Stake is increased from 50% to 80%

Geysir Green Energy has increased its ownership stake in Envent, a renewable energy business engaged in the exploration of geothermal resources, from 50% to 80%.

Envent is currently working on several geothermal projects in the Philippines and is committed to contributing to the Philippine government’s target of an additional 1,200MW of renewable energy by 2013.

Geysir’s increased ownership of Envent complements the recently issued Philippines Renewable Energy Act of 2008, which seeks to accelerate the exploration and development of renewable energy resources in the Philippines.

Gudmundur Sigurjonsson, president and CEO of Envent, said: We are pleased with the increased attention that Geysir is showing our business in the Philippines. Our geothermal projects are making good headway; the surface exploration program in Biliran is now entering its final stage.

Envent┬áis a renewable energy business engaged in the exploration of geothermal resources in the Philippines as well as to the development of geothermal power plants in the region. Envent is currently working on several geothermal projects and is committed to contributing to the Philippine government’s target of adding 1,200 MW of renewable power capacity by 2013. Envent’s key shareholder is Geysir Green Energy, a leader in the development of geothermal energy.

Geysir Green Energy is a developer and investor in the geothermal renewable energy industry. Since 2007, the company has invested around US $650 million in geothermal businesses and projects around the world, claims the company.