Reykjavik Geothermal, a pioneer in geothermal power development, today announced at the World Future Energy Summit that it has entered into a partnership with Ambata Capital Partners to explore, develop and operate utility scale geothermal power generation focusing on emerging markets.
Reykjavik Geothermal also announced the intention to establish a headquarters in Masdar City. The company is currently active in Iceland, India, Kenya, Nicaragua, Russia, Rwanda and the United Arab Emirates.
Mr. Gudmundur Thoroddsson, Founder and CEO of Reykjavik Geothermal, commented “Geothermal is becoming an increasingly important part of the renewable energy mix worldwide. This is particularly true in emerging nations, many of which possess the best quality geothermal resources and have very attractive market dynamics”. Mr. Thoroddsson also added “Our partnership with Ambata will be highly accretive as we execute on our plans. With their deep experience in our target markets – particularly the Middle East and Africa - combined with their sector expertise and capital raising abilities, Ambata is uniquely qualified to accelerate our strategic plans globally”.
Michael Philipp, Ambata Capital Partners Founder and former Credit Suisse Chair for Europe, Middle East and Africa, said “It’s a remarkable opportunity to work alongside such a highly talented and accomplished team. Having previously led the development of more than 500 megawatts of installed geothermal capacity – including Iceland’s landmark Hellisheidi power plant - the Reykjavik Geothermal team has a truly world class track record”.
Dr. Sultan Ahmed Al Jaber, CEO of Masdar remarked “This news is a reflection of our vision to bring together and enable the best organizations to drive the future of advanced energies and environmental sustainability. We are thrilled that the combined Reykjavik Geothermal and Ambata teams have chosen Masdar City as their base of operations”.
© 2010 Mena Report (www.menareport.com)
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