Geothermal developer Reykjavik Geothermal has entered into a partnership with Ambata Capital Partners, a renewable energy-focused private equity firm founded by investment banker Michael Philipp, the former head of Credit Suisse for Europe, Africa and the Middle East.
Terms of the investment were not disclosed. In a prepared statement Reykjavik Geothermal and Ambata Capital said they would jointly develop and operate utility scale geothermal power generation in emerging markets.
We contacted officials at Reykjavik Geothermal and Ambata Capital by phone and email and we will post their responses when we get them.
On the Ambata investment Reykjavik Geothermal CEO Gudmundur Thoroddson said:
“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.”