Energy Co-Invest Global, a Canadian energy development company, has purchased all critical assets of Green Energy Geothermal (GEG), an Iceland-based supplier of flash type modular geothermal wellhead power plants.
The parties have not disclosed the financial terms of the transaction.
Headquartered in Reykjavik, Green Energy Geothermal delivers modular EPC solutions to geothermal power projects across the world. It claims to work closely with a group of international partners and suppliers to sell Icelandic geothermal expertise on a global scale.
Till date, the company has constructed and delivered 15 modular geothermal wellhead plants in Kenya for the Kenya Electricity Generating (KenGen). Put together, the Kenyan plants have a power generation capacity of 81MW.
Energy Co-Invest Global Corp CEO Jordan Oxley said: “Throughout our work on project financing for several geothermal projects, we got to know Green Energy Geothermal and its Icelandic team and its world class capabilities.
“When the opportunity arose to acquire the company, we recognized great synergies in offering turn-key Modular EPC solutions along with our project financing expertise.”
Green Energy Geothermal is currently nearing completion of construction of a 5MW turbine-generator package for the Bjarnarflag Geothermal Power Plant for Icelandic national power company Landsvirkjun.
The company won a contract from Landsvirkjun to design, manufacture and supply a replacement back-pressure turbine and generator for the Bjarnarflag geothermal power plant in March 2017.
The geothermal plant has been operated since 1969 and is currently being updated.
Green Energy Geothermal is also engaged in various projects across the world that are at different stages, and located across Asia, Eastern Africa, Latin America and the Caribbean.
Established in 2008 as Green Energy Group, the geothermal power developer has developed a power plant system that is prefabricated in ready modules and placed into service on site within few months.
Currently, the company provides turnkey flash type modular geothermal wellhead power plants in the range of 3.5MW and 11MWe per unit.
According to Green Energy Geothermal, the plants cut down capital expenses and project risk and enable faster payback on investment.