EIG Geothermal Catalyst Partners Completes Inaugural Investment

Investment in Power Planet supports development of the Star Peak project and a broader portfolio of EGS projects

WASHINGTON--(BUSINESS WIRE)--EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that EIG Geothermal Catalyst Partners, L.P. (“GCP” or the “Fund”) has completed its inaugural investment, partnering with Power Planet, a geothermal development company advancing enhanced geothermal system (“EGS”) projects. The investment will support continued development of Power Planet’s Star Peak EGS Project and the company’s broader portfolio.

Star Peak, Power Planet’s lead development effort, is expected to benefit from existing geothermal infrastructure, available interconnection capacity and subsurface data from the Star Peak geothermal field. Together, these attributes are expected to support a phased development approach and help accelerate the path toward commercial-scale generation.

EIG believes geothermal can play an increasingly important role in meeting growing electricity demand with firm, reliable and low-carbon power. The Fund seeks to support high-quality geothermal projects at key stages of their development. GCP’s investments are expected to help sponsors address technical and commercial risks and to enable broader institutional participation in the geothermal sector, while seeking attractive, risk-adjusted returns consistent with EIG’s disciplined investment approach.

“The Fund’s inaugural investment is an important milestone and reflects the opportunity we see to support next-generation geothermal development in the United States,” said Andrew Ellenbogen, President of EIG. “We believe Power Planet’s portfolio is well aligned with the Fund’s mission of providing development capital to help advance geothermal projects through key technical and commercial milestones, and we look forward to supporting the company as it advances the Star Peak project and its broader portfolio.”

“We are excited about Star Peak because it represents a compelling path to bringing new EGS power to the U.S. grid,” said Keith Elliott, CEO of Power Planet. “We expect to begin delivering EGS electrons in 2027/2028. EIG’s partnership has been instrumental in accelerating the project and attracting additional capital. We are honored that Power Planet was selected for the Fund’s inaugural investment, which supports our next phase of growth. We look forward to building on this partnership as we seek to scale our ambitious development portfolio and accelerate the deployment of EGS across the United States.”

For additional information regarding EIG Geothermal Catalyst Partners, please contact EIG at [e-mail].

This press release is for informational purposes only. This does not constitute an offer to sell or the solicitation of an offer to purchase securities. Any offering will be made only in accordance with applicable securities laws to eligible investors pursuant to confidential offering materials.

EIG Geothermal Catalyst Partners constitutes an alternative investment fund as defined in Regulation 3 of the United Kingdom’s Alternative Investment Fund Managers Regulations 2013 (the “AIFM Regulations”) and a collective investment scheme as defined in Part XVII of the United Kingdom Financial Services and Markets Act 2000, as amended (the “FSMA”). The Fund may only be marketed in the United Kingdom in accordance with Regulation 59 of the AIFM Regulations. The Fund has not been authorized, recognized or otherwise approved by the Financial Conduct Authority (the “FCA”) in accordance with the FSMA and, as an unregulated scheme, the fund cannot be promoted to the general public.

This press release is being communicated only to, and is directed only at, persons in the United Kingdom who are professional investors (as defined in the AIFM Regulations) and are: (1) investment professionals, as defined in Article 19(5) of the Financial Services and Markets Act (Financial Promotion) Order 2005 (the “FPO”); (2) high net worth companies, unincorporated associations etc., as defined in Article 49(2)(A) to (D) of the FPO; or (3) persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”). This press release must not be acted on or relied on by persons in the United Kingdom who are not Relevant Persons. In the United Kingdom, any investment or investment activity to which this press release relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $27.1 billion assets under management as of June 30, 2026. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 44-year history, EIG has committed over $55 billion to the energy sector through 425 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.

About Power Planet

Power Planet is a geothermal development company focused on advancing enhanced geothermal system projects, including the Star Peak EGS Project and a broader portfolio in Nevada.