Update: Landsvirkjun has officially started operation of its first unit of the new Theistareykir geothermal power plant!
On June 29th 2016, Landsvirkjun, announced that it had signed a $50 million long-term investment agreement with the Nordic Investment Bank for the construction of the Theistareykir Geothermal Power Station. Along with a recent loan given by the European Investment Bank, this financial announcement completes the funding for the new power station.
Landsvirkjun, the National Power Company of Iceland, is now proud to announce that it has officially began operating the first unit of the brand new Theistareykir Geothermal Power Station! The company began development of the new facility in Northeast Iceland back in the summer of 2016. The development of the new power plant remains in line with Landsvirkjun’s policy on the responsible utilization of renewable energy resources.
The new station has a capacity of 45 MW, bringing the total of Iceland’s geothermal power generation up to 710 MW. Theistareykir already has harnassed enough steam to generate the equivalent of 50 MW of electrical energy. A second unit set to be installed in early 2017 will bring an additional 45 MW to the station.
This is Landsvirkjun’s third geothermal power plant following the Krafla geothermal plant and the smaller Bjarnarflag plant in North Iceland. Landsvirkjun has been preparing for the Theistareykir project for the last few years by conducting research, drilling and excavating. They’ve also completed the construction of access roads to the project site and the installation of a water supply system.
Hörður Arnarson, CEO of Landsvirkjun, said: “Iceland is privileged to have access to renewable, natural resources and Landsvirkjun has now taken another step in harnessing this energy in a sustainable and responsible manner. Landsvirkjun provides secure, long term renewable energy contracts at competitive prices, and the Theistareykir Geothermal Power Station will enable us to increase the electricity supply in the North East of Iceland, which is a prerequisite for expanding the industrial sector in the area.”
Click here to read more about this new project and be sure to revisit this page to keep up with more news on how Iceland is using sustainable geothermal energy!
Landsvirkjun is the National Power Company of Iceland, was established in 1965 and is a state owned company. Landsvirkjun’s role is to maximize the potential yield and value of the natural resources it has been entrusted with, in a sustainable, responsible and efficient manner. The Company produces electricity from renewable resources such as hydropower, wind power and geothermal energy producing 75% of all electricity in Iceland. The Company is also a leader in sustainable energy generation and supports increased expertise, innovation and technological development.