Geysir Green Energy to Focus on Geothermal Projects Globally

Glitnir, FL Group and VGK Honnun Engineering have founded Geysir Green Energy, an investment company to invest globally in renewable energy projects having a basis of geothermal sources. The company aims to invest US$ 1 billion in sustainable energy projects.

Geysir Green Energy intends to seek market opportunities in the harnessing of geothermal energy, invest in the development and construction of geothermal plants, acquire geothermal plants currently owned by power utilities and participate in the privatization of energy companies all over the world. It is estimated that global energy requirements will double over the next 50 years, with a large percentage increasingly being met by sustainable production – versus traditional sources. The European Union has set a target for a 50% increase in sustainable production by the year 2020, and the USA is aiming at doubling its output of energy from sustainable sources over the next 10 years. Geothermal energy is a highly competitive alternative, with far lower costs involved in harnessing it for energy generation than are involved in harnessing sources such as solar power. “Geysir Green Energy will combine the technical know-how we have in Iceland with international investment skills, said Runolfur Maack, Managing Director of VGK Honnun. “The enterprises involved in the company are all leaders in their field, so we look forward to the future with a real sense of optimism.”

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