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    € 70,000,000
    Iceland : € 70,000,000
    Energy : € 70,000,000
    Signature date(s)
    23/03/2011 : € 70,000,000

    Summary sheet

    Release date
    23 February 2010
    Signed | 23/03/2011
    Project name
    Promoter - financial intermediary
    Landsvirkjun Budarhals Hydropower


    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    Up to EUR 70 million.
    Not applicable

    The project consists of the development, construction and operation of a hydroelectric plant with associated reservoir and dam.

    The objective of the new power unit is to meet increasing demand for electricity in the industrial, residential and commercial sectors.

    Environmental aspects

    The project, if located in the EU, would fall under Annex I of the EU Directive 85/337/EC as amended and would require a full EIA. An EIA that has included some public consultation has been conducted by the promoter who received an environmental permit already in 2001. During the appraisal the Bank shall verify if the EIA process has been carried out properly and that appropriate mitigation and compensation measures have been put in place.

    The promoter is a public undertaking under the definition given in the EU Procurement Directive 2004/17/EC. Based on the preliminary information available, the promoter will be procuring the project construction contracts in compliance with such Directive including the relevant publications in the OJEU.


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

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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