Landsvirkjun in Iceland Announces New Renewable Energy Power Purchase
Agreement with GMR
GMR´s operations to transform Iceland’s steel and scrap metal
recycling capabilities
REYKJAVIK, Iceland–()–Landsvirkjun and GMR Endurvinnslan ehf. (Geothermal Metal Recycling –
GMR) today announced that the companies have agreed on terms for a new
power purchase agreement (PPA). Under this new contract, Landsvirkjun
will provide clean, renewable energy to power a steel and scrap metal
recycling plant at the Grundartangi industrial area on Iceland’s
southwest coast. The power purchase agreement commits Landsvirkjun to
provide GMR with up to 10 MW of power for a seven year period. In
addition to recycling for export, the steel will be partially sourced
and resold to and from Iceland´s substantial aluminum smelting industry,
which accounts for about 2% of the world´s primary aluminum output. The
recycling plant is currently under construction and is scheduled to
begin operations in early 2013. The initial production output is
expected to start at approximately 30.000 tons per year with the
capacity to scale up to 100.000 tons per year.
“We are very pleased to announce our agreement with GMR today. The
company represents a strong addition to our customer base and increases
its diversity which is one of the key components of Landsvirkjun´s
marketing strategy. It´s great to see increased value creation develop
on the basis of Iceland´s current industry and aluminum production,
which have been built over the past decades. GMR´s operation is also
good for the environment since it enables efficient recycling using
renewable energy,” said Hordur Arnarson, CEO of Landsvirkjun.
Landsvirkjun, one of Europe’s leading renewable energy companies,
generates 75% of all electricity in Iceland and is the country’s biggest
electric generator. By signing this PPA, Landsvirkjun continues to
reaffirm the competitive business environment in Iceland.
To learn more about renewable energy in Iceland visit www.landsvirkjun.com.
About Landsvirkjun:
Landsvirkjun generates green renewable energy at competitive prices. The
company is 100% owned by the Icelandic State and has over 45 years of
experience generating electricity from hydro and geothermal power
sources. Landsvirkjun is Iceland‘s largest generator of electricity,
currently operating 15 renewable hydro- and geothermal power stations,
and one of the ten largest renewable energy companies in Europe.
Landsvirkjun´s mission is to maximize value creation from energy sources
entrusted to the company in a sustainable and efficient manner.