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Add to Preferred SourcesNIB signs a 15-year loan with Icelandic utility Orkuveita Reykjavikur to finance an investment programme to improve geothermal power production and electricity distribution networks in Iceland.
The USD 80 million (EUR 67.52 million) loan will help finance new make-up and reinjection wells, new steam pipeline connections, a new workshop building as well as an expansion of the thermal station in Hellisheiði geothermal power plant. The drilling of new make-up wells is a continuous activity to maintain the capacity of the geothermal power plants.
In the Nesjavellir geothermal power plant, the projects include new make-up wells, a complete control system update, and replacement of equipment in the thermal stations.
The loan will also co-finance investments in the electricity distribution system, strengthening and replacing old equipment in the network, harbour electrification, and the installation of smart meters. The electrification of the harbour area will allow for shore to ship electricity and thereby reduce the emissions from ships running on auxiliary diesel power when moored.
In 2006, NIB provided a loan to Orkuveita Reykjavíkur to finance the construction of the Hellisheiði Power Plant.
Original source: NIB