Reykjavík Geothermal announces that it signed a cooperation agreement with JSC RusHydro which defines the terms of cooperation in geothermal power projects.
The parties are working together to set up a joint venture (JV) which will focus on the construction of geothermal power plants with total installed capacity of up to 200 MW.
RusHydro will hold a controlling stake in the JV and act as an investor, while Reykjavík Geothermal will manage the projects. RusHydro is also considering similar projects in Russia with total installed capacity of 100 MW or more and can create a 100% subsidiary for this purpose.
Deputy Chairman of the Management Board of RusHydro, George Rizhinashvili, commented, “We believe that there is great unharnessed potential for development of geothermal power in Russia and abroad and hope that cooperation with the highly professional team of Reykjavik Geothermal in carrying out joint projects will be mutually favorable.”
CEO of Reykjavík Geothermal, Guðmundur Þóroddsson, commented, “We believe that the cooperation with RusHydro will speed up development of the world’s geothermal potential as well as open up vast opportunities for Reykjavik Geothermal in use of Russian technology for geothermal projects.
