Ormat Shares Continue to Rise: Ormat Secures Geothermal Concession in Indonesia with Potential of up to 40 MW

Reno (USA) – The U.S.-based geothermal and energy storage specialist Ormat Technologies has been awarded the Telaga Ranu geothermal area by the Indonesian government.

The concession was granted by the Ministry of Energy and Mineral Resources through a competitive tender process involving four qualified bidders. It provides Ormat with long-term rights to explore and develop the resource.

The Telaga Ranu project is located on the island of Halmahera in the province of North Maluku and lies within Indonesia’s highest government-approved feed-in tariff zone. According to the planning documents of the state-owned utility PT PLN (RUPTL), the area has a potential of up to 40 MW of baseload-capable geothermal capacity. Development by the end of 2030 is intended to help replace diesel-based power generation and strengthen energy security in the region.

Ormat views the award as a strategic expansion of its project pipeline in Indonesia. CEO Doron Blachar stated: “The award of the Telaga Ranu geothermal concession represents a significant step in strengthening our development pipeline and highlights our confidence in Indonesia’s long-term geothermal potential. We believe this site has the potential to add up to 40MW to our exploration pipeline, bringing the total to approximately 200MW, in addition to the 59MW associated with our operating asset.”

As part of its energy transition, Indonesia aims to significantly expand renewable energy and reduce emissions. Due to the country’s geological conditions, geothermal energy plays a central role in this strategy. Projects such as Telaga Ranu are considered key building blocks for supplying remote regions with reliable, renewable energy.

Ormat Technologies has more than 50 years of experience in the geothermal sector. The company has developed, manufactured, and built power plants with a total gross capacity of approximately 3,600 MW, which are either owned by Ormat or installed worldwide by utilities and project developers.

The company’s shares, listed in the renewable energy stock index RENIXX World, are currently trading at €100.10, continuing their upward trajectory. In 2025, Ormat’s share price has risen by a total of 47 percent.

Source: IWR Online, 21 Jan 2026