Reykjavik to Increase Geothermal Stakes

Reykjavik Geothermal announced at the World Future Energy Summit that it has entered into a partnership with Ambata Capital Partners to explore, develop, and operate utility scale geothermal power generation focusing on emerging markets. The company is already focused in Kenya and Ethiopia, and this news could indicate the potential for more Reykjavik projects to pop up in Africa.

Gudmundur Thoroddsson, Founder and CEO of Reykjavik Geothermal, commented “Geothermal is becoming an increasingly important part of the renewable energy mix worldwide. This is particularly true in emerging nations, many of which possess the best quality geothermal resources and have very attractive market dynamics”. Thoroddsson also added “Our partnership with Ambata will be highly accretive as we execute on our plans. With their deep experience in our target markets – particularly the Middle East and Africa – combined with their sector expertise and capital raising abilities, Ambata is uniquely qualified to accelerate our strategic plans globally.”

Michael Philipp, Ambata Capital Partners Founder and former Credit Suisse Chair for Europe, Middle East and Africa, said, “It’s a remarkable opportunity to work alongside such a highly talented and accomplished team. Having previously led the development of more than 500 megawatts of installed geothermal capacity – including Iceland’s landmark Hellisheidi power plant – the Reykjavik Geothermal team has a truly world class track record”.

Reykjavik has also announced that it will establish its headquarters in Masdar City in Abu Dhabi.