Westfjord Power Company to Build New Plant Skip to content

Westfjord Power Company to Build New Plant

The Westfjord Power Company is planning to build the third hydropower plant in Mjólká river without taking a long-term loan to finance the project. The oldest plant’s engine will also be replaced with a new 7MW engine.

The Mjólká power plant. Photo by Eygló Svala Arnarsdóttir.

“It is time to renew the Mjólká power plant and we believe it is risky to postpone it,” the plant’s director, Kristján Haraldsson, told Morgunbladid. The plan is for the new engine to start operating in 2011.

The new power plant is estimated to cost ISK 350 million (USD 2.8 million, EUR 1.9 million) and the total operations on the Mjólká plants in the next two years around ISK 1 billion (USD 8 million, EUR 5.5 million).

“We plan to be able to finance it ourselves. We don’t want to take long-term loans, rather […] reduce other operations,” Haraldsson said. “This is so we won’t become indebted.”

The new power plant and engine will increase the safety of electricity supply in the West Fjords.

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