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LONG-TERM DEBT, CREDIT AGREEMENTS AND COMMERCIAL PAPER (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The Company’s long-term debt consists of the following:
December 31,
20252024
(Dollars in thousands)
Limited and non-recourse agreements (*):
Limited recourse:$692,273 $603,006 
Non-recourse:46,903 54,309 
Total limited and non-recourse agreements$739,176 $657,315 
Less current portion (79,885)(70,262)
Noncurrent portion $659,291 $587,053 
Full recourse agreements (*):
$1,227,545 $988,812 
Less current portion (214,207)(161,313)
Noncurrent portion $1,013,338 $827,499 
Convertible senior notes (all noncurrent) (*)
$476,437 $476,437 
Financing liability$216,396 $220,569 
Less current portion(9,749)(4,093)
Noncurrent portion$206,647 $216,476 
(*) The amounts presented exclude the related deferred financing costs, if any.
Additional information related to the Company’s long-term debt is detailed in the following table below:
Loan
Inception Date
Amount Issued
Balance as of December 31, 2025
Annual Interest Rate (1)
Maturity Date
(Dollars in millions)
Limited recourse loans:
Mammoth Senior Secured Notes 2025
9/2025$23.4 $23.4 6.95%7/2034
Geothermie Bouillante tranche 1
8/202539.2 35.7 
3-month EUROBOR+1.8%
12/2030
Geothermie Bouillante tranche 2
8/202555.7 56.3 
3-month EUROBOR+2.0%
6/2046
Dominica Loan
8/202537.6 37.6 2.40%9/2042
Bottleneck Loan
11/202472.6 68.9 6.31%11/2039
Mammoth Senior Secured Notes
3/2024135.1 120.4 6.73%7/2047
Finance Agreement with DFC:
DFC Loan - Tranche I
8/201285.0 23.6 6.34%12/2030
DFC Loan - Tranche II
8/2012180.0 47.6 6.29%6/2030
DFC Loan - Tranche III
8/201245.0 13.4 6.12%12/2030
DFC - Platanares Loan
10/2018114.7 55.3 7.02%9/2032
OFC 2 Senior Secured Notes:
Series A
10/2011151.7 48.6 4.69%12/2032
Series C
8/2014140.0 62.6 4.61%12/2032
Idaho Refinancing Note11/202261.6 52.4 6.26%3/2038
U.S. Department of Energy8/201196.8 24.8 2.60%2/2035
Prudential Capital Group – Nevada9/201330.7 21.7 6.75%12/2037
Non-recourse loan:
Don A. Campbell Senior Secured Notes
11/201692.5 46.9 4.03%9/2033
Total limited and non-recourse loans:
$739.2 
Full recourse loans:
Discount 2025 III Loan
12/2025$100.0 $100.0 
3-month SOFR+2.42%
11/2034
Discount 2025 II Loan5/202550.0 46.9 
3-month SOFR+2.4%
5/2033
Hapoalim 2025 Loan3/2025150.0 137.6 
3-month SOFR+2.45%
3/2033
Discount 2025 Loan3/202550.0 45.3 
3-month SOFR+2.4%
2/2033
Mizrahi 2025 Loan
2/202550.0 46.9 
6-month SOFR+2.35%
4/2033
Hapoalim 2024 Loan
1/202475.0 58.6 6.60%1/2032
HSBC Bank 2024 Loan
1/2024125.0 87.5 
3-month SOFR+2.25%
1/2028
Discount 2024 Loan5/202431.8 25.8 6.75%5/2032
Discount 2024 II Loan9/202450.0 42.2 
3-month SOFR+2.35%
9/2028
Mizrahi Loan 202311/202350.0 37.5 7.15%10/2031
Hapoalim 2023 Loan2/2023100.0 75.0 6.45%2/2033
Mizrahi Bank Loan4/202275.0 42.2 4.10%4/2030
Bank Hapoalim Loan 7/2021125.0 44.6 3.45%6/2028
HSBC Bank Loan7/202150.0 21.4 3.45%7/2028
Discount Bank Loan9/2021100.0 50.0 2.90%9/2029
Senior Unsecured Bonds - Series 47/2020289.8 188.1 3.35%6/2031
Senior Unsecured Loan:
Migdal Loan
3/2018100.0 62.3 4.80%3/2029
Additional Migdal Loan3/201950.0 31.1 4.60%3/2029
Second Addendum Migdal Loan
4/202050.0 31.1 5.44%3/2029
Loan Agreements with DEG:
DEG 2 Loan
12/201650.0 12.5 6.28%6/2028
DEG 3 Loan2/201941.5 10.9 6.04%6/2028
DEG 4 Loan4/202430.0 30.0 7.79%6/2031
Total full-recourse loans:
$1,227.5 
Total limited, non-recourse and full-recourse loans:
$1,966.7 
(1) unless stated otherwise.
Balance as of
AnnualMaturity
Loan
December 31, 2025
Interest Rate (1)
Date (2)
(Dollars in millions)
Financing Liability - Dixie Valley$216.46.01%June 2038
(1) payable semi-annually
(2) final maturity date of the financing liability is assuming execution of the buy-out option in June 2038.
Schedule of Maturities of Long-Term Debt
Future minimum payments under long-term obligations, including long-term debt and financing liability, as of December 31, 2025 are as follows:
 
(Dollars in
thousands)
Year ending December 31:
2026$303,653 
2027780,897 
2028335,092 
2029313,212 
2030211,681 
Thereafter 716,034 
Total $2,660,570