecurity threats have been integrated into our overall risk management system and processes.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
As part of our overall risk management approach, we prioritize the management of cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised fully of independent directors from our Board, oversees the Board’s responsibilities relating to cybersecurity risks. Each of our Audit Committee and Board is informed of such risks through reports from our Chief Information Officer (“CIO”) at least twice per year.
Our Chief Information Security Officer (“CISO”), who has been a chief information security officer at Ormat for eight years, is certified by the International Information System Security Certification Consortium as an Information Systems Security Management Professional (“ISSMP”), as an Information Systems Security Architecture Professional (“ISSAP”), and as a Certified Information Systems Security Professional (“CISSP”). Our CISO oversees compliance of our information security (“IS”) standards and mitigation of IS risks. We also have the following internal bodies to support our processes to assess and manage cybersecurity risk as follows:
•The Crisis Incident Management Team, which includes members of the executive management team, the CIO, CISO, and other senior executives across the Company, is alerted as appropriate to cybersecurity incidents, as well as other crises, such as natural disasters and outages. This team also periodically oversees tabletop drills on various cybersecurity incidents.
•The Cyber Risk Disclosure Committee brings together senior management, including the CEO, CFO, General Counsel and other relevant functions to review the materiality of cyber incidents for disclosure purposes. The Cyber Risk Disclosure Committee members are also part of the Crisis Incident Management team.
•The IT leadership team, led by our Chief Information Officer, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives. The team provides periodic presentations to senior management and the Board on cybersecurity risk and mitigation.
•The VP of Technical and Maintenance chairs monthly cybersecurity meetings to review cyber risks or threats related to the operations of our geothermal projects.
At the level of the general employee population, we hold trainings on privacy and information security, records and information management, and information security regulatory compliance, conduct phishing tests and generally seek to promote awareness of cybersecurity risk through broad communication and educational initiatives, depending on the employee’s level, role and exposure to sensitive systems and the associated cybersecurity risk profile. We also contract with an external vendor to monitor alerts in real time on cybersecurity incidents.
With respect to third party service providers, we obligate our vendors to adhere to privacy and cybersecurity measures. We also restrict vendors’ access to our organizational systems through a segmented and controlled environment, which is monitored by us, and perform detailed and customized risk assessments of certain vendors, including their ability to protect data from unauthorized access.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee, comprised fully of independent directors from our Board, oversees the Board’s responsibilities relating to cybersecurity risks. Each of our Audit Committee and Board is informed of such risks through reports from our Chief Information Officer (“CIO”) at least twice per year.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
As part of our overall risk management approach, we prioritize the management of cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised fully of independent directors from our Board, oversees the Board’s responsibilities relating to cybersecurity risks. Each of our Audit Committee and Board is informed of such risks through reports from our Chief Information Officer (“CIO”) at least twice per year.
Cybersecurity Risk Role of Management [Text Block]
As part of our overall risk management approach, we prioritize the management of cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised fully of independent directors from our Board, oversees the Board’s responsibilities relating to cybersecurity risks. Each of our Audit Committee and Board is informed of such risks through reports from our Chief Information Officer (“CIO”) at least twice per year.
Our Chief Information Security Officer (“CISO”), who has been a chief information security officer at Ormat for eight years, is certified by the International Information System Security Certification Consortium as an Information Systems Security Management Professional (“ISSMP”), as an Information Systems Security Architecture Professional (“ISSAP”), and as a Certified Information Systems Security Professional (“CISSP”). Our CISO oversees compliance of our information security (“IS”) standards and mitigation of IS risks. We also have the following internal bodies to support our processes to assess and manage cybersecurity risk as follows:
•The Crisis Incident Management Team, which includes members of the executive management team, the CIO, CISO, and other senior executives across the Company, is alerted as appropriate to cybersecurity incidents, as well as other crises, such as natural disasters and outages. This team also periodically oversees tabletop drills on various cybersecurity incidents.
•The Cyber Risk Disclosure Committee brings together senior management, including the CEO, CFO, General Counsel and other relevant functions to review the materiality of cyber incidents for disclosure purposes. The Cyber Risk Disclosure Committee members are also part of the Crisis Incident Management team.
•The IT leadership team, led by our Chief Information Officer, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives. The team provides periodic presentations to senior management and the Board on cybersecurity risk and mitigation.
•The VP of Technical and Maintenance chairs monthly cybersecurity meetings to review cyber risks or threats related to the operations of our geothermal projects.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Chief Information Security Officer (“CISO”), who has been a chief information security officer at Ormat for eight years, is certified by the International Information System Security Certification Consortium as an Information Systems Security Management Professional (“ISSMP”), as an Information Systems Security Architecture Professional (“ISSAP”), and as a Certified Information Systems Security Professional (“CISSP”). Our CISO oversees compliance of our information security (“IS”) standards and mitigation of IS risks. We also have the following internal bodies to support our processes to assess and manage cybersecurity risk as follows:
•The Crisis Incident Management Team, which includes members of the executive management team, the CIO, CISO, and other senior executives across the Company, is alerted as appropriate to cybersecurity incidents, as well as other crises, such as natural disasters and outages. This team also periodically oversees tabletop drills on various cybersecurity incidents.
•The Cyber Risk Disclosure Committee brings together senior management, including the CEO, CFO, General Counsel and other relevant functions to review the materiality of cyber incidents for disclosure purposes. The Cyber Risk Disclosure Committee members are also part of the Crisis Incident Management team.
•The IT leadership team, led by our Chief Information Officer, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives. The team provides periodic presentations to senior management and the Board on cybersecurity risk and mitigation.
•The VP of Technical and Maintenance chairs monthly cybersecurity meetings to review cyber risks or threats related to the operations of our geothermal projects.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] who has been a chief information security officer at Ormat for eight years, is certified by the International Information System Security Certification Consortium as an Information Systems Security Management Professional (“ISSMP”), as an Information Systems Security Architecture Professional (“ISSAP”), and as a Certified Information Systems Security Professional (“CISSP”). Our CISO oversees compliance of our information security (“IS”) standards and mitigation of IS risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Each of our Audit Committee and Board is informed of such risks through reports from our Chief Information Officer (“CIO”) at least twice per year.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Business Business The Company is primarily engaged in the geothermal and recovered energy business and primarily designs, develops, builds, sells, owns and operates clean, environmentally friendly geothermal power plants, usually using equipment that it designs and manufactures. The Company owns and operates geothermal and recovered energy-based power plants in various countries, including the United States, Kenya, Guatemala, Guadeloupe and Honduras. The Company’s equipment manufacturing operations are primarily located in Israel. Additionally, the Company owns and operates independent storage facilities in the United States providing energy storage and related services. Most of the Company’s domestic power plant facilities are Qualifying Facilities under the PURPA. The Power Purchase Agreements (“PPAs”) for certain of such facilities are dependent upon their maintaining Qualifying Facility status.
Rounding Rounding
 Dollar amounts, except per share data, in the notes to these financial statements are rounded to the closest $1,000, unless otherwise indicated.
Basis of Presentation Basis of Presentation
 The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies, and variable interest entities in which the Company has an interest and is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation.
 Investments in less-than-majority-owned entities or other entities in which the Company exercises significant influence over operating and financial policies are accounted for using the equity method of accounting or consolidated if they are a variable interest entity in which the Company has an interest and is the primary beneficiary. Under the equity method, original investments are recorded at cost and adjusted by the Company’s share of undistributed earnings or losses of such companies. The Company’s earnings or losses in investments accounted for under the equity method have been reflected as “equity in earnings (losses) of investees, net” on the Company’s consolidated statements of operations and comprehensive income (loss).
Use of Estimates in Preparation of Financial Statements Use of Estimates in Preparation of Financial Statements
 The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of such financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates with regard to the Company’s consolidated financial statements relate to the useful lives of property, plant and equipment, impairment of goodwill and long-lived assets, including intangible assets, revenue recognition of product sales using the percentage of completion method, asset retirement obligations, and the provision for income taxes.
Cash and Cash Equivalents
Cash and Cash Equivalents
 The Company considers all highly liquid instruments, with an original maturity of three months or less, to be cash equivalents.
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents
 Under the terms of certain long-term debt agreements, the Company is required to maintain certain debt service reserves, including principal and interest, cash collateral and operating fund accounts, including for future wells drilling, which have been classified as restricted cash and cash equivalents. Funds that will be used to satisfy obligations due during the next 12 months are classified as current restricted cash and cash equivalents, with the remainder classified as non-current restricted cash and cash equivalents, if applicable. Such amounts are invested primarily in money market accounts and commercial paper with a minimum investment grade of “A”.
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows:
 
December 31,
202520242023
(Dollars in thousands)
Cash and cash equivalents $147,448 $94,395 $195,808 
Restricted cash and cash equivalents 133,418 111,37791,962
Total cash and cash equivalents and restricted cash and cash equivalents $280,866 $205,772 $287,770 
Concentration of Credit Risk
Concentration of Credit Risk
 Financial instruments which potentially subject the Company to concentration of credit risk consist principally of temporary cash investments, accounts receivable, and the cross-currency and interest rate swap transactions.
 Cash Investments:
The Company places its temporary cash investments with high credit quality financial institutions located in the U.S. and in foreign countries. At December 31, 2025 and 2024, the Company had deposits totaling $83.6 million and $31.2 million, respectively, in ten United States financial institutions that were federally insured up to $250,000 per account. At December 31, 2025 and 2024, the Company’s deposits in foreign countries of approximately $75.4 million and $73.9 million, respectively, were not insured.
 Account Receivables:
At December 31, 2025 and 2024, accounts receivable related to operations in foreign countries amounted to approximately $102.0 million and $105.2 million, respectively. At December 31, 2025 and 2024, accounts receivable from the Company’s major customers (see Note 17) amounted to approximately 56% and 57%, respectively, of the Company’s accounts receivable. The aggregate amount of notes receivable exceeding 10% of total receivables for the year ended December 31, 2025 and 2024 is $103.2 million and $99.7 million, respectively.
 The Company has historically been able to collect substantially all of its receivable balances. As of December 31, 2025, the amount overdue from KPLC in Kenya was $29.5 million of which $21.1 million was paid in January and February of 2026. The Company believes it will be able to collect all past due amounts in Kenya. This belief is supported by the fact that in addition to KPLC's obligations under its power purchase agreement, the Company holds a support letter from the Government of Kenya that covers certain cases of KPLC non-payment (such as non-payments that are caused by government actions and/or political events).
In Honduras, as of December 31, 2025, the total amount overdue from ENEE was $20.3 million of which $1.0 million was collected in January and February of 2026. In addition, due to the financial situation in Honduras, the Company may experience additional delays in collection. The Company believes it will be able to collect all past due amounts in Honduras.
Additionally, the Company considers the counterparty credit risk related to the cross-currency and interest rate swap transactions, as further described in note 11 to the consolidated financial statements, when assessing the hedge effectiveness, noting such risk to be low as of December 31, 2025.
Inventories Inventories
 Inventories consist primarily of raw material parts and sub-assemblies for power units and are stated at the lower of cost or net realizable value, using the weighted-average cost method. Inventories are reduced by a provision for slow-moving and obsolete inventories. This provision was not material at December 31, 2025 and 2024.
Deposits and Other Deposits and Other
 Deposits and other consist primarily of performance bonds for construction and storage projects, long-term insurance contract funds and receivables, certain deferred costs and deferred financing costs, long-term derivative assets and long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project.
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
 Property, plant and equipment are stated at cost, (except when acquired as part of a business combination, as further described under Note 2 to the consolidated financial statements), net of accumulated depreciation. All costs associated with the acquisition, development and construction of power plants operated by the Company are capitalized. Major improvements are capitalized and repairs and maintenance (including major maintenance) costs are expensed. Power plants operated by the Company, which include geothermal wells and exploration and resource development costs, are depreciated using the straight-line method over their estimated useful lives, which range from 15 to 30 years. The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets:
 
Years
Buildings 25
Leasehold improvements 15-30
Machinery and equipment — manufacturing and drilling 5-10
Machinery and equipment — computers 3-5
Energy storage equipment 8-20
Solar facility equipment30
Office equipment — furniture and fixtures 5-15
Office equipment — other5-10
Vehicles 5-7
 The cost and accumulated depreciation of items sold or retired are removed from the accounts. Any resulting gain or loss is recognized currently and recorded in the accompanying statements of operations.
 The Company capitalizes interest costs as part of constructing power plant facilities. Such capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest costs amounted to $28.1 million, $14.7 million, and $17.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Exploration and Development Costs
Exploration and Development Costs
 The Company capitalizes costs incurred in connection with the exploration and development of geothermal resources once it acquires land rights to the potential geothermal resource. Prior to acquiring land rights, the Company makes an initial assessment that an economically feasible geothermal reservoir is probable on that land. The Company determines the economic feasibility of potential geothermal resources internally, with all available data and external assessments vetted through the exploration department and occasionally using outside service providers. Costs associated with the initial assessment are expensed and included in cost of electricity revenues in the consolidated statements of operations and comprehensive income (loss). Such costs were immaterial during the years ended December 31, 2025, 2024 and 2023. It normally takes two to three years from the time active exploration of a particular geothermal resource begins to the time a production well is in operation, assuming the resource is commercially viable. However, in certain sites the process may take longer due to permitting delays, transmission constraints or any other commercial milestones that are required to be reached in order to pursue the development process.
 In most cases, the Company obtains the right to conduct the geothermal development and operations on land owned by the Bureau of Land Management ("BLM"), various states or with private parties. The land lease payments made during the exploration, development and construction phase are accounted under lease accounting as further described under the caption Leases below and reflected as expenses under “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss). Upon commencement of power generation on the leased land, the Company begins to pay the lessor’s long-term royalty payments based on the utilization of the geothermal resources as defined in the respective agreements. Such payments are expensed when the related revenues are earned and included in “Electricity cost of revenues” in the consolidated statements of operations and comprehensive income (loss).
   Following the acquisition of land rights to the potential geothermal resource, the Company conducts further studies and surveys, including water and soil analyses, among others, and augments its database with the results of these studies. The Company then initiates a suite of geophysical surveys to assess the resource and determine drilling locations. If the results of these activities support the initial assessment of the feasibility of the geothermal resource, the Company then proceeds to exploratory drilling and other related activities which may include drilling of temperature gradient holes, drilling of slim holes, building access roads to drilling locations, drilling full size production and/or injection wells and flow tests. If the slim hole supports a conclusion that the geothermal resource will support a commercially viable power plant, it may be converted to a full-size commercial well, used either for extraction or re-injection of geothermal fluids, or be used as an observation well to monitor and define the geothermal resource. Costs associated with these activities and other directly attributable costs, including interest once physical exploration activities begin, and permitting costs are capitalized and included in “Construction-in-process”. If the Company concludes that a geothermal resource will not support commercial operations, capitalized costs are expensed in the period such determination is made.
 When deciding whether to continue holding lease rights and/or to pursue exploration activity, the Company diligently prioritizes prospective investments, taking into account resource and probability assessments in order to make informed decisions about whether a particular project will support commercial operation. During the years ended December 31, 2025, 2024 and 2023, the Company recorded $1.4 million, $3.9 million, and $3.7 million of unsuccessful exploration and storage activities, respectively, that the Company decided to no longer pursue, out of which $1.4 million, $2.0 million and $0.3 million, respectively, relate to storage activities that the Company decided to no longer pursue.
 All exploration and development costs that are being capitalized will be depreciated over their estimated useful lives when the related geothermal power plant is substantially complete and ready for use. A geothermal power plant is substantially complete and ready for use when electricity generation commences.
Asset Retirement Obligation
Asset Retirement Obligation
 The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. The Company’s legal liabilities include plugging wells and post-closure costs of power producing and storage sites. When a new liability for asset retirement obligations is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. The Company periodically reassesses the assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in estimated probabilities, amounts, and timing of the settlement of the asset retirement obligation, as well as changes in the legal requirements of an obligation and revises the previously recorded asset retirement obligation accordingly. At retirement, the obligation is settled for its recorded amount at a gain or loss.
Deferred Financing Costs Deferred Financing Costs
 Deferred financing costs are presented as a direct deduction from the carrying value of the associated debt liability or under "Deposits and other" if associated with lines of credit. Such deferred costs are amortized over the term of the related obligation using the effective interest method or ratably, as applicable. Amortization of deferred financing costs is presented as interest expense in the consolidated statements of operations and comprehensive income (loss). Amortization expense for the years ended December 31, 2025, 2024 and 2023 amounted to $6.4 million, $5.9 million, and $5.9 million, respectively. During the years ended December 31, 2025, 2024 and 2023, no material amounts were written-off as a result of extinguishment of liabilities.
Goodwill
Goodwill
 Goodwill represents the excess of the fair value of consideration transferred in the business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and the fair value of any noncontrolling interest in the acquisitions. Goodwill is not amortized but rather subject to a periodic impairment testing on an annual basis, which the Company performs on December 31 of each year, or if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Additionally, it is permitted to first assess qualitative factors to determine whether a quantitative goodwill impairment test is necessary. Further testing is only required if the entity determines, based on the qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. Otherwise, no further impairment testing is required. An entity has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative goodwill impairment test. This would not preclude the entity from performing the qualitative assessment in any subsequent period. The quantitative assessment compares the fair value of the reporting unit to its carrying value, including goodwill. Under ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), an entity should recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For further information relating to goodwill see Note 9 - Intangible Assets and Goodwill to the consolidated financial statements.
Intangible Assets Intangible Assets
 Intangible assets consist of allocated acquisition costs of PPAs, which are amortized using the straight-line method over the 4 to 19-year terms of the agreements (see Note 9) as well as acquisition costs allocation related to the Company's Energy Storage segment activities that are amortized over a period of between approximately 6 and 19 years. Intangible assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In case there are no such events or change in circumstances, there is no need to perform an impairment testing. The recoverability is tested by comparing the net carrying value of the intangible assets to the undiscounted net cash flows to be generated from the use and eventual disposition of these assets. If the carrying amount of a long-lived asset (or asset group) is not recoverable, the fair value of the asset (asset group) is measured and if the carrying amount exceeds the fair value, an impairment loss is recognized.
Impairment of Long-lived Assets and Long-lived Assets to be Disposed of Impairment of Long-lived Assets and Long-lived Assets to be Disposed of
 The Company evaluates long-lived assets, such as property, plant and equipment and construction-in-process for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors which could trigger an impairment include, among others, significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of assets or its overall business strategy, negative industry or economic trends, a determination that an exploration project will not support commercial operations, a determination that a suspended project is not likely to be completed, a significant increase in costs necessary to complete a project, legal factors relating to its business or when it concludes that it is more likely than not that an asset will be disposed of or sold.
 The Company tests its operating plants that are operated together as a complex for impairment at the complex level because the cash flows of such plants result from significant shared operating activities. For example, the operating power plants in a complex are
managed under a combined operation management generally with one central control room that controls all of the power plants in a complex and one maintenance group that services all of the power plants in a complex. As a result, the cash flows from individual plants within a complex are not largely independent of the cash flows of other plants within the complex. The Company tests for impairment of its operating plants which are not operated as a complex as well as its projects under exploration, development or construction that are not part of an existing complex at the plant or project level. To the extent an operating plant becomes part of a complex, the Company will test for impairment at the complex level.
 Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset. The significant assumptions that the Company uses in estimating its undiscounted future cash flows include: (i) projected generating capacity of the complex or power plant and rates to be received under the respective PPAs and expected market rates thereafter and (ii) projected operating expenses of the relevant complex or power plant. Estimates of future cash flows used to test recoverability of a long-lived asset under development also include cash flows associated with all future expenditures necessary to develop the asset.
   If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Management believes that as of December 31, 2025, no impairment exists for long-lived assets, except as described below. However, estimates as to the recoverability of such assets may change based on revised circumstances. If actual cash flows differ significantly from the Company’s current estimates, a material impairment charge may be required in the future.
As further described under Note 8 to the consolidated financial statements, in the fourth quarter of 2025, the Company recorded a non-cash impairment charge of $12.1 million in respect of its Brawley power plant and OREG 2 facility. This charge was recorded under “Impairment of long-lived assets” line item in the consolidated statements of operations and comprehensive income (loss).
Derivative Instruments
Derivative Instruments
 Derivative instruments (including certain derivative instruments embedded in other contracts) are measured at their fair value and recorded as either assets or liabilities unless exempted from derivative treatment as a normal purchase and sale. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. Changes in the fair value of derivatives designated as cash flow hedging instruments are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” into earnings to offset the impact of the underlying hedge transaction when it affects earnings under the same line item in the consolidated statements of operations and comprehensive income.
 The Company maintains a risk management strategy that may incorporate the use of swap contracts, put options, forward exchange contracts, interest rate swaps, and cross-currency swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by oil and natural gas prices, exchange rate or interest rate volatility.
Foreign Currency Translation Foreign Currency Translation The U.S. dollar is the functional currency for all of the Company’s consolidated operations and those of its equity affiliates except the Guadeloupe power plant and the Company's operations in New Zealand. For those U.S. dollar functional currency entities, all gains and losses from currency translations are included under “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income (loss). The Euro and New Zealand Dollar are the functional currencies of the Company's operations in Guadeloupe and New Zealand, respectively, and thus the impact from currency translation adjustments related to those locations is included as currency translation adjustments in “Accumulated other comprehensive income” in the consolidated statements of equity and in comprehensive income. The accumulated currency translation adjustments amounted to a debit of $1.9 million and a debit of $9.3 million, as of December 31, 2025 and 2024, respectively.
Comprehensive Income Comprehensive Income
Comprehensive income includes net income plus other comprehensive income (loss), which for the Company consists primarily of changes in foreign currency translation adjustments, changes in unrealized gains or losses in respect of the Company’s share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge, and changes in respect of derivative instruments designated as a cash flow hedge. The changes in foreign currency translation adjustments included under other comprehensive income (loss) during the years ended December 31, 2025, 2024 and 2023 amounted to $9.7 million, $(8.2) million, and $1.3 million, respectively. The changes in the Company’s share in derivative instruments of an unconsolidated investment, and gains or losses in respect of derivative instruments designated as a cash flow hedge are disclosed under Note 5 – Investment in unconsolidated companies, and Note 7 - Fair value of financial instruments, respectively, to the consolidated financial statements.
Power Purchase Agreements
Power Purchase Agreements
Substantially all of the Company’s Electricity revenues are recognized pursuant to PPAs in the United States, and in various foreign countries, including Kenya, Guatemala, Guadeloupe and Honduras. These PPAs generally provide for the payment of energy payments or both energy and capacity payments through their respective terms which expire in varying periods from 2025 to 2051.
Generally, capacity payments are calculated based on the amount of time that the power plants are available to generate electricity. The energy payments are calculated based on the amount of electrical energy delivered at a designated delivery point. The price terms are customary in the industry and include, among others, a fixed price, SRAC (the incremental cost that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others), and a fixed price with an escalation clause that includes the value for environmental attributes, known as renewable energy credits. Certain of the PPAs provide for bonus payments in the event that the Company is able to exceed certain target levels and potential payments by the Company if it fails to meet minimum target levels. The Company has PPAs that give the power purchaser or its designee a right of first refusal or a right of first offer to acquire the geothermal power plants at fair market value as negotiated between the parties. One of the Company’s subsidiaries in Guatemala sells power at an agreed upon price subject to terms of a “take or pay” PPA.
 Pursuant to the terms of certain of the PPAs, the Company may be required to make payments to the relevant power purchaser under certain conditions, such as shortfall in delivery of renewable energy and energy credits, and not meeting certain performance threshold requirements, as defined in the relevant PPA. The amount of payment required is dependent upon the level of shortfall in delivery or performance requirements and is recorded in the period the shortfall occurs. In addition, if the Company does not meet certain minimum performance requirements, the capacity of the power plant may be permanently reduced.
Revenues and Cost of Revenues Revenues and Cost of Revenues
 Revenues from contracts with customers are recognized in connection with the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Company is required to apply each of the following steps: (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contracts; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
Revenues are primarily related to: (i) sale of electricity from geothermal and recovered energy-based power plants owned and operated by the Company; (ii) geothermal and recovered energy-based power plant equipment sale, engineering, construction and installation, and operating services; and (iii) sale of capacity, energy and/or ancillary services from its energy storage facilities.
 Electricity Segment Revenues:
Revenues related to the sale of electricity from geothermal and recovered energy-based power plants and capacity payments are recorded based upon output delivered and capacity provided at rates specified under relevant contract terms. The Company assesses whether PPAs entered into, modified, or acquired in business combinations contain a lease element requiring lease accounting. Revenue from such PPAs are accounted for in electricity revenues. In the Electricity segment, revenues for all but thirteen power plants are accounted as operating leases, and therefore equipment related to geothermal and recovered energy generation power plants as described in Note 8 is considered held for leasing. For power plants in the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company identified electricity as a separate performance obligation. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the invoiced amounts reasonably represents the value to customers of performance obligations fulfilled to date. The transaction price is determined based on the price per actual mega-watt output or available capacity as agreed to in the respective PPA. Customers are generally billed on a monthly basis and payment is typically due within 30 to 60 days after the issuance of the invoice.
Product Segment Revenues:
Revenues from engineering, operating services, and parts and product sales are recorded upon providing the service or delivery of the products and parts and when collectability is reasonably assured. Revenues from the supply and/or construction of geothermal and recovered energy-based power plant equipment and other equipment to third parties are recognized over time since control is transferred continuously to the Company's customers. The majority of the Company's contracts include a single performance obligation which is essentially the promise to transfer the individual goods or services that are not separately identifiable from other promises in the contracts and therefore deemed as not distinct. Performance obligations are satisfied over-time if the customer receives the benefits as the Company performs work, if the customer controls the asset as it is being constructed, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. In the Company's Product segment, revenues are spread over a period of one to two years and are recognized over time based on the cost incurred to date in ratio to total estimated costs which represents the input method that best depicts the transfer of control over the performance obligation to the customer. Costs include direct material, labor, and indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.
 In contracts for which the Company determines that control is not transferred continuously to the customer, the Company recognizes revenues at the point in time when the customer obtains control of the asset. Revenues for such contracts are recorded upon delivery and acceptance by the customer. This generally is the case for the sale of spare parts, generators or similar products.
 Accounting for product contracts that are satisfied over time includes use of several estimates such as variable consideration related to bonuses and penalties and total estimated cost for completing the contract. The estimated amount of variable consideration
will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are based on historical experience, anticipated performance and the Company's best judgment at the time.
 The nature of the Company's product contracts give rise to several modifications or change requests by its customers. Substantially all of the modifications are treated as cumulative catch-ups to revenues since the additional goods are not distinct from those already provided. The Company includes the additional revenues related to the modifications in its transaction price when both parties to the contract approved the modification. As a significant change in one or more of these estimates could affect the profitability of the Company's contracts, the Company reviews and updates its contract-related estimates regularly. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period in which it is identified.
Energy Storage Segment Revenues:
Battery energy storage systems as a service, and related services revenues are recorded based on energy management of load curtailment capacity delivered or service provided at rates specified under the relevant contract terms. The Company determined that except for three storage facilities of which revenues are accounted as operating leases under lease accounting, such revenues are in the scope of ASC 606, and identified energy management services as a separate performance obligation. Performance obligations are satisfied once the Company provides verification to the electric power grid operator or utility of its ability to meet the committed capacity, the power curtailment requirements or the ancillary services and thus entitled to cash proceeds. Such verification may be provided by the Company bi-weekly, monthly or under any other frequency as set by the related program and are typically followed by a payment shortly after. Performance obligations identified were evaluated and determined to be satisfied over time and qualified for the invoicing practical expedient since the amounts included in the verification document reasonably represent the value of performance obligations fulfilled to date. The transaction price is determined based on mechanisms specified in the contract with the customer.
Contract Assets and Contract Liabilities 
Contract assets related to the Company's Product segment reflect revenues recognized and performance obligations satisfied in advance of customer billing. Contract liabilities related to the Company's Product segment reflect customer billing in advance of the satisfaction of performance under the contract. The Company receives payments from customers based on the terms established in the contracts. Total contract assets and contract liabilities as of December 31, 2025 and 2024 are as follows:
December 31,
20252024
(Dollars in thousands)
Contract assets (*) $30,011 $29,243 
Contract liabilities (*) $(13,159)$(23,091)
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts", and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was substantially recognized as product revenues during the year ended December 31, 2025 as a result of performance obligations that were satisfied. Additionally, as of December 31, 2025 and 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $75.0 million and $26.0 million, respectively, are included under “Deposits and other” in the consolidated balance sheets, and not under the contract assets and contract liabilities above, due to their long-term nature. Further details related to the Dominica Project are provided below under the caption “The Dominica Project”.
 The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2025 and 2024:
Years Ended December 31,
20252024
Contract assetsContract liabilitiesContract assetsContract liabilities
(Dollars in thousands)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied$— $21,478 $— $12,698 
Cash received in advance for which revenues have not yet recognized, net of expenditures made— (11,546)— (17,119)
Reduction of contract assets as a result of rights to consideration becoming unconditional(19,774)— (5,070)— 
Contract assets recognized, net of recognized receivables20,542 — 15,945 — 
Net change in contract assets and contract liabilities$768 $9,932 $10,875 $(4,421)
The timing of revenue recognition, billings and cash collections result in accounts receivable, contract assets and contract liabilities on the consolidated balance sheet. In the Company's Products segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, or upon achievement of contractual milestones. Generally, billing occurs subsequent to the recognition of revenue, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue can be recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The timing of billing its customers and receiving advance payments vary from contract to contract.  The majority of payments are received no later than the completion of the project and satisfaction of the Company's performance obligation.
On December 31, 2025, the Company had approximately $245.0 million of remaining performance obligations not yet satisfied or partly satisfied related to its Product segment. The Company expects to recognize approximately 100% of this amount as Product revenues during the next 24 months.
The following schedule reconciles revenues accounted under lease accounting, and revenues accounted under ASC 606, Revenues from Contracts with Customers, to total consolidated revenues for the three years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
(Dollars in thousands)
Electricity and Energy Storage revenues accounted under lease accounting
$569,120 $553,348 $542,065 
Electricity, Product and Energy Storage revenues accounted under ASC 606 420,423326,306287,359
Total consolidated revenues $989,543 $879,654 $829,424 
Disaggregated revenues from contracts with customers for the years ended December 31, 2025, 2024, and 2023 are disclosed under Note 17 - Business Segments, to the consolidated financial statements.
Allowance for Credit Losses
Allowance for Credit Losses
The Company performs an analysis of potential credit losses related to its financial instruments that are within the scope of ASU 2018-19, Codification Improvements to Topic 325, Financial Instruments – Credit Losses. Such instruments are primarily cash and cash equivalents, restricted cash and cash equivalents, receivables (excluding those accounted under lease accounting) and costs and estimated earnings in excess of billings on uncompleted contracts, based on class of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. The Company estimates the expected credit losses for each class of financing receivables by applying the related corporate default rate which corresponds to the credit rating of the specific customer or class of financing receivables. For trade receivables, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding. The Company has also considered the existence of credit enhancement arrangements that may mitigate the credit risk of its financial receivables in estimating the applicable corporate default
rate. The Company considered the current and expected future economic and market conditions related to inflation and rising interest rates and determined that the estimate of credit losses was not significantly impacted.
Leases
Leases
ASU 2016-02, Leases (Topic 842), defines a lease as a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (a) the right to obtain substantially all of the economic benefits from the use of the asset, and (b) the right to direct the use of the asset.
The Company is a lessee in operating lease transactions primarily consisting of land leases for its exploration and development activities in the Electricity segment. The Company is also a lessee in finance lease transactions related to its fleet vehicles in the U.S. Additionally, one of the Company's power plant assets which was included in the Terra-Gen business acquisition in 2021, is subject to a sale and leaseback transaction that is accounted as a "failed" sale and leaseback. Additionally, as further described above under Revenues and cost of revenues, the Company acts as a lessor in PPAs that are accounted under ASC 842, Leases.
In accordance with the lease standard, for agreements in which the Company is the lessee, the Company applies a unified accounting model by which it recognizes a right-of-use asset ("ROU") and a lease liability at the commencement date of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time. The classification of the lease as a finance lease or an operating lease determines the subsequent accounting for the lease arrangement.
The Company, both as a lessee and as a lessor, applies the following permitted practical expedients: 
1.Not reassess whether any existing contracts are or contain a lease;
2.Applying the practical expedient for a lessee to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease as a single component;
3.Applying the practical expedient (for a lessee) regarding the recognition and measurement of short-term leases, for leases for a period of up to 12 months from the commencement date. Instead, the Company continued to recognize the lease payments for those leases in profit or loss on a straight-line basis over the lease term.
The Company applies the following significant accounting policies regarding leases it enters into following the adoption of the lease guidance on January 1, 2019:
1.Determining whether an arrangement contains a lease: on the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 
2. The Company as a lessee:
a. Lease classification: at the commencement date, a lease is a finance lease if it meets any one of the criteria below; otherwise, the lease is an operating lease:
•The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;
•The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise;
•The lease term is for the major part of the remaining economic life of the underlying asset;
•The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset;
•The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of lease term.
b.Leased assets and lease liabilities - initial recognition: upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a ROU asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the lease is not readily determinable, the incremental borrowing rate of the Company is used. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease.
c.The lease term: the lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the Company will exercise the option.
d.Subsequent measurement of operating leases: after lease commencement, the Company measures the lease liability at the present value of the remaining lease payments using the discount rate determined at lease commencement (as long as the discount rate has not been updated as a result of a reassessment event). The Company subsequently measures the ROU asset at the present value of the remaining lease payments, adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term and any unamortized initial direct costs. Further, the Company recognizes lease expense on a straight-line basis over the lease term.
e.Subsequent measurement of finance leases: after lease commencement, the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect lease payments made during the period. The Company determines the interest on the lease liability in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. After lease commencement, the Company measures the ROU assets at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The Company amortizes the ROU asset on a straight-line basis, unless another systematic basis better represents the pattern in which the Company expects to consume the ROU asset’s future economic benefits. The ROU asset is amortized over the shorter of the lease term or the useful life of the ROU asset. The amortization period related to the finance lease transactions on fleet vehicles is 4-5 years. The total periodic expense (the sum of interest and amortization expense) of a finance lease is typically higher in the early periods and lower in the later periods.
f.Variable lease payments:
•Variable lease payments that depend on an index or a rate: on the commencement date, the lease payments may include variability and depend on an index or a rate (such as the Consumer Price Index or a market interest rate). The Company does not remeasure the lease liability for changes in future lease payments arising from changes in an index or rate unless the lease liability is remeasured for another reason. Therefore, after initial recognition, such variable lease payments are recognized in profit or loss as they are incurred.
•Other variable lease payments: variable payments that depend on performance or use of the underlying asset are not included in the lease payments. Such variable payments are recognized in profit or loss in the period in which the event or condition that triggers the payment occurs.
 3. The Company as a lessor:
At lease commencement, the Company as a lessor classifies leases as either finance or operating leases. Finance leases are further classified as a sales-type lease or as a direct financing lease, however, the Company has no such leases as a lessor. Under an operating lease, the Company recognizes the lease payment as income over the lease term, generally as earned or on a straight-line basis
Termination Fee
Termination Fee
Fees to terminate PPAs are recognized in the period incurred as selling and marketing expenses. No termination fees were incurred during 2025, 2024 and 2023.
Warranty on Products Sold
Warranty on Products Sold
The Company generally provides a one to two year warranty against defects in workmanship and materials related to the sale of products for electricity generation. The Company considers the warranty to be an assurance type warranty since the warranty provides the customer the assurance that the product complies with agreed-upon specifications. Estimated future warranty obligations are included in operating expenses in the period in which the related revenue is recognized. Such charges are immaterial for the years ended December 31, 2025, 2024 and 2023.
Research and Development
Research and Development
Research and development costs incurred by the Company for the development of technologies related to its existing and new geothermal and recovered energy power plants as well as its storage facilities are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
The Company accounts for stock-based compensation using the fair value method whereby compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The Company uses the Black-Merton-Scholes using binomial Tree option pricing model to calculate the fair value of the stock-based compensation awards.
Tax Monetization Transactions
Tax Monetization Transactions
The Company has the following seven tax monetization transactions: Tungsten, McGinness Hills 3, Steamboat Hills, CD4, North Valley, Heber 1 and 2 and two hybrid tax equity partnerships as further described under Note 12 – Tax Monetization Transactions. The purpose of these transactions is to form tax partnerships, whereby investors provide cash in exchange for equity interests that provide the holder a right to the majority of tax benefits associated with a renewable energy project. Except for the hybrid tax equity partnerships, the Company accounts for a portion of the proceeds from the transaction as debt under ASC 470. Given that a portion of these transactions is structured as a purchase of an equity interest the Company also classifies a portion as noncontrolling interest consistent with guidance in ASC 810. The portion recorded to noncontrolling interest is initially measured at the fair value of the discounted tax attributes and cash distributions which represents the partner's residual economic interest. The residual proceeds are recognized as the initial carrying value of the debt which is classified as a “Liability associated with the sale of tax benefits”. The Company applies the effective interest rate method to the liability associated with the tax monetization transaction component as described by ASC 835 and CON 7. The tax benefits and cash distributions realized by the partner each period are treated as the debt servicing amounts, with the tax benefit amounts giving rise to income attributable to the sale of tax benefits. The deferred transaction costs are capitalized and amortized using the effective interest method.
As further detailed under Note 12 – Tax Monetization Transactions, the Company accounts for ITCs under ASC 740 through the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. As such, income related to the ITCs associated with the Lower Rio and Arrowleaf storage facilities that are included in the hybrid tax equity partnership, was included under the “Income tax (provision) benefit” line in the consolidated statement of operations and comprehensive income. Proceeds allocated to other tax attributes, will be included under “Income attributable to the sale of tax benefits” line in the consolidated statement of operations and comprehensive income. Noncontrolling interest is recorded in the same manner described above, as a portion of the transaction is structured as a purchase of an equity interest, consistent with guidance in ASC 810.
Income Taxes
Income Taxes
Income taxes are accounted for using the asset and liability approach, which requires the recognition of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax assets and liabilities are based on provisions of the enacted tax law. The Company accounts for investment tax credits and production tax credits (except for production tax credits which are sold under tax monetization transactions, as described above) as a reduction to income taxes in the year in which the credit arises. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not expected to be realized. A valuation allowance has been established to offset the Company’s U.S. deferred tax assets. Tax benefits from uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Interest and penalties assessed by taxing authorities on an underpayment of income taxes are included as a component of income tax provision in the consolidated statements of operations and comprehensive income.
Earnings per Share
Earnings per Share
Basic earnings per share attributable to the Company’s stockholders (“earnings per share”) is computed by dividing net income attributable to the Company’s stockholders by the weighted average number of shares of common stock outstanding for the period, net of treasury shares. The Company does not have any equity instruments that are dilutive, except for stock-based awards and convertible senior notes.
 The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share:
 
Year Ended December 31,
202520242023
(In thousands)
Weighted average number of shares used in computation of basic earnings per share
60,70560,45559,424
Add:
Additional shares from the assumed exercise of employee stock-based awards 427335338
Additional shares related to the effect of dilutive convertible senior notes
230——
Weighted average number of shares used in computation of diluted earnings per share
61,36260,79059,762
The number of stock-based awards that could potentially dilute future earnings per share which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive was 2.1 thousand, 38.5 thousand, and 82.5 thousand, respectively, for the years ended December 31, 2025, 2024 and 2023.
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest is currently redeemable and relates to a certain noncontrolling shareholder in a subsidiary having an option to sell its equity interest to the Company. The carrying value of the redeemable noncontrolling interest balance as of December 31, 2025 and 2024 approximates the redemption price of such interests. Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows:
20252024
(Dollars in thousands)
Redeemable noncontrolling interest as of January 1, $9,448 $10,599 
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary347 (319)
Cash paid to noncontrolling interest(956)— 
Currency translation adjustments1,563 (832)
Redeemable noncontrolling interest as of December 31, $10,402 $9,448 
Cash Dividends
Cash Dividends
During the years ended December 31, 2025, 2024 and 2023, the Company’s Board of Directors (the “Board”) declared, approved, and authorized the payment of cash dividends in the aggregate amount of $29.1 million ($0.48 per share), $29.1 million ($0.48 per share), and $28.4 million ($0.48 per share), respectively. Such dividends were paid in the years declared.
TOPP2 Power Plant in New Zealand
TOPP2 Power Plant in New Zealand
In May 2023, the Company signed with Eastland Generation Limited (“EGL”) agreements governing the development, supply, construction, and option to sell the TOPP2 power plant in New Zealand. In August 2025, the Company received an option exercise notice (the “Notice”) from EGL pursuant to which EGL wishes to acquire the TOPP2 power plant in New Zealand pursuant to a previously signed option agreement between the Company and EGL (the “Parties”). During the first quarter of 2026, the Parties signed and closed the sale agreement and amended the previously signed agreements governing the development, supply, construction, and sale of the TOPP2 power plant. The Company applied the guidance in Accounting Standard Codification 606 - Revenue from Contracts with Customers (“ASC 606”) to this transaction, under which several criteria must be met before a reporting entity can recognize revenue from contracts with customers. The Company concluded that as of December 31, 2025, not all required criteria for identifying a contract have been met, including but not limited to the Parties being required to sign and close on a sale agreement following the Notice. As a result, the Company did not record any revenues from this transaction in 2025. The Company is currently evaluating the accounting for this transaction, following the close of the sale agreement and the amendments to the development, supply and construction agreements of the TOPP2 power plant.
Settlement Agreement
Settlement Agreement
As previously disclosed, on August 1, 2024, the Company entered into a settlement agreement, effective April 2024, (the “Agreement”) with a third-party battery systems supplier (the “Supplier”). Under the Agreement, the Supplier paid to the Company $35.0 million as a recovery of damages, such as significant loss of potential profit due to project delays, as well as additional costs incurred by the Company, related to locating and purchasing substitute battery solutions from alternative vendors (the “Recovery of Damages”), to settle the dispute. On August 16, 2024, the Company received the Recovery of Damages payment contingent upon certain conditions which the Company expects to be met, on a pro-rata basis, during the period until March 31, 2026. The Company accounted for the Recovery of Damages amount under the guidance of ASC 450, Contingencies, and ASC 705, Cost of Sales and Services, and as a result, deemed $25.0 million as a recovery of damages, which is recognized as income once contingency conditions are met, and $10.0 million as a reduction to the cost of battery systems to be purchased under the Agreement. During the years ended December 31, 2025 and 2024, the Company recognized income of $13.7 million, and $9.4 million, respectively. Such income was recorded under “Other operating income” in the consolidated statements of operations and comprehensive income. These amounts represent the non-refundable portion of the recovery of damages for which contingency conditions have been met.
New Accounting Pronouncements
New Accounting Pronouncements
New Accounting Pronouncements Effective in the Year Ended December 31, 2025
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740)–Improvements to Income Tax Disclosures” to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require that public entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that all entities disclose, on an annual basis, (1) the amount of income taxes paid disaggregated by federal, state, and foreign taxes, (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid, (3) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (4) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis with the option to apply retrospectively. The Company has adopted this guidance as prescribed and applied the changes on a retrospective basis.
New Accounting Pronouncements Effective in Future Periods
Narrow-Scope Improvements
In December 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 270)” to improve the navigability of required interim disclosures, clarify when that guidance is applicable, and provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments provide a comprehensive list of required interim disclosures and add a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is not intended to change the fundamental nature of interim reporting or expand or reduce current interim reporting requirements. Rather, the objective of this ASU is to provide clarity regarding current interim reporting requirements already in place. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU should be applied either prospectively or retrospectively to all prior periods presented. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Accounting for Government Grants Received by Business Entities
In December 2025, the FASB issued ASU 2025-10 “Government Grants (Topic 832)” to establish authoritative guidance on the accounting for government grants received by business entities, including guidance for a grant related to an asset and a grant related to income. The overall principle is that a government grant is recognized in earnings in the same period(s) that the costs for which the grant was intended to compensate are recognized. A grant related to an asset is a government grant, or part of a government grant, that is conditioned on the purchase, construction, or acquisition of an asset. A grant related to income is a government grant, or part of a government grant, other than a grant related to an asset. The amendments in this ASU require that a government grant received by a business entity should not be recognized until it is probable that a business entity will comply with the conditions attached to the grant and that the grant will be received.
A grant related to an asset should be recognized on the balance sheet as a business entity incurs the related costs for which the grant is intended to compensate, either as: a. deferred income (the deferred income approach) or b. an adjustment to the cost basis in determining the carrying amount of the asset (the cost accumulation approach).
A grant related to income and a grant related to an asset for which the deferred income approach is elected should be recognized in earnings on a systematic and rational basis over the periods in which a business entity recognizes as expenses the costs for which the grant is intended to compensate. When a business entity elects the cost accumulation approach for a grant related to an asset, there is no separate subsequent recognition of the government grant proceeds in earnings as the carrying amount of the asset that reflects the government grant proceeds would be used to determine depreciation or other subsequent accounting for that asset.
This ASU is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Business entities should apply the amendments in this ASU using one of the following transition approaches:
1.A modified prospective approach to both government grants that are entered into on or after the effective date and government grants that are not complete as of the effective date. Under this approach, prior-period results should not be restated and there is no cumulative-effect adjustment.
2.A modified retrospective approach to both government grants that are entered into on or after the beginning of the earliest period presented and government grants that are not complete as of the beginning of the earliest period presented. Under this approach, all prior period results should be restated for government grants that are not complete as of the beginning of the
earliest period presented through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the earliest period presented.
3.A retrospective approach to all government grants through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the earliest period presented.
The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Hedge Accounting Improvements
In November 2025, the FASB issued ASU 2025-09 “Derivatives and Hedging (Topic 815)” to clarify certain aspects of the guidance on hedge accounting and to better reflect an entity’s risk management strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. This ASU addresses the following five issues:
1.Similar Risk Assessment for Cash Flow Hedges – This ASU expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge by changing the requirement to designate a group of individual forecasted transactions from having a shared risk exposure to having a similar risk exposure.
2.Hedging Forecasted Interest Payments on Choose-Your-Rate Debt Instruments – This ASU provides a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on variable-rate debt instruments with contractual terms that permit the borrower to change the interest rate index and related payment frequency upon which interest is accrued (commonly referred to as “choose-your-rate” debt instruments).
3.Cash Flow Hedges of Nonfinancial Forecasted Transactions – This ASU expands hedge accounting for forecasted purchases and sales of nonfinancial assets. Subject to meeting specific criteria, entities are permitted to apply hedge accounting for eligible components of forecasted spot-market transactions, forward-market transactions, and subcomponents of explicitly referenced components in an agreement’s pricing formula. The amendments also clarify that entities may designate a variable price component in a contract that is accounted for as a derivative as the hedged risk if all other hedge criteria are satisfied.
4.Net Written Options as Hedging Instruments – This ASU updates hedge accounting guidance to accommodate differences in the loan and swap markets that developed after the cessation of the London Interbank Offered Rate (LIBOR). The amendments eliminate the requirement to apply the net written option test to a compound derivative comprising a swap and a written option designated as the hedging instrument in a cash flow hedge or a fair value hedge of interest rate risk.
5.Foreign-Currency-Denominated Debt Instrument as Hedging Instrument and Hedged Item (Dual Hedge) – This ASU eliminates the recognition and presentation mismatch related to a dual hedge strategy (i.e., a hedge for which a foreign-currency-denominated debt instrument is both designated as the hedging instrument in a net investment hedge and designated as the hedged item in a fair value hedge of interest rate risk). The amendments require that an entity exclude the debt instrument’s fair value hedge basis adjustment from the net investment hedge effectiveness assessment, resulting in an entity immediately recognizing in earnings the gains and losses from the remeasurement of the debt instrument’s fair value hedge basis adjustment at the spot exchange rate.
This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU should be applied prospectively for all hedging relationships. Upon adoption of this ASU, entities are permitted to modify certain critical terms of certain existing hedging relationships without de-designating the hedge. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract
In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)” to address concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. The amendments in this ASU expand the scope exception for application of derivative accounting for certain contracts not traded on an exchange to include contracts for which settlement is based on operations or activities specific to one of the parties to the contract. The amendments in this ASU also clarify that an entity should apply the guidance in Topic 606 to a contract with share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU may be applied prospectively or on a modified retrospective basis. The Company is currently evaluating the potential impact of this guidance on its consolidated financial
statements; however, it anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
Measurement of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments – Credit Losses (Topic 326)” to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. Under the current accounting guidance, an entity estimates expected credit losses based on relevant information about past events, current economic conditions, and reasonable and supportable forecasts of future economic conditions that affect the collectability of the reported amounts. The amendments in this ASU introduce a practical expedient that allows all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements, however, it anticipates that the adoption of ASU 2025-05 will not have a material impact on its consolidated financial statements.
Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
In May 2025, the FASB issued ASU 2025-03 “Business Combinations (Topic 805) and Consolidation (Topic 810)” to modify the Topic 805 framework for identifying the accounting acquirer in certain business combinations when the legal acquiree is a variable interest entity (“VIE”). Under current accounting guidance, when a VIE is acquired, the primary beneficiary (i.e., the entity that consolidates the VIE) is the accounting acquirer. The amendments in this ASU revise current guidance to: (1) limit situations in which entities must identify the primary beneficiary as the accounting acquirer in certain business combinations, and (2) require that when a business combination involving a VIE is primarily effected through exchanging equity interests, entities must consider the general factors in Topic 805 to determine which entity is the accounting acquirer. This ASU is effective for annual and interim reporting periods beginning after December 15, 2026. This ASU should be applied prospectively to any acquisition transaction that occurs after the initial application date. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2025-03 will not have a material impact on its consolidated financial statements.
 Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosure about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU require disclosure of the following items in the notes to the financial statements at each interim and annual reporting date:
1The amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contain any of the expense categories listed in (a) through (e).
2A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
3The total amount of selling expenses recognized in continuing operations, and the entity’s definition of selling expenses.
The amendments of this ASU also require that an entity include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of the ASU or (2) retrospectively to any or all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of these amendments on its consolidated financial statements.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04 “Debt – Debt with Conversion and Other Options (Subtopic 470-20)” to improve the relevance and consistency in application of induced conversion guidance. The amendments in this ASU clarify the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. This ASU can be adopted either on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the potential impact
of this guidance on its consolidated financial statements; however, it anticipates that the adoption of ASU 2024-04 will not have a material impact on its consolidated financial statements.
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported on the balance sheets that sum to the total of the same amounts shown on the statement of cash flows:
 
December 31,
202520242023
(Dollars in thousands)
Cash and cash equivalents $147,448 $94,395 $195,808 
Restricted cash and cash equivalents 133,418 111,37791,962
Total cash and cash equivalents and restricted cash and cash equivalents $280,866 $205,772 $287,770 
Schedule of Estimated Useful Lives The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets:
 
Years
Buildings 25
Leasehold improvements 15-30
Machinery and equipment — manufacturing and drilling 5-10
Machinery and equipment — computers 3-5
Energy storage equipment 8-20
Solar facility equipment30
Office equipment — furniture and fixtures 5-15
Office equipment — other5-10
Vehicles 5-7
 Property, plant and equipment, net, consist of the following:
December 31,
20252024
(Dollars in thousands)
Land owned by the Company where the geothermal resource is located $56,070 $51,500 
Leasehold improvements 18,311 12,746 
Machinery and equipment 419,231 389,252 
Buildings and office equipment
157,534 145,272 
Vehicles21,078 20,159 
Energy storage equipment522,610 324,065 
Solar facility equipment95,036 97,502 
Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs:
United States of America, net of cash grants 3,708,110 3,585,209 
Foreign countries 959,613 919,680 
Asset retirement cost 54,002 59,831 
Total cost of property, plant and equipment
6,011,595 5,605,216 
Less accumulated depreciation (2,339,026)(2,103,330)
Property, plant and equipment, net $3,672,569 $3,501,886 
Schedule of Contract Assets and Contract Liabilities Total contract assets and contract liabilities as of December 31, 2025 and 2024 are as follows:
December 31,
20252024
(Dollars in thousands)
Contract assets (*) $30,011 $29,243 
Contract liabilities (*) $(13,159)$(23,091)
(*) Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts", and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the consolidated balance sheets. The contract liabilities balance at the beginning of the year was substantially recognized as product revenues during the year ended December 31, 2025 as a result of performance obligations that were satisfied. Additionally, as of December 31, 2025 and 2024, long-term costs and estimated earnings in excess of billings on uncompleted contracts related to the Dominica project in the amount of $75.0 million and $26.0 million, respectively, are included under “Deposits and other” in the consolidated balance sheets, and not under the contract assets and contract liabilities above, due to their long-term nature. Further details related to the Dominica Project are provided below under the caption “The Dominica Project”.
The following table presents the significant changes in the contract assets and contract liabilities for the years ended December 31, 2025 and 2024:
Years Ended December 31,
20252024
Contract assetsContract liabilitiesContract assetsContract liabilities
(Dollars in thousands)
Recognition of contract liabilities as revenue as a result of performance obligations satisfied$— $21,478 $— $12,698 
Cash received in advance for which revenues have not yet recognized, net of expenditures made— (11,546)— (17,119)
Reduction of contract assets as a result of rights to consideration becoming unconditional(19,774)— (5,070)— 
Contract assets recognized, net of recognized receivables20,542 — 15,945 — 
Net change in contract assets and contract liabilities$768 $9,932 $10,875 $(4,421)
Schedule of Reconciles Revenues Accounted Under Lease Accounting
The following schedule reconciles revenues accounted under lease accounting, and revenues accounted under ASC 606, Revenues from Contracts with Customers, to total consolidated revenues for the three years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
(Dollars in thousands)
Electricity and Energy Storage revenues accounted under lease accounting
$569,120 $553,348 $542,065 
Electricity, Product and Energy Storage revenues accounted under ASC 606 420,423326,306287,359
Total consolidated revenues $989,543 $879,654 $829,424 
Schedule of Changes in Allowance for Expected Credit Losses
The following table describes the changes in the allowance for expected credit losses for the years ended December 31, 2025 and 2024 (all related to trade receivables):
Years Ended December 31,
20252024
(Dollars in thousands)
Beginning balance of the allowance for expected credit losses$224 $90 
Change in the provision for expected credit losses for the period84 134 
Ending balance of the allowance for expected credit losses$308 $224 
Schedule of Computation of Basic and Diluted Earnings Per Share The table below shows the reconciliation of the number of shares used in the computation of basic and diluted earnings per share:
 
Year Ended December 31,
202520242023
(In thousands)
Weighted average number of shares used in computation of basic earnings per share
60,70560,45559,424
Add:
Additional shares from the assumed exercise of employee stock-based awards 427335338
Additional shares related to the effect of dilutive convertible senior notes
230——
Weighted average number of shares used in computation of diluted earnings per share
61,36260,79059,762
Schedule of Changes in Redeemable Noncontrolling Interest Changes in the carrying amount of the Company's Redeemable noncontrolling interest were as follows:
20252024
(Dollars in thousands)
Redeemable noncontrolling interest as of January 1, $9,448 $10,599 
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary347 (319)
Cash paid to noncontrolling interest(956)— 
Currency translation adjustments1,563 (832)
Redeemable noncontrolling interest as of December 31, $10,402 $9,448 
v3.25.4
BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$1.7 
Deferred income taxes5.0 
Property, plant and equipment and construction-in-process (2)
86.2 
Operating lease right-of-use
1.4 
Total assets acquired$94.3 
Accounts payable, accrued expenses and others$0.3 
Long-term operating lease liabilities
1.2
Other long-term liability (3)
16.8
Asset retirement obligation3.7
Total liabilities assumed$22.0 
Total assets acquired, and liabilities assumed, net$72.3 
Goodwill (4)
$16.4 
(1) The gross amount of trade receivables was collected subsequent to the acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Other long-term liability is related to the long-term electricity PPA described above, and is amortized over the term of the PPA. The fair value of the long-term liability represents a PPA price that is relatively lower than the related prevailing market price, and was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future enhancements to the geothermal assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
The following table summarizes the purchase price allocation to the fair value of the assets acquired and liabilities assumed (in millions):
Trade receivables and others (1)
$4.4 
Deferred income taxes2.9 
Property, plant and equipment and construction-in-process (2)
197.7 
Operating lease right of use1.2 
Other long-term assets0.2 
Intangible assets (3)
23.6 
Total assets acquired$230.0 
Accounts payable, accrued expenses and others$1.5 
Other current liabilities1.8 
Operating lease liabilities1.2 
Other long-term liabilities5.0 
Asset retirement obligation6.8 
Total liabilities assumed $16.3 
Total assets acquired, and liabilities assumed, net$213.7 
Goodwill (4)
$60.9 
(1) The gross amount of trade receivables was fully collected subsequent to acquisition date.
(2) The fair value of Property, plant and equipment was estimated by applying the income approach and utilizing the discounted cash flow method. This methodology assesses the value of tangible assets by computing the anticipated cash flows expected to be generated by the respective assets.
(3) Intangible assets are related to the long-term electricity PPAs described above and are amortized over the term of those PPAs. The fair value of the intangible assets was estimated by applying the income approach and utilizing the With and Without method.
(4) Goodwill is primarily related to the expected synergies, potential cost savings in operations as a result of the purchase transaction as well as potential future development of the greenfield assets. The goodwill is allocated to the Electricity segment and is deductible for tax purposes.
Schedule of Pro Forma Information
The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2023. The pro forma results below include the impact of certain adjustments related to the depreciation of property, plant and equipment, amortization of intangible assets, transaction-related costs, interest costs, and the related income tax effects. This pro forma presentation does not include any impact from transaction synergies or any other material, nonrecurring adjustments directly attributable to the business combination.
Pro forma for the Year Ended
20242023
(Dollars in millions)
Electricity revenues$702.3 $702.2 
Total revenues879.7 864.9 
Net income attributable to the Company's stockholders125.2 111.0 
v3.25.4
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories Inventories consist of the following:
 
December 31,
20252024
(Dollars in thousands)
Raw materials and purchased parts for assembly $23,710 $20,575 
Self-manufactured assembly parts and finished products 21,55817,517
Total $45,268 $38,092 
v3.25.4
COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Cost and Estimated Earnings on Uncompleted Contracts Cost and estimated earnings on uncompleted contracts consist of the following:
 
December 31,
20252024
(Dollars in thousands)
Costs and estimated earnings incurred on uncompleted contracts $452,952 $327,671 
Less billings to date (436,100)(321,519)
Total $16,852 $6,152 
Schedule of Cost and Estimated Earnings Included in Consolidated Balance Sheets
These amounts are included in the consolidated balance sheets under the following captions:
 
December 31,
20252024
(Dollars in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts $30,011 $29,243 
Billings in excess of costs and estimated earnings on uncompleted contracts (13,159)(23,091)
Total $16,852 $6,152 
v3.25.4
INVESTMENT IN UNCONSOLIDATED COMPANIES (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investment in Unconsolidated Companies Investment in unconsolidated companies consists of the following:
 
December 31,
20252024
(Dollars in thousands)
Investment in Sarulla $66,680 $69,718 
Investment in Ijen90,431 72,367 
Other investments
5,000 2,500 
Total investment in unconsolidated companies$162,111 $144,585 
Schedule of Gains (Loss) in Other Comprehensive Income (Loss)
The Company’s share of such gains (losses) recorded in other comprehensive income (loss) are as follows:
Year Ended
December 31,
202520242023
(Dollars in thousands)
Change in unrealized gains or (losses) in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge$(1,230)$602 $(470)
v3.25.4
VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The tables below detail the assets and liabilities (excluding intercompany balances which are eliminated in consolidation) for the Company’s VIEs, combined by VIE classifications, that were included in the consolidated balance sheets as of December 31, 2025 and 2024:
 
December 31, 2025December 31, 2024
Project DebtPPAsProject DebtPPAs
(Dollars in thousands)(Dollars in thousands)
Assets:
Restricted cash and cash equivalents
$133,289 $— $111,248 $— 
Other current assets 149,574 37,473 134,316 43,368 
Property, plant and equipment, net 2,191,754 1,268,325 1,852,498 1,418,750 
Construction-in-process 243,655 148,989 85,592 165,850 
Other long-term assets 410,150 48,855 286,840 89,261 
Total assets $3,128,422 $1,503,642 $2,470,494 $1,717,229 
Liabilities:
Accounts payable and accrued expenses $54,526 $12,293 $28,028 $12,635 
Long-term debt 778,422 — 710,477 — 
Other long-term liabilities 483,961 139,554 427,813 72,374 
Total liabilities $1,316,909 $151,847 $1,166,318 $85,009 
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value The following table sets forth certain fair value information at December 31, 2025 and 2024 for financial assets and liabilities measured at fair value by level within the fair value hierarchy, as well as cost or amortized cost. As required by the fair value measurement guidance, assets and liabilities are classified in their entirety based on the lowest level of inputs that is significant to the fair value measurement.
 
December 31, 2025
Carrying Value
Fair Value
Total
Total
Level 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (including restricted cash accounts) $47,463 $47,463 $47,463 $— $— 
Derivatives: cross currency swap (2)
1,343 1,343 — 1,343 — 
Long-term assets:
Derivatives: interest rate swap (3)
1,407 1,407 — 1,407 — 
Derivatives: cross currency swap (2)
11,925 11,925 — 11,925 — 
Liabilities:
Current liabilities:
Derivatives: interest rate swap (3)
(832)(832)— (832)— 
Long-term liabilities:
Derivatives: interest rate swap (3)
(430)(430)— (430)— 
$60,876 $60,876 $47,463 $13,413 $— 
 
December 31, 2024
Carrying Value
Fair Value
Total
Total
Level 1Level 2Level 3
(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (including restricted cash accounts) $52,031 $52,031 $52,031 $— $— 
Derivatives: interest rate swap (3)
180 180 — 180 — 
Derivatives: currency forward contracts (1)
550 550 — 550 — 
Liabilities:
Current liabilities:
Derivatives: cross-currency swap (2)
(3,500)(3,500)— (3,500)— 
Long-term liabilities:
Derivatives: cross-currency swap (2)
(6,653)(6,653)— (6,653)— 
$42,607 $42,607 $52,031 $(9,424)$— 
(1)     These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within “Receivables, other” and “Accounts payable and accrued expenses” on December 31, 2025 and December 31, 2024, as applicable, in the consolidated balance sheet with the corresponding gain or loss being recognized within "Derivatives and foreign currency transaction gains (losses)" in the consolidated statement of operations and comprehensive income.
(2) These amounts relate to cross-currency swap contracts valued primarily based on the present value of the cross-currency swap future settlement prices for U.S. Dollar and New Israeli Shekel zero yield curves and the applicable exchange rate as of December 31, 2025 and December 31, 2024, as applicable. These amounts are included within “Prepaid expenses and other”, “Deposits and other”, “Accounts payable and accrued expenses” and “Other long-term liabilities” on December 31, 2025, and 2024, in the consolidated balance sheets. Cash collateral deposits in respect of the cross-currency swap are presented under “Receivables, others” in the consolidated balance sheet. Such deposits amounted to $0.0 million as of December 31, 2025, and $9.7 million as of December 31, 2024.
(3) This amount relates to interest rate swap contracts valued primarily based on the present value of the interest rate swap settlement prices and the future 3-month SOFR prices based on USD zero yield curve as of December 31, 2025. This amount is included within “Receivables, other”, “Deposits and other”, “Accounts payable and accrued expenses”, and “Other long-term liabilities” in the consolidated balance sheets on December 31, 2025 and December 31, 2024. There were no cash collateral deposits in respect of the interest rate swap as of December 31, 2025 and 2024.
Schedule of Gain (Loss) Recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss)
The following table presents the amounts of gain (loss) recognized in the consolidated statements of operations and comprehensive income (loss):
Derivatives instruments
Location of recognized gain (loss)Amount of recognized gain (loss)
Year Ended December 31,
202520242023
(Dollars in thousands)
Derivatives not designated as hedging instruments
Currency forward contracts (1)
(a)
$4,320 $419 $(2,190)
Derivatives designated as cash flow hedging instruments
Cross-currency swap (2)
(a)25,135 357 (6,201)
Interest rate swap (2)
(b)
67 1,504 — 
Total
25,202 1,861 (6,201)
(a) Derivative and foreign currency transaction gains (losses).
(b) Interest expenses, net.
(1) The foregoing currency forward transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income.
(2) The foregoing cross-currency and interest rate swap transactions were designated as a cash flow hedging instruments. The changes in the cross-currency swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Derivatives and foreign currency transaction gains (losses)” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income. The changes in the interest rate swap fair value are initially recorded in “Other comprehensive income (loss)” and a corresponding amount is reclassified out of “Accumulated other comprehensive income (loss)” to “Interest expenses, net” to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income.
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges The following table presents the effect of derivative instruments designated as cash flow hedges on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
(Dollars in thousands)
Cash flow hedges:
Balance in Accumulated other comprehensive income (loss) beginning of period
$684 $(318)$3,920 
Gain or (loss) recognized in Other comprehensive income (loss) (1):
Cross-currency swap
23,354 1,346 1,963 
Interest rate swap
180 1,517 — 
Amount reclassified from Other comprehensive income (loss) into earnings:
Cross-currency swap
(25,135)(357)(6,201)
Interest rate swap(67)(1,504)— 
Balance in Other comprehensive income (loss) end of period$(984)$684 $(318)
(1) The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 is net of tax of $0.1 million, $0.3 million and $1.5 million, respectively.
Schedule of Fair Value of Long-Term Debt
The fair value of the Company’s long-term debt approximates its fair value, except for the following: 
Fair value
Fair Value

Carrying Amount (*)
Hierarchy
2025202420252024
(Dollars in millions)(Dollars in millions)
Limited and non-recourse loans: fixed rate
3
$743.4 $636.5 $739.2 $657.3 
Full recourse loans:
Fixed-rate
3
804.8 920.4 808.7 940.4 
Variable-rate
3
427.6 48.5 418.8 48.4 
Financing liability: fixed-rate
3
223.0 223.4 216.4 220.6 
Convertible senior notes
2
643.7 471.2 476.4 476.4 
 (*) The carrying amount value excludes the related deferred financing costs.
v3.25.4
PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net The other assets are depreciated using the straight-line method over the following estimated useful lives of the assets:
 
Years
Buildings 25
Leasehold improvements 15-30
Machinery and equipment — manufacturing and drilling 5-10
Machinery and equipment — computers 3-5
Energy storage equipment 8-20
Solar facility equipment30
Office equipment — furniture and fixtures 5-15
Office equipment — other5-10
Vehicles 5-7
 Property, plant and equipment, net, consist of the following:
December 31,
20252024
(Dollars in thousands)
Land owned by the Company where the geothermal resource is located $56,070 $51,500 
Leasehold improvements 18,311 12,746 
Machinery and equipment 419,231 389,252 
Buildings and office equipment
157,534 145,272 
Vehicles21,078 20,159 
Energy storage equipment522,610 324,065 
Solar facility equipment95,036 97,502 
Geothermal and recovered energy generation power plants, including geothermal wells and exploration and resource development costs:
United States of America, net of cash grants 3,708,110 3,585,209 
Foreign countries 959,613 919,680 
Asset retirement cost 54,002 59,831 
Total cost of property, plant and equipment
6,011,595 5,605,216 
Less accumulated depreciation (2,339,026)(2,103,330)
Property, plant and equipment, net $3,672,569 $3,501,886 
Schedule of Construction-In-Process Construction-in-process consists of the following:
December 31,
20252024
(Dollars in thousands)
Projects under exploration and development:
Up-front bonus costs $5,331 $5,331 
Exploration and development costs 280,836 187,669 
Interest capitalized 703 703 
Total projects under exploration and development
286,870 193,703 
Projects under construction:
Up-front bonus costs 11,031 11,031 
Drilling and construction costs 711,666 529,773 
Interest capitalized 38,607 21,082 
Total projects under construction
761,304 561,886 
Total projects under exploration and development and construction
$1,048,174 $755,589 
Schedule of Projects Under Exploration and Development, Construction
Projects under exploration and development
Up-front Bonus
Costs		Exploration and
Development Costs		Interest
Capitalized		Total
(Dollars in thousands)
Balance at December 31, 2022$5,335 $89,230 $703 $95,268 
Cost incurred during the year
— 70,667 — 70,667 
Write off of unsuccessful exploration costs
— (3,459)— (3,459)
Balance at December 31, 20235,335 156,438 703 162,476 
Cost incurred during the year
— 36,339 — 36,339 
Write-off of unsuccessful exploration costs
(4)(1,967)— (1,971)
Transfer of projects under exploration and development to projects under construction
— (3,141)— (3,141)
Balance at December 31, 20245,331 187,669 703 193,703 
Cost incurred during the year
— 97,234 — 97,234 
Transfer of projects under exploration and development to projects under construction
— (4,067)— (4,067)
Balance at December 31, 2025$5,331 $280,836 $703 $286,870 
 
Projects under construction
Up-front Bonus
Costs		Drilling and
Construction
Costs		Interest
Capitalized		Total
(Dollars in thousands)
Balance at December 31, 2022$11,156 $761,129 $25,645 $797,930 
Cost incurred during the year — 473,422 15,181 488,603 
Cost write-off
— (993)— (993)
Transfer of completed projects to property, plant and equipment — (615,142)(17,907)(633,049)
Balance at December 31, 202311,156 618,416 22,919 652,491 
Cost incurred during the year — 367,674 12,212 379,886 
Cost write-off
— (1,958)— (1,958)
Transfer of projects under exploration and development to projects under construction— 3,141 — 3,141 
Transfer of completed projects to property, plant and equipment
(125)(457,500)(14,049)(471,674)
Balance at December 31, 202411,031 529,773 21,082 561,886 
Cost incurred during the year
— 499,590 27,765 527,355 
Cost write-off
— (1,172)— (1,172)
Transfer of projects under exploration and development to projects under construction— 4,067 — 4,067 
Transfer of completed projects to property, plant and equipment
— (320,592)(10,240)(330,832)
Balance at December 31, 2025$11,031 $711,666 $38,607 $761,304 
v3.25.4
INTANGIBLE ASSETS AND GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
The following table summarizes the information related to the Company's intangible assets as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
(Dollars in thousands)(Dollars in thousands)
Intangible assets:
Electricity segment$429,209 $(176,713)$425,115 $(150,108)
Energy Storage segment
54,310 (32,257)54,310 (27,573)
Total$483,519 $(208,970)$479,425 $(177,681)
Intangible liabilities:
Unfavorable contract liabilities
$(20,826)$3,346 $(5,000)$909 
Schedule of Estimated Future Amortization Expense
Estimated future amortization expense for the intangible assets and related other long-term liabilities, as of December 31, 2025 is as follows:
 
(Dollars in thousands)
Year ending December 31:
2026$24,578 
202722,365 
202822,092 
202922,068 
203020,758 
Thereafter 145,114 
Total $256,975 
Schedule of Changes in the Carrying Amount of Goodwill Changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2025 and 2024 were as follows:
20252024
(Dollars in thousands)
Goodwill as of January 1, $151,023 $90,544 
Goodwill acquired (1)
16,388 60,872 
Translation differences 833 (393)
Goodwill as of December 31, $168,244 $151,023 
(1) Goodwill acquired in 2025 and 2024 is related to the Blue Mountain and Enel Purchase transactions, respectively, as further described under Note 2 to the consolidated financial statements.
v3.25.4
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses consist of the following:
December 31,
20252024
(Dollars in thousands)
Trade payable $123,991 $124,697 
Salaries and other payroll costs 31,420 30,206 
Customer advances 3,053 3,613 
Accrued interest 22,990 23,274 
Income tax payable 11,466 8,885 
Property tax payable 4,675 3,812 
Scheduling and transmission 1,789 1,714 
Royalty accrual 5,633 7,062 
Deferred income
21,125 22,500 
Warranty accrual 2,296 1,287 
Other 6,318 7,284 
Total $234,757 $234,334 
v3.25.4
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The Company’s long-term debt consists of the following:
December 31,
20252024
(Dollars in thousands)
Limited and non-recourse agreements (*):
Limited recourse:$692,273 $603,006 
Non-recourse:46,903 54,309 
Total limited and non-recourse agreements$739,176 $657,315 
Less current portion (79,885)(70,262)
Noncurrent portion $659,291 $587,053 
Full recourse agreements (*):
$1,227,545 $988,812 
Less current portion (214,207)(161,313)
Noncurrent portion $1,013,338 $827,499 
Convertible senior notes (all noncurrent) (*)
$476,437 $476,437 
Financing liability$216,396 $220,569 
Less current portion(9,749)(4,093)
Noncurrent portion$206,647 $216,476 
(*) The amounts presented exclude the related deferred financing costs, if any.
Additional information related to the Company’s long-term debt is detailed in the following table below:
Loan
Inception Date
Amount Issued
Balance as of December 31, 2025
Annual Interest Rate (1)
Maturity Date
(Dollars in millions)
Limited recourse loans:
Mammoth Senior Secured Notes 2025
9/2025$23.4 $23.4 6.95%7/2034
Geothermie Bouillante tranche 1
8/202539.2 35.7 
3-month EUROBOR+1.8%
12/2030
Geothermie Bouillante tranche 2
8/202555.7 56.3 
3-month EUROBOR+2.0%
6/2046
Dominica Loan
8/202537.6 37.6 2.40%9/2042
Bottleneck Loan
11/202472.6 68.9 6.31%11/2039
Mammoth Senior Secured Notes
3/2024135.1 120.4 6.73%7/2047
Finance Agreement with DFC:
DFC Loan - Tranche I
8/201285.0 23.6 6.34%12/2030
DFC Loan - Tranche II
8/2012180.0 47.6 6.29%6/2030
DFC Loan - Tranche III
8/201245.0 13.4 6.12%12/2030
DFC - Platanares Loan
10/2018114.7 55.3 7.02%9/2032
OFC 2 Senior Secured Notes:
Series A
10/2011151.7 48.6 4.69%12/2032
Series C
8/2014140.0 62.6 4.61%12/2032
Idaho Refinancing Note11/202261.6 52.4 6.26%3/2038
U.S. Department of Energy8/201196.8 24.8 2.60%2/2035
Prudential Capital Group – Nevada9/201330.7 21.7 6.75%12/2037
Non-recourse loan:
Don A. Campbell Senior Secured Notes
11/201692.5 46.9 4.03%9/2033
Total limited and non-recourse loans:
$739.2 
Full recourse loans:
Discount 2025 III Loan
12/2025$100.0 $100.0 
3-month SOFR+2.42%
11/2034
Discount 2025 II Loan5/202550.0 46.9 
3-month SOFR+2.4%
5/2033
Hapoalim 2025 Loan3/2025150.0 137.6 
3-month SOFR+2.45%
3/2033
Discount 2025 Loan3/202550.0 45.3 
3-month SOFR+2.4%
2/2033
Mizrahi 2025 Loan
2/202550.0 46.9 
6-month SOFR+2.35%
4/2033
Hapoalim 2024 Loan
1/202475.0 58.6 6.60%1/2032
HSBC Bank 2024 Loan
1/2024125.0 87.5 
3-month SOFR+2.25%
1/2028
Discount 2024 Loan5/202431.8 25.8 6.75%5/2032
Discount 2024 II Loan9/202450.0 42.2 
3-month SOFR+2.35%
9/2028
Mizrahi Loan 202311/202350.0 37.5 7.15%10/2031
Hapoalim 2023 Loan2/2023100.0 75.0 6.45%2/2033
Mizrahi Bank Loan4/202275.0 42.2 4.10%4/2030
Bank Hapoalim Loan 7/2021125.0 44.6 3.45%6/2028
HSBC Bank Loan7/202150.0 21.4 3.45%7/2028
Discount Bank Loan9/2021100.0 50.0 2.90%9/2029
Senior Unsecured Bonds - Series 47/2020289.8 188.1 3.35%6/2031
Senior Unsecured Loan:
Migdal Loan
3/2018100.0 62.3 4.80%3/2029
Additional Migdal Loan3/201950.0 31.1 4.60%3/2029
Second Addendum Migdal Loan
4/202050.0 31.1 5.44%3/2029
Loan Agreements with DEG:
DEG 2 Loan
12/201650.0 12.5 6.28%6/2028
DEG 3 Loan2/201941.5 10.9 6.04%6/2028
DEG 4 Loan4/202430.0 30.0 7.79%6/2031
Total full-recourse loans:
$1,227.5 
Total limited, non-recourse and full-recourse loans:
$1,966.7 
(1) unless stated otherwise.
Balance as of
AnnualMaturity
Loan
December 31, 2025
Interest Rate (1)
Date (2)
(Dollars in millions)
Financing Liability - Dixie Valley$216.46.01%June 2038
(1) payable semi-annually
(2) final maturity date of the financing liability is assuming execution of the buy-out option in June 2038.
Schedule of Maturities of Long-Term Debt
Future minimum payments under long-term obligations, including long-term debt and financing liability, as of December 31, 2025 are as follows:
 
(Dollars in
thousands)
Year ending December 31:
2026$303,653 
2027780,897 
2028335,092 
2029313,212 
2030211,681 
Thereafter 716,034 
Total $2,660,570 
v3.25.4
ASSET RETIREMENT OBLIGATION (Tables)
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Asset Retirement Obligations The following table presents a reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligation for the years presented below:
Year Ended December 31,
202520242023
(Dollars in thousands)
Balance at beginning of year $129,651 $114,370 $97,660 
Revision in estimated cash flows (8,071)(893)2,056 
Liabilities incurred and acquired 5,664 8,427 8,490 
Accretion expense 8,330 7,747 6,164 
Balance at end of year $135,574 $129,651 $114,370 
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Related to Stock-Based Awards During the years ended December 31, 2025, 2024 and 2023, the Company recorded compensation related to stock-based awards as follows:
Year Ended December 31,
202520242023
(Dollars in thousands)

Cost of revenues $8,757 $9,169 $6,899 
Selling and marketing expenses 854 921 866 
Research and development expenses222 144 94 
General and administrative expenses 9,557 9,963 7,620 
Total stock-based compensation expense 19,390 20,197 15,479 
Tax effect on stock-based compensation expense 1,964 1,998 1,598 
Net effect of stock-based compensation expense $17,426 $18,199 $13,881 
Schedule of Fair Value of Stock-Based Award on Assumptions The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions:
Year Ended December 31,
202520242023
For stock based awards issued by the Company:
Risk-free interest rates 4.0 %4.5 %4.2 %
Expected lives (in weighted average years) 2.12.22.5
Dividend yield 0.7 %0.7 %0.6 %
Expected volatility (weighted average) 28.8 %31.9 %38.2 %
The Company estimated the forfeiture rate (on a weighted average basis) as follows:
Year Ended December 31,
202520242023
Weighted average forfeiture rate 8.8 %8.2 %8 %
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model, and the Monte Carlo simulation, based on the following assumptions:
Risk-free interest rates3.95%—4.08%
Expected life (in years)1—3
Dividend yield0.69%
Expected volatility (weighted average)27.0%—31.0%
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model, based on the following assumptions:
Risk-free interest rates4.27%—4.94%
Expected life (in years)1—3
Dividend yield0.73%
Expected volatility (weighted average)28.0%—34.0%
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model based on the following assumptions:
Risk-free interest rates3.86%—4.68%
Expected life (in years)1—4
Dividend yield0.59%
Expected volatility (weighted average)36.0%—42.2%
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model based on the following assumptions:
Risk-free interest rates4.70%
Expected life (in years)1
Dividend yield0.56%
Expected volatility (weighted average)34.80%
Schedule of Information of Awards Outstanding Related Weighted Average Exercise Price
Information on the awards outstanding and the related weighted average exercise price as of and for the years ended December 31, 2025, 2024 and 2023 are presented in the table below:
 
Year Ended December 31,
202520242023
Awards
(In thousands)		Weighted
Average
Exercise
Price		Awards
(In thousands)		Weighted
Average
Exercise
Price		Awards
(In thousands)		Weighted
Average
Exercise
Price
Outstanding at beginning of year 1,380 $69.91 1,483 $52.57 1,810 $60.08 
Granted:
RSUs (1)
248 — 242 — 189 — 
PSUs (2)
45 — 61 — 35 — 
Exercised (835)69.63(377)62.91(492)56.00
Forfeited (25)71.15(29)64.16(59)54.09
Expired — — — — — — 
Outstanding at end of year 813 70.701,380 69.911,483 52.57
Options and SARs exercisable at end of year (3)
101 70.26614 69.41606 66.81
Weighted-average fair value of awards granted during the year $70.99 $64.95 $79.98 
(1)     An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU approximates the value of the underlying stock.
(2)     The PSUs shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in the S&P 500 index or based on achievement of three-year megawatt COD capacity targets.
(3) Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.
Schedule of Information of Stock-Based Awards Outstanding
The following table summarizes information about stock-based awards outstanding at December 31, 2025 (shares in thousands):
Awards OutstandingAwards Exercisable
Exercise PriceNumber of
Stock-based
Awards
Outstanding		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value 		Number of
Stock-based
Awards
Exercisable		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value
$— 611 1.0$67,522 $— 
67.54 3 0.9113 3 0.9113 
69.14 45 0.41,869 45 0.41,869 
71.15 154 2.26,048 53 2.22,084 
90.28 1 1.012 1 1.012 
813 1.2$75,564 101 1.3$4,078 
The following table summarizes information about stock-based awards outstanding at December 31, 2024 (shares in thousands): 
Awards OutstandingAwards Exercisable
Exercise PriceNumber of
Stock-based
Awards
Outstanding		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value 		Number of
Stock-based
Awards
Exercisable		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value
$— 537 1.0$36,349 — 0.0$— 
63.40 45 1.5196 45 1.5196 
67.547 1.81 7 1.91 
68.3447 1.4— 47 1.4— 
69.143351.4— 335 1.4— 
71.153853.2— 160 3.2— 
71.7140.6— 4 0.6— 
76.4350.9— 5 0.9— 
76.5492.9— 6 2.9— 
78.5362.3— 5 2.4— 
90.2812.0— 1 2.0— 
1,380 1.8$36,546 614 1.9$197 
v3.25.4
INTEREST EXPENSE, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Interest Expense, Operating and Nonoperating [Abstract]  
Schedule of Other Nonoperating Expense, by Component The components of interest expense are as follows:
Year Ended December 31,
202520242023
(Dollars in thousands)
Interest related to sale of tax benefits $19,634 $18,149 $15,289 
Interest expense 150,333 130,605 $100,853 
Less — amount capitalized (28,116)(14,723)$(17,261)
$141,851 $134,031 $98,881 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income From Continuing Operations U.S. and foreign components of income from continuing operations, before income taxes and equity in income (losses) of investees consisted of:
 
Year Ended December 31,
202520242023
(Dollars in thousands)
U.S $17,634 $36,984 $53,984 
Non-U.S. (foreign) 88,114 78,393 85,101 
Total income from continuing operations, before income taxes and equity in losses
$105,748 $115,377 $139,085 
Schedule of Components of the Provision (Benefit) for Income Taxes
The components of the provision (benefit) for income taxes, net are as follows:
 
Year Ended December 31,
202520242023
(Dollars in thousands)
Current:
Federal $769 $961 $672 
State 666 1,478 (1,806)
Foreign 21,435 22,075 35,379 
Total current income tax expense $22,870 $24,514 $34,245 
Deferred:
Federal (50,505)(44,992)(12,780)
State (4,174)(5,893)6,041 
Foreign 11,527 10,082 (21,523)
Total deferred tax provision (benefit) (43,152)(40,803)(28,262)
Total income provision (benefit)
$(20,282)$(16,289)$5,983 
Schedule of Reconciliation of Effective Income Tax Rate The following table is a reconciliation of the income tax provision and the U.S. federal statutory tax rate to the Company’s effective income tax rate (Dollars in thousands):
Year Ended December 31,
202520242023
US federal statutory tax rate$22,224 21.0 %$24,228 21.0 %$29,207 21.0 %
Domestic federal:
Cross-border tax laws:
Global intangible low-taxed income
(864)(0.8)1,696 1.5 392 0.3 
Other
(2,194)(2.1)(731)(0.6)46 — 
Tax credits:
Investment tax credits
(47,671)(45.0)(49,440)(42.7)(19,425)(14.0)
Nontaxable or nondeductible items:
Transferable tax credit sales
(3,680)(3.5)(4,921)(4.3)(2,394)(1.7)
Noncontrolling interest
(549)(0.5)(1,411)(1.2)(1,341)(1.0)
Other
(1,387)(1.3)(374)(0.3)122 0.1 
  Other Adjustments:
513 0.4 (456)(0.4)415 0.3 
State and local taxes, net of federal income tax effect (a)
(1,836)(1.7)(844)(0.7)3,345 2.4 
Foreign tax effects:
Cayman:
Other
1,428 1.3 1,416 1.2 1,574 1.1 
Dominica:
Foreign rate differential(4,200)(4.0)275 0.2 — — 
  Guatemala:
Foreign rate differential
(2,045)(1.9)(2,153)(1.9)(1,847)(1.3)
Other
(256)(0.2)(552)(0.5)(195)(0.1)
Israel:
Nondeductible stock compensation
1,356 1.3 1,890 1.6 1,024 0.7 
Deferred income
— — 1,559 1.4 (1,559)(1.1)
Exchange rate differential
1,018 1.0 — — — — 
Intra-entity transfers
— — (1,162)(1.0)(669)(0.5)
Tax rate change
— — — — (558)(0.4)
Withholding tax
4,113 3.9 — — — — 
Other
(379)(0.4)(986)(0.9)27 — 
Kenya:
Foreign rate differential
6,295 5.9 6,121 5.3 10,755 7.8 
Exchange rate differential
— — 11,101 9.6 (8,398)(6.0)
Nondeductible items
1,300 1.2 (889)(0.8)570 0.4 
Tax rate change
— — — — (7,417)(5.3)
Other
818 0.8 886 0.8 1,391 1.0 
New Zealand:
Pillar two
1,622 1.5 — — — — 
Other
69 0.1 (450)(0.4)8 — 
Other foreign jurisdictions:
(83)(0.1)(1,691)(1.5)(1,205)(0.9)
Change in unrecognized tax benefits4,106 3.9 599 0.5 2,115 1.5 
Income tax provision/(benefit) and effective tax rate$(20,282)(19.2)%$(16,289)(14.1)%$5,983 4.3 %
(a) During the tax years ended December 31, 2025, 2024 and 2023, state taxes in California comprised more than 50% of the total state and local taxes, net of federal income tax effect.
Schedule of Net Deferred Tax Assets and Liabilities
The net deferred tax assets and liabilities consist of the following:
December 31,
20252024
(Dollars in thousands)
Deferred tax assets (liabilities):
Net foreign deferred taxes, primarily depreciation $(42,336)$(36,955)
Depreciation 24,313 (38,831)
Intangible drilling costs (25,903)(19,307)
Net operating loss carryforward - U.S. 21,875 22,760 
Tax monetization transaction (62,200)(53,950)
Right-of-use assets(8,063)(7,317)
Lease liabilities6,918 5,949 
Production and investment tax credits
107,774 118,461 
Foreign tax credits 6,030 30,919 
Withholding tax (16,276)(19,308)
Basis difference in partnership interest (13,157)(13,586)
Excess business interest1,723 18,122 
Sale and leaseback transaction52,478 54,480 
Other assets11,202 14,512 
Accrued liabilities and other 8,484 12,071 
Total72,862 88,020 
Less - valuation allowance (2,620)(2,700)
Total, net$70,242 $85,320 
Schedule of Cash Flow, Supplemental Disclosures
The following table presents income taxes paid, net of refunds:
Year Ended December 31,
202520242023
(Dollars in thousands)
U.S. federal:
$850 $(38)$1,000 
California
1,890 425 310 
Other U.S. state and local
91 (776)1,328 
Foreign:
Israel
(876)2,525 (3,462)
Kenya
6,681 22,801 23,550 
Guadeloupe
305 326 2,637 
Other
905 920 887 
Total income taxes paid, net of refunds
$9,846 $26,183 $26,250 
Schedule of Reconciliation of Valuation Allowance The following table presents a reconciliation of the beginning and ending valuation allowance:
 
Year Ended December 31,
20252024
(Dollars in thousands)
Balance at beginning of the year $2,700 $2,870 
Additions to valuation allowance 0 0 
Release of valuation allowance (80)(170)
Balance at end of the year $2,620 $2,700 
Schedule of Deferred Taxes on Balance Sheet
The following table presents the deferred taxes on the balance sheet as of the dates indicated: 
Year Ended December 31,
20252024
(Dollars in thousands)
Non-current deferred tax assets $138,903 $153,936 
Non-current deferred tax liabilities (68,661)(68,616)
Non-current deferred tax assets, net 70,242 85,320 
Uncertain tax benefit offset (1)
(95)(95)
$70,147 $85,225 
 (1) The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes.
Schedule of Reconciliation of Unrecognized Tax Benefits A reconciliation of the Company's unrecognized tax benefits is as follows:
Year Ended December 31,
20252024
(Dollars in thousands)
Balance at beginning of year $4,657 $6,930 
Additions based on tax positions taken in prior years 3,348 1,260 
Additions based on tax positions taken in the current year 3,873 431 
Reduction based on tax positions taken in prior years (3,176)(3,964)
Reduction based on tax positions taken in the current year (265)— 
Balance at end of year $8,437 $4,657 
Schedule of Examination by the Local Income Tax Authorities The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated:
Israel
2023
–
2025
Kenya
2020
–
2025
Guatemala
2021
–
2025
Honduras
2019
–
2025
Guadeloupe
2025
–
2025
v3.25.4
BUSINESS SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information of Reportable Segments Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers as required by ASC 606, Revenue from Contracts with Customers (“ASC 606”). Total consolidated revenues, gross profit (loss) and operating income (loss) of the Company’s business segments exclude intersegment revenues, gross profit (loss) and operating income (loss) as these activities are eliminated in consolidation and are not included in CODM’s evaluation of performance of each segment.
 
ElectricityProductEnergy Storage
Total
(Dollars in thousands)
Year Ended December 31, 2025:
Revenues from external customers:
United States (1)
$500,377 $10,954 $78,957 $590,288 
Foreign (2)
193,523 205,732 — 399,255 
Net revenues from external customers 693,900 216,686 78,957 989,543 
Less:
Depreciation and amortization expenses (3)
236,278 10,377 29,365 276,020 
Other cost of revenues expenses (4)
259,711 160,294 20,833 440,838 
Segment gross profit (loss)
197,911 46,015 28,759 272,685 
Less:
Segment operating expenses (5)
83,284 22,613 (2,436)103,460 
Segment operating income (loss) $114,627 $23,402 $31,195 $169,225 
Total depreciation and amortization expense (6)
250,787 11,751 29,586 292,124 
Segment assets at period end (7) (*)
5,338,343 276,205 631,960 6,246,508 
Expenditures for long-lived assets 446,843 13,132 159,801 619,776 
* Including unconsolidated investments 162,111 — — 162,111 
Year Ended December 31, 2024:
Revenues from external customers:
United States (1)
$510,645 $8,969 $37,729 $557,343 
Foreign (2)
191,619 130,692 — 322,311 
Net revenues from external customers 702,264 139,661 37,729 879,654 
Less:
Depreciation and amortization expenses (3)
218,252 10,363 20,262 248,876 
Other cost of revenues expenses (4)
241,274 103,548 13,336 358,159 
Segment gross profit (loss)242,738 25,750 4,131 272,619 
Less:
Segment operating expenses (5)
80,832 15,428 3,889 100,149 
Segment operating income (loss) $161,906 $10,322 $242 $172,470 
Total depreciation and amortization expense (6)
230,957 11,693 20,213 262,863 
Segment assets at period end (7) (*)
4,983,069 229,687 453,468 5,666,224 
Expenditures for long-lived assets 375,540 10,005 102,133 487,678 
* Including unconsolidated investments 144,585 — — 144,585 
Year Ended December 31, 2023:
Revenues from external customers:
United States (1)
$473,323 $7,610 $28,894 $509,827 
Foreign (2)
193,444 126,153 — 319,597 
Net revenues from external customers666,767 133,763 28,894 829,424 
Less:
Depreciation and amortization expenses (3)
189,194 5,358 14,621 209,173 
Other cost of revenues expenses (4)
233,355 110,444 12,434 356,233 
Segment gross profit (loss)244,218 17,961 1,839 264,018 
Less:
Segment operating expenses (5)
75,384 14,425 7,624 97,433 
Segment operating income (loss) $168,834 $3,536 $(5,785)$166,585 
Total depreciation and amortization expense (6)
199,344 10,908 14,545 224,797 
Segment assets at period end (7) (*)
4,652,392 199,897 355,990 5,208,279 
Expenditures for long-lived assets 474,592 20,599 123,192 618,383 
* Including unconsolidated investments125,439 — — 125,439 
(1)Electricity segment revenues in the United States are all accounted under lease accounting, except for $143.5 million, $153.2 million, and $124.7 million for the years 2025, 2024 and 2023, respectively, which are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606, as further described under Note 1 to the consolidated financial statements, except for Energy Storage revenues of $18.8 million, $4.2 million and none for the years ended December 31, 2025, 2024 and 2023, respectively, that are accounted under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted under lease accounting. Product revenues in foreign countries are accounted under ASC 606 as further described under Note 1 to the consolidated financial statements.
(3)Depreciation and amortization expense amounts align with the segment-level information that is regularly provided to the CODM, and do not include intersegment transactions. Depreciation and amortization expenses included in the segment measure of gross profit are related to the specific tangible and intangible assets associated with each of the reportable segment.
(4)Other cost of revenues expenses for each reportable segment include:
Electricity: primarily cost of manpower, utilities, repair and maintenance, royalties, and property taxes.
Products: primarily cost of raw materials and finished goods used in manufacturing, manpower, transportation, and third-party subcontractors.
Energy Storage: primarily cost of manpower, utilities, and insurance.
(5)Segment operating expenses include research and development expenses, selling and marketing expenses, and general and administrative expenses such as manpower, depreciation and amortization, legal and professional services. Such expenses do not include intersegment transactions. Segment operating expenses related to the Energy Storage segment are directly related to this segment. Segment operating expenses related to the Electricity and Product segments are allocated between these two segments based on their weighted contribution to revenues, except for certain specific expenses or gains that are specifically allocated to one of these segments, as applicable, such as impairment of long-lived assets, write-off of unsuccessful exploration activities, and other operating income.
(6)Total depreciation and amortization expenses for each segment are related to the specific tangible and intangible assets associated with the respective reportable segment.
(7)Electricity segment assets include goodwill in the amount of $163.6 million , $146.4 million and $85.9 million as of December 31, 2025, 2024 and 2023, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million , $4.6 million and $4.6 million as of December 31, 2025, 2024 and 2023, respectively. No goodwill is included in the Product segment assets as of December 31, 2025, 2024 and 2023.
Schedule of Reconciling Information Between Reportable Segments
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table: 
Year Ended December 31,
202520242023
(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit (loss)
$272,685 $272,619 $264,018 
Less operating expenses:
Research and development expenses
6,304 6,501 7,215 
Selling and marketing expenses
18,898 17,694 18,306 
General and administrative expenses
79,592 80,119 68,179 
Other operating income(14,844)(9,375)—
Write-off of long-lived assets
12,064 1,280 — 
Write-off of unsuccessful exploration activities
1,446 3,930 3,733 
Operating income $169,225 $172,470 $166,585 
Interest income 6,015 7,883 11,983 
Interest expense, net (141,851)(134,031)(98,881)
Derivatives and foreign currency transaction gains (losses)5,248 (4,187)(3,278)
Income attributable to sale of tax benefits 66,726 73,054 61,157 
Other non-operating income (expense), net 385 188 1,519 
Total consolidated income before income taxes and equity in earnings (losses) of investees $105,748 $115,377 $139,085 
Reconciliation of profit or loss (segment operating income):
Total segment operating income
$169,225 $172,470 $166,585 
Interest income6,015 7,883 11,983 
Interest expense, net(141,851)(134,031)(98,881)
Derivatives and foreign currency transaction gains (losses)5,248 (4,187)(3,278)
Income attributable to sale of tax benefits66,726 73,054 61,157 
Other non-operating income (expense), net385 188 1,519 
Total consolidated income before income taxes and equity in earnings (losses) of investees$105,748 $115,377 $139,085 
Schedule of Geographic Area The following tables present certain data by geographic area: 
Year Ended December 31,
202520242023
(Dollars in thousands)
Revenues from external customers attributable to:
United States $590,288 $557,343 $509,827 
Indonesia 1,489 7,616 26,732 
Kenya 117,422 114,066 109,217 
Dominica
48,931 — — 
Turkey 5,147 3,013 2,469 
Guatemala 28,014 28,955 30,174 
New Zealand 128,817 78,665 66,526 
Honduras28,658 30,304 31,589 
Other foreign countries 40,777 59,692 52,889 
Consolidated total $989,543 $879,654 $829,424 
Schedule of Geographic Area of Long-Lived Assets
The following table presents information on geographic area of long-lived assets:
Year Ended December 31,
202520242023
(Dollars in thousands)
Long-lived assets (primarily power plants and related assets) located in:
United States $3,897,443 $3,464,011 $3,085,892 
Kenya 363,422 382,738 377,563 
Guadeloupe
158,627 112,375 101,728 
Other foreign countries 347,697 333,306 276,300 
Consolidated total $4,767,189 $4,292,430 $3,841,483 
Schedule of Revenues From Major Customers The following table presents revenues from major customers:
 
Year Ended December 31,
202520242023
Revenues%Revenues%Revenues%
(Dollars in
thousands)		(Dollars in
thousands)		(Dollars in
thousands)
Southern California Public Power (1)
$175,999 17.8 %$181,120 20.6 %$181,656 21.2 %
Sierra Pacific Power Company and Nevada Power Company (1)(2)
136,730 13.8 133,108 15.1 116,797 14.1 %
KPLC (1)
117,422 11.9 114,066 13.0 109,217 13.2 %
(1 )Revenues reported in Electricity segment.
(2) Subsidiaries of NV Energy, Inc.
v3.25.4
EMPLOYEE BENEFIT PLAN (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Expected Future Benefit Payments
The Company expects to pay the following future benefits to its employees upon their reaching normal retirement age, not including amounts already funded into the severance funds to-date:
(Dollars in
thousands)
Year ending December 31:
2026$668 
2027199
2028479
2029720
2030502
2031-20482,912
Total
$5,480 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Total Lease Cost
The table below presents the effects on the amounts relating to total lease cost:
Year Ended December 31,
202520242023
(Dollars in thousands)
Lease cost:
Finance lease cost:
Amortization of right-of-use assets $1,821 $1,388 $1,922 
Interest on lease liabilities 206 143 168 
Operating lease cost 6,665 5,657 4,771 
Short-term and variable lease cost 10,220 6,738 6,741 
Total lease cost
$18,912 $13,926 $13,602 
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases $206 $143 $168 
Operating cash flows for operating leases 7,909 10,526 4,448 
Financing cash flows for finance leases 1,840 1,383 1,963 
Right-of-use assets obtained in exchange for new finance lease liabilities 3,677 761 1,671 
Right-of-use assets obtained in exchange for new operating lease liabilities 12,174 12,599 4,731 
December 31,
Additional information as of the end of the year:20252024
Weighted-average remaining lease term — finance leases (in years)
12.313.4
Weighted-average remaining lease term — operating leases (in years)14.916.3
Weighted-average discount rate — finance leases (in percentage)
6 %6 %
Weighted-average discount rate — operating leases (in percentage)5 %5 %
Schedule of Future Minimum Lease Payments Under Finance Lease
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating LeasesFinance Leases
Financing Liability (1)
(Dollars in thousands)
Year ending December 31,
2026$6,098 $551 $22,675 
20274,879 1,885 20,815 
20283,914 1,127 20,578 
20293,211 938 23,165 
20302,477 399 19,856 
Thereafter30,608 29 230,986 
Total future minimum lease payments51,187 4,929 338,075 
Less imputed interest16,663 402 121,679 
Total$34,524 $4,527 $216,396 
(1) Financing liability was assumed as part of the Terra-Gen business combination transaction in 2021 as further described under Note 11 to the consolidated financial statements, and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.
Schedule of Future Minimum Lease Payments Under Operating Lease
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating LeasesFinance Leases
Financing Liability (1)
(Dollars in thousands)
Year ending December 31,
2026$6,098 $551 $22,675 
20274,879 1,885 20,815 
20283,914 1,127 20,578 
20293,211 938 23,165 
20302,477 399 19,856 
Thereafter30,608 29 230,986 
Total future minimum lease payments51,187 4,929 338,075 
Less imputed interest16,663 402 121,679 
Total$34,524 $4,527 $216,396 
(1) Financing liability was assumed as part of the Terra-Gen business combination transaction in 2021 as further described under Note 11 to the consolidated financial statements, and is related to the sale and lease-back transaction of the Dixie Valley geothermal assets.
Schedule of Lease Income
The table below presents lease income recognized as a lessor:
Year Ended December 31,
202520242023
(Dollars in thousands)
Lease income relating to lease payments of operating leases $569,120 $553,348 $542,065 
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 147,448 $ 94,395 $ 195,808  
Restricted cash and cash equivalents 133,418 111,377 91,962  
Total cash and cash equivalents and restricted cash and cash equivalents $ 280,866 $ 205,772 $ 287,770 $ 226,676
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 2 Months Ended 12 Months Ended
Aug. 16, 2024
USD ($)
Feb. 28, 2026
USD ($)
Dec. 31, 2025
USD ($)
financialInstitution
facilities
powerPlant
$ / shares
shares
Dec. 31, 2024
USD ($)
financialInstitution
$ / shares
shares
Dec. 31, 2023
USD ($)
performanceObligation
$ / shares
shares
Business and Significant Accounting Policies [Line Items]          
Cash, FDIC insured amount     $ 83,600,000 $ 31,200,000  
Number of financial institutions | financialInstitution     10 10  
Cash, uninsured amount     $ 75,400,000 $ 73,900,000  
Trade allowance for credit losses     164,772,000 164,050,000  
Interest costs capitalized     28,116,000 14,723,000 $ 17,261,000
Write-off of unsuccessful exploration and storage activities     1,446,000 3,930,000 3,733,000
Amortization of debt issuance costs     6,400,000 5,900,000 5,900,000
Write off of deferred debt issuance cost     0 0 0
Impairment of long-lived assets to be disposed of     0    
Impairment of long-lived assets     12,064,000 1,280,000 0
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax, ending balance     (1,900,000) (9,300,000)  
Change in foreign currency translation adjustments     $ 9,665,000 $ (8,232,000) $ 1,257,000
Number of storage facilities | facilities     3    
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares     2,100 38,500 82,500
Cash dividends paid     $ 29,072,000 $ 29,109,000 $ 28,412,000
Common stock, dividends, per share, cash paid (in dollars per share) | $ / shares     $ 0.48 $ 0.48 $ 0.48
Litigation settlement, gain     $ 13,700,000 $ 9,400,000  
Settlement Agreement          
Business and Significant Accounting Policies [Line Items]          
Loss contingency, receivable, proceeds $ 35,000,000.0        
Loss contingency, damages paid, value 25,000,000.0        
Loss contingency, purchase agreement, reduction to the cost of good purchased $ 10,000,000.0        
Galena 2 Power Purchase Agreement          
Business and Significant Accounting Policies [Line Items]          
Termination fees     0 0 $ 0
The Dominica Project          
Business and Significant Accounting Policies [Line Items]          
Number of performance obligations | performanceObligation         2
Product | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01          
Business and Significant Accounting Policies [Line Items]          
Revenue, remaining performance obligation, amount     $ 245,000,000.0    
Revenue, remaining performance obligation, (in percentage)     100.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, period (month)     24 months    
Brawley Power Plant And OREG 2 Facility          
Business and Significant Accounting Policies [Line Items]          
Impairment of long-lived assets     $ 12,100,000    
Energy storage          
Business and Significant Accounting Policies [Line Items]          
Write-off of unsuccessful exploration and storage activities     $ 1,400,000 2,000,000.0 $ 300,000
Electricity          
Business and Significant Accounting Policies [Line Items]          
Number of power plants not accounted as operating leases | powerPlant     13    
Minimum          
Business and Significant Accounting Policies [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life (year)     4 years    
Lessee, finance lease, term of contract (year)     4 years    
Standard product warranty, term (year)     1 year    
Minimum | Power Plants          
Business and Significant Accounting Policies [Line Items]          
Property, plant, and equipment estimated useful lives     15 years    
Minimum | Viridity Energy, Inc.          
Business and Significant Accounting Policies [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life (year)     6 years    
Maximum          
Business and Significant Accounting Policies [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life (year)     19 years    
Lessee, finance lease, term of contract (year)     5 years    
Standard product warranty, term (year)     2 years    
Maximum | Power Plants          
Business and Significant Accounting Policies [Line Items]          
Property, plant, and equipment estimated useful lives     30 years    
Maximum | Viridity Energy, Inc.          
Business and Significant Accounting Policies [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life (year)     19 years    
Total Receivables | Customer Concentration Risk          
Business and Significant Accounting Policies [Line Items]          
Financing receivable, after allowance for credit loss, total     $ 103,200,000 $ 99,700,000  
Primary Customers | Accounts Receivable | Customer Concentration Risk          
Business and Significant Accounting Policies [Line Items]          
Concentration risk (in percentage)     56.00% 57.00%  
Kenya Power and Lighting Co Limited          
Business and Significant Accounting Policies [Line Items]          
Accounts receivable, past due     $ 29,500,000    
Kenya Power and Lighting Co Limited | Subsequent Event          
Business and Significant Accounting Policies [Line Items]          
Proceeds, overdue accounts receivable   $ 21,100,000      
ENEE          
Business and Significant Accounting Policies [Line Items]          
Accounts receivable, past due     20,300,000    
ENEE | Subsequent Event          
Business and Significant Accounting Policies [Line Items]          
Proceeds, overdue accounts receivable   $ 1,000,000.0      
Foreign countries          
Business and Significant Accounting Policies [Line Items]          
Trade allowance for credit losses     $ 102,000,000.0 $ 105,200,000  
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives (Details)
Dec. 31, 2025
Buildings  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 25 years
Leasehold improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 15 years
Leasehold improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 30 years
Machinery and equipment — manufacturing and drilling | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 5 years
Machinery and equipment — manufacturing and drilling | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 10 years
Machinery and equipment — computers | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 3 years
Machinery and equipment — computers | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 5 years
Energy storage equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 8 years
Energy storage equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 20 years
Solar facility equipment  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 30 years
Office equipment — furniture and fixtures | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 5 years
Office equipment — furniture and fixtures | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 15 years
Office equipment — other | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 5 years
Office equipment — other | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 10 years
Vehicles | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 5 years
Vehicles | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant, and equipment estimated useful lives 7 years
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Contract assets $ 30,011 $ 29,243
Contract liabilities (13,159) (23,091)
Contract with customer, asset, after allowance for credit loss, noncurrent 75,000 26,000
Recognition of contract liabilities as revenue as a result of performance obligations satisfied 21,478 12,698
Cash received in advance for which revenues have not yet recognized, net of expenditures made (11,546) (17,119)
Reduction of contract assets as a result of rights to consideration becoming unconditional (19,774) (5,070)
Contract assets recognized, net of recognized receivables 20,542 15,945
Net change in contract assets 768 10,875
Net change in contract liabilities $ 9,932 $ (4,421)
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciles Revenues Accounted Under Lease Accounting (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Total revenues $ 989,543 $ 879,654 $ 829,424
Electricity | Accounting Standards Update 2016-02      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Total revenues 569,120 553,348 542,065
Energy storage      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Total revenues 78,957 37,729 28,894
Energy storage | Accounting Standards Update 2016-02      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Total revenues $ 420,423 $ 326,306 $ 287,359
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Changes in Allowance for Expected Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance of the allowance for expected credit losses $ 224 $ 90
Change in the provision for expected credit losses for the period 84 134
Ending balance of the allowance for expected credit losses $ 308 $ 224
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Weighted average number of shares used in computation of basic earnings per share 60,705 60,455 59,424
Additional shares from the assumed exercise of employee stock-based awards 427 335 338
Additional shares related to the effect of dilutive convertible senior notes 230 0 0
Weighted average number of shares used in computation of diluted earnings per share 61,362 60,790 59,762
v3.25.4
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Changes in Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]    
Redeemable noncontrolling interest as of January 1, $ 9,448 $ 10,599
Redeemable noncontrolling interest in results of operation of a consolidated subsidiary 347 (319)
Cash paid to noncontrolling interest (956) 0
Currency translation adjustments 1,563 (832)
Redeemable noncontrolling interest as of December 31, $ 10,402 $ 9,448
v3.25.4
BUSINESS ACQUISITIONS - Narrative (Details)
$ in Millions
 12 Months Ended
Jun. 18, 2025
USD ($)
Jan. 04, 2024
USD ($)
greenfieldDevelopmentAsset
solarPowerPlant
tripleHybridPowerPlant
geothermalPowerPlant
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Enel Green Power North America ("EGPNA")          
Business Combination [Line Items]          
Business acquisition, percentage of voting interests acquired   100.00%      
Business combination, consideration transferred   $ 274.6      
Business combination, acquisition related costs       $ 1.3 $ 1.1
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual       8.8  
Number of contracted geothermal power plants, business combination | geothermalPowerPlant   2      
Number of triple hybrid power plant, business Combination | tripleHybridPowerPlant   1      
Number of solar power plants, business combination | solarPowerPlant   2      
Number of greenfield development assets, business combination | greenfieldDevelopmentAsset   2      
Enel Green Power North America ("EGPNA") | Electricity          
Business Combination [Line Items]          
Business combination, pro forma information, revenue of acquiree since acquisition date, actual       $ 33.3  
Cyrq Energy          
Business Combination [Line Items]          
Business acquisition, percentage of voting interests acquired 100.00%        
Business combination, consideration transferred $ 88.7        
Business combination, acquisition related costs     $ 1.2    
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual     4.1    
Cyrq Energy | Electricity          
Business Combination [Line Items]          
Business combination, pro forma information, revenue of acquiree since acquisition date, actual     $ 6.6    
v3.25.4
BUSINESS ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 18, 2025
Dec. 31, 2024
Jan. 04, 2024
Dec. 31, 2023
Business Combination [Line Items]          
Goodwill $ 168,244   $ 151,023   $ 90,544
Cyrq Energy          
Business Combination [Line Items]          
Trade receivables and others   $ 1,700      
Deferred income taxes   5,000      
Property, plant and equipment and construction-in-process   86,200      
Operating lease right-of-use   1,400      
Total assets acquired   94,300      
Accounts payable, accrued expenses and others   300      
Operating lease liabilities   1,200      
Other long-term liabilities   16,800      
Asset retirement obligation   3,700      
Total liabilities assumed   22,000      
Total assets acquired, and liabilities assumed, net   72,300      
Goodwill   $ 16,400      
Enel Green Power North America ("EGPNA")          
Business Combination [Line Items]          
Trade receivables and others       $ 4,400  
Deferred income taxes       2,900  
Property, plant and equipment and construction-in-process       197,700  
Operating lease right-of-use       1,200  
Other long-term assets       200  
Intangible assets       23,600  
Total assets acquired       230,000  
Accounts payable, accrued expenses and others       1,500  
Other current liabilities       1,800  
Operating lease liabilities       1,200  
Other long-term liabilities       5,000  
Asset retirement obligation       6,800  
Total liabilities assumed       16,300  
Total assets acquired, and liabilities assumed, net       213,700  
Goodwill       $ 60,900  
v3.25.4
BUSINESS ACQUISITIONS - Schedule of Pro Forma Information (Details) - Enel Green Power North America ("EGPNA") - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]    
Total revenues $ 879.7 $ 864.9
Net income attributable to the Company's stockholders 125.2 111.0
Electricity    
Business Combination [Line Items]    
Total revenues $ 702.3 $ 702.2
v3.25.4
INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials and purchased parts for assembly $ 23,710 $ 20,575
Self-manufactured assembly parts and finished products 21,558 17,517
Total $ 45,268 $ 38,092
v3.25.4
COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Costs and estimated earnings incurred on uncompleted contracts $ 452,952 $ 327,671
Less billings to date (436,100) (321,519)
Total $ 16,852 $ 6,152
v3.25.4
COST AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS - Schedule of Cost and Estimated Earnings Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Costs and estimated earnings in excess of billings on uncompleted contracts $ 30,011 $ 29,243
Billings in excess of costs and estimated earnings on uncompleted contracts (13,159) (23,091)
Total $ 16,852 $ 6,152
v3.25.4
INVESTMENT IN UNCONSOLIDATED COMPANIES - Schedule of Investment in Unconsolidated Companies (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Total investment in unconsolidated companies $ 162,111 $ 144,585
Investment in Sarulla    
Schedule of Equity Method Investments [Line Items]    
Total investment in unconsolidated companies 66,680 69,718
Investment in Ijen    
Schedule of Equity Method Investments [Line Items]    
Total investment in unconsolidated companies 90,431 72,367
Other investments    
Schedule of Equity Method Investments [Line Items]    
Other investments $ 5,000 $ 2,500
v3.25.4
INVESTMENT IN UNCONSOLIDATED COMPANIES - Narrative (Details)
$ in Thousands
 12 Months Ended 78 Months Ended
Jul. 02, 2019
USD ($)
Dec. 31, 2025
USD ($)
MWh
construction
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
Jul. 03, 2019
Schedule of Equity Method Investments [Line Items]            
Payments to acquire equity method investments   $ 17,796 $ 18,969 $ 10,181    
Subsidiary of Medco Power | Investment in Ijen            
Schedule of Equity Method Investments [Line Items]            
Ownership percentage of common shares outstanding   51.00%     51.00%  
Investment in Ijen            
Schedule of Equity Method Investments [Line Items]            
Equity method investment, ownership (in percentage) 49.00%         49.00%
Payments to acquire equity method investments $ 2,700 $ 14,900 15,900 6,100 $ 79,500  
Investment in Sarulla            
Schedule of Equity Method Investments [Line Items]            
Jointly owned utility plant, proportionate ownership share   12.75%     12.75%  
Expected power generating capacity (megawatt-hour) | MWh   330        
Number of phases of construction | construction   3        
Power utilization (megawatt-hour) | MWh   110        
Power plant usage agreement term (year)   30 years        
Payments to acquire projects   $ 0 0 0    
Accumulated cash contributions to acquire projects   62,000     $ 62,000  
Investment in Sarulla | Interest rate swap            
Schedule of Equity Method Investments [Line Items]            
AOCI, cash flow hedge, cumulative gain, after tax   $ 900 $ 2,100 $ 1,500 $ 900  
v3.25.4
INVESTMENT IN UNCONSOLIDATED COMPANIES - Schedule of Gains (Loss) in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest rate swap | Investment in Sarulla      
Schedule of Equity Method Investments [Line Items]      
Change in unrealized gains or (losses) in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge $ (1,230) $ 602 $ (470)
v3.25.4
VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Property, plant and equipment, net $ 3,672,569 $ 3,501,886
Construction-in-process 1,048,174 755,589
Total assets 6,246,508 5,666,224
Liabilities:    
Accounts payable and accrued expenses 234,757 234,334
Long-term debt 2,660,570  
Other long-term liabilities 33,637 29,270
Total liabilities 3,555,232 3,105,844
Variable Interest Entity, Primary Beneficiary    
Assets:    
Property, plant and equipment, net 3,460,079 3,271,248
Construction-in-process 392,644 251,442
Variable Interest Entity, Primary Beneficiary | Project Debt    
Assets:    
Restricted cash and cash equivalents 133,289 111,248
Other current assets 149,574 134,316
Property, plant and equipment, net 2,191,754 1,852,498
Construction-in-process 243,655 85,592
Other long-term assets 410,150 286,840
Total assets 3,128,422 2,470,494
Liabilities:    
Accounts payable and accrued expenses 54,526 28,028
Long-term debt 778,422 710,477
Other long-term liabilities 483,961 427,813
Total liabilities 1,316,909 1,166,318
Variable Interest Entity, Primary Beneficiary | PPAs    
Assets:    
Restricted cash and cash equivalents 0 0
Other current assets 37,473 43,368
Property, plant and equipment, net 1,268,325 1,418,750
Construction-in-process 148,989 165,850
Other long-term assets 48,855 89,261
Total assets 1,503,642 1,717,229
Liabilities:    
Accounts payable and accrued expenses 12,293 12,635
Long-term debt 0 0
Other long-term liabilities 139,554 72,374
Total liabilities $ 151,847 $ 85,009
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cross-currency swap | Other receivables    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivatives, cash collateral deposits $ 0 $ 9,700
Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 47,463 52,031
Fair value, net asset (liability) 60,876 42,607
Carrying Value | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,343  
Derivative asset, noncurrent 11,925  
Derivative liability, current   (3,500)
Derivative liability, noncurrent   (6,653)
Carrying Value | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   550
Carrying Value | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   180
Derivative asset, noncurrent 1,407  
Derivative liability, current (832)  
Derivative liability, noncurrent (430)  
Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 47,463 52,031
Fair value, net asset (liability) 60,876 42,607
Fair Value | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,343  
Derivative asset, noncurrent 11,925  
Derivative liability, current   (3,500)
Derivative liability, noncurrent   (6,653)
Fair Value | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   550
Fair Value | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   180
Derivative asset, noncurrent 1,407  
Derivative liability, current (832)  
Derivative liability, noncurrent (430)  
Fair Value | Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 47,463 52,031
Fair value, net asset (liability) 47,463 52,031
Fair Value | Level 1 | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0  
Derivative asset, noncurrent 0  
Derivative liability, current   0
Derivative liability, noncurrent   0
Fair Value | Level 1 | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   0
Fair Value | Level 1 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   0
Derivative asset, noncurrent 0  
Derivative liability, current 0  
Derivative liability, noncurrent 0  
Fair Value | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 0 0
Fair value, net asset (liability) 13,413 (9,424)
Fair Value | Level 2 | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 1,343  
Derivative asset, noncurrent 11,925  
Derivative liability, current   (3,500)
Derivative liability, noncurrent   (6,653)
Fair Value | Level 2 | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   550
Fair Value | Level 2 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   180
Derivative asset, noncurrent 1,407  
Derivative liability, current (832)  
Derivative liability, noncurrent (430)  
Fair Value | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash equivalents (including restricted cash accounts) 0 0
Fair value, net asset (liability) 0 0
Fair Value | Level 3 | Cross-currency swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current 0  
Derivative asset, noncurrent 0  
Derivative liability, current   0
Derivative liability, noncurrent   0
Fair Value | Level 3 | Currency forward contracts    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   0
Fair Value | Level 3 | Interest rate swap    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative asset, current   $ 0
Derivative asset, noncurrent 0  
Derivative liability, current 0  
Derivative liability, noncurrent $ 0  
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Gain (Loss) Recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivatives designated as cash flow hedging instruments $ 25,202 $ 1,861 $ (6,201)
Currency forward contracts      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivatives not designated as hedging instruments 4,320 419 (2,190)
Cross-currency swap      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivatives designated as cash flow hedging instruments 25,135 357 (6,201)
Interest rate swap      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivatives designated as cash flow hedging instruments $ 67 $ 1,504 $ 0
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]      
Balance at the start of the period $ 2,550,932 $ 2,440,987 $ 2,020,975
Balance at the end of the period 2,680,874 2,550,932 2,440,987
Change in respect of derivative instruments designated for cash flow hedge, tax 100 300 1,500
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Equity, Attributable to Noncontrolling Interest [Roll Forward]      
Balance at the start of the period 684 (318) 3,920
Balance at the end of the period (984) 684 (318)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Cross-currency swap      
Equity, Attributable to Noncontrolling Interest [Roll Forward]      
Gain or (loss) recognized in Other comprehensive income (loss) 23,354 1,346 1,963
Amount reclassified from other comprehensive income (loss) into earnings (25,135) (357) (6,201)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate swap      
Equity, Attributable to Noncontrolling Interest [Roll Forward]      
Gain or (loss) recognized in Other comprehensive income (loss) 180 1,517 0
Amount reclassified from other comprehensive income (loss) into earnings $ (67) $ (1,504) $ 0
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fixed-rate | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing liability: fixed-rate $ 216.4 $ 220.6
Convertible senior notes | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Convertible senior notes 476.4 476.4
Nonrecourse | Fixed-rate | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 739.2 657.3
Full recourse | Fixed-rate | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 808.7 940.4
Full recourse | Variable-rate | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 418.8 48.4
Level 3 | Fixed-rate | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing liability: fixed-rate 223.0 223.4
Level 3 | Nonrecourse | Fixed-rate | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 743.4 636.5
Level 3 | Full recourse | Fixed-rate | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 804.8 920.4
Level 3 | Full recourse | Variable-rate | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans payable 427.6 48.5
Level 2 | Convertible senior notes | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Convertible senior notes $ 643.7 $ 471.2
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Deposits $ 11,400  
Commercial paper 99,983 $ 99,977
Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Short term revolving credit lines with banks (full recourse) $ 80,000  
v3.25.4
PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 6,011,595 $ 5,605,216
Asset retirement cost 54,002 59,831
Less accumulated depreciation (2,339,026) (2,103,330)
Property, plant and equipment, net 3,672,569 3,501,886
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 56,070 51,500
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 18,311 12,746
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 419,231 389,252
Buildings and office equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 157,534 145,272
Vehicles    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 21,078 20,159
Energy storage equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 522,610 324,065
Solar facility equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 95,036 97,502
Geothermal and recovered energy generation power plants | United States    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 3,708,110 3,585,209
Geothermal and recovered energy generation power plants | Foreign countries    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 959,613 $ 919,680
v3.25.4
PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation, total $ 252,000 $ 222,200 $ 186,500
Depreciation net of amortization of cash grant 6,900 6,900 6,900
Impairment of long-lived assets $ 12,064 1,280 $ 0
Kenya Power and Lighting Co Limited      
Property, Plant and Equipment [Line Items]      
Power purchase agreements term (year) 20 years    
Geotermica Platanares      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment including construction in progress, net $ 68,600 74,900  
Power plant usage agreement term (year) 15 years    
Geotermica Platanares | ENEE      
Property, Plant and Equipment [Line Items]      
Power purchase agreements term (year) 30 years    
Geothermie Bouillante SA (“GB”)      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment including construction in progress, net $ 158,600 112,400  
Geothermie Bouillante SA (“GB”) | EDF      
Property, Plant and Equipment [Line Items]      
Power purchase agreements term (year) 15 years    
North Brawley Geothermal Power Plant      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, fair value disclosure $ 0    
Impairment of long-lived assets 7,200    
Waste Heat Agreement      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, fair value disclosure 0    
Impairment of long-lived assets 4,900    
Orzunil I de Electricidad, Limitada      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment including construction in progress, net 26,300 30,600  
Ortitlan Limitada      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment including construction in progress, net $ 38,300 41,000  
Orzunil I de Electricidad, Limitada      
Property, Plant and Equipment [Line Items]      
Subsidiary, ownership percentage by parent 97.00%    
United States      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment including construction in progress, net $ 3,852,900 3,429,700  
Property, plant and equipment, cash grant, net 114,300 121,100  
Foreign countries      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment including construction in progress, net 868,600 827,800  
Kenya | Power Plants      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment including construction in progress, net $ 363,400 $ 382,700  
v3.25.4
PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS - Schedule of Construction-In-Process (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]        
Construction-in-process $ 1,048,174 $ 755,589    
Projects under exploration and development        
Property, Plant and Equipment [Line Items]        
Construction-in-process 286,870 193,703 $ 162,476 $ 95,268
Projects under construction        
Property, Plant and Equipment [Line Items]        
Construction-in-process 761,304 561,886 652,491 797,930
Up-front bonus costs | Projects under exploration and development        
Property, Plant and Equipment [Line Items]        
Construction-in-process 5,331 5,331 5,335 5,335
Up-front bonus costs | Projects under construction        
Property, Plant and Equipment [Line Items]        
Construction-in-process 11,031 11,031 11,156 11,156
Exploration and development costs | Projects under exploration and development        
Property, Plant and Equipment [Line Items]        
Construction-in-process 280,836 187,669 156,438 89,230
Interest capitalized | Projects under exploration and development        
Property, Plant and Equipment [Line Items]        
Construction-in-process 703 703 703 703
Interest capitalized | Projects under construction        
Property, Plant and Equipment [Line Items]        
Construction-in-process 38,607 21,082 22,919 25,645
Drilling and construction costs | Projects under construction        
Property, Plant and Equipment [Line Items]        
Construction-in-process $ 711,666 $ 529,773 $ 618,416 $ 761,129
v3.25.4
PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION-IN-PROCESS - Schedule of Projects Under Exploration and Development, Construction (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Construction in Progress [Roll Forward]      
Beginning balance $ 755,589    
Cost write-off (1,446) $ (3,930) $ (3,733)
Ending balance 1,048,174 755,589  
Projects under exploration and development      
Construction in Progress [Roll Forward]      
Beginning balance 193,703 162,476 95,268
Cost incurred during the year 97,234 36,339 70,667
Cost write-off   (1,971) (3,459)
Transfer of projects under exploration and development to projects under construction 4,067 3,141  
Ending balance 286,870 193,703 162,476
Projects under construction      
Construction in Progress [Roll Forward]      
Beginning balance 561,886 652,491 797,930
Cost incurred during the year 527,355 379,886 488,603
Cost write-off (1,172) (1,958) (993)
Transfer of projects under exploration and development to projects under construction 4,067 3,141  
Transfer of completed projects to property, plant and equipment (330,832) (471,674) (633,049)
Ending balance 761,304 561,886 652,491
Up-front Bonus Costs | Projects under exploration and development      
Construction in Progress [Roll Forward]      
Beginning balance 5,331 5,335 5,335
Cost incurred during the year 0 0 0
Cost write-off   (4) 0
Transfer of projects under exploration and development to projects under construction 0 0  
Ending balance 5,331 5,331 5,335
Up-front Bonus Costs | Projects under construction      
Construction in Progress [Roll Forward]      
Beginning balance 11,031 11,156 11,156
Cost incurred during the year 0 0 0
Cost write-off 0 0 0
Transfer of projects under exploration and development to projects under construction 0 0  
Transfer of completed projects to property, plant and equipment 0 (125) 0
Ending balance 11,031 11,031 11,156
Exploration and Development Costs | Projects under exploration and development      
Construction in Progress [Roll Forward]      
Beginning balance 187,669 156,438 89,230
Cost incurred during the year 97,234 36,339 70,667
Cost write-off   (1,967) (3,459)
Transfer of projects under exploration and development to projects under construction 4,067 3,141  
Ending balance 280,836 187,669 156,438
Interest Capitalized | Projects under exploration and development      
Construction in Progress [Roll Forward]      
Beginning balance 703 703 703
Cost incurred during the year 0 0 0
Cost write-off   0 0
Transfer of projects under exploration and development to projects under construction 0 0  
Ending balance 703 703 703
Interest Capitalized | Projects under construction      
Construction in Progress [Roll Forward]      
Beginning balance 21,082 22,919 25,645
Cost incurred during the year 27,765 12,212 15,181
Cost write-off 0 0 0
Transfer of projects under exploration and development to projects under construction 0 0  
Transfer of completed projects to property, plant and equipment (10,240) (14,049) (17,907)
Ending balance 38,607 21,082 22,919
Drilling and Construction Costs | Projects under construction      
Construction in Progress [Roll Forward]      
Beginning balance 529,773 618,416 761,129
Cost incurred during the year 499,590 367,674 473,422
Cost write-off (1,172) (1,958) (993)
Transfer of projects under exploration and development to projects under construction 4,067 3,141  
Transfer of completed projects to property, plant and equipment (320,592) (457,500) (615,142)
Ending balance $ 711,666 $ 529,773 $ 618,416
v3.25.4
INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jun. 18, 2025
Jan. 04, 2024
Intangible Asset, Finite-Lived [Line Items]          
Intangible assets, net $ 274,548 $ 301,745      
Intangible assets, accumulated amortization 208,970 177,681      
Amortization of intangible assets 25,400 27,800 $ 26,800    
Impairment of intangible assets, finite-lived 0 0 0    
Goodwill 168,244 151,023 90,544    
Goodwill, impairment loss 0 0 $ 0    
Energy Storage segment          
Intangible Asset, Finite-Lived [Line Items]          
Intangible assets, accumulated amortization $ 32,257 $ 27,573      
Cyrq Energy          
Intangible Asset, Finite-Lived [Line Items]          
Other long-term liabilities       $ 16,800  
Goodwill       $ 16,400  
Enel Green Power North America ("EGPNA")          
Intangible Asset, Finite-Lived [Line Items]          
Other long-term liabilities         $ 5,000
Intangible assets         23,600
Goodwill         $ 60,900
v3.25.4
INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Intangible Asset, Finite-Lived [Line Items]    
Intangible assets, gross carrying amount $ 483,519 $ 479,425
Finite-Lived Intangible Assets, Accumulated Amortization (208,970) (177,681)
Intangible liabilities, gross carrying amount (20,826) (5,000)
Intangible liabilities, accumulated amortization 3,346 909
Electricity segment    
Intangible Asset, Finite-Lived [Line Items]    
Intangible assets, gross carrying amount 429,209 425,115
Finite-Lived Intangible Assets, Accumulated Amortization (176,713) (150,108)
Energy Storage segment    
Intangible Asset, Finite-Lived [Line Items]    
Intangible assets, gross carrying amount 54,310 54,310
Finite-Lived Intangible Assets, Accumulated Amortization $ (32,257) $ (27,573)
v3.25.4
INTANGIBLE ASSETS AND GOODWILL - Schedule of Estimated Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 24,578
2027 22,365
2028 22,092
2029 22,068
2030 20,758
Thereafter 145,114
Total $ 256,975
v3.25.4
INTANGIBLE ASSETS AND GOODWILL - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill at beginning of period $ 151,023 $ 90,544
Goodwill acquired 16,388 60,872
Translation differences 833 (393)
Goodwill at end of period $ 168,244 $ 151,023
v3.25.4
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Trade payable $ 123,991 $ 124,697
Salaries and other payroll costs 31,420 30,206
Customer advances 3,053 3,613
Accrued interest 22,990 23,274
Income tax payable 11,466 8,885
Property tax payable 4,675 3,812
Scheduling and transmission 1,789 1,714
Royalty accrual 5,633 7,062
Deferred income 21,125 22,500
Warranty accrual 2,296 1,287
Other 6,318 7,284
Total $ 234,757 $ 234,334
v3.25.4
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 1,966,700  
Financing liability 216,396 $ 220,569
Less current portion (9,749) (4,093)
Noncurrent portion 206,647 216,476
Convertible senior notes    
Debt Instrument [Line Items]    
Noncurrent portion 476,437 476,437
Limited and non-recourse    
Debt Instrument [Line Items]    
Long-term debt 739,176 657,315
Less current portion (79,885) (70,262)
Noncurrent portion 659,291 587,053
Limited recourse    
Debt Instrument [Line Items]    
Long-term debt 692,273 603,006
Nonrecourse    
Debt Instrument [Line Items]    
Long-term debt 46,903 54,309
Full recourse    
Debt Instrument [Line Items]    
Long-term debt 1,227,545 988,812
Less current portion (214,207) (161,313)
Noncurrent portion $ 1,013,338 $ 827,499
v3.25.4
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER - Schedule of Additional Information of Long-Term Debt (Details)
$ in Thousands, ₪ in Billions
Dec. 31, 2025
USD ($)
May 14, 2025
USD ($)
Mar. 31, 2025
USD ($)
Mar. 27, 2025
USD ($)
Feb. 02, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 26, 2024
USD ($)
May 22, 2024
USD ($)
Jan. 02, 2024
USD ($)
Jul. 01, 2020
USD ($)
Jul. 01, 2020
ILS (₪)
Debt Instrument [Line Items]                      
Long-term debt, gross $ 1,966,700                    
Limited and non-recourse                      
Debt Instrument [Line Items]                      
Long-term debt, gross 739,176         $ 657,315          
Limited recourse                      
Debt Instrument [Line Items]                      
Long-term debt, gross 692,273         603,006          
Nonrecourse                      
Debt Instrument [Line Items]                      
Long-term debt, gross 46,903         54,309          
Full recourse                      
Debt Instrument [Line Items]                      
Long-term debt, gross 1,227,545         $ 988,812          
Mammoth Senior Secured Notes 2025 | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount 23,400                    
Long-term debt, gross $ 23,400                    
Annual interest rate 6.95%                    
Geothermie Bouillante tranche 1 | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 39,200                    
Long-term debt, gross $ 35,700                    
Annual interest rate 1.80%                    
Geothermie Bouillante tranche 2 | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 55,700                    
Long-term debt, gross $ 56,300                    
Annual interest rate 2.00%                    
Dominica Loan | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 37,600                    
Long-term debt, gross $ 37,600                    
Annual interest rate 2.40%                    
Bottleneck Loan | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 72,600                    
Long-term debt, gross $ 68,900                    
Annual interest rate 6.31%                    
Mammoth Senior Secured Notes | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 135,100                    
Long-term debt, gross $ 120,400                    
Annual interest rate 6.73%                    
DFC Loan - Tranche I | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 85,000                    
Long-term debt, gross $ 23,600                    
Annual interest rate 6.34%                    
DFC Loan - Tranche II | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 180,000                    
Long-term debt, gross $ 47,600                    
Annual interest rate 6.29%                    
DFC Loan - Tranche III | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 45,000                    
Long-term debt, gross $ 13,400                    
Annual interest rate 6.12%                    
DFC - Platanares Loan | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 114,700                    
Long-term debt, gross $ 55,300                    
Annual interest rate 7.02%                    
Series A | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 151,700                    
Long-term debt, gross $ 48,600                    
Annual interest rate 4.69%                    
Series C | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 140,000                    
Long-term debt, gross $ 62,600                    
Annual interest rate 4.61%                    
Idaho Refinancing Note | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 61,600                    
Long-term debt, gross $ 52,400                    
Annual interest rate 6.26%                    
U.S. Department of Energy | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 96,800                    
Long-term debt, gross $ 24,800                    
Annual interest rate 2.60%                    
Prudential Capital Group – Nevada | Limited recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 30,700                    
Long-term debt, gross $ 21,700                    
Annual interest rate 6.75%                    
Don A. Campbell Senior Secured Notes | Nonrecourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 92,500                    
Long-term debt, gross $ 46,900                    
Annual interest rate 4.03%                    
Discount 2025 III Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 100,000                    
Discount 2025 III Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount 100,000                    
Long-term debt, gross $ 100,000                    
Annual interest rate 2.42%                    
Discount 2025 II Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount   $ 50,000                  
Discount 2025 II Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 46,900                    
Annual interest rate 2.40%                    
Hapoalim 2025 Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount     $ 100,000                
Hapoalim 2025 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 150,000                    
Long-term debt, gross $ 137,600                    
Annual interest rate 2.45%                    
Discount 2025 Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount       $ 50,000              
Discount 2025 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 45,300                    
Annual interest rate 2.40%                    
Mizrahi 2025 Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount         $ 50,000            
Mizrahi 2025 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 46,900                    
Annual interest rate 2.35%                    
Hapoalim 2024 Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount                 $ 75,000    
Hapoalim 2024 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 75,000                    
Long-term debt, gross $ 58,600                    
Annual interest rate 6.60%                    
HSBC Bank 2024 Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount                 $ 125,000    
HSBC Bank 2024 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 125,000                    
Long-term debt, gross $ 87,500                    
Annual interest rate 2.25%                    
Discount 2024 Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount               $ 31,800      
Discount 2024 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 31,800                    
Long-term debt, gross $ 25,800                    
Annual interest rate 6.75%                    
Discount 2024 II Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount             $ 50,000        
Discount 2024 II Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 42,200                    
Annual interest rate 2.35%                    
Mizrahi Loan 2023 | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 37,500                    
Annual interest rate 7.15%                    
Hapoalim 2023 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 100,000                    
Long-term debt, gross $ 75,000                    
Annual interest rate 6.45%                    
Mizrahi Bank Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 75,000                    
Long-term debt, gross $ 42,200                    
Annual interest rate 4.10%                    
Bank Hapoalim Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 125,000                    
Long-term debt, gross $ 44,600                    
Annual interest rate 3.45%                    
HSBC Bank Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 21,400                    
Annual interest rate 3.45%                    
Discount Bank Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 100,000                    
Long-term debt, gross $ 50,000                    
Annual interest rate 2.90%                    
Senior Unsecured Bonds - Series 4                      
Debt Instrument [Line Items]                      
Debt instrument, face amount                   $ 289,800 ₪ 1.0
Senior Unsecured Bonds - Series 4 | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 289,800                    
Long-term debt, gross $ 188,100                    
Annual interest rate 3.35%                    
Migdal Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 100,000                    
Long-term debt, gross $ 62,300                    
Annual interest rate 4.80%                    
Additional Migdal Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 31,100                    
Annual interest rate 4.60%                    
Second Addendum Migdal Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 31,100                    
Annual interest rate 5.44%                    
DEG 2 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 50,000                    
Long-term debt, gross $ 12,500                    
Annual interest rate 6.28%                    
DEG 3 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 41,500                    
Long-term debt, gross $ 10,900                    
Annual interest rate 6.04%                    
DEG 4 Loan | Full recourse                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 30,000                    
Long-term debt, gross $ 30,000                    
Annual interest rate 7.79%                    
v3.25.4
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER - Narrative (Details)
$ / shares in Units, $ in Thousands, € in Millions, shares in Millions, ₪ in Billions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
payment
$ / shares
Sep. 18, 2025
USD ($)
Payments
geothermalPowerPlant
Aug. 18, 2025
EUR (€)
Aug. 14, 2025
EUR (€)
Aug. 13, 2025
USD ($)
Jun. 30, 2025
USD ($)
payment
May 14, 2025
USD ($)
payment
Mar. 27, 2025
USD ($)
payment
Feb. 02, 2025
USD ($)
payment
Sep. 26, 2024
USD ($)
Jul. 15, 2024
USD ($)
May 22, 2024
USD ($)
payment
Mar. 28, 2024
USD ($)
payment
geothermalPowerPlant
Jan. 02, 2024
USD ($)
payment
Dec. 11, 2023
USD ($)
Oct. 19, 2023
Jun. 27, 2022
USD ($)
Jun. 22, 2022
USD ($)
tradingDay
$ / shares
shares
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
USD ($)
payment
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
Aug. 18, 2025
USD ($)
Jul. 31, 2025
EUR (€)
tranches
Jun. 23, 2025
USD ($)
Mar. 31, 2025
USD ($)
Nov. 20, 2024
payment
Nov. 19, 2024
USD ($)
Oct. 23, 2023
USD ($)
Sep. 30, 2023
Dec. 31, 2022
USD ($)
Jul. 01, 2020
USD ($)
payment
Jul. 01, 2020
ILS (₪)
payment
Debt Instrument [Line Items]                                                                  
Long-term debt, gross $ 1,966,700                                     $ 1,966,700                          
Common stock, par or stated value per share (in dollars per share) | $ / shares $ 0.001                                 $ 0.001   $ 0.001 $ 0.001                        
Amortization of debt issuance costs                                       $ 6,400 $ 5,900 $ 5,900                      
Repayments of long-term debt, total                                       265,462 209,280 207,039                      
Proceeds from issuance of convertible notes, net of transaction costs                                       0 44,041 0                      
Short term revolving credit lines with banks (full recourse) $ 80,000                                     80,000 0                        
Letters of credit outstanding, amount 286,000                                     286,000                          
Stockholders' equity attributable to parent, ending balance 2,543,943                                     2,543,943 2,425,129                        
Stockholders' equity, including portion attributable to noncontrolling interest 2,680,874                                     2,680,874 2,550,932 2,440,987                 $ 2,020,975    
Cash dividends paid                                       $ 29,072 29,109 28,412                      
Commercial paper                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                             $ 26,800                           $ 73,200        
Debt instrument, basis spread on variable rate                               1.10%                                  
Debt instrument, base rate                                       5.00%                          
Debt instrument, issuance period                               90 days                                  
Debt instrument, issuance, extension period                               90 days                                  
Debt instrument, frequency of periodic payment                             ninety days                                    
Covenant requirement minimum                                                                  
Debt Instrument [Line Items]                                                                  
Stockholders' equity attributable to parent, ending balance $ 750,000                                     $ 750,000                          
Percentage of company assets 25.00%                                     25.00%                          
Debt to earnings before interest tax depreciation and amortization ratio 4.36                                     4.36                          
Covenant requirement                                                                  
Debt Instrument [Line Items]                                                                  
Percentage of company assets 42.90%                                     42.90%                          
Stockholders' equity, including portion attributable to noncontrolling interest $ 2,680,900                                     $ 2,680,900                          
Call Option                                                                  
Debt Instrument [Line Items]                                                                  
Option indexed to issuer's equity, shares (in shares) | shares                                   4.8                              
Option indexed to issuer's equity, strike price (in dollars per share) | $ / shares                                   $ 90.27                              
Option indexed to issuer's equity, cap price (US dollar per share) | $ / shares                                   $ 107.63                              
Option indexed to issuer's equity, premium percentage                                   55.00%                              
Purchase of capped call transactions                                   $ 24,500                              
Geothermie Bouillante S.A.                                                                  
Debt Instrument [Line Items]                                                                  
Subsidiary, ownership percentage by parent                                               63.75%                  
Project Subsidiaries, Geothermal Power Plants | Mammoth Pacific, LLC                                                                  
Debt Instrument [Line Items]                                                                  
Equity ownership, excluding consolidated entity and equity method investee (in percentage)   100.00%                     100.00%                                        
Number of contracted geothermal power plants, business combination | geothermalPowerPlant   4                     4                                        
Convertible senior notes                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                                 $ 431,250 $ 375,000                              
Annual interest rate                     2.50%           2.50% 2.50%                              
Proceeds from issuance of convertible notes, net of transaction costs                                 $ 56,250                                
Debt instrument, convertible, threshold trading days | tradingDay                                   20                              
Debt instrument, convertible, threshold consecutive trading days | tradingDay                                   30                              
Debt instrument, convertible, threshold percentage of stock price trigger                                   130.00%                              
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares                                   $ 90.27                              
Debt instrument, convertible, conversion shares                                   11.0776                              
Debt instrument, redemption price (in percentage)                                   100.00%                              
Debt issuance costs, gross $ 11,600                                     11,600                          
Amortization of debt issuance costs                                       $ 2,700 2,500 2,300                      
Debt instrument, interest rate, effective percentage 3.10%                                     3.10%                          
Interest expense                                       $ 11,900 $ 11,400 $ 10,700                      
Convertible senior notes | First circumstance, Convertible Senior Notes                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, convertible, threshold trading days | tradingDay                                   20                              
Debt instrument, convertible, threshold consecutive trading days | tradingDay                                   30                              
Debt instrument, convertible, threshold percentage of stock price trigger                                   130.00%                              
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares                                   $ 90.27                              
Convertible senior notes | Second circumstance, Convertible Senior Notes                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, convertible, threshold consecutive trading days | tradingDay                                   5                              
Debt instrument, convertible, consecutive business day after trading period                                   5 days                              
Debt instrument, convertible, maximum percentage of stock price trigger                                   98.00%                              
Maximum | Commercial paper                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, issuance, extension period                               5 years                                  
Maximum | Covenant requirement minimum                                                                  
Debt Instrument [Line Items]                                                                  
Debt to earnings before interest tax depreciation and amortization ratio 6.0                                     6.0                          
Discount 2025 III Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount $ 100,000                                     $ 100,000                          
Debt instrument, number of quarterly installments | payment 36                                     36                          
Debt instrument, periodic payment, total $ 2,800                                                                
Debt instrument, covenant, maximum debt to EBITDA ratio 6.0                                                                
Debt instrument, covenant, minimum equity capital, amount $ 750,000                                     $ 750,000                          
Debt instrument, covenant, equity capital to total assets (in percentage) 25.00%                                                                
Discount 2025 II Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount             $ 50,000                                                    
Debt instrument, number of quarterly installments | payment             32                                                    
Debt instrument, periodic payment, total             $ 1,600                                                    
Debt instrument, covenant, maximum debt to EBITDA ratio             6.0                                                    
Debt instrument, covenant, minimum equity capital, amount             $ 750,000                                                    
Debt instrument, covenant, equity capital to total assets (in percentage)             25.00%                                                    
Hapoalim 2025 Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                                                   $ 100,000              
Amended Hapoalim 2025 Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount           $ 50,000                                                      
Debt instrument, number of quarterly installments | payment           31                                                      
Debt instrument, periodic payment, total           $ 4,740                                                      
Debt instrument, covenant, maximum debt to EBITDA ratio           6.0                                                      
Debt instrument, covenant, minimum equity capital, amount           $ 750,000                                                      
Debt instrument, covenant, equity capital to total assets (in percentage)           25.00%                                                      
Discount 2025 Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount               $ 50,000                                                  
Debt instrument, number of quarterly installments | payment               32                                                  
Debt instrument, periodic payment, total               $ 1,600                                                  
Debt instrument, covenant, maximum debt to EBITDA ratio               6.0                                                  
Debt instrument, covenant, minimum equity capital, amount               $ 750,000                                                  
Debt instrument, covenant, equity capital to total assets (in percentage)               25.00%                                                  
Mizrahi 2025 Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                 $ 50,000                                                
Debt instrument, periodic payment, total                 $ 3,100                                                
Debt instrument, covenant, maximum debt to EBITDA ratio                 6.0                                                
Debt instrument, covenant, minimum equity capital, amount                 $ 750,000                                                
Debt instrument, covenant, equity capital to total assets (in percentage)                 25.00%                                                
Debt instrument, number of semi-annual payments | payment                 16                                                
Hapoalim 2024 Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                           $ 75,000                                      
Debt instrument, covenant, maximum debt to EBITDA ratio                           6.0                                      
Debt instrument, covenant, minimum equity capital, amount                           $ 75,000                                      
Debt instrument, covenant, equity capital to total assets (in percentage)                           25.00%                                      
HSBC Bank 2024 Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                           $ 125,000                                      
Debt instrument, periodic payment, total                           $ 12,500                                      
Debt instrument, covenant, maximum debt to EBITDA ratio                           6.0                                      
Debt instrument, covenant, minimum equity capital, amount                           $ 750,000                                      
Debt instrument, covenant, equity capital to total assets (in percentage)                           25.00%                                      
Debt instrument, number of semi-annual payments | payment                           7                                      
Debt instrument periodic payment terms final principal payment to be paid                           $ 37,500                                      
Debt instrument, term                           4 years                                      
HSBC Bank 2024 Loan | Interest rate swap                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, basis spread on variable rate                           3.90%                                      
Discount 2024 Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                       $ 31,800                                          
Debt instrument, covenant, maximum debt to EBITDA ratio                       6.0                                          
Debt instrument, covenant, minimum equity capital, amount                       $ 750,000                                          
Debt instrument, covenant, equity capital to total assets (in percentage)                       25.00%                                          
Debt instrument, number of quarterly installment | payment                       32                                          
Debt instrument, periodic payment, principal                       $ 1,000                                          
Discount 2024 II Loan                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                   $ 50,000                                              
Debt instrument, periodic payment, total                   $ 1,560                                              
Debt instrument, covenant, maximum debt to EBITDA ratio                   6.0                                              
Debt instrument, covenant, minimum equity capital, amount                   $ 750,000                                              
Debt instrument, covenant, equity capital to total assets (in percentage)                   25.00%                                              
Debt instrument, term                   4 years                                              
Debt instrument, basis spread on variable rate                   2.35%                                              
Debt instrument, last payment                   $ 26,600                                              
Debt instrument, extension period                   4 years                                              
Discount 2024 II Loan | Minimum                                                                  
Debt Instrument [Line Items]                                                                  
Annual interest rate                   2.50%                                              
Senior Unsecured Bonds - Series 4                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                                                               $ 289,800 ₪ 1.0
Debt instrument, number of annual payments | payment                                                               10 10
Senior Unsecured Bonds - Series 4 | Cross currency swap derivative                                                                  
Debt Instrument [Line Items]                                                                  
Derivative, fixed interest rate                                                               4.34% 4.34%
Mammoth Senior Secured Notes | Senior notes                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount   $ 23,400                     $ 135,100                                        
Debt instrument, number of semi-annual payments | Payments   15                                                              
Debt instrument, basis spread on variable rate   2.50%                     1.25%                                        
Annual interest rate                         6.73%                                        
Debt instrument floating rate notes to be issued   $ 3,000                                                              
Debt instrument commitment fee (in percentage)   0.75%                                                              
Debt instrument number of semiannual installment | payment                         46                                        
GB Loan Interest Rate Swap | Geothermie Bouillante S.A. | Secured Debt                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity | €                                               € 99.8                  
Debt instrument, number of tranches | tranches                                               2                  
GB Loan Interest Rate Swap | Geothermie Bouillante S.A. | Secured Debt | DFC Loan - Tranche I                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, term       5 years                                                          
Debt instrument, basis spread on variable rate       1.80%                                                          
Proceeds from issuance of long-term debt | €       € 33.5                                                          
Debt instrument, base rate     2.14%                                                            
GB Loan Interest Rate Swap | Geothermie Bouillante S.A. | Secured Debt | DFC Loan - Tranche II                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, term     21 years                                                            
Debt instrument, basis spread on variable rate     2.00%                                                            
Proceeds from issuance of long-term debt | €     € 42.5                               € 5.2                            
Debt instrument, base rate       2.68%                                                          
GB Loan Interest Rate Swap | Interest rate swap | DFC Loan - Tranche I                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, basis spread on variable rate     2.29%                                                            
GB Loan Interest Rate Swap | Interest rate swap | DFC Loan - Tranche II                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, basis spread on variable rate     2.83%                                                            
Loan agreement with Société Général and Bpifrance                                                                  
Debt Instrument [Line Items]                                                                  
Long-term debt, gross                                             $ 2,400                    
Dominica Loan | Loans Payable | Secured Debt                                                                  
Debt Instrument [Line Items]                                                                  
Annual interest rate                                                 2.40%                
Line of credit facility, maximum borrowing capacity                                                 $ 49,800                
Proceeds from issuance of long-term debt         $ 37,600                                                        
Bottleneck Loan | Senior notes                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                                                       $ 72,600          
Debt instrument, number of semi-annual payments | payment                                                     30            
Annual interest rate                                                     6.31%            
Floating Rate Notes | Senior notes                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument floating rate notes to be issued                         $ 9,000                                        
Debt instrument commitment fee (in percentage)                         0.50%                                        
Senior unsecured bonds, Series 3                                                                  
Debt Instrument [Line Items]                                                                  
Repayments of long-term debt, total                                 $ 221,900                                
Senior convertible notes due 2027 | Convertible debt                                                                  
Debt Instrument [Line Items]                                                                  
Debt instrument, face amount                     $ 45,200                                            
Annual interest rate                     2.50%                                            
Convertible debt, noncurrent                     $ 431,300                                            
Proceeds from issuance of convertible notes, net of transaction costs                     44,000                                            
Debt instrument, fee amount                     $ 1,100                                            
Finance liability                                                                  
Debt Instrument [Line Items]                                                                  
Annual interest rate 6.01%                                     6.01%   6.12%               2.55%      
Long-term debt, gross $ 216,400                                     $ 216,400                          
Credit agreements with eight commercial banks                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity 688,000                                     688,000                          
Credit agreements with eight commercial banks | Union Bank, N.A.                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity 100,000                                     100,000                          
Credit agreements with eight commercial banks | Extensions of Credit in The Form of Loans and/or Letters of Credit                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity 533,000                                     533,000                          
Credit agreements with eight commercial banks | Letter of Credit                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity 155,000                                     155,000                          
HSBC Bank USA, N.A.                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity 35,000                                     35,000                          
Long-term line of credit, total 33,700                                     33,700                          
Uncommitted line of credit facility, maximum borrowing capacity 40,000                                     40,000                          
Uncommitted long-term line of credit 21,600                                     21,600                          
HSBC Bank USA, N.A. | Letter of Credit                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity 65,000                                     65,000                          
Union Bank, N.A.                                                                  
Debt Instrument [Line Items]                                                                  
Line of credit facility, maximum borrowing capacity 100,000                                     100,000                          
Long-term line of credit, total 80,000                                     80,000                          
Surety agreement | Chubb                                                                  
Debt Instrument [Line Items]                                                                  
Surety bonds, maximum amount available 960,000                                     960,000                          
Surety agreement, bonds | Chubb                                                                  
Debt Instrument [Line Items]                                                                  
Surety bonds, issued 315,700                                     315,700                          
Surety agreement, surety-backed letters of credit | Chubb                                                                  
Debt Instrument [Line Items]                                                                  
Surety bonds, issued 127,700                                     127,700                          
Don A. Cambell Senior Secured Notes                                                                  
Debt Instrument [Line Items]                                                                  
Amount of restricted net assets for consolidated and unconsolidated subsidiaries $ 1,000                                     $ 1,000                          
v3.25.4
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER - Schedule of Loan (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2023
Sep. 30, 2023
Debt Instrument [Line Items]      
Long-term debt, gross $ 1,966.7    
Finance liability      
Debt Instrument [Line Items]      
Long-term debt, gross $ 216.4    
Annual interest rate 6.01% 6.12% 2.55%
v3.25.4
LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER - Schedule of Maturities of Long-Term Debt (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 303,653
2027 780,897
2028 335,092
2029 313,212
2030 211,681
Thereafter 716,034
Total $ 2,660,570
v3.25.4
TAX MONETIZATION TRANSACTIONS (Details)
$ in Thousands
 12 Months Ended
Jul. 10, 2025
USD ($)
geothermalPowerPlant
Jul. 31, 2024
USD ($)
Oct. 27, 2023
USD ($)
Dec. 23, 2022
USD ($)
Oct. 25, 2021
USD ($)
Aug. 14, 2019
USD ($)
May 17, 2018
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
May 20, 2025
USD ($)
Investments in and Advances to Affiliates, Activity [Line Items]                    
Noncontrolling interest, decrease from purchase of interests                 $ 1,418  
Income generated from expected sale of transferable production tax credits               $ 17,900 23,400  
Income tax credits and adjustments               $ 44,100 47,700  
Noncontrolling Interest                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Noncontrolling interest, decrease from purchase of interests                 1,697  
Additional Paid-in Capital                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Noncontrolling interest, decrease from purchase of interests                 $ (279)  
Opal Geo                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Business combination, consideration transferred   $ 9,800                
Opal Geo | Noncontrolling Interest                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Noncontrolling interest, decrease from purchase of interests   1,700                
Opal Geo | Additional Paid-in Capital                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Noncontrolling interest, decrease from purchase of interests   $ (500)                
Common Class B | Opal Geo                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Business acquisition, percentage of voting interests acquired   100.00%                
Tungsten Mountain                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Partnership agreement, initial purchase price             $ 33,400      
Partnership agreement, expected additional installments             $ 13,000      
Partnership agreement, percentage of distributable cash flow generated to private investor if target return not reached             100.00%      
Partnership agreement, percentage of taxable income to private investor if target return not reached             99.00%      
Partnership agreement, percentage of taxable income to private investor if target return not reached, no longer generating PTCs             5.00%      
Partnership agreement, percentage of distributable cash flow generated             97.50%      
Partnership agreement, percentage of taxable income             95.00%      
Heber Geothermal Power Plants | Ormat Nevada                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Number of contracted geothermal power plants, business combination | geothermalPowerPlant 2                  
Partnership agreement, initial purchase price $ 77,100                  
Partnership agreement, expected additional installments $ 25,700                  
Partnership agreement, percentage of distributable cash and taxable income generated 95.00%                  
Partnership agreement, percentage of distributable cash flow generated to private investor if target return not reached 75.00%                  
Partnership agreement, percentage of taxable income to private investor if target return not reached 99.00%                  
Partnership agreement, initial purchase price, allocated to noncontrolling interest $ 8,100                  
Partnership agreement, initial purchase price, allocated to tax benefits $ 69,000                  
Lower Rio and Arrowleaf storage facilities                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Partnership agreement, initial purchase price, allocated to noncontrolling interest                   $ 3,900
Partnership agreement, initial purchase price, allocated to tax benefits                   62,900
Partnership agreement, purchase price                   $ 62,900
Purchase option, percent of the aggregate capital contributions                   5.00%
North Valley Geothermal Power Plant | Ormat Nevada                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Partnership agreement, initial purchase price     $ 43,100              
Partnership agreement, expected additional installments     $ 6,100              
Partnership agreement, percentage of distributable cash and taxable income generated     97.50%              
Partnership agreement, percentage of distributable cash flow generated to private investor if target return not reached     100.00%              
Partnership agreement, percentage of taxable income to private investor if target return not reached     99.00%              
Partnership agreement, initial purchase price, allocated to noncontrolling interest     $ 300              
Partnership agreement, initial purchase price, allocated to tax benefits     $ 42,800              
Partnership agreement, percentage of taxable income to private investor if target return not reached, no longer generating PTCs     5.00%              
CD4 Geothermal Power Plant | Mammoth Complex                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Partnership agreement, initial purchase price       $ 50,300            
Partnership agreement, expected additional installments       $ 7,300            
Partnership agreement, percentage of distributable cash flow generated to private investor if target return not reached       75.00%            
Partnership agreement, percentage of taxable income to private investor if target return not reached       99.00%            
Partnership agreement, initial purchase price, allocated to noncontrolling interest       $ 3,900            
Partnership agreement, initial purchase price, allocated to tax benefits       $ 46,400            
Partnership agreement, percentage of taxable income to private investor if target return not reached, no longer generating PTCs       5.00%            
Partnership agreement, percentage of tax attributes attributable to investor       99.00%            
Partnership agreement, percentage of distributable cash flow generated       97.50%            
Partnership agreement, percentage of taxable income       95.00%            
Steamboat Hills Repower Geothermal Power Plant | Ormat Nevada Inc.                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Partnership agreement, initial purchase price         $ 38,900          
Partnership agreement, expected additional installments         $ 5,300          
Partnership agreement, percentage of distributable cash flow generated to private investor if target return not reached         100.00%          
Partnership agreement, percentage of taxable income to private investor if target return not reached         99.00%          
Partnership agreement, percentage of taxable income to private investor if target return not reached, no longer generating PTCs         5.00%          
Partnership agreement, percentage of distributable cash flow generated         97.50%          
Partnership agreement, percentage of taxable income         95.00%          
McGinness Plant                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Partnership agreement, initial purchase price           $ 59,300        
Partnership agreement, expected additional installments           $ 9,000        
Partnership agreement, percentage of distributable cash flow generated to private investor if target return not reached           100.00%        
Partnership agreement, percentage of taxable income to private investor if target return not reached           99.00%        
Partnership agreement, percentage of taxable income to private investor if target return not reached, no longer generating PTCs           5.00%        
Partnership agreement, percentage of distributable cash flow generated           97.50%        
Partnership agreement, percentage of taxable income           95.00%        
McGinness Plant | Maximum                    
Investments in and Advances to Affiliates, Activity [Line Items]                    
Partnership agreement, expected additional installments           $ 22,000        
v3.25.4
ASSET RETIREMENT OBLIGATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]      
Balance at beginning of year $ 129,651 $ 114,370 $ 97,660
Revision in estimated cash flows (8,071) (893) 2,056
Liabilities incurred and acquired 5,664 8,427 8,490
Accretion expense 8,330 7,747 6,164
Balance at end of year $ 135,574 $ 129,651 $ 114,370
v3.25.4
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2025
May 31, 2024
Mar. 31, 2024
May 31, 2023
Mar. 31, 2023
Jun. 30, 2022
May 31, 2018
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement, nonvested award, cost not yet recognized, amount, total               $ 14.0    
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year)               1 year 1 month 24 days    
Share-based payment arrangement by share based payment award fair value assumptions annual forfeiture rate               11.30% 10.90% 11.60%
Increase (decrease) in stock based compensation expense due to forfeitures (in percentage)               3.70% (6.00%) 0.90%
Share-based payment arrangement by share based payment award fair value assumptions dividends growth rate               20.00%    
Dividend yield 0.69%             0.70% 0.70% 0.60%
Share price (in dollars per share)               $ 110.47 $ 67.72  
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, exercisable, number (in shares)               101,426 51,940  
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value               $ 27.1 $ 3.4  
Weighted Average                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share price (in dollars per share)               $ 85.9 $ 72.0  
2018 Stock Incentive Plan                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, number of shares authorized (in shares)           5,000,000        
Share-based payment arrangement by share-based payment award, number of additional shares authorized (in shares)   1,400,000       1,700,000        
Share-based payment arrangement by share-based payment award, award vesting period           1 year        
Share-based payment arrangement by share-based payment award, number of shares available for grant (in shares)               2,145,870    
2018 Stock Incentive Plan | Minimum                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, expiration period             6 years      
2018 Stock Incentive Plan | Maximum                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, expiration period             10 years      
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs) and Performance Stock Units (PSU) | 2018 Stock Incentive Plan | Employees | Tranche one                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting rights (in percentage)             50.00%      
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs) and Performance Stock Units (PSU) | 2018 Stock Incentive Plan | Employees | Tranche two                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting rights (in percentage)             25.00%      
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs) and Performance Stock Units (PSU) | 2018 Stock Incentive Plan | Employees | Tranche three                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting rights (in percentage)             33.30%      
Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs) and Performance Stock Units (PSU) | 2018 Stock Incentive Plan | Director                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting rights (in percentage)             100.00%      
Restricted Stock Units (RSUs) | 2018 Stock Incentive Plan                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)     209,563   174,422     248,000 242,000 189,000
Share-based payment arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)     $ 64.9   $ 79.9     $ 0 $ 0 $ 0
Restricted Stock Units (RSUs) | 2018 Stock Incentive Plan | Director                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting period       1 year            
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)       10,852            
Share-based payment arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)       $ 82.9            
Restricted Stock Units (RSUs) | The 2018 Incentive Compensation Plan                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) 210,961                  
Share-based payment arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) $ 68.9                  
Performance Stock Units (PSUs) | 2018 Stock Incentive Plan                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)     61,197   35,081     45,000 61,000 35,000
Share-based payment arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)     $ 64.0   $ 79.6     $ 0 $ 0 $ 0
Performance Stock Units (PSUs) | The 2018 Incentive Compensation Plan                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) 45,190                  
Share-based payment arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) $ 70.9                  
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) | 2018 Stock Incentive Plan | Minimum                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting period     1 year   1 year          
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) | 2018 Stock Incentive Plan | Maximum                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting period     3 years   4 years          
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) | The 2018 Incentive Compensation Plan | Minimum                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting period 1 year                  
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) | The 2018 Incentive Compensation Plan | Maximum                    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                    
Share-based payment arrangement by share-based payment award, award vesting period 3 years                  
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Compensation Related to Stock-Based Awards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense $ 19,390 $ 20,197 $ 15,479
Tax effect on stock-based compensation expense 1,964 1,998 1,598
Net effect of stock-based compensation expense 17,426 18,199 13,881
Cost of revenues      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 8,757 9,169 6,899
Selling and marketing expenses      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 854 921 866
Research and development expenses      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 222 144 94
General and administrative expenses      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense $ 9,557 $ 9,963 $ 7,620
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Fair Value of Stock-Based Award on Assumptions (Details)
 1 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
May 23, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates         4.00% 4.50% 4.20%
Expected life (in years)         2 years 1 month 6 days 2 years 2 months 12 days 2 years 6 months
Dividend yield 0.69%       0.70% 0.70% 0.60%
Expected volatility (weighted average)         28.80% 31.90% 38.20%
Weighted average forfeiture rate         8.80% 8.20% 8.00%
Minimum              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates 3.95%            
Expected life (in years) 1 year            
Expected volatility (weighted average) 27.00%            
Maximum              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates 4.08%            
Expected life (in years) 3 years            
Expected volatility (weighted average) 31.00%            
March 2024 RSUs and PSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Dividend yield   0.73%          
March 2024 RSUs and PSUs | Minimum              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates   4.27%          
Expected life (in years)   1 year          
Expected volatility (weighted average)   28.00%          
March 2024 RSUs and PSUs | Maximum              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates   4.94%          
Expected life (in years)   3 years          
Expected volatility (weighted average)   34.00%          
March 2023 RSUs and PSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Dividend yield       0.59%      
March 2023 RSUs and PSUs | Minimum              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates       3.86%      
Expected life (in years)       1 year      
Expected volatility (weighted average)       36.00%      
March 2023 RSUs and PSUs | Maximum              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates       4.68%      
Expected life (in years)       4 years      
Expected volatility (weighted average)       42.20%      
May 2023 RSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Risk-free interest rates     4.70%        
Expected life (in years)     1 year        
Dividend yield     0.56%        
Expected volatility (weighted average)     34.80%        
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Information of Awards Outstanding Related Weighted Average Exercise Price (Details) - $ / shares
 1 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Awards (In thousands)          
Outstanding at beginning of year (in shares)     1,380,000    
Outstanding at end of year (in shares)     813,000 1,380,000  
2018 Stock Incentive Plan          
Awards (In thousands)          
Outstanding at beginning of year (in shares)     1,380,000 1,483,000 1,810,000
Exercised (in shares)     (835,000) (377,000) (492,000)
Forfeited (in shares)     (25,000) (29,000) (59,000)
Expired (in shares)     0 0 0
Outstanding at end of year (in shares)     813,000 1,380,000 1,483,000
Options and SARs exercisable at end of year (in shares)     101,000 614,000 606,000
Weighted Average Exercise Price          
Outstanding, weighted average exercise price (in dollars per share)     $ 69.91 $ 52.57 $ 60.08
Share-based compensation arrangements by share-based payment award, options, exercises in period, weighted average exercise price     69.63 62.91 56.00
Share-based compensation arrangements by share-based payment award, options, forfeitures in period, weighted average exercise price     71.15 64.16 54.09
Share-based compensation arrangements by share-based payment award, options, expirations in period, weighted average exercise price     0 0 0
Outstanding, weighted average exercise price (in dollars per share)     70.70 69.91 52.57
Options and SARs exercisable at end of year, weighted average exercise price (in dollars per share)     70.26 69.41 66.81
Weighted-average fair value of awards granted during the year, weighted average exercise price (in dollars per share)     $ 70.99 $ 64.95 $ 79.98
2018 Stock Incentive Plan | Restricted Stock Units (RSUs)          
Awards (In thousands)          
Granted (in shares) 209,563 174,422 248,000 242,000 189,000
Weighted Average Exercise Price          
Share-based payment arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) $ 64.9 $ 79.9 $ 0 $ 0 $ 0
2018 Stock Incentive Plan | Performance Stock Units (PSUs)          
Awards (In thousands)          
Granted (in shares) 61,197 35,081 45,000 61,000 35,000
Weighted Average Exercise Price          
Share-based payment arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) $ 64.0 $ 79.6 $ 0 $ 0 $ 0
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Information of Stock-Based Awards Outstanding (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Number of Stock-based Awards Outstanding 813 1,380
Weighted Average Remaining Contractual Life in Years 1 year 2 months 12 days 1 year 9 months 18 days
Aggregate Intrinsic Value $ 75,564 $ 36,546
Number of Stock-based Awards Exercisable 101 614
Weighted Average Remaining Contractual Life in Years 1 year 3 months 18 days 1 year 10 months 24 days
Aggregate Intrinsic Value $ 4,078 $ 197
Exercise Price 1    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price $ 0 $ 0
Number of Stock-based Awards Outstanding 611 537
Weighted Average Remaining Contractual Life in Years 1 year 1 year
Aggregate Intrinsic Value $ 67,522 $ 36,349
Number of Stock-based Awards Exercisable   0
Weighted Average Remaining Contractual Life in Years   0 years
Aggregate Intrinsic Value $ 0 $ 0
Exercise Price 2    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price $ 67.54 $ 63.40
Number of Stock-based Awards Outstanding 3 45
Weighted Average Remaining Contractual Life in Years 10 months 24 days 1 year 6 months
Aggregate Intrinsic Value $ 113 $ 196
Number of Stock-based Awards Exercisable 3 45
Weighted Average Remaining Contractual Life in Years 10 months 24 days 1 year 6 months
Aggregate Intrinsic Value $ 113 $ 196
Exercise Price 3    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price $ 69.14 $ 67.54
Number of Stock-based Awards Outstanding 45 7
Weighted Average Remaining Contractual Life in Years 4 months 24 days 1 year 9 months 18 days
Aggregate Intrinsic Value $ 1,869 $ 1
Number of Stock-based Awards Exercisable 45 7
Weighted Average Remaining Contractual Life in Years 4 months 24 days 1 year 10 months 24 days
Aggregate Intrinsic Value $ 1,869 $ 1
Exercise Price 4    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price $ 71.15 $ 68.34
Number of Stock-based Awards Outstanding 154 47
Weighted Average Remaining Contractual Life in Years 2 years 2 months 12 days 1 year 4 months 24 days
Aggregate Intrinsic Value $ 6,048 $ 0
Number of Stock-based Awards Exercisable 53 47
Weighted Average Remaining Contractual Life in Years 2 years 2 months 12 days 1 year 4 months 24 days
Aggregate Intrinsic Value $ 2,084 $ 0
Exercise Price 5    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price $ 90.28 $ 69.14
Number of Stock-based Awards Outstanding 1 335
Weighted Average Remaining Contractual Life in Years 1 year 1 year 4 months 24 days
Aggregate Intrinsic Value $ 12 $ 0
Number of Stock-based Awards Exercisable 1 335
Weighted Average Remaining Contractual Life in Years 1 year 1 year 4 months 24 days
Aggregate Intrinsic Value $ 12 $ 0
Exercise Price 6    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price   $ 71.15
Number of Stock-based Awards Outstanding   385
Weighted Average Remaining Contractual Life in Years   3 years 2 months 12 days
Aggregate Intrinsic Value   $ 0
Number of Stock-based Awards Exercisable   160
Weighted Average Remaining Contractual Life in Years   3 years 2 months 12 days
Aggregate Intrinsic Value   $ 0
Exercise Price 7    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price   $ 71.71
Number of Stock-based Awards Outstanding   4
Weighted Average Remaining Contractual Life in Years   7 months 6 days
Aggregate Intrinsic Value   $ 0
Number of Stock-based Awards Exercisable   4
Weighted Average Remaining Contractual Life in Years   7 months 6 days
Aggregate Intrinsic Value   $ 0
Exercise Price 8    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price   $ 76.43
Number of Stock-based Awards Outstanding   5
Weighted Average Remaining Contractual Life in Years   10 months 24 days
Aggregate Intrinsic Value   $ 0
Number of Stock-based Awards Exercisable   5
Weighted Average Remaining Contractual Life in Years   10 months 24 days
Aggregate Intrinsic Value   $ 0
Exercise Price 9    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price   $ 76.54
Number of Stock-based Awards Outstanding   9
Weighted Average Remaining Contractual Life in Years   2 years 10 months 24 days
Aggregate Intrinsic Value   $ 0
Number of Stock-based Awards Exercisable   6
Weighted Average Remaining Contractual Life in Years   2 years 10 months 24 days
Aggregate Intrinsic Value   $ 0
Exercise Price 10    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price   $ 78.53
Number of Stock-based Awards Outstanding   6
Weighted Average Remaining Contractual Life in Years   2 years 3 months 18 days
Aggregate Intrinsic Value   $ 0
Number of Stock-based Awards Exercisable   5
Weighted Average Remaining Contractual Life in Years   2 years 4 months 24 days
Aggregate Intrinsic Value   $ 0
Exercise Price 11    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Exercise Price   $ 90.28
Number of Stock-based Awards Outstanding   1
Weighted Average Remaining Contractual Life in Years   2 years
Aggregate Intrinsic Value   $ 0
Number of Stock-based Awards Exercisable   1
Weighted Average Remaining Contractual Life in Years   2 years
Aggregate Intrinsic Value   $ 0
v3.25.4
INTEREST EXPENSE, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest Expense, Operating and Nonoperating [Abstract]      
Interest related to sale of tax benefits $ 19,634 $ 18,149 $ 15,289
Interest expense 150,333 130,605 100,853
Less — amount capitalized (28,116) (14,723) (17,261)
Total interest expense, net $ 141,851 $ 134,031 $ 98,881
v3.25.4
INCOME TAXES - Schedule of Components of Income From Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S $ 17,634 $ 36,984 $ 53,984
Non-U.S. (foreign) 88,114 78,393 85,101
Income from operations before income tax and equity in earnings (losses) of investees $ 105,748 $ 115,377 $ 139,085
v3.25.4
INCOME TAXES - Schedule of Components of the Provision (Benefit) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 769 $ 961 $ 672
State 666 1,478 (1,806)
Foreign 21,435 22,075 35,379
Total current income tax expense 22,870 24,514 34,245
Deferred:      
Federal (50,505) (44,992) (12,780)
State (4,174) (5,893) 6,041
Foreign 11,527 10,082 (21,523)
Total deferred tax provision (benefit) (43,152) (40,803) (28,262)
Income tax (provision) benefit $ (20,282) $ (16,289) $ 5,983
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
US federal statutory tax rate $ 22,224 $ 24,228 $ 29,207
Global intangible low-taxed income (864) 1,696 392
Other (2,194) (731) 46
Investment tax credits (47,671) (49,440) (19,425)
Transferable tax credit sales (3,680) (4,921) (2,394)
Noncontrolling interest (549) (1,411) (1,341)
Other (1,387) (374) 122
State and local taxes, net of federal income tax effect (1,836) (844) 3,345
Change in unrecognized tax benefits 4,106 599 2,115
Income tax (provision) benefit $ (20,282) $ (16,289) $ 5,983
Percent      
US federal statutory tax rate 21.00% 21.00% 21.00%
Global intangible low-taxed income (0.80%) 1.50% 0.30%
Other (2.10%) (0.60%) 0.00%
Investment tax credits (45.00%) (42.70%) (14.00%)
Transferable tax credit sales (3.50%) (4.30%) (1.70%)
Noncontrolling interest (0.50%) (1.20%) (1.00%)
Other (1.30%) (0.30%) 0.10%
State and local taxes, net of federal income tax effect (1.70%) (0.70%) 2.40%
Change in unrecognized tax benefits 3.90% 0.50% 1.50%
Income tax provision/(benefit) and effective tax rate (19.20%) (14.10%) 4.30%
United States      
Amount      
Other Adjustments: $ 513 $ (456) $ 415
Percent      
Other Adjustments: 0.40% (0.40%) 0.30%
Cayman:      
Amount      
Other Adjustments: $ 1,428 $ 1,416 $ 1,574
Percent      
Other Adjustments: 1.30% 1.20% 1.10%
Dominica      
Amount      
Foreign rate differential $ (4,200) $ 275 $ 0
Percent      
Foreign rate differential (4.00%) 0.20% 0.00%
Guatemala      
Amount      
Other Adjustments: $ (256) $ (552) $ (195)
Foreign rate differential $ (2,045) $ (2,153) $ (1,847)
Percent      
Other Adjustments: (0.20%) (0.50%) (0.10%)
Foreign rate differential (1.90%) (1.90%) (1.30%)
Israel      
Amount      
Other Adjustments: $ (379) $ (986) $ 27
Nondeductible stock compensation 1,356 1,890 1,024
Deferred income 0 1,559 (1,559)
Exchange rate differential 1,018 0 0
Intra-entity transfers 0 (1,162) (669)
Tax rate change 0 0 (558)
Withholding tax $ 4,113 $ 0 $ 0
Percent      
Other Adjustments: (0.40%) (0.90%) 0.00%
Nondeductible stock compensation 1.30% 1.60% 0.70%
Deferred income 0.00% 1.40% (1.10%)
Exchange rate differential 1.00% 0.00% 0.00%
Intra-entity transfers 0.00% (1.00%) (0.50%)
Tax rate change 0.00% 0.00% (0.40%)
Withholding tax 3.90% 0.00% 0.00%
Kenya      
Amount      
Other Adjustments: $ 818 $ 886 $ 1,391
Foreign rate differential 6,295 6,121 10,755
Exchange rate differential 0 11,101 (8,398)
Tax rate change 0 0 (7,417)
Nondeductible items $ 1,300 $ (889) $ 570
Percent      
Other Adjustments: 0.80% 0.80% 1.00%
Foreign rate differential 5.90% 5.30% 7.80%
Exchange rate differential 0.00% 9.60% (6.00%)
Tax rate change 0.00% 0.00% (5.30%)
Nondeductible items 1.20% (0.80%) 0.40%
New Zealand      
Amount      
Other $ 1,622 $ 0 $ 0
Other Adjustments: $ 69 $ (450) $ 8
Percent      
Other 1.50% 0.00% 0.00%
Other Adjustments: 0.10% (0.40%) 0.00%
Other foreign jurisdictions:      
Amount      
Other Adjustments: $ (83) $ (1,691) $ (1,205)
Percent      
Other Adjustments: (0.10%) (1.50%) (0.90%)
v3.25.4
INCOME TAXES - Schedule of Net Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets (liabilities):      
Net foreign deferred taxes, primarily depreciation $ (42,336) $ (36,955)  
Depreciation 24,313 (38,831)  
Intangible drilling costs (25,903) (19,307)  
Net operating loss carryforward - U.S. 21,875 22,760  
Tax monetization transaction (62,200) (53,950)  
Right-of-use assets (8,063) (7,317)  
Lease liabilities 6,918 5,949  
Production and investment tax credits 107,774 118,461  
Foreign tax credits 6,030 30,919  
Withholding tax (16,276) (19,308)  
Basis difference in partnership interest (13,157) (13,586)  
Excess business interest 1,723 18,122  
Sale and leaseback transaction 52,478 54,480  
Other assets 11,202 14,512  
Accrued liabilities and other 8,484 12,071  
Total 72,862 88,020  
Less - valuation allowance (2,620) (2,700) $ (2,870)
Total, net $ 70,242 $ 85,320  
v3.25.4
INCOME TAXES - Schedule of Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. federal: $ 850 $ (38) $ 1,000
Total income taxes paid, net of refunds 9,846 26,183 26,250
California      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Other U.S. state and local 1,890 425 310
Other U.S. state and local      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Other U.S. state and local 91 (776) 1,328
Israel      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign: (876) 2,525 (3,462)
Kenya      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign: 6,681 22,801 23,550
Guadeloupe      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign: 305 326 2,637
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign: $ 905 $ 920 $ 887
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Valuation Allowance Roll Forward [Abstract]    
Balance at beginning of the year $ 2,700 $ 2,870
Additions to valuation allowance 0 0
Release of valuation allowance (80) (170)
Balance at end of the year $ 2,620 $ 2,700
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 6 Months Ended 12 Months Ended
Jun. 25, 2025
Apr. 24, 2018
Sep. 30, 2017
Jun. 30, 2023
Dec. 31, 2025
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2011
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]                    
Valuation allowance         $ 2,620 $ 2,870       $ 2,700
Valuation allowance, deferred tax asset, decrease         100          
Unrecognized tax benefits that would impact effective tax rate         10,400         $ 6,300
Income tax expense (benefit), Pillar II         1,900          
U.S. Geothermal                    
Operating Loss Carryforwards [Line Items]                    
Business acquisition, percentage of voting interests acquired   100.00%                
Business combination, consideration transferred   $ 110,000                
Business combination recognized identifiable assets acquired and liabilities assumed, deferred tax assets (liabilities), net   1,700                
Deferred taxes, business combination, valuation allowance, available to reduce deferred tax asset   1,800                
Domestic Tax Jurisdiction                    
Operating Loss Carryforwards [Line Items]                    
Operating loss carryforwards         $ 30,400          
Open tax year         2007          
Domestic Tax Jurisdiction | U.S. Geothermal                    
Operating Loss Carryforwards [Line Items]                    
Deferred income taxes   113,900                
Domestic Tax Jurisdiction | PTCs                    
Operating Loss Carryforwards [Line Items]                    
Tax credit carryforward         $ 107,800          
Tax credit carryforward, expiration period         20 years          
Domestic Tax Jurisdiction | PTCs | Minimum                    
Operating Loss Carryforwards [Line Items]                    
Tax credit carryforward, expiration year         2027          
State and Local Jurisdiction                    
Operating Loss Carryforwards [Line Items]                    
Operating loss carryforwards         $ 238,300          
Operating loss carryforwards subject to expiration         233,700          
Operating loss carryforwards not subject to expiration         $ 4,600          
Open tax year         2010          
State and Local Jurisdiction | U.S. Geothermal                    
Operating Loss Carryforwards [Line Items]                    
Deferred income taxes   $ 49,900                
State and Local Jurisdiction | Minimum                    
Operating Loss Carryforwards [Line Items]                    
Tax credit carryforward, expiration year         2026          
State and Local Jurisdiction | Maximum                    
Operating Loss Carryforwards [Line Items]                    
Tax credit carryforward, expiration year         2045          
Foreign:                    
Operating Loss Carryforwards [Line Items]                    
Tax credit carryforward         $ 6,000          
Tax credit carryforward, expiration period         10 years          
Foreign: | Israel tax authority                    
Operating Loss Carryforwards [Line Items]                    
Foreign income tax expense (benefit), continuing operations, total         $ 12,600          
Foreign: | Israel tax authority | Ormat Systems Ltd                    
Operating Loss Carryforwards [Line Items]                    
Effective income tax rate                 16.00%  
Foreign: | Guadeloupe tax authority                    
Operating Loss Carryforwards [Line Items]                    
National corporate tax rate             25.00% 26.50%    
Foreign: | Tax authority of Guatemala in Guatemala                    
Operating Loss Carryforwards [Line Items]                    
Effective income tax rate         7.00%          
National corporate tax rate         25.00%          
Foreign: | Sistema de Administración de Rentas                    
Operating Loss Carryforwards [Line Items]                    
Income taxes exempt period     10 years              
Foreign: | Kenya revenue authority, statutory                    
Operating Loss Carryforwards [Line Items]                    
National corporate tax rate       37.50%   30.00%        
Foreign: | Kenya revenue authority, corporate                    
Operating Loss Carryforwards [Line Items]                    
National corporate tax rate       37.50%   30.00%        
Foreign: | Dominica Tax Authority                    
Operating Loss Carryforwards [Line Items]                    
Effective income tax rate 0.00%                  
Preferential income tax rate 10.00%                  
Foreign: | Minimum                    
Operating Loss Carryforwards [Line Items]                    
Tax credit carryforward, expiration year         2028          
v3.25.4
INCOME TAXES - Schedule of Deferred Taxes on Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Non-current deferred tax assets $ 138,903 $ 153,936
Non-current deferred tax liabilities (68,661) (68,616)
Non-current deferred tax assets, net 70,242 85,320
Uncertain tax benefit offset (95) (95)
Deferred tax assets (liabilities), after uncertain tax benefit offset 70,147 $ 85,225
Accounting Standards Update 2013-11    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Uncertain tax benefit offset $ (100)  
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of year $ 4,657 $ 6,930
Additions based on tax positions taken in prior years 3,348 1,260
Additions based on tax positions taken in the current year 3,873 431
Reduction based on tax positions taken in prior years (3,176) (3,964)
Reduction based on tax positions taken in the current year (265) 0
Balance at end of year $ 8,437 $ 4,657
v3.25.4
INCOME TAXES - Schedule of Examination by the Local Income Tax Authorities (Details)
 12 Months Ended
Dec. 31, 2025
Israel | Minimum  
Income Tax Examination [Line Items]  
Open tax year 2023
Israel | Maximum  
Income Tax Examination [Line Items]  
Open tax year 2025
Kenya | Minimum  
Income Tax Examination [Line Items]  
Open tax year 2020
Kenya | Maximum  
Income Tax Examination [Line Items]  
Open tax year 2025
Guatemala | Minimum  
Income Tax Examination [Line Items]  
Open tax year 2021
Guatemala | Maximum  
Income Tax Examination [Line Items]  
Open tax year 2025
Honduras | Minimum  
Income Tax Examination [Line Items]  
Open tax year 2019
Honduras | Maximum  
Income Tax Examination [Line Items]  
Open tax year 2025
Guadeloupe | Minimum  
Income Tax Examination [Line Items]  
Open tax year 2025
Guadeloupe | Maximum  
Income Tax Examination [Line Items]  
Open tax year 2025
v3.25.4
BUSINESS SEGMENTS - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.4
BUSINESS SEGMENTS - Schedule of Financial Information of Reportable Segments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Net revenues from external customers $ 989,543 $ 879,654 $ 829,424
Depreciation and amortization expenses 292,124 262,863 224,797
Gross profit 272,685 272,619 264,018
Operating income 169,225 172,470 166,585
Segment assets 6,246,508 5,666,224  
Expenditures for long-lived assets $ 619,776 487,678 618,383
Number of segment, allocation of other segment items | Segment 2    
Goodwill $ 168,244 151,023 90,544
Electricity      
Segment Reporting Information [Line Items]      
Depreciation and amortization expenses 250,787 230,957 199,344
Expenditures for long-lived assets 446,843 375,540 474,592
Goodwill 163,600 146,400 85,900
Electricity | Accounted for Under ASC 606      
Segment Reporting Information [Line Items]      
Net revenues from external customers 143,500 153,200 124,700
Product      
Segment Reporting Information [Line Items]      
Depreciation and amortization expenses 11,751 11,693 10,908
Expenditures for long-lived assets 13,132 10,005 20,599
Goodwill 0 0 0
Energy storage      
Segment Reporting Information [Line Items]      
Depreciation and amortization expenses 29,586 20,213 14,545
Expenditures for long-lived assets 159,801 102,133 123,192
Goodwill 4,600 4,600 4,600
Energy storage | Accounted for Under ASC 606      
Segment Reporting Information [Line Items]      
Net revenues from external customers 18,800 4,200 0
United States      
Segment Reporting Information [Line Items]      
Net revenues from external customers 590,288 557,343 509,827
Operating segments      
Segment Reporting Information [Line Items]      
Net revenues from external customers 989,543 879,654 829,424
Depreciation and amortization expenses 276,020 248,876 209,173
Other cost of revenues expenses 440,838 358,159 356,233
Gross profit 272,685 272,619 264,018
Segment operating expenses 103,460 100,149 97,433
Operating income 169,225 172,470 166,585
Segment assets     5,208,279
Operating segments | Electricity      
Segment Reporting Information [Line Items]      
Net revenues from external customers 693,900 702,264 666,767
Depreciation and amortization expenses 236,278 218,252 189,194
Other cost of revenues expenses 259,711 241,274 233,355
Gross profit 197,911 242,738 244,218
Segment operating expenses 83,284 80,832 75,384
Operating income 114,627 161,906 168,834
Segment assets 5,338,343 4,983,069 4,652,392
Operating segments | Product      
Segment Reporting Information [Line Items]      
Net revenues from external customers 216,686 139,661 133,763
Depreciation and amortization expenses 10,377 10,363 5,358
Other cost of revenues expenses 160,294 103,548 110,444
Gross profit 46,015 25,750 17,961
Segment operating expenses 22,613 15,428 14,425
Operating income 23,402 10,322 3,536
Segment assets 276,205 229,687 199,897
Operating segments | Energy storage      
Segment Reporting Information [Line Items]      
Net revenues from external customers 78,957 37,729 28,894
Depreciation and amortization expenses 29,365 20,262 14,621
Other cost of revenues expenses 20,833 13,336 12,434
Gross profit 28,759 4,131 1,839
Segment operating expenses (2,436) 3,889 7,624
Operating income 31,195 242 (5,785)
Segment assets 631,960 453,468 355,990
Operating segments | United States      
Segment Reporting Information [Line Items]      
Net revenues from external customers 590,288 557,343 509,827
Operating segments | United States | Electricity      
Segment Reporting Information [Line Items]      
Net revenues from external customers 500,377 510,645 473,323
Operating segments | United States | Product      
Segment Reporting Information [Line Items]      
Net revenues from external customers 10,954 8,969 7,610
Operating segments | United States | Energy storage      
Segment Reporting Information [Line Items]      
Net revenues from external customers 78,957 37,729 28,894
Operating segments | Foreign      
Segment Reporting Information [Line Items]      
Net revenues from external customers 399,255 322,311 319,597
Operating segments | Foreign | Electricity      
Segment Reporting Information [Line Items]      
Net revenues from external customers 193,523 191,619 193,444
Operating segments | Foreign | Product      
Segment Reporting Information [Line Items]      
Net revenues from external customers 205,732 130,692 126,153
Operating segments | Foreign | Energy storage      
Segment Reporting Information [Line Items]      
Net revenues from external customers 0 0 0
Unconsolidated investments      
Segment Reporting Information [Line Items]      
Segment assets 162,111 144,585 125,439
Unconsolidated investments | Electricity      
Segment Reporting Information [Line Items]      
Segment assets 162,111 144,585 125,439
Unconsolidated investments | Product      
Segment Reporting Information [Line Items]      
Segment assets 0 0 0
Unconsolidated investments | Energy storage      
Segment Reporting Information [Line Items]      
Segment assets $ 0 $ 0 $ 0
v3.25.4
BUSINESS SEGMENTS - Schedule of Reconciling Information Between Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Total segment gross profit (loss) $ 272,685 $ 272,619 $ 264,018
Less operating expenses:      
Research and development expenses 6,304 6,501 7,215
Selling and marketing expenses 18,898 17,694 18,306
General and administrative expenses 79,592 80,119 68,179
Other operating income (14,844) (9,375) 0
Impairment of long-lived assets 12,064 1,280 0
Write-off of unsuccessful exploration and storage activities 1,446 3,930 3,733
Operating income 169,225 172,470 166,585
Interest income 6,015 7,883 11,983
Interest expense, net (141,851) (134,031) (98,881)
Derivatives and foreign currency transaction gains (losses) 5,248 (4,187) (3,278)
Income attributable to sale of tax benefits 66,726 73,054 61,157
Other non-operating income (expense), net 385 188 1,519
Income from operations before income tax and equity in earnings (losses) of investees $ 105,748 $ 115,377 $ 139,085
v3.25.4
BUSINESS SEGMENTS - Schedule of Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 989,543 $ 879,654 $ 829,424
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 590,288 557,343 509,827
Indonesia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 1,489 7,616 26,732
Kenya      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 117,422 114,066 109,217
Dominica      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 48,931 0 0
Turkey      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 5,147 3,013 2,469
Guatemala      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 28,014 28,955 30,174
New Zealand      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 128,817 78,665 66,526
Honduras      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 28,658 30,304 31,589
Other foreign countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 40,777 $ 59,692 $ 52,889
v3.25.4
BUSINESS SEGMENTS - Schedule of Geographic Area of Long-Lived Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Long-lived assets $ 4,767,189 $ 4,292,430 $ 3,841,483
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Long-lived assets 3,897,443 3,464,011 3,085,892
Kenya      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Long-lived assets 363,422 382,738 377,563
Guadeloupe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Long-lived assets 158,627 112,375 101,728
Other foreign countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Long-lived assets $ 347,697 $ 333,306 $ 276,300
v3.25.4
BUSINESS SEGMENTS - Schedule of Revenues From Major Customers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 989,543 $ 879,654 $ 829,424
Southern California Public Power      
Disaggregation of Revenue [Line Items]      
Revenues $ 175,999 $ 181,120 $ 181,656
Percentage of revenues 17.80% 20.60% 21.20%
Sierra Pacific Power Company and Nevada Power Company      
Disaggregation of Revenue [Line Items]      
Revenues $ 136,730 $ 133,108 $ 116,797
Percentage of revenues 13.80% 15.10% 14.10%
KPLC      
Disaggregation of Revenue [Line Items]      
Revenues $ 117,422 $ 114,066 $ 109,217
Percentage of revenues 11.90% 13.00% 13.20%
v3.25.4
TRANSACTIONS WITH RELATED ENTITIES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 03, 2019
Jul. 02, 2019
Related Party Transaction [Line Items]          
Revenues $ 989,543 $ 879,654 $ 829,424    
Receivables 36,711 50,792      
Supply agreement, Ijen project | Related Party          
Related Party Transaction [Line Items]          
Revenues 1,200 7,400 24,000    
Receivables 0 0      
Supply agreement, Sarulla project | Related Party          
Related Party Transaction [Line Items]          
Revenues 0 0 1,600    
Receivables $ 0 $ 0 $ 1,600    
Investment in Ijen          
Related Party Transaction [Line Items]          
Equity method investment, ownership (in percentage)       49.00% 49.00%
v3.25.4
EMPLOYEE BENEFIT PLAN - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]      
Defined contribution plan, term to be eligible to participate in the plan 60 days    
Defined contribution plan, maximum annual contributions per employee, (in percentage) 60.00%    
Defined contribution plan, employer matching contribution, percent of employees' gross pay 6.00% 6.00% 6.00%
Defined contribution plan, employer discretionary contribution amount $ 4,600 $ 4,300 $ 3,900
Deposits and other (primarily related to VIEs) 137,744 75,383  
Severance costs 2,800 2,900 2,200
Gain (loss) of severance fund 300 400 $ (200)
Israeli Severance Funds      
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]      
Deposits and other (primarily related to VIEs) $ 5,800 $ 5,900  
v3.25.4
EMPLOYEE BENEFIT PLAN - Schedule of Expected Future Benefit Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Retirement Benefits [Abstract]  
2026 $ 668
2027 199
2028 479
2029 720
2030 502
2031-2048 2,912
Total $ 5,480
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2025
Feb. 28, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Recorded Unconditional Purchase Obligation [Line Items]          
Letters of credit outstanding, amount $ 286,000,000.0   $ 286,000,000.0    
Recorded unconditional purchase obligation, total 355,100,000   $ 355,100,000    
Royalty, cap interest basis spread on grant amount     5.90%    
Breach of contractual obligations          
Recorded Unconditional Purchase Obligation [Line Items]          
Loss contingency, damages sought, value   $ 47,500,000      
Loss contingency accrual, provision 7,000,000.0        
Ormat Systems Ltd          
Recorded Unconditional Purchase Obligation [Line Items]          
Royalty expense     $ 0 $ 0 $ 0
Royalty, cap amount 2,700,000   2,700,000 2,600,000  
Royalty, cap amount LIBOR rate $ 1,800,000   $ 1,800,000 1,600,000  
Ormat Systems Ltd | Minimum          
Recorded Unconditional Purchase Obligation [Line Items]          
Percentage for royalty to be paid 3.50%   3.50%    
Ormat Systems Ltd | Maximum          
Recorded Unconditional Purchase Obligation [Line Items]          
Percentage for royalty to be paid 5.00%   5.00%    
Construction in Process          
Recorded Unconditional Purchase Obligation [Line Items]          
Recorded unconditional purchase obligation, total $ 106,700,000   $ 106,700,000    
Geothermal Resource Agreement          
Recorded Unconditional Purchase Obligation [Line Items]          
Royalty expense     $ 31,000,000.0 $ 32,100,000 $ 30,900,000
v3.25.4
LEASES - Schedule of Total Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease cost:      
Amortization of right-of-use assets $ 1,821 $ 1,388 $ 1,922
Interest on lease liabilities 206 143 168
Operating lease cost 6,665 5,657 4,771
Short-term and variable lease cost 10,220 6,738 6,741
Total lease cost 18,912 13,926 13,602
Other information:      
Operating cash flows for finance leases 206 143 168
Operating cash flows for operating leases 7,909 10,526 4,448
Financing cash flows for finance leases 1,840 1,383 1,963
Right-of-use assets obtained in exchange for new finance lease liabilities 3,677 761 1,671
Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,174 $ 12,599 $ 4,731
Additional information as of the end of the year:      
Weighted-average remaining lease term — finance leases (in years) 12 years 3 months 18 days 13 years 4 months 24 days  
Weighted-average remaining lease term — operating leases (in years) 14 years 10 months 24 days 16 years 3 months 18 days  
Weighted-average discount rate — finance leases (in percentage) 6.00% 6.00%  
Weighted-average discount rate — operating leases (in percentage) 5.00% 5.00%  
v3.25.4
LEASES - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating Leases  
2026, operating lease $ 6,098
2027, operating lease 4,879
2028, operating lease 3,914
2029, operating lease 3,211
2030, operating lease 2,477
Thereafter, operating leases 30,608
Total future minimum lease payments, operating leases 51,187
Less imputed interest, operating leases 16,663
Total, operating leases 34,524
Finance Leases  
2026, finance lease 551
2027, finance lease 1,885
2028, finance lease 1,127
2029, finance lease 938
2030, finance lease 399
Thereafter, finance leases 29
Total future minimum lease payments, finance leases 4,929
Less imputed interest, finance leases 402
Total, finance leases 4,527
Two Contracted Geothermal Assets in Nevada  
Financing Liability  
2026, financing liability 22,675
2027, financing liability 20,815
2028, financing liability 20,578
2029, financing liability 23,165
2030, financing liability 19,856
Thereafter, financing liability 230,986
Total future minimum lease payments, financing liability 338,075
Less imputed interest, financing liability 121,679
Total, financing liability $ 216,396
v3.25.4
LEASES - Schedule of Lease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Lease income relating to lease payments of operating leases $ 569,120 $ 553,348 $ 542,065
v3.25.4
SUBSEQUENT EVENTS (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 24, 2026
USD ($)
$ / shares
Jan. 29, 2026
USD ($)
MW
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Subsequent Event [Line Items]          
Dividends, common stock, total | $     $ 29,072 $ 29,109 $ 28,412
Common stock, dividends, per share, declared (in dollars per share) | $ / shares     $ 0.48 $ 0.48 $ 0.48
Subsequent Event          
Subsequent Event [Line Items]          
Dividends, common stock, total | $ $ 7,300        
Common stock, dividends, per share, declared (in dollars per share) | $ / shares $ 0.12        
Subsequent Event | Innergex Renewables USA LLC          
Subsequent Event [Line Items]          
Cash consideration | $   $ 80,500      
Equity interest (in percentage)   100.00%      
Power generation capacity, megawatts | MW   30      
Power generation storage capacity, minimum megawatts | MW   30      
Power generation storage capacity, maximum megawatts | MW   120      
Fixed price power purchase agreement period   25 years