MoU for a new Green Energy Park in Reyðarfjörður

09.07.2021Viðskipti
Pictured are Anna-Lena Jeppsson, Project Leader from CIP, Jón Björn Hákonarson, Mayor of Fjarðabyggð and Rikarður Rikardsson, Vice President of Business Development and Innovation at Landsvirkjun.
Pictured are Anna-Lena Jeppsson, Project Leader from CIP, Jón Björn Hákonarson, Mayor of Fjarðabyggð and Rikarður Rikardsson, Vice President of Business Development and Innovation at Landsvirkjun.

An important developmental project in energy and innovation

The municipality of Fjarðabyggð, Landsvirkjun and Copenhagen Infrastructure Partners (CIP) have signed a Memorandum of Understanding on the development of a Green Energy Park in Reyðarfjörður. A feasibility study will be done on the advantages of producing e-fuels and synergy with existing industries in the area. Among the possibilities that will be explored is energy transition in the fishing industry and in transportation. Furthermore, the use of by-products from the production cycle such as waste heat for residential heating in the municipality and the use of oxygen in aquaculture on land will be explored. The assessment will also consider green energy supply in the area for possible operations in the Green Energy Park.

“We welcome the agreement to develop eco-friendly industries in Reyðarfjörður. It’s an interesting innovative project and we are proud to take part in it. Fjarðabyggð has a thriving economy and the establishment of the Green Energy Park will without a doubt help the municipality to grow. The development of new solutions in the energy sector will benefit our society and offer entrepreneurs a possibility to set up new businesses and industries,” says Jón B. Hákonarson, Mayor of Fjarðabyggð.

Landsvirkjun aims to become carbon neutral by 2025 and takes an active part in the battle against global warming. The company has implemented an action plan to prevent the release of greenhouse gases in its operations but also searches for ways to reach beyond their own operations to meet the challenges global warming poses. The establishment of an eco-industrial park in Reyðarfjörður is a part of that effort.

“The fight against global warming calls for the development of new solutions in energy transition, and we want to be a part of that solution. E-fuels are seen as the way forward in the energy transition of the shipping and the fishing industries, and we want to assess the possibility of being self-sufficient with the production here Iceland. It would be immensely beneficial, from both an environmental and an economic perspective, if we can use locally produced and environmentally friendly fuel for our fishing and shipping fleets. We are also glad to have CIP participating in this with us as they bring extensive international experience of investing in renewable energy production,” says Rikardur Rikardsson, Executive Vice President of Business Development and Innovation at Landsvirkjun.

CIP was founded in 2012 by senior executives from the energy industry in cooperation with PensionDanmark. Today CIP’s funds invest world-wide and have approximately 100 international institutional investors.