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Landsvirkjun purchases remaining 3.3% holding in Theistareykir hf.

April 2, 2012

Landsvirkjun has come to an agreement with Þingeyjarsveit Municipality and Orkuveita Húsavíkur (Húsavík Energy) on the purchase of their shares in Theistareykir hf.
Þingeyjarsveit‘s Municipality holding was 0.087% and Orkuveita Húsavíkur owned 3.2%. Total purchase price was 201 million ISK (ca 1.6 million USD).

After this purchase Landsvirkjun holds all shares (100%) in Theistareykir hf. 

Theistareykir hf. has the rights to develop the geothermal area at Theistareykir in the Northeastern part of Iceland and has since 2001 conducted research on the potential of the area. Current plans are for a power project, of up to 200 MW to be implemented in the area.  An Environmental Impact Assessment for such a project has already been completed and existing drillholes are producing enough steam for the first phase of this power project which will be carried out in steps.   Project design is completed and agreements are made with the engineering companies Mannvit hf. and Verkís hf. for the tender design, tender documents and detail design. Timing of the project has not been decided.  


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