The European Financial investment Bank (EIB) has actually authorized a EUR 125 million finance contract with Landsvirkjun, the National Power Business of Iceland, to fund a new geothermal power station and also its geothermal wells at Theistareykir, near Husavik in northeastern Iceland. The funding will certainly be used to sustain the style, construction and also procedure of a brand-new 90 MWe geothermal power terminal and also its geothermal wells, run by the National Power Firm of Iceland. The job will certainly be situated at Theistareykir, some 30 kilometers southeast of Husavik in the northeast of the country, where nine wells with over 50 MWe capabilities have actually currently been pierced as well as checked. Additional information on the Theistareykir Geothermal Power Station can be discovered right here. Vice-President Cristian Popa, responsible for EIB-operations in EFTA-countries, commented: Iceland is in an extremely special position when it involves renewable resource and also it’s fantastic to see how Landsvirkjun is taking advantage of it.

The EIB is glad that it could sustain this vital power job, which additionally highlights just how the bank supports the power field around Europe. The Icelandic experience in this area is modern and functions as a blue print for geothermal tasks around the world. This is a crucial landmark for Landsvirkjun and also we are grateful for the support the EIB is showing renewable resource in Iceland. The EIB has, in the past, showed its solid assistance in offering financing for audio as well as lasting jobs in Europe and we see this agreement as a sign of self-confidence in our company, added Horour Arnarson, Chief Executive Officer of Landsvirkjun. The finance is the first EIB task in Iceland given that 2011, when it provided EUR 70 million, also to Landsvirkjun, for the construction of the Budarhals hydropower plant in the lower highlands of southerly Iceland on the rivers Tungnaa and Kaldakvisl.

Last year, greater than a quarter of all EIB lending sustained jobs that help protect the environment. The European Investment Bank (EIB) is the European Union’s long-term funding establishment financing for financial investments that contribute to accomplishing the EU’s purposes. Founded in 1958, it runs in the 28 EU Participant States, the EU’s neighbor nations and also more than 100 other nations around the globe. Considering that 1994 the Financial institution can offer to eligible jobs in Iceland under the EFTA Facility. This required makes it possible for the financial institution to sustain tasks especially in the sectors of power, setting, research study, growth and also technology situated in the areas of the EFTA countries. After a five-day see to China at the end of last month, European Investment Bank (EIB) President Werner Hoyer stated the good collaboration with China will be better boosted, concentrating on concrete tasks which can bring the European and Chinese economies onward.

Inquired about his participation with the Eastern Framework Financial investment financial institution (AIIB), Hoyer stated the EIB has actually been working closely with the AIIB from its development, sharing technical and also economic experiences. A crucial problem on the president’s program was to develop and also make certain constant, normal and also calculated dialogues with the AIIB, the China-initiated multilateral financial institution signed up with by greater than 10 European nations. We eagerly anticipate working very closely with the AIIB in the years to come, he stressed. One more vital emphasis of the visit is to strengthen partnership with China to much better deal with climate modification. Throughout his trip to China, Hoyer additionally paid a two-day school outing to north China’s Inner Mongolia Autonomous Region where he saw at first-hand just how the EIB was sustaining reforestation to fight versus desertification. The flagship forestation plan located in Cheng District was the very first project of its kind sustained by the EIB in China.