Synopsis "Landsvirkjun/Theistareykir – Peistareykir Geothermal Power Plant 90 MW – Northeast - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
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Summary Landsvirkjun, Iceland National Energy Company, and Theistareykir EHF (a joint-owned municipal development company) are jointly undertaking the construction of a geothermal power plant in North of Iceland.
The project involves the construction of a 90MW geothermal power plant. It is planned to be implemented in two phases with a capacity of 45MW each.
The project also includes the construction of a powerhouse and related facilities, the installation of generators, and the laying of transmission lines.
Mannvit and Verkis were appointed as design consultants for the project.The scope of the contract includes consulting services, preliminary design, preparation of tender documents, detail design and supervision assistance for mechanical and electrical equipment installation for the project.
Elfa was appointed as the consultant for the environmental impact assessment (EIA).
Ræktunarsamband Flóa & Skeiða as been appointed for drilling of smaller wells and Jarðboranir for drilling of larger wells.
In November 2014, Landsvirkjun and Theistareykir have short-listed four companies namely Alstom with a bid value of US$87 million, Fuji Electric and Balcke Dürr with a bid value of US$77 million, Toshiba and Balcke Dürr with a bid value of US$83 million and Mitsubishi Hitachi, Power System, Balcke Dürr and Mitsubishi Corporation with a bid value of US$86 million for supply and installation of turbines, generators and cold end equipment for the project.
In February 2015, Fuji Electric and Balcke Dürr signed US$42 million contracts for the first phase of the project.
On April 14, 2015, construction works on the first phase of the project commenced.
A phase II plant is under consideration since the National Energy Authority (NEA) has issued a power production license for a 100-MW geothermal plant in the region.
On December 14, 2015, Landsvirkjun has signed an ECA (Export Credit Agency) loan agreement in relation to a supply contract for two 45 MW geothermal turbines from Fuji Electric.
The Japan Bank for International Cooperation (JBIC) has provided US$34 million and a consortium of Citibank Japan Ltd., Bank of Yokohama and Commerzbank AG, Tokyo Branch, Nippon Export and Investment Insurance (NEXI) have provided US$34 million.
On June 9, 2016, The European Investment Bank (EIB) has signed a US$142 million agreement with Landsvirkjun, the National Power Company of Iceland to finance the project. The funding will be used to support the design, construction, and operation.
On June 29, 2016, Landsvirkjun has completed the financing for the project after approval of US$50 million loans from the Nordic Investment Bank (NIB) for a period of 16 years without a guarantee of collection.
In December 2016, wagon train includes turbine and the generator transported to the site by Fuji Electric.
Tests with steam into the turbine of the first phase started on September 28, 2017, and was connected to the grid on October 1, 2017, with the full load of 45MW.
In October 2017, construction work completed on the first phase, and expected to fully start operation in mid-November 2017, with official start on December 1, 2017.
Planning activities are underway on the second stage and expected to be operational by 2019.
Scope The project involves the construction of a 90MW geothermal power plant in Peistareykir, Iceland.
The US$260 million project includes the following: 1. Construction of a 45MW geothermal plant under the first phase 2. Construction of a 45MW geothermal plant under the second phase
Reasons To Buy • Gain insight into the project. • Monitor the latest project developments. • Identify key project contacts.
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