It’s no coincidence that our first market was Iceland, the Nordic country with the most mature geothermal energy market. In January 2018, Baseload Capital’s geothermal investment began by acquiring a stake in the local geothermal power developer Varmaorka. Construction of the first joint power plant started shortly after.
In 2021, Baseload Power Iceland was formed with the mission to further support the development and operation of Varmaorka´s current power plants. By 2022, to further catalyze local opportunities and leverage the global experience of Baseload Capital, the decision was taken to absorb Varmaorka´s current operations into Baseload Power Iceland.
Baseload Power Iceland has two plants in operation today and a third one on the way. We also have several land leases secured in the Flúðir and Ölfus municipalities, where we are actively seeking new opportunities.