Contact Information: For further information, please contact: Asgeir Margeirsson CEO of Geysir Green Energy Tel: +354 412 2000 e-mail: Fridrik Omarsson Head of Marketing, Geysir Green Energy Tel: +354 412 2080 Mobile: +354 665 2080 e-mail:
REYKJAVIK, ICELAND--(Marketwire - February 9, 2009) - The owners of Enex have reached an
agreement on the split-up of the geothermal construction and development
company. The agreement was confirmed at the Enex shareholders' meeting and
by the two largest owners, Geysir Green Energy and Reykjavik Energy Invest
(REI), a subsidiary of Reykjavik Energy. Geysir has held 70 percent of Enex
and REI 26 percent. The remaining shares are divided among several smaller
shareholders.
With this agreement Geysir increases its share in Enex Kina (Enex China),
which is developing and operating a geothermal district heating system in
Xianyang, China. Geysir is now a 75 percent shareholder in Enex China and
REI holds the remaining quarter. Geysir also takes over Enex's German
geothermal project development company. This makes Geysir a leading company
in geothermal development projects in Germany through Enex's project
company and Geysir's subsidiary Exorka, which is also developing such
projects in Germany.
REI will acquire Enex's share in Iceland America Energy (IAE), which has
been working on geothermal project development in California. Geysir will
continue its efforts in the U.S. where the company is a leading investor in
two other geothermal development companies.
Besides the above-mentioned projects of Enex, REI and Geysir have been
working together on projects in the Philippines in the project development
company Envent. With this agreement, Geysir will become a majority holder
in Envent (80 percent) and will take over its management.
Asgeir Margeirsson, CEO of Geysir Green Energy, said the result fits well
with the company's focus on participating actively in clearly defined
projects. "We want to concentrate our efforts on projects where we have a
leading part to play, as we are doing in China and the Philippines. At the
same time, we are moving away from projects that do not fit as well with
our core activity. The agreement gives us a chance to optimize our
operations. We see synergy between the geothermal projects of Enex and
Exorka in Germany," he said.
About Geysir Green Energy
Geysir Green Energy (www.gge.is) is a leading developer in the geothermal
industry, investing in development projects as well as geothermal
operations. Since its foundation Geysir has invested around US$ 650 million
in geothermal businesses and projects around the world, building on the
extensive experience from the Icelandic geothermal arena. Geysir's
investments include Iceland Drilling, Enex China, Exorka International,
Envent, Western GeoPower and geothermal utilities Hitaveita Sudurnesja Orka
and HS Veitur.