Workflow
Geothermal heat
icon
Search documents
EIB provides EUR 100 million loan to Orkuveitan for green infrastructure development
Globenewswire· 2025-11-17 11:00
Group 1 - The European Investment Bank (EIB) has signed a EUR 100 million loan agreement with Orkuveitan to support sustainable energy and utility infrastructure in Iceland's capital area [1][5] - The investment aims to strengthen critical infrastructure to meet the growing demand for renewable heating, electricity, and hot water due to rapid population growth in the Reykjavík region [2][3] - The funds will enhance geothermal heat production and reinforce the electricity distribution network, aligning with Iceland's goal of carbon neutrality by 2040 [3][4] Group 2 - Orkuveitan is a leading Icelandic energy and utility company responsible for sustainable generation and distribution of electricity, hot water, and geothermal heating [8] - The EIB's financing is part of a long-term program to support Iceland's energy transition and address market challenges related to environmental externalities and secure access to energy services [5][6] - In 2024, the EIB Group mobilized over EUR 100 billion in new investments for high-impact projects, with a significant portion supporting climate action and environmental sustainability [7]