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
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
LogMeIn has completed its previously disclosed merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of service offerings. The merger officially closed after market hours on January 31, 2017. Effected through a Reverse Morris Trust transaction, the merger brings together two of the preeminent players in cloud connectivity to instantly create one of the world’s top 10 public SaaS companies, and a market leader with the scale, resou...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...