Iceland’s Reykjavik Geothermal is to locate its headquarters in Abu Dhabi’s zero-carbon Masdar City as it moves to explore developing markets in the Middle East and North Africa.
The announcement by the company on 18 January is part of Reykjavik’s plans to work in partnership with the US fund Ambata Capital Partners to explore potential projects in the Middle East.
Reykjavik is already working with Abu Dhabu Future Energy Company (Masdar) to develop a geothermal energy generation project, and plans to start drilling two holes in the emirate at depths of 3km and 4km to test the feasibility of the scheme.
Abu Dhabi has committed to producing 7 per cent of its power using renewable sources by 2020.
The zero-waste, zero-carbon Masdar city development will provide homes for 5,000 people and house 1,500 businesses. There are also plans for solar and hydrogen power plants at the site.