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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

    Link to source

    General enquiries and comments

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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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