Release date: 23 February 2010
Promoter – Financial Intermediary
Landsvirkjun
Location
Description
The project consists of the development, construction and operation of a hydroelectric plant with associated reservoir and dam.
Objectives
The objective of the new power unit is to meet increasing demand for electricity in the industrial, residential and commercial sectors.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 70 million.
Total cost (Approximate amount)
Not applicable
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.
Procurement
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.
Status
Signed - 23/03/2011
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).