Profit for the year amounts to ISK 6798 million and equity ratio increases significantly

Envent, a major geothermal developer in the Philippines and Indonesia, today announced that the contractual base for its Biliran geothermal project has been substantially enhanced with a new contract with the Philippine Department of Energy (DOE) that will take advantage of the ground-breaking Philippine Renewable Energy Act that was passed December 16, 2008.

Icelandic owned Envent, a major geothermal developer in the Philippines, announced the signing of multiple PPAs with five electric cooperatives on Leyte Island for 35 MW of clean, renewable electricity with the total value of the contracts ranging between USD 300 million and USD 338 million.

Asgeir Margeirsson has decided to resign as Chief Executive Officer. Alexander K. Gudmundsson, Geysir's Chief Financial Officer has been hired in his place. -

Ásgeir Margeirsson hefur ákveðið að hætta sem forstjóri félagsins. Alexander K. Guðmundsson, fjármálastjóri Geysis, hefur verið ráðinn í hans stað.

Thor Gislason, CTO of Geysir presented the Company's view on “Building a Large-Scale Geothermal Industry in Europe” at the GeoPower Europe conference in Munich, Germany.

HS Orka has closed an agreement with three creditors on changes to covenants in foreign loan agreements. -
HS Orka hefur náð samkomulagi við lánadrottna sína um breytingar á skilmálum erlendra lána eftir að fyrir lá að félagið uppfyllti ekki kröfur um eiginfjárhlutfall og rekstrarhlutföll í kjölfar falls íslensku krónunnar.