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ENERGYIceland to form energy champion
(Utility Week Via Thomson Dialog NewsEdge)
Reykjavik Energy Invest, the business development and investment arm of Reykjavik Energy, and Geysir Green Energy have agreed merger terms. The merger is intended to create a global geothermal energy player and Iceland's biggest generator with revenues of around ?1 billion.
The merged group will trade as Reykjavik Energy Invest.
"I am convinced that a merger will bring many opportunities and that there is a bright future ahead," said Bjarni Armannsson, REI's new chairman.
REI will operate and invest in geothermal energy projects in Iceland, Europe and North America. The total equity in the merged REI will amount to ?460 million, while the leading shareholders in REI will be Orkuveita Reykjavikur (35.5 per cent), FL Group (27 per cent), Atorka Group (20 per cent) and Glitnir bank (6.2 per cent).
Reykjavik Energy is owned by the city of Reykjavik.
Copyright ? 2007 Reed Business Information - UK. All Rights Reserved.
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