Icelandic Geysir Green Energy to sell some assets under new CEO

Alexander Richter 14 Dec 2009

Icelandic geothermalinvestment company Geysir Green Energy is about to sell parts of its assets and installs new CEO.

According to the company and a news piece in Icelandic media today, “The board of Geysir Green Energy has, in accordance with its commercial bank, made the decision to decrease the company’s debts by selling its assets over the next quarters. Following this new policy formulation, Asgeir Margeirsson has decided to resign as Chief Executive Officer. Alexander K. Gudmundsson, GGE’s Chief Financial Officer has been hired in his place.”

“I already announced that should this situation occur that I wouldn’t be the right person to lead those efforts. I have worked on the growth and development of Geysir (Green Energy) right from the start of the company and it is naturally that someone else takes the responsibility of the job ahead. Because of this myself and the board (of directors) agreed that I would resign. I wish the new CEO all the best in his job and thank the board and employees of GGE for the great cooperation of the past years”, so Ásgeir Margeirsson, the leaving CEO.

“It is no secret that many of the main owners of the company came out rather weak from the financial crisis and therefore haven´t been able to continue to support the company as planned. The current situation on the financial markets also make it difficult to secure the necessary financing for the company as planned. It was therefore decided to decrease the debt position of the company with the sale of assets of the company in cooperation with the banks of Geysir Green Energy”, so Alexander K. Guðmundsson, the new CEO.

The main assets of Geysir Green Energy are a 57.4% share in HS Orku hf. and Jarðboranir hf. (Iceland Drilling). Geysir Green Energy has also worked with good results on the build up of geothermal district heating systems in China, geothermal power projects in Germany (Exorka, Enex Deutschland, Geysir Europe), the U.S. (Western GeoPower, Ram Power) and the Philippines (Envent).

Geysir Green Energy is also one of the founding partners of Keilir, an educational center on university level in the Sudurnes region of the capital area. Geysir’s daughter company Enex ehf. just last year finished building a 9.3 MW geothermal power plant in El Salvador, which is now fully operating.

Source: (in Icelandic), Geysir Green Energy announcement