NIB invests in Geothermal power production and distribution in Iceland

ongoing

The Nordic Invesment Bank has signed a 15-year loan with Icelandic utility Orkuveita Reykjavikur to finance an investment programme to improve geothermal power production and electricity distribution networks in Iceland. The loan will help finance new make-up and reinjection wells, new steam pipeline connections, a new workshop building, as well as an expansion of the thermal station in Hellisheiði geothermal power plant. Projects in the Nesjavellir geothermal power plant include new make-up wells, a complete control system update, and replacement of equipment in the thermal stations. The loan will also co-finance investments in the electricity distribution system, strengthening and replacing old equipment in the network, harbour electrification, and the installation of smart meters.