Our power plants do more than produce electricity, they also provide hot water for heating and other direct use, for example for greenhouses, aquaculture plants, bathing lagoons and agricultural production. New technology makes multifaceted use possible.
Construction at Kópsvatn, our first pilot power plant, started in the spring of 2018 and had an installed capacity of 600kW. Construction was completed during the autumn of the same year and we immediately started selling to the grid. The borehole in Kópsvatn extracts geothermal water at 117°C by using an electrical submersible pump. Expansion occurred in the spring 2021, doubling the installed capacity to 1,200 kW. After having extracted the heat for power production, Kópsvatn supplies 85°C geothermal water to the district heating network in the Flúðir municipality, used in heating of homes, greenhouses, bathing and more.
Reykholt is our second power plant commissioned in 2021 with an installed capacity of 300 kW. The self-flowing borehole in Reykholt extracts geothermal water at 127°C. After having extracted the heat for power production, Reykholt supplies 80°C geothermal water to the a nearby hotel, homes and farms.
The ER-23 borehole at Efri-Reykir was drilled in 1988 and reached 147 °C geothermal water, serving nearby farms and few hundred summer cottages with geothermal central heating since then. In July 2022 we drilled a new well, ER-24, to increase production and utilize the heat for electricity generation and additional hot water for central heating. The results from drilling and flow testing are expected to be completed by Q1 2023.
Three Icelandic businessmen saw the potential in converting low-temperature heat into electricity, and in January 2018, we acquired a stake in their company, Varmaorka. By 2022, to further catalyze the local opportunities, and to leverage the global experience of Baseload Capital, the decision was taken to absorb Varmaorka´s current operations into Baseload Power Iceland.
During the fall of 2018, Baseload Capital founded its first official subsidiary in Japan.
During the fall of 2019, we founded our second subsidiary, Baseload Power Taiwan.
In February 2018, we signed an agreement with Wendel Energy Operations I in California to structure a debt facility to finance the repowering of their existing geothermal plant.
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