Welcome!

News Feed Item

Conditions Precedent Lifted in Power Purchase Agreement between Landsvirkjun and United Silicon

Landsvirkjun, the National Power Company of Iceland, and United Silicon hf. announced today that all conditions precedent had been lifted with regard to the power purchase agreement (PPA) signed by the two parties last March. The boards of both companies have confirmed the agreement.

Landsvirkjun, the National Power Company of Iceland, and United Silicon hf. announced today that all ...

Landsvirkjun, the National Power Company of Iceland, and United Silicon hf. announced today that all conditions precedent had been lifted with regard to the power purchase agreement (PPA) signed by the two parties last March. (Photo: Business Wire)

According to the contract, Landsvirkjun will provide electricity to power a metallurgical grade silicon metal plant being built by United Silicon in Helguvik on Iceland's south west coast. The facility is expected to begin operations in early 2016 and will require 35 MW of power.

All the conditions of the agreement which included the issuance of permits, electricity transmission contracts and financing have been fulfilled.

Arion Bank hf. has worked together with United Silicon hf. and concluded financing for the project, which has been secured through senior bank debt and a forthcoming bond issue.

United Silicon intends to begin construction on the silicon metal plant in July and ground preparation work is already underway in the area. Operations are expected to begin on the 1st of April, 2016.

“We have cooperated closely with United Silicon in the last few months and the confirmation of this power purchase agreement marks a significant milestone in the development for the silicon metal industry in Iceland. We celebrate this milestone and the move towards a more diverse customer base in our growing portfolio of customers. We are confident that silicon metal production will thrive in Iceland as conditions are particularly favourable to the industry. The project will strengthen the development of industry in Iceland and it is very positive that such a project should become a reality in Helguvik where conditions are suitable for this type of operation,” commented Dr. Hordur Arnarson, CEO of Landsvirkjun.

“The lifting of all conditions precedent today, pertaining to the agreement, is a major milestone. We are definitely moving forward with the metallurgical grade silicon metal production plant in Helguvik which has been under preparation for the last two years. United Silicon hf. is taking a step that will ensure the future development of this industry in Iceland, bringing extensive knowledge and technology to the country. Our cooperation with our European partners will ensure secure employment for the coming generations in Reykjanes in the production of metallurgical grade silicon metal in Iceland. We would like to thank the key parties in Iceland for their support, especially Landsvirkjun and Arion Bank who have shown the project their invaluable support,” commented Magnus Gardarsson, the newly appointed CEO of United Silicon hf. in Helguvik.

“Arion Bank is very pleased to play such a large role in developing a project of this size and magnitude with regard to the construction of a metallurgical grade silicon metal production plant by United Silicon in Helguvik. The project will strengthen export from Iceland, increase the economy’s foreign exchange income and will positively affect employment opportunities in an area which has struggled in employment matters,” commented Höskuldur H. Ólafsson CEO of Arion Bank.

About Landsvirkjun

Landsvirkjun is the National Power Company of Iceland, was established in 1965 and is a state owned company. Landsvirkjun’s role is to maximise the potential yield and value of the natural resources it has been entrusted with, in a sustainable, responsible and efficient manner. The Company produces electricity from renewable resources such as hydropower, wind power and geothermal energy producing 75% of all electricity in Iceland. The Company is also a leader in sustainable energy generation and supports increased expertise, innovation and technological development.

About United Silicon hf.

United Silicon hf. is a new company established by a conglomerate of silicon industry participants in Europe, which have taken the initiative to establish a silicon production plant for the growing consumption of their customers in Europe. Following the decision to establish the plant in Iceland, United Silicon finalised the purchase of all shares in the Icelandic company Stakksbraut 9 ehf (the owner of the land in Helguvik) and had already concluded the Environmental Impact Assessment for the Plant, approved by the Icelandic Planning Agency (Skipulagsstofnun) in May, 2013. The Environment Agency of Iceland issued an operating permit to the company on the 3rd of July (two years after work began on the EIA). The company thereby enters into a fully developed project and concluding the Power Purchase Agreement with Landsvirkjun makes it possible for the company to start construction on the plant this summer. Arion Bank hf. is working together with United Silicon hf. on financing the project, which is expected to take place both through a senior loan as well as junior bond.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...