News
USD 70 Million Share Increase for Geysir Green Energy
ADAM WOLFENSOHN AND OLAFUR JOHANN OLAFSSON JOIN BOARD OF DIRECTORS
A USD 70 million share increase will considerably strengthen the standing of Icelandic geothermal investor Geysir Green Energy. In the shareholder meeting held in Iceland today, Olafur Johann Olafsson and Adam Wolfensohn became members of the board of Geysir with Olafsson elected as Chairman. Geysir Chief Executive Ásgeir Margeirsson says it is a great asset for the company to have such influential and internationally respected new board members.
Great belief in Geysir
Olafur Johann Olafsson has been an active member of the international business community for many years. He is Executive Vice President of the media corporation Time Warner and, in addition, one of Iceland’s most prominent authors with his books published in close to 20 languages. Olafsson says that he has a firm belief in the company, its projects and business strategy. ˝Geysir Green Energy has extensive knowledge and experience in the field and has, in a relatively short period of time, managed to establish itself as a desirable partner in geothermal projects around the world. ˝
Adam Wolfensohn has worked in the climate and energy field as an investor, consultant and media producer. He has managed the Wolfensohn & Co. low carbon energy fund and directed investment portfolios within the Wolfensohn family office. Wolfensohn & Co. is an investment and advisory firm founded by James Wolfensohn, former two-term president of the World Bank Group. The company has been involved in several different projects within the field of renewable energy, especially in developing economies. Adam Wolfensohn also produced the climate change documentary "Everything's Cool," that debuted at the Sundance Film Festival in 2007.
Geysir's finances strengthened
In recent weeks, Geysir's equity has increased by over ISK 5 billion (over USD 70 m.). These increases have come from new and existing shareholders. Today’s shareholder meeting revealed that Geysir's capital stock has increased by over ISK 4 billion (USD 55 m.). In order to gain full ownership of subsidiary Exorka International in Germany, minority owners were paid in Geysir stock to the amount of ISK 1.2 billion (USD 16 m.).
Ahead are further financing, which will be handled by Glitnir Bank's corporate counselling. There has also been some work in the refinancing of loans, which has been very successful.
Geysir Green Energy's leading shareholders are: Atorka (Renewable Energy Resources ) 39.7%, Glacier Renewable Energy Fund (Glitnir) 38.6%, VGK Invest (Mannvit Engineering) 8.8%.
Geysir's new Board of Directors is comprised of: Olafur Johann Olafsson, Chairman, Adam Wolfensohn, Einar Thorsteinsson, Eyjólfur Árni Rafnsson, Magnús Jónsson, Magnús Bjarnason and Thorsteinn Vilhelmsson.
Please contact Mr. Asgeir Margeirsson, CEO of Geysir Green Energy, for further information. Tel: (+354) 412 2000.