GEG ehf. was founded in Iceland in 2019 on a market opportunity for a complete and modular turn-key geothermal development approach through a joint venture with international partners.
With a unique modular small-scale wellhead power plant design, and the development model from wellhead to transmission line, GEG pioneered the “turn-key” modular geothermal wellhead power plant concept with one of the world’s lowest footprints per MW.
GEG Business Timeline
The history of Green Energy Geothermal International ltd., a part of GEG ehf. since 2020, extends to the year 2008.
Entrusted by Kenya Electricity Generating Company (KenGen), Green Energy Geothermal International ltd. built a 5 MW wellhead plant in Olkaria, Kenya, as our pilot plant in 2012 — effectively proving the wellhead geothermal power generation concept. With the success of that installation, KenGen contracted the company to develop an additional 14 plants in Olkaria, with 81MW power generation.
Between 2012 to 2017, Green Energy Geothermal International ltd. and KenGen brought these geothermal power plants online. These plants currently deliver over 10% of Kenya’s (and 9% of Africa’s) overall installed geothermal power generation capacity.
With an additional plant built for Landsvirkjun, Iceland‘s national power company, companies acquired by GEG ehf. in 2020 have now contributed 86 MW in installed geothermal power generation capacity.
This represents over 1.7% of the total global installed new geothermal capacity between 2011 and 2020.
In 2020, GEG acquired 100% share in GEG Canada Iceland ltd. from Energy Co-Invest Global Corporation, which then became GEG ehf., the largest shareholder at the same time.
In 2018, Energy Co-Invest acquired from the UK administration certain assets of Green Energy Geothermal UK Limited and Green Energy Geothermal International Limited that had gone into administration in 2018. Those assets then became a part of GEG ehf. in 2020.
With the new strategy adopted in 2019, GEG currently has projects in development and a project pipeline in Africa, Central Europe, Asia, and Latin America.