Cornerstone at Theistareykir Geothermal Power Plant -
Article - 23/09/2016

Cornerstone at Theistareykir Geothermal Power Plant

The President of Iceland Mr. Gudni Th. Johannesson set the cornerstone of the Theistareykir geothermal power plant owned by Landsvirkjun, the National Power Company of Iceland, in a ceremony today. The plant's 1st phase of 45 MW is well underway, projected to go online in 2107 and the 2nd phase another 45 MW in 2018. Mr. Bjarni Benediktsson, Minister for Finance and Economic Affairs and Hördur Arnarson, CEO of Landsvirkjun along with officials from municipalities, government officials and contractors of the power plant were present during the ceremony. 

The plant will be Landsvirkjun's 17th power plant in Iceland. In June 2016 Landsvirkjun signed a EUR 125 million loan agreement with the European Investment Bank (EIB) and a USD 50 million agreement with the Nordic Investment Bank (NIB), to finance this new geothermal power plant and its geothermal wells at Theistareykir.

The plant is located at Theistareykir, some 30 km south-east of Húsavik in the northeast of the country, where nine wells with over 50 MWe capacity have already been drilled and tested. Drilling for the 2nd phase is in progress by drilling contractor, Iceland Drilling. The plant will have two turbine units, each with a 45 MW capacity. Procurement of all machinery and electrical equipment has been completed. Mannvit-Verkís worked on the design of the power plant and preparation of tender documents. Technical assistance will also be provided during construction and testing. Mannvit prepared project design reports, designed boreholes, oversaw technical supervision of the drilling of the current boreholes and evaluated the size of the geothermal area. Mannvit also carried out project design for high voltage lines and substations, as well as evaluating the environmental impact (EIA) and performing a joint environmental assessment of high voltage lines and power plants in the area.