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| The Climeon Heat Power system. Source: Climeon AB |
Icelandic company CP Energy Holding has made a conditional order to Sweden’s Climeon AB regarding the delivery of equipment and services for a two-phase, 15-MW distributed geothermal power project.
Under the terms of the SEK-300-million (USD 37.3m/EUR 31.4m) order, Climeon will supply 100 units of its Heat Power modules for installation across 10 to 15 individual sites in Iceland over a period of 30 months.
In Phase I of the project, the Swedish firm will deliver seven modules to build the pilot plant in the first half of 2018. Climeon will assist CP Energy Holding with complete funding for this phase, including a suppliers credit and a promissory note.
The ultimate goal is to make it possible to install a large-scale distributed geothermal power plant without any subsidies or grants, Climeon noted.
