Zanskar has signed a 20-year power purchase agreement with NV Energy to supply 100 MW of geothermal baseload power in Nevada, subject to approval of NV Energy’s 2026 Integrated Resource Plan by the state utility regulator. The agreement runs through 2050 and covers a portfolio of projects that Zanskar will develop, build, own and operate before selling the output to NV Energy.
The deal is another milestone for Zanskar’s AI-driven geothermal strategy, which the company says is helping it de-risk exploration and drilling across Nevada’s greenfield resource base. Existing projects in the state include Pumpernickel and Big Blind, and Zanskar says additional sites are on the way as it works toward delivering the 100 MW by 2030.
Zanskar CEO Ryan McGraw said geothermal is one of the few power sources capable of providing affordable, round-the-clock electricity with current technologies, and argued that it is well suited to scaling with rising demand. That message fits Nevada’s broader need for more firm, carbon-free generation as electricity demand grows from industry, population growth and new digital infrastructure.
The company has been on a financing and commercialisation run this year, including $115 million in Series C funding, $40 million in novel development capital, and a GEODE agreement with CC Power to prospect for geothermal resources in California.
Zanskar says its recent successes, including the turnaround of Lightning Dock in New Mexico, show that geothermal can be predictable, profitable and scalable as a core part of the modern grid.
