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    Reference: 20070057
    Release date: 27 April 2007

    Promoter – Financial Intermediary

    Orkuveita Reykjavikur (Reykjavik Energy (RE)).



    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.




    Proposed EIB finance (Approximate amount)

    Approximately EUR 140 million.

    Total cost (Approximate amount)

    Approximately EUR 280 million.

    Environmental aspects

    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.


    Signed - 16/07/2007


    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).

    Related tags

    Iceland Energy