GEG Power ehf.
GEG Power ehf. is an Iceland-headquartered geothermal developer building its business on more than a decade of experience in the development and building geothermal wellhead power plants. The first plant of the company started operations in Kenya in 2011. As of today, GEG Power has built a total of 16 geothermal power plants with a total power generation capacity of 85.6 MW in Kenya and Iceland. See more in our References overview
With its unique business model, GEG developed its approach of delivering turnkey modular geothermal power plants as a complete package from the well to the connection to the transmission line. The company is able to design, engineer and provide the necessary construction work, assembly on site and commissioning in one package. With this GEG has been able to speed up development, support a faster return on investment, while providing flexibility in a potential build out of the plants.
The company has shifted focus from the delivery of a complete turn key power plant development package to clients, to a development approach through a joint venture with international partners through geothermal development company Geoneer.
With that GEG Power is now acting as development partner and investor in projects, combining its project delivery experience with the exploration know of Iceland GeoSurvey (ÍSOR), an internationally acclaimed geothermal exploration service provider, and North Tech Energy, a geothermal drilling services company.
GEG works closely with its partners in the Geoneer joint venture, as well as selected investors, suppliers, and contractors locally.
We maintain a strong commitment to ensuring that our activities contribute positively to society and the environment.
GEG Power is a privately owned company, founded in its original form in 2008 with its headquarters in Reykjavik, Iceland
GEG Power and its Geoneer partnership will be a global active geothermal project development company with a portfolio of projects and operating assets being a key partner for the geothermal sector in the global energy transition.
GEG Power provides project development services with its partners, combining experience and activities to deliver geothermal projects effectively and efficiently. With an approach to sensible and modular development, the goal is to push development responsibly for all stakeholders. With partnerships chosen to provide complete development in one package, GEG Power and Geoneer position themselves as attractive investment opportunities on either a portfolio approach or project specific investments.
- Build complete development packages, combining the experience of GEG Power in design, engineering, procurement, construction and commissioning with other elements of geothermal project development through partnerships
- Build and develop modular geothermal wellhead power plants through the delivery of complete units ready for operation
- Provide a flexible power plant solution with high scalability and quick payback on investment
- Continue to lower the capital intensity of geothermal power development
- Offer flexible solutions adapted to local environments and markets
- Drive the project delivery excellence in the global geothermal industry
March 5th, 2015:
Green Energy Group received the runner-up award for the European Geothermal Innovation Award 2015 by the European Geothermal Energy Council (EGEC), at the GeoTHERM Expo & Congress in Offenburg, Germany.
“The award highlights our achievements in helping Kenya to speed up geothermal energy development with our modular geothermal wellhead plants. With now 8 operating geothermal wellhead plants with a total installed power generation capacity of 45.6 MW, and our additional 5 plants we are constructing right now, we are proud of contributing to the ambitious geothermal plans in Kenya.”, so Alexander Richter, the Marketing Director of Green Energy Group at the event.
The nomination by EGEC, highlighted the “innovative business model and global technology approach for small-scale geothermal power plants in high enthalpy zones.”
Nominations for the award are assessed on grounds of originality, innovation, reliability, reduction of emissions, and improvements in energy output. The Jury selected the shortlist from twelve entries.
April 7th, 2014:
Green Energy Group AS was announced as a 2014 New Energy Pioneer by Bloomberg New Energy Finance (BNEF). The ten winners were recognized on stage at the seventh annual Bloomberg New Energy Finance Summit in New York City.
“We are extremely honoured to have received such a prestigious award and our nomination represents another successful milestone achievement for Green Energy Groups’ pioneering modular geothermal wellhead technology. Being the sole representative from the geothermal industry, amongst such a respected group of fellow awardees, this award tells us we are on the right track as we build our company around our belief in the need for smaller scale wellhead solutions for geothermal development.” said Terje Laugerud, the CEO of Green Energy Group after the awards in New York.
October 11th, 2013: Green Energy Group has been named in the prestigious 2013 Global Cleantech 100, produced by Cleantech Group, a global market intelligence and consulting firm helping executives connect with innovation.
“The Global Cleantech 100 list is unique because it highlights the promise of private clean technology companies from all around the world, focusing on those companies which the players in the market feel are currently the most likely to make the most significant market impact over the next 5-10 years. The list celebrates inspiring entrepreneurs, and serves as the industry standard on gauging where innovation is headed across key sectors.” 5,864 companies were nominated this year from 60 countries.” Said Sheeraz Haji, CEO of Cleantech Group.