White & Case advises Fervo Energy Company on phase 1 financing of Cape Station geothermal project

Global law firm White & Case LLP has advised Fervo Energy Company (Fervo) and its subsidiaries, as borrowers, on the US$421 million non-recourse project financing of phase one of its flagship Cape Station geothermal project in Utah. This represents a first-of-its- kind US financing for geothermal energy.

The US$421 million financing package includes a US$309 million construction-to-term loan, a US$61 million tax credit bridge loan and a US$51 million letter-of-credit facility. Together, these facilities will fund the remaining construction costs for the first phase of Cape Station and support the project's counterparty credit support requirements.

Located in Beaver County, Utah, Cape Station will begin delivering first power to the grid in 2026, reaching approximately 100 MWs of operating capacity by early 2027, with plans to scale to 500 MWs to deliver firm power at scale. The development is fully contracted through power purchase agreements.

The White & Case team was led by Project Development and Finance partners Steven Otillar (Houston), Nadav Klugman (Chicago), John Donaleski (New York) and Ruta Skucas (Washington, DC), and associates Ejemen Ofoman, Anisha Sivathas (both in New York) and Michael Chigbu (Houston); Tax partner Michael Sykes (Washington, DC); and Debt Finance associate Luke Allen (Houston).

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