Iceland's Landsvirkjun completes financing for 90-MW geothermal project
Geothermal power station. Featured Image: N.Minton/Shutterstock.com
Landsvirkjun, the National Power Company of Iceland, said today it has completed the financing for the 90-MW Theistareykir geothermal power project after agreeing a USD-50-million (EUR 45m) loan with the Nordic Investment Bank (NIB).
The state-owned company has signed an agreement for a 16-year loan without a guarantee of collection. Earlier this month, Landsvirkjun secured a EUR-125-million loan from the European Investment Bank (EIB) for the same purpose.
„The construction on the Theistareykir site is going well and the power station will commence operations in the fall of 2017,“ said Horour Arnarson, CEO of Landsvirkjun.
The project will be carried out in two 45-MW phases. In early 2015, Landsvirkjun signed a contract for the purchase of a 45-MW power generating unit, marking the start of construction for the initial phase.