Skip to content

Policy Governing Landsvirkjun’s Foreign Operations

Our Policy Governing Landsvirkjun's Foreign Operations was approved by the Board of Directors in september 2024.

Purpose

The purpose of this policy governing Landsvirkjun’s foreign operations is to provide guidance and a framework for the continued development of foreign operations.

Policy

Read our Foreign Operations Policy

Landsvirkjun has extensive know-how and experience in developing and operating hydropower and geothermal power plants. There is demand for that know-how and experience outside of Iceland. Landsvirkjun’s foreign operations are a pillar of our vision for a sustainable world powered by renewable energy. We put our know-how and experience to use overseas, guided by the principles of climate action, social progress and economic benefits.

Landsvirkjun sees its foreign operations as an opportunity to grow in new markets, increase the value of the company and raise long-term dividends, reduce portfolio risk, foster links and know-how that can be used in Iceland, and make the company more attractive to outstanding employees, making the workplace more interesting and international.

Landsvirkjun’s foreign operations will prioritise development projects and investment related to hydropower, wind power and geothermal energy. Priority will be given to such projects in the Arctic region, in particular Canada and Greenland. The aim is to invest in renewable power generation overseas, with up to 350 MW of installed power owned by Landsvirkjun by 2045. The aim for 2035 is to invest in renewable power generation overseas, with up to 100 MW of installed power owned by Landsvirkjun.

Indicators

  • Installed Power Overseas Owned by Landsvirkjun

    Objective: Up to 100 MW by 2035 and up to 350 MW by 2045

  • Foreign Assets (USD)

  • Foreign Investment Equity Return (%)

  • Avoided Emissions (tCO2)

Implementation

The CEO shall be responsible to the Board of Directors as regards implementation of the policy.

Foreign operations must not be to the detriment of the company’s operations in Iceland, which remain a priority as regards both capital and labour.

All overseas investment must meet comparable requirements to those set by Landsvirkjun in Iceland in terms of profitability, risk, sustainability, environmental issues and ethics.

All overseas investment decisions must be discussed and approved by Landsvirkjun’s Board of Directors, as is the case for investment in Iceland.