Top 10 Enhanced Geothermal Projects: Fervo’s 500 MW PPA and Meta’s 150 MW Deal (2025-2026)

The primary driver for next-generation geothermal development has decisively become the immense power demand from data centers. Corporate offtakers like Meta and Google are now underwriting the commercialization of Enhanced Geothermal Systems (EGS) and other advanced methods through large, long-term Power Purchase Agreements (PPAs). These deals are moving the industry beyond small pilots to gigawatt-scale project pipelines, exemplified by Fervo Energy‘s fully contracted 500 MW Cape Station and Meta‘s dual 150 MW agreements with Sage Geosystems and XGS Energy. The dominant theme for 2025 and 2026 is the rapid transition from technical validation to large-scale project financing and construction, fueled by the urgent need for 24/7, carbon-free power to support AI infrastructure.

1. Fervo Energy – Cape Station Project

Company: Fervo Energy
Capacity: 500 MW (planned total capacity)
Applications: Grid-scale 24/7 clean power, with offtakers in the data center and energy sectors.
Status & Timeline: Under construction. Phase 1 targets 100 MW by early 2027, with first power to the grid in 2026. The full 500 MW capacity is fully contracted. The project secured $421 million in project financing in March 2026.
Source: Fervo Energy Secures $421 Million in Non-Recourse Project …

2. Meta & Sage Geosystems Geothermal Project

Company: Sage Geosystems
Capacity: 150 MW
Applications: Powering Meta‘s data centers in Texas.
Status & Timeline: In development, with power delivery expected by 2027. Sage Geosystems announced its first commercial facility deployment in January 2026 after closing a $97 million Series B funding round co-led by Ormat Technologies.
Source: Meta-backed geothermal firm Sage closes $97 m funding round …

3. Meta & XGS Energy Geothermal Project

Company: XGS Energy
Capacity: 150 MW
Applications: Supporting Meta‘s data center operations in New Mexico.
Status & Timeline: The PPA was announced on June 12, 2025. The project is in the development phase and will be developed in two phases.
Source: XGS Energy and Meta to Partner on 150 MW Advanced Geothermal …

4. Google & Fervo Energy – Corsac Station

Company: Fervo Energy
Capacity: 115 MW
Applications: Serving Google‘s data centers and cloud region in Nevada via utility NV Energy.
Status & Timeline: The power supply agreement was approved by Nevada regulators in May 2025. This project is structured under a novel Clean Transition Tariff framework.
Source: Google’s new model for clean energy approved in Nevada

5. Fervo Energy – Broader Executed PPA Portfolio

Company: Fervo Energy
Capacity: ~43 MW (Implied from PPA portfolio)
Applications: Grid power for various corporate and utility offtakers.
Status & Timeline: In various stages of development. Fervo‘s recent IPO filing revealed 658 MW of executed PPAs, which, beyond its named projects, implies approximately 43 MW of additional contracted capacity in its development pipeline.
Source: Fervo Energy, Enhanced Geothermal Power Developer, Files for …

6. Zanskar – Commercial Project Development

Company: Zanskar
Capacity: Not specified
Applications: Targeting corporate buyers like data centers requiring firm, clean power.
Status & Timeline: In January 2026, Zanskar announced it was “ready to build” its first commercial projects after securing $115 million in a Series C financing round to move from AI-driven exploration to construction.
Source: Armed with $115 million, geothermal startup Zanskar gets ready to …

7. Switch & Ormat Technologies – Salt Wells PPA

Company: Ormat Technologies
Capacity: 13 MW
Applications: Powering data center operator Switch‘s operations in Nevada.
Status & Timeline: A 20-year PPA was signed in January 2026 for power from the conventional Salt Wells Geothermal Power Plant.
Source: Switch signs 13 MW geothermal PPA with Ormat Technologies in …

8. U.S. Air Force & Sage Geosystems – Base Resilience Initiative

Company: Sage Geosystems
Capacity: Not specified
Applications: Demonstrating secure, off-grid power and energy storage for critical military infrastructure.
Status & Timeline: Sage was awarded a contract by the Defense Innovation Unit (DIU) in March 2026 to demonstrate its technology for providing baseload power and creating resilient microgrids.
Source: Air Force Civil Engineer Center > Energy > Web Content – USAF

9. Fervo Energy – Project Red

Company: Fervo Energy
Capacity: 3.5 MW
Applications: Commercial pilot project in partnership with Google to power the local grid serving its data centers.
Status & Timeline: Became fully operational in 2025. This project served as the critical proof-of-concept for EGS technology that enabled larger deals like the 115 MW Corsac Station.
Source: Turning the data center boom into long-term, local prosperity

10. DOE Federal Land Lease Initiative for Data Centers

Company: U.S. Department of Energy (DOE)
Capacity: Potential for gigawatts
Applications: Co-located data centers and clean energy generation, including geothermal, on federal land.
Status & Timeline: The DOE issued RFPs throughout late 2025 for leasing federal land at sites like the Idaho National Laboratory. This initiative directly addresses land and power constraints for the data center industry.
Source: Department of Energy Solicits Proposals for AI Data Centers and Co …

Table: Geothermal Data Center Projects 2025-2026

Enhanced Geothermal Adoption, Data Centers Drive 24/7 Power Demand

The primary adoption driver for next-generation geothermal is the unique energy profile of data centers, especially those powering AI workloads. Unlike solar and wind, geothermal provides firm, 24/7 baseload power, which is critical for achieving round-the-clock carbon-free energy goals. Corporate giants like Google and Meta are signing large, multi-decade PPAs not just for clean energy credits, but for guaranteed, physically delivered clean electrons. The Google–Fervo “Corsac Station” deal is a prime example, creating a new utility tariff model to ensure geothermal power directly serves Google’s Nevada infrastructure. While data centers are the main catalyst, the U.S. Air Force‘s contract with Sage Geosystems highlights a parallel application: energy resilience. This shows geothermal’s value proposition extends to any entity requiring secure, islandable power for critical operations, suggesting a future market in microgrids for industrial parks, hospitals, and military bases.

Geothermal Power Projects Surge for AI Data Centers

This chart directly illustrates the section’s core topic, showing the rapid increase in geothermal projects dedicated to powering data centers to meet 24/7 energy needs.

(Source: CarbonCredits.com)

Western U.S., Fervo Energy’s Geothermal Dominance in Nevada and Utah

Geothermal development is heavily concentrated in the Western U.S., particularly in Nevada, Utah, Texas, and New Mexico. This is no coincidence; the region offers a confluence of ideal factors: high-quality hot rock resources near the surface, available land for development, and a rapidly growing concentration of data center campuses. Fervo Energy has centered its strategy here, with its 500 MW Cape Station in Utah and its Nevada projects with Google. Similarly, Meta‘s deals with Sage Geosystems and XGS Energy target resources in Texas and New Mexico, respectively, to align generation with their regional data center load. This geographic clustering is being actively encouraged by policy. The DOE‘s Federal Land Lease Initiative, which opened up vast tracts in places like the Idaho National Laboratory in late 2025, is a direct attempt to use federal land to solve the co-location problem for power-hungry data centers, further cementing the West as the epicenter of geothermal innovation.

3 Next-Gen Geothermal Technologies Move From Pilot to Commercial Scale

These projects reveal a clear maturation curve across several advanced geothermal technologies. Fervo Energy‘s Enhanced Geothermal Systems (EGS) technology is the most mature, having successfully transitioned from a 3.5 MW commercial pilot (Project Red) to gigawatt-scale development with its 500 MW Cape Station. The success of its horizontal drilling techniques, adapted from the oil and gas sector, has unlocked massive project financing. Hot on its heels is Sage Geosystems‘ “Pressure Geothermal” (GGS), which is moving to its first commercial deployment backed by a $97 million funding round and a strategic partnership with established operator Ormat. This signals strong industry confidence. At the same time, newer approaches are gaining commercial traction. Meta‘s 150 MW PPA with XGS Energy provides a crucial first-of-a-kind contract for its proprietary “thermally conductive solid” technology. Meanwhile, companies like Zanskar are tackling the exploration side, using AI and advanced analytics to de-risk drilling—a key step to lowering costs and attracting mainstream project finance.

Fervo Energy’s Cape Station, Execution Risk in 2026

The single most critical factor to watch in the coming year is project execution. The industry’s momentum is overwhelmingly positive, but the large-scale EGS projects by Fervo are still first-of-a-kind at this capacity. If Fervo delivers the first power from Cape Station on schedule in 2026 and keeps construction on budget, it will validate the EGS model at scale, likely triggering a new wave of corporate PPAs and project finance investment. Conversely, any significant delays or cost overruns could cause corporate offtakers and investors to pause and re-evaluate technology risk, potentially shifting momentum back toward conventional geothermal or other firm power sources.

• Signal of Acceleration: Fervo Energy‘s IPO filing in April 2026 to fund its 3.6 GW pipeline indicates immense confidence in its ability to replicate its success and scale rapidly.
• Signal of Validation: Sage Geosystems‘ $97 million funding round in January 2026, notably co-led by geothermal incumbent Ormat, serves as powerful third-party validation for its GGS technology.
• Signal of Market Hedging: Meta‘s decision to sign two separate 150 MW deals in 2025 with both Sage (GGS) and XGS (conductive solid) shows that even the most committed offtakers are diversifying their technology bets until a clear winner at scale emerges behind EGS.
• Signal of Federal Support: The DOE‘s proactive land-lease RFPs in late 2025 demonstrate a federal commitment to remove roadblocks and accelerate the development timeline for large-scale geothermal projects co-located with data centers.

The questions your competitors are already asking

This report covers one angle of the commercialization of next-generation geothermal, driven by the power demands of AI data centers. The questions that matter most depend on your work.

• Which companies are gaining or losing ground in the enhanced geothermal market, from Fervo Energy to Sage Geosystems?
• What is the outlook for Enhanced Geothermal Systems (EGS) deployment to power AI data centers by 2030?
• Which hyperscale operators are evaluating geothermal PPAs, beyond the deals announced by Meta and Google?

This report does not answer these. Enki Brief Pro does.

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