Baseload Power Iceland to increase capacity with new geothermal well

Baseload Power Iceland and Varmaorka ehf. are pleased to announce that they have received all required approval to begin drilling a new well called ER-24 and located in Efri-Reykir, Bláskógabygð (64°14’13.6″N 20°31’00.1″W). Work will start in July 2022.

Efri-Reykir is a primary medium-sized enthalpy prospect located in the south of Iceland in an area with several active geothermal wells. The ER-24 well will be drilled close to its sister well, ER-23, which was established in 1988 and has consistently produced around 36 kg/s ever since. If successful, ER-24 will, together with ER-23, support the development of the Efri-Reykir Geothermal Project. This 2,5 MWe geothermal binary power plant can provide stable baseload electricity and heat to over 2000 local homes and businesses. This sees the continued increase of geothermal energy as part of the global transition towards renewable sources.

The contract was awarded to Iceland Drilling earlier this year to drill the ER-24 to a vertical depth of approximately 750m.

“Varmaorka is pleased to announce the new well at our Efri-Reykir prospect. Together with the existing ER-23 well, ER-24 has the potential to double the resource and energy generation of this project”, says Jón Örn Jónsson, Project Manager at Varmaorka.

“At Baseload Power, we want to be a catalyst for developing and financing sustainable geothermal projects in Iceland. Efri-Reykir is a major project, it is environmentally friendly and in full cooperation with the local community aiming to produce both power and heat with high efficiency. Once completed, it will provide base load power that is affordable and in harmony with the community. That is the key for us in selecting projects – our goal is to create resilient societies and a planet in balance,” says Alexander Helling, CEO of Baseload Capital.

Alexander focuses on breaking news stories and ensuring we offer timely reporting on some of the latest stories released through market wires. He has previously spent over 5 years as a trader in us stock market and is now semi-retired. Now he works for investingbizz.com specializing in quicker moving active shares with a short term view on investment opportunities and trends. He covers financial sector news.

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