Since the start of our operations in Iceland, we have lent more than €1 billion. More than €949 million of our funding since 2000 has supported projects related to green energy production.
To support geothermal power and meet increasing demand for electricity in the industrial, residential and commercial sectors, we signed a loan agreement with Landsvirkjun, the National Power Company of Iceland, to finance a new geothermal power station and its geothermal wells at Theistareykir.
We also helped Reykjavik Energy Geothermal expand two geothermal power plants outside Reykjavik and refurbish the district heating system and electricity distribution system in Reykjavik. Aside from promoting renewable energy, this project also contributes to economic growth and diversification in a remote and less-developed region.
Our commitment in Iceland also includes financial support for transport projects, such as a loan to the national airport company Isavia in support of the Keflavik Airport Extension. It is one of the country’s biggest infrastructure projects, which is crucial in order to cater for future growth in traffic and to improve passenger service standards as well as being vital for the economy and the safeguarding of employment especially during the COVID-19 crisis.