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Signature(s)

Amount
€ 125,000,000
Countries
Sector(s)
Iceland : € 125,000,000
Energy : € 125,000,000
Signature date(s)
9/06/2016 : € 125,000,000
Link to source

Summary sheet

Release date
21 October 2015
Status
Reference
Signed | 09/06/2016
20150388
Project name
Promoter - financial intermediary
THEISTAREYKIR GEOTHERMAL PLANT
LANDSVIRKJUN
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 125 million
EUR 250 million
Location
Sector(s)
Description
Objectives

Development of an existing geothermal field and construction of a new geothermal power plant with a capacity of 90 MWe. The project is located 30 km south-east of Husavik. It is intended to provide additional supplies of electricity to meet the projected growth in electricity demand in the region. The first unit is intended to supply a new silicon metal plant while the remaining capacity will be sent to the national power grid.

The project consists of the design and construction of a 2 x 45 MWe geothermal power plant, along with its steam-gathering system, and wells in the north-east of Iceland. The exploration wells show good prospects. The power plant will provide electricity to a new industrial plant and support local economic growth.

Environmental aspects
Procurement

The project has been subject to a full environmental impact assessment (EIA) procedure in accordance with national legislation (Icelandic EIA Act no. 106/2000). The project would fall under Annex II of the EIA Directive if it was located inside the EU.

The environmental impact assessment was performed and completed in 2010 with the planning agency's positive opinion following public consultation.

The main environmental risk to the project relates to geological hazards (volcanic eruptions and earthquakes), while the main concerns from the project are related to noise during construction and impact on a protected lava field and nature conservation area, as the access road will cross it. Additionally, the project will emit carbon dioxide and hydrogen sulphide. Mitigation measures in line with industry practice are proposed.

Iceland, as a signatory to the European Economic Area (EEA) Agreement, has adopted EU procurement legislation. The Bank will require the promoter to ensure that any procurement procedures are done in accordance with the Bank's Guide to Procurement and the relevant applicable EU public procurement rules.

Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Impact Assessment (ESIA) - THEISTAREYKIR GEOTHERMAL PLANT EIA Summary
Publication Date
30 Oct 2015
Document language
Main Topic
Lending
Document Number
59786360
Document Focus
Environmental Information
Project Number
20150388
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Data Sheet (ESDS) - THEISTAREYKIR GEOTHERMAL PLANT
Publication Date
30 Jan 2016
Document language
Main Topic
Lending
Document Number
64465138
Document Focus
Environmental Information
Project Number
20150388
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Completion Sheet (ESCS) - THEISTAREYKIR GEOTHERMAL PLANT
Publication Date
21 Jan 2020
Document language
Main Topic
Lending
Document Number
115247584
Document Focus
Environmental Information
Project Number
20150388
Sector(s)
Regions
Countries
Publicly available
Download now

News & Stories

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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