Friday, February 23, 2018

Iceland: Delivery of 15 MW of Geothermal Power Modules Will Begin Soon

Conditions fulfilled in Icelandic geothermal deal (News Release)

The key pre-conditions of Climeon's deal with Icelandic Heat power operator Varmaorka (owned by CP Energy) have been met. Delivery of the first seven modules will now begin. At the same time Baseload Capital Sweden AB has agreed to fund the first phase of the deal, enabling Climeon to focus on production and delivery

Per the agreement, first reported in August 2017, Varmaorka will buy 100 modules from Climeon, an order with a total value of more than EUR 30 Million. The first phase of the order consists of seven modules, and delivery will start in the second quarter 2018.

The modules will be distributed across 10 to 15 individual sites and installed over a period of 30 months. The total installation, providing 15 MW of electricity, is enough to power 25,000 Icelandic households.