Puna Geothermal Venture L.P.

What Puna Geothermal Venture L.P. does

Puna Geothermal Venture L.P. is a special-purpose limited partnership entity that operates the Puna Complex, a geothermal power generation facility located in Hawaii and listed as part of Ormat Technologies Inc.'s global renewable energy project portfolio. The entity is classified under the IPP (Independent Power Producer) business segment and operates exclusively in the Geothermal Power technology category. Its sole operating asset is the Puna Complex, a binary-cycle geothermal power plant that harnesses heat from beneath the Earth's surface to generate electricity, consistent with Ormat's vertically integrated renewable energy platform.

The entity is a subsidiary of Ormat Technologies Inc., a publicly traded renewable energy company whose broader portfolio spans geothermal power generation using binary cycle technology, Waste Heat Recovered Energy Generation (REG) systems, and battery energy storage solutions. Puna Geothermal Venture L.P. contributes only the geothermal generation component of that platform. The entity is a thin operating entity — firmographic data indicates approximately 7 employees — consistent with its function as a project-level holding and operating vehicle rather than a full operating company. Its products, revenue, and competitive positioning are tightly coupled to Ormat's corporate technology stack and capital structure.

No revenue figures, management team details, funding rounds, or customer information are disclosed at the entity level in the available data. The Puna Complex is referenced in Ormat's filings and project listings as an active U.S. asset within the broader global portfolio spanning 25+ countries. The entity's operating geography is concentrated in Hawaii, and its business model is consistent with that of a regulated utility-scale IPP — generating electricity and selling it under a long-term Power Purchase Agreement to the local Hawaiian utility — though no PPA terms or counterparty details are disclosed in the source data.

Name

Puna Geothermal Venture L.P.

Legal name

Puna Geothermal Venture L.P.

Website

https://punageothermalventure.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Puna Geothermal Venture L.P. is a special-purpose limited partnership operating the Puna Complex, a geothermal power generation facility in Hawaii, as part of Ormat Technologies Inc.'s global renewable energy IPP portfolio.

Ownership category

akta.pro rank

Product category

Geothermal Power Generation

NAICS

Geothermal Electric Power Generation (221116)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Geothermal Equipment & Component Manufacturing (Turbines, Heat Exchangers, Pumps, ORC Units) (EUAMAEAI)

akta.pro secondary industries

Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE), Geothermal Direct Use Heat Projects (District Heating, Greenhouses, Aquaculture, Industrial Heat) (EUAMAEAG)

Keywords

• Geothermal power generation
• Renewable energy production
• Binary cycle power
• Baseload electricity supply
• Geothermal project operations

Headquarters

HQ city

Nevada

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Core offering

Puna Geothermal Venture L.P. operates the Puna Complex, a geothermal power generation facility located in Hawaii, USA, that is part of Ormat Technologies Inc.'s global portfolio of renewable energy projects. The facility harnesses heat from beneath the Earth's surface via binary cycle technology to generate baseload renewable electricity. As a limited partnership operating entity, Puna Geothermal Venture L.P. is structured to hold and operate this specific geothermal asset under its corporate parent.

Product overview

Ormat Technologies is a vertically integrated renewable energy company offering three core product lines: Geothermal Power generation using binary cycle technology, Waste Heat Recovered Energy Generation (REG) systems, and Energy Storage solutions. The company operates multiple project complexes globally, including the Puna Complex in Hawaii, USA. These products work together to provide comprehensive sustainable energy management solutions, from generation through storage, enabling efficient development and utilization of renewable energy resources.

Differentiator

Problem solved

Functional benefit

Products and services

• Puna Complex Geothermal Power Generation

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves1 record

Expansion highlights2 records

Broad incumbents

• Calpine Corporation: Largest U.S. independent power producer with a portfolio spanning natural gas, geothermal (via The Geysers), and renewable assets. Comparable because Calpine operates baseload power generation assets under long-term PPAs, similar to Puna's independent power producer model.
• Ormat Technologies Inc. Parent company of Puna Geothermal Venture and the world's leading vertically integrated geothermal operator using binary-cycle (ORC) technology. Comparable because Puna is essentially one of Ormat's IPP project vehicles, and Ormat's economics, technology stack, and customer mix define Puna's upside.
• NextEra Energy Resources: Largest U.S. renewable energy operator with limited geothermal exposure but dominant solar+storage footprint. Comparable as a competitive renewable IPP bidding into the same Hawaii procurement processes that Puna serves.
• Berkshire Hathaway Energy (BHE Renewables): Operates renewable generation including geothermal assets (e.g., CalEnergy). Comparable because BHE Renewables is a major U.S. IPP that owns and operates utility-scale geothermal capacity under long-term offtake contracts with vertically integrated utilities.
• Enel Green Power (Enel S.p.A.): Global renewable IPP spanning geothermal, wind, solar, and hydro across the Americas, Europe, and Africa. Comparable because Enel Green Power operates geothermal plants in similar high-renewable-target jurisdictions and uses binary/flash technologies analogous to Puna's.

Regional players

• Contact Energy: New Zealand-listed integrated generator with a meaningful geothermal portfolio (Ngawha, Ohaaki, Wairakei). Comparable because Contact operates binary-cycle geothermal plants under long-term PPAs in a similarly renewable-target-driven, geographically isolated grid context.
• Mercury NZ Limited: New Zealand-listed renewable generator with geothermal baseload (Nga Awa Purua, Rotokawa). Comparable because Mercury operates binary-cycle geothermal capacity and pairs it with storage and other renewables, mirroring Puna's likely future configuration.
• Kenai Generating Station (Chugach Electric): Geothermal operations tied to Chugach Electric's Alaska grid. Comparable as a U.S. geothermal IPP, though geographically distinct (Alaska vs. Hawaii). Both face islanded/remote grid constraints similar to Hawaii.

Emerging players

• Innergex Renewable Energy: North American renewable IPP with hydro, wind, solar, and storage. Comparable as a non-utility renewable IPP generating long-term contracted cash flows, though with a different technology mix than Puna.

Direct peers

• Cyrq Energy: Private U.S. geothermal power producer focused on flash and binary-cycle plants in the western U.S. (Nevada, California, Oregon). Comparable because Cyrq operates similar technology (binary/ORC) at similar scale to Puna and competes for the same utility procurement opportunities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• YouTubeyoutube.com/channel/UC406sKw8q178HVwixjQPOAA
• LinkedInlinkedin.com/company/puna-geothermal-venture-l.p.

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Puna Geothermal Venture L.P.