Landsvirkjun and Nordurál have signed a memorandum of understanding on delivery of power for the first phase in the expansion of Nordurál’s Grundartangi smelter to an eventual 240,000 tpy, which will involve an expansion from 90,000 to 180,000 tpy.
The building of a smelter in Reydarfjordur and the Karahnjukar hydropower station have been in the pipeline for some time.
A memorandum of understanding has been signed by the Icelandic government, Landsvirkjun (The National Power Company of Iceland) and Alcoa, formalizing their cooperation in building a low emission aluminium smelter in Eastern Iceland.
Hydro has informed its partners that the company is not in a position to make a final decision on the project on 1 September 2002
The original power contract between the companies dates from the year 1975.
Net debt continues to decrease and the equity ratio strengthens.
The assets and transfer of the shares have negligible effect on the balance sheet and operations of Landsvirkjun.
Jónas Þór Guðmundsson re-elected chairman of the board.
S&P Global Ratings revises Landsvirkjun’s rating outlook from stable to positive on improved financial position.
Landsvirkjun owns 64.7% of Landsnet.
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Another record year for power generation and operating performance.
Operations have already begun in Blönduós and construction work to expand the data center is currently underway.
Revenue, EBITDA and profit increase between periods.
Landsvirkjun is number three on Creditinfo‘s list.
The EFTA Surveillance Authority (ESA) has concluded that state guarantees for Landsvirkjun's hedging derivatives did not involve state aid.
European Commission (EC) competition approval process has taken longer than anticipated.
Landsvirkjun has prepaid a loan with a state guarantee of collection with a nominal amount of 34 million USD.
Highest revenue quarter recorded in financial history of the Company.
The buyback reflects Landsvirkjun‘s strong financial position and is a part of reducing the company‘s debt, interest expenses and foreign exchange risk.
Jónas Þór Guðmundsson re-elected Chairman of the Board.
Moody’s Investors Service has upgraded Landsvirkjun’s unguaranteed senior unsecured debt ratings from Baa3 to Baa2.
Landsvirkjun has reached an agreement with US and UK institutional investors to issue its debut US private placement (“USPP”) in Green Bond format, for a total amount of USD $200 million.
