Canadian investor enters geothermal market with acquisition of GEG
OLK02 wellhead plant of GEG at Olkaria in Kenya (source: Green Energy Geothermal)
Alexander Richter
4 Sep 2018
Canadian energy development company Energy Co-Invest acquires Green Energy Iceland, and its parent group Green Energy Geothermal assets, intellectual property, and technology to strengthen its position in the global geothermal market.
In a release today, it is announced that Canadian energy development and project finance company Energy Co-Invest Global Corp. (ECC Global) has acquired Green Energy Iceland, and its parent group Green Energy Geothermal assets, intellectual property, and technology to strengthen its position in the global geothermal market.”
Energy Co-Invest Global Corp. (ECC Global) has acquired all key assets of Green Energy Geothermal (GEG), a leading provider of turn-key modular geothermal wellhead power plants. ECC Global is consolidating GEG’s operations at new global headquarters in Reykjavik, Iceland, where GEG has maintained its core engineering and support teams since its founding in 2008.
GEG provides unique EPC solutions to geothermal projects globally. The company has deep experience in design, engineering, procurement, commissioning and operation of geothermal power plants. Working closely with a consortium of international partners and suppliers, GEG offers world-leading Icelandic geothermal expertise and on-site know-how on a global scale.
With a fully commercialized technology, GEG has delivered fifteen modular geothermal wellhead plants with a combined capacity of 81 MW. The company is currently engaged with the final stages of constructing a 5 MW turbine-generator in Iceland for Landsvirkjun, the Icelandic National Power Company. A series of projects are underway in Asia, East Africa, the Caribbean and Latin America.
All GEG projects benefit from unparalleled speed-to-revenue, a core driver of the modular solution. Together with financing from ECC Global, the packaged full suite offer to EPC customers and IPP partners will continue into new project types via strategic alliances with technical partners.
Jordan Oxley, CEO of ECC Global, noted that “Working with GEG over the past two years, we came to recognize the inherent benefits of their technologies and their approach. The ability to mitigate the key financial and technical risks for geothermal developers and financiers is compelling. Many share the view that it will become the next best practice for the industry.” Oxley continued: “Together with their world class team located in the geothermal world capital, GEG is a most impressive company with an unlimited potential. The opportunity to acquire the company and bring a partnered finance capacity is simply a rare and amazing entry to a high value industry.”
About Green Energy Geothermal
Green Energy Geothermal (GEG) is the world leader in wellhead power plants. Delivered on a turn-key basis, GEG’s modular approach uses prefabricated modules, commissioned on-site with an accelerated delivery schedule. It enables a reduction in capital cost, quicker initial revenue, lower project risk, and an overall faster and better payback on investment. Since 2011, GEG has successfully built and delivered 15 geothermal wellhead power plants with a total installed power generation capacity of 81 MWe and offers standard sizes of 3.5MWe and 10MWe per module.
GEG is headquartered in Reykjavik, Iceland where the company’s engineering and technical team is based. For more information, please see www.GEG.is.
For ECC Global, visit www.energycoinvest.com.
