Ormat Technologies has signed a $200 million engineering, procurement, and construction (EPC) contract with Contact Energy for the development of the 101 MW Te Mihi Stage 2 geothermal power plant in New Zealand.
Scheduled for completion by mid-2027, this project will contribute to New Zealand’s renewable energy goals by gradually replacing the 1950s-built Wairakei geothermal power station.
Te Mihi Stage 2 marks Ormat’s fourth major project in New Zealand, leveraging its expertise in binary technology suited for high enthalpy geothermal reservoirs. Contact Energy is also considering Te Mihi Stage 3, a potential third-phase expansion to be operational by mid-2031.
Ormat CEO Doron Blachar highlighted that Te Mihi Stage 2 will bolster Ormat’s product segment backlog to over $300 million, with revenues recognized primarily in 2026 and 2027. This project, along with other ongoing developments, reinforces Ormat’s market leadership and aligns with New Zealand’s zero-emissions targets.