News
Geysir aquires 32% stake in HS, Iceland's second largest geothermal power producer
Geysir Green Energy, Reykjavík Energy and the municipalities of Reykjanesbær and Hafnarfjördur have reached an agreement on the ownership structure of Hitaveita Sudurnesja (HS), Iceland’s second largest geothermal generation company, with a total capacity of 145 MW electrical and 150 MW thermal. Under the new agreement, Geysir is the second largest shareholder, holding 32% of the company. The new owners are unanimous in pledging support for the continued growth and success of the company as an independent power producer.
The agreement addresses the ownership of HS, their cooperation within the company and the future intentions for the firm. The agreement included stipulations on corporate social responsibility and financial support for cultural, athletic and recreational groups in the service area of Hitaveita Sudurnesja. Support is outlined for Keilir, Atlantic Centre of Excellence, a new university with special emphasis on energy studies.
The new ownership structure is as follows:
Reykjanesbaer Municipality 34.75%
Geysir Green Energy 32.00%
Reykjavik Energy 16.58%
Hafnarfjordur Municipality 15.42%
Other municipalities 1.25%
The Board of Directors counts 7 members, three from Reykjanesbær Municipality, two from Geysir Green Energy, one from Reykjavik Energy and one from Hafnarfjordur Municipality,
Júlíus Jón Jónsson, CEO of Hitaveita Sudurnesja announced that the company is hopeful regarding the cooperation of the new shareholders regarding the export of technology and the continuation of the development of the geothermal resources in the vicinity of HS for the future benefit of our customers, employees and shareholders.
Geysir Green Energy is pleased with gaining HS as an active partner in the export of Iceland’s advanced geothermal technologies.