News

Icelandic geothermal firm chasing US$50 million investment

Alexander Richter Alexander Richter 26 Feb 2009

Icelandic Reykjavik Geothermal is seeking US$ 50 million from international investors to develop projects in three or four undisclosed locations overseas from Iceland.

Based on Power Finance & Risk, “Icelandic Reykjavik Geothermal is seeking US$ 50 million from international investors to develop projects in three or four undisclosed locations overseas from Iceland. The company founded by former Reykjavik Energy and later Reykjavik Energy Invest (REI) CEO Gudmundur Thoroddsson in August 2008 has been in discussions with various player about a possible investment” in the company and the projects of it.

The company is run by a well experienced group of individuals who all have been working in the geothermal industry for a long time. As an “investment and management company, it will target the most profitable geothermal opportunities worldwide.” (so the company on its website)

One can expect that Reykjavik Geothermal focuses on similar projects as the company the staff formerly belonged to, Reykjavik Energy Invest. One remembers the ongoing discussions on developing geothermal projects e.g. in Djibouti and other parts of the developing world.

Source: iipower.com, company website