Monday, December 7, 2015

Mexico: French and Icelandic Companies to Jointly Develop Geothermal Projects

ENGIE and Reykjavik Geothermal cooperate in the field of geothermal energy in Mexico (News Release)

ENGIE, the French utility, through its wholly owned subsidiary Storengy and Reykjavik Geothermal, the Icelandic geothermal development company, will jointly study the development of geothermal projects in Mexico.

Following cooperation agreement between Iceland and French geothermal clusters signature in the presence of Ségolène Royal, French Ecology, Sustainable Development and Energy Minister and Ragnheiður Elín Árnadóttir, Icelandic Industry and Trade Minister, ENGIE and Reykjavik Geothermal have initiated cooperation to apply and develop geothermal exploration permits and concession in Mexico. Geothermal carbon-free energy is indeed Reykjavik Geothermal core business and an essential component of the energy transition in which ENGIE intends to be a key player.

The new Energy Reform initiated by Mexican President Enrique Pena Nieto offers the possibility for the private sector to enter the power generation market. Today, geothermal energy represents 823 MW, or 1.3% of the country’s installed electrical capacity, but only 6.5% of total estimated geothermal potential (13.4 GW). The country projects it could utilize its high temperature resource potential to reach 4.5 GW in 2030.

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