American Investors Interested in Geysir Green Energy Skip to content

American Investors Interested in Geysir Green Energy

American investors have expressed interest in acquiring a share in the Icelandic company Geysir Green Energy (GGE). A meeting between these investors, CEO of GGE Ásgeir Margeirsson and representatives of the Ministry of Industry took place recently.

A power plant in Iceland. Photo by Páll Stefánsson.

Margeirsson confirmed to Morgunbladid that foreign parties had visited GGE in Iceland but would not reveal their identities.

“It is fairly clear that funds for this kind of operation are lacking in Iceland so we have looked for funding abroad. It is true that we had visitors the other day who were looking at the company,” Margeirsson said.

GGE’s primary asset is one third of shares in HS-heating utility and HS-energy, which used to form Hitaveita Sudurnesja (HS). In a record of a HS board meeting from August 2008 it was revealed that Íslandsbanki (formerly Glitnir) has a possessory lien on all GGE’s shares in both these companies.

According to Morgunbladid’s sources, a recent estimate on the worth of GGE’s assets and liabilities, the companies equity was only around ISK 650 million (USD 5.1 million, EUR 3.9 million) at the end of March 2009.

Click here to read about Icelandic energy companies in the US and here to read about an Icelandic power plant opening in El Salvador.

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