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        HELLISHEIDI GEOTHERMAL POWER

        Signature(s)

        Amount
        € 146,000,000
        Countries
        Sector(s)
        Iceland : € 146,000,000
        Energy : € 146,000,000
        Signature date(s)
        16/07/2007 : € 146,000,000
        Other links

        Summary sheet

        Release date
        27 April 2007
        Status
        Reference
        Signed | 16/07/2007
        20070057
        Project name
        Promoter - financial intermediary
        Hellisheidi Geothermal Power
        Orkuveita Reykjavikur (Reykjavik Energy (RE)).
        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        Approximately EUR 140 million.
        Approximately EUR 280 million.
        Location
        Sector(s)
        Description
        Objectives

        Part-financing of the expansion of Hellisheidi Geothermal Power Plant in the south-west of Iceland.

        Electricity generated by the project will be used mainly for industrial purposes, in particular to meet demand from aluminium smelters, as well as for serving commercial and industrial consumers in the Reykjavik area. The project will also generate hot water, which will be carried by pipeline to the Reykjavik area for space heating in the industrial and domestic sectors. The project is in line with the Bank's objectives for supporting renewable energy and the rational use of energy.

        Environmental aspects
        Procurement

        The project has been subjected to a full Environmental Impact Assessment (EIA) in accordance with national legislation, which is based on EU Directives 85/337 and 97/11 (the project falls under Annex II of Directive 97/11). The EIA has been approved by the Planning Agency after seeking public consultation and the opinions of the relevant competent authorities.

        The procedures employed for awarding works, supplies and services contracts for the various components of the project are in accordance with Icelandic legislation, which is based on the relevant EU Directive (2004/17/EC) and includes the requirement to publish tender announcements in the EC Official Journal. In general, the promoter of this project applies open procedures for works and supply contracts, while specialised services for drilling and engineering services are awarded following negotiated procedures.

        Comments

        Electricity.

        Other links

        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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