Comprehensive Overview of Private Investors in Hawaii Geothermal Energy
- wearepuna
- 1 day ago
- 5 min read
Hawaii's geothermal sector remains niche and concentrated, with the Puna Geothermal Venture (PGV) on the Big Island serving as the state's only commercial-scale facility. Operational since 1993, PGV generates 25-30 MW (with a planned expansion to 46 MW by 2026 via a $70/MWh fixed-price repower project), supplying 20-25% of Hawaii Island's electricity and contributing to the state's 100% renewables goal by 2045. The sector faces challenges like volcanic risks (e.g., 2018 Kīlauea eruption damage), community opposition, and high upfront costs ($3-13 million per well), but states to offer baseload, dispatchable clean energy with low emissions.
Private investment has historically focused on PGV, with exploratory efforts for new sites on Mauna Kea, Kohala, and Maui hampered by permitting delays and cultural concerns. Total private capital in PGV exceeds $500 million historically, including construction, recovery, and upgrades. Beyond PGV, private players are mostly developers and consortia bidding on state RFPs (e.g., HELCO's 2013 call for 50 MW), but few have advanced to construction due to stalled partnerships and funding gaps. No major tech giants (e.g., Google) have committed to Hawaii-specific geothermal, unlike their mainland or global projects.
Key trends as of October 2025:
Dominance of Ormat: As the global leader in binary-cycle geothermal, Ormat controls PGV and leads expansions.
Indigenous-Led Initiatives: Native Hawaiian firms like IDG emphasize community equity, but face scrutiny over transparency and past controversies (they are not being truthful, nor inclusive ).
Stalled Bids: 2013 RFP saw six bidders, but only PGV progressed; others dissolved amid delays.
Investment Scale: Private commitments are modest outside PGV (~$2-5M per exploratory bid), dwarfed by state funding ($10-15M recent) and royalties ($3.6M FY2024 from PGV).
Outlook: Rising interest in de-risked sites via state assessments (e.g., $33M requested 2025-2027), but community buy-in is critical.
Here is the that table grok created for me of all the private investors that can be found on the interwebs (mahalo grok) . " List of All Known Private Investors and Players
Below is a comprehensive table of private entities with documented stakes, loans, bids, or investments in Hawaii geothermal. "Investment" includes equity, debt, development costs, or committed bids. Excludes public/state entities (e.g., OHA's $1.25M in Huena was quasi-private but via trust). Data draws from SEC filings, news, and project announcements; exact figures are often undisclosed due to commercial sensitivity." :
Key details about the "Northleaf Captial Partners" (which is just seemingly a Ormat shell company, typical tactics..) transaction and the holding:
The deal: Northleaf purchased a stake in a portfolio of assets that included PGV on the island of Hawaii, a geothermal plant in Nevada, and several recovered energy generation (REG) facilities.
Holding company: As part of the arrangement, Ormat contributed these specific power plants into the new holding company, ORPD LLC.
Funding: The transaction raised approximately $175 million for Ormat, which the company used to support future growth.
It's CRIMINAL ! Ormat and the creation of this shell blanket company NorthLeaf is a prime example of "Dirty dealings in clean energy" !!!! - KahuPuna
Personally, I've been deep diving into Mark Zucckerberg and
his Connections to Geothermal Energy:
Mark Zuckerberg, CEO of Meta Platforms, has indirect but notable ties to geothermal energy through his company's sustainability efforts and his philanthropic arm, the Chan Zuckerberg Initiative (CZI). He has a massive Kauai compound , and its almost undeniable the possibly connections that arise with this all..
As well as :
Marc Beinhoff, comes out of nowhere with land holdings overlapping all geothermal potential sites in waimea areas, and all of a sudden our hospitall is named after him:
please note: given that Ormat is "already building their geothermal plant In waimea, without anybody, not even the homesteaders knowing" according to Mililani Trask at the first Waika Consulting Power for the People Hawaii meeting (short clip here https://youtube.com/shorts/WtWW-Djjb_E?si=rrBlVUYe09OUNotq , find full clips on YouTube ) , this should be a no brainer for those who connect dots. Here's what we can find on him:
Marc Benioff, the billionaire co-founder and CEO of Salesforce (net worth ~$10.6 billion as of 2024). He's been acquiring significant land in Waimea (a rural community in North Kohala on Hawaii Island's northwest side) since the COVID-19 pandemic, sparking local speculation about his motives. Benioff's activities are framed as philanthropy—donating land for affordable housing and funding healthcare—but critics see them as a "land grab" by outsiders, especially given Hawaii's history of scarce, expensive real estate and cultural sensitivities around land ownership
No public evidence ties Benioff directly to geothermal development or Ormat Technologies, but his Waimea holdings overlap geographically with state-identified potential geothermal exploration sites in the Kohala/Waimea area, fueling unverified rumors of ulterior motives.
Key Facts on Benioff's Waimea Acquisitions
Benioff, through entities like the Time to Unite Foundation (which he co-chairs with his wife, Lynne), has purchased over 600 acres in and around Waimea since 2020—equivalent to about 1% of the area's total land. These buys, totaling ~$100 million, were done quietly via shell companies, raising eyebrows among locals who only pieced it together through property records.
So to tie it all up, its all fishy. I do need to do so much more deep digging. if you know anything please comment on this article !
Benioff's Overlap: His remaining 165 acres (post-2024 donations) hug those hotspots. Philanthropy (e.g., $150M hospital gift) buys goodwill, but locals whisper it's positioning for resources—Waimea's water/geothermal nexus could power his compound or future plays.
Zuckerberg Echo: Kauai's off-grid "energy systems" (no geothermal confirmed) mirror the secrecy gripe—billionaires dropping in, reshaping land without full disclosure.
State Push: $6M DHHL funding (pending) aims for testing, but Trask's words highlight the irony: Pro-indigenous outreach (via her Waikā firm) clashing with exclusion.
Additional Insights
Historical Bidders (2013 HELCO RFP): Six unnamed firms beyond PGV, IDG, Huena; likely included exploratory players but no public investor lists.
No Active "Big Names" Beyond Ormat: Searches for tech/oil majors (e.g., Chevron, BP) yielded no Hawaii commitments; focus elsewhere (e.g., Eavor's $365M global funding not Hawaii-specific).
Risks & Controversies: IDG/Eastland ties highlight fraud risks; PGV royalties fund trusts but spark cultural debates.
Future Potential: State de-risking could attract more (e.g., Generate Capital's sustainability focus), but needs $6M+ outreach to build trust.
For latest financials, consult Ormat's 2024 10-K or IDG's proposals. This list is exhaustive based on public data; private deals may exist. (The private deals are what KahuPuna aims to bring to you, the people of the world. so stay tuned. )
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