Ormat Technologies acquires Hoku solar-plus-storage facility in Hawaii

Ormat Technologies' announced acquisition of the operating 30 MW solar and 30 MW / 120 MWh Hoku solar-plus-storage facility in Hawaii represents a clear diversification into hybrid renewable assets for the geothermal specialist. This move provides Ormat immediate operational capacity in a new technology segment, moving beyond its core geothermal power plant development and ownership. The 2026-03-10 transaction in Hawaii introduces a significant battery storage component to Ormat's portfolio, offering grid stability benefits on an island system. Acquiring an already operating asset, rather than a development-stage project, ensures immediate revenue streams from the 30 MW solar generation. While the deal value remains undisclosed, the acquisition of a 30 MW / 120 MWh storage system in Hawaii indicates a strategic entry into a high-value, constrained grid market. For Ormat Technologies, a leading geothermal company, this acquisition expands its renewable energy solutions beyond its traditional focus on geothermal power plants. The Hoku facility in Hawaii introduces Ormat to the hybrid solar PV and battery storage sector, a departure from its core development, ownership, and operation of geothermal assets. Conversely, Kailua, Hawaii-based Hoku, known for its exclusive focus on residential and commercial solar PV and battery storage installations within Hawaii, monetizes a utility-scale operating asset. This transaction allows Hoku, which serves thousands of customers in Hawaii, to potentially re-focus capital or expand its specialized residential and commercial offerings. The deal, announced on 2026-03-10, demonstrates a strategic pivot for Ormat into a new technology and geographic segment within the United States.