Cape Station Phase I

Fervo Energy · Beaver County, UT · Utah DEVELOPER HEALTHHEALTHY

First utility-scale enhanced geothermal plant: a 100 MW phase of three 33 MW GeoBlocks. Capacity here is what is operating: GeoBlock 1 (33 MW) declared commercial operation Sept 30, 2026; GeoBlocks 2–3 expected by Jan 1, 2027.

Geothermal · Next-generation geothermal SEE CONNECTIONS →

ANNOUNCED
DEVELOPMENT
PERMITTED
FINANCED
CONSTRUCTION
OPERATING

Power

33 MW

Geothermal · First commercial

Storage

—

energy capacity

Online

Sep 30, 2026

actual

Capital committed

$421M

closed or awarded

Capital pending

—

conditional or under review

How it works

Enhanced (EGS)

Where rock is hot but dry, drill down and then sideways, crack the rock open between two wells, pump water down one and bring it up hot through the other. Borrowed from oil-and-gas drilling, so it can work in many more places.

OPEN IN 3D →

Others on this approach

Capital stack

3 SOURCES

Project debt $360MTax credit $61M

Project debt · RBC (lead); Barclays, BBVA, HSBC, MUFG, Société Générale, J.P. Morgan, Bank of America, Sumitomo Mitsui TrustConstruction-to-term loan (non-recourse)CLOSED · 2026-03-19 · thinkgeoenergy.com$309M
Tax credit · Same bank groupTax credit bridge loanCLOSED · 2026-03-19 · thinkgeoenergy.com$61M
Project debt · Same bank groupLetter of credit facilityCLOSED · 2026-03-19 · thinkgeoenergy.com

LOADING…

Cape Station Phase I

Enhanced (EGS)

Capital stack

Cape Station Phase I

Enhanced (EGS)

Capital stack

Milestones

Grid, permits and build

Who buys and who finances

Who's financing it

Dependencies

Related

More from Fervo Energy

Sources