Release date: 9 July 2008
Promoter – Financial Intermediary
Orkuveita Reykjavikur (Reykjavik Energy)Location
Description
The project concerns the expansion of the Hellisheiði geothermal power plant by additional 90 MWel and the construction of a new 90 MWel geothermal power plant at Hverahlíð.
Objectives
The objective of the new power units is to meet increasing demand for electricity in the industrial, residential and commercial sectors.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 170 million.
Total cost (Approximate amount)
Approximately EUR 340 million.
Environmental aspects
Both investment projects, i.e. stage 5 of the Hellisheiði Plant and Hverahlíð Plant have been subject to a full Environmental Impact Assessment (EIA) procedure in accordance with national legislation (Icelandic EIA Act no. 106/2000), which is based on the EU Directive 85/337 with its amendments.
Procurement
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.
Status
Signed - 20/11/2009
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).