Reykjavik Geothermal

What Reykjavik Geothermal does

Reykjavik Geothermal (RG), founded in 2008 and headquartered in Reykjavik, Iceland, is a privately held geothermal energy developer specializing in the identification, development, and operation of high-enthalpy (high-temperature) geothermal resources for utility-scale power generation. The company executes the full project lifecycle — from surface studies (including magnetotelluric/resistivity surveys, geochemical analysis, and geological mapping) through exploratory and production drilling to power plant design, construction, and operations management. Its portfolio comprises co-developed Independent Power Producer (IPP) projects including Tulu Moye (150 MW, Ethiopia), Corbetti (up to 520 MW, Ethiopia), Abaya (500 MW potential, Ethiopia), Bolaalda (100 MWe, Iceland), Ceboruco (30 MW, Mexico), St. Vincent (10 MW, Caribbean), and Tenerife/La Palma (Canary Islands), alongside a smaller consultancy and technical advisory business (e.g., Lead Technical Advisor to Atlantica on the Coso acquisition).

RG's business model rests on two revenue streams. The primary stream is long-term (typically 25-year) Power Purchase Agreements with state-owned utilities and governments, generating recurring revenue once plants reach commercial operation. The secondary stream is professional services — consulting and lead technical advisory for governments, development banks, and infrastructure investors (e.g., Djibouti renewable energy framework, Coso M&A advisory). Pricing is bespoke and project-specific; all engagements are negotiated rather than published. RG finances development through a blend of equity co-investment from financial partners (Meridiam SAS, Berkeley Energy/AREF, InfraCo Africa), concessional loans (Clean Technology Fund, DFC), grants (GRMF, USTDA, EU), political risk insurance (MIGA), and recently a $20 million equity round closed in February 2026.

The go-to-market is exclusively B2B and government-facing: direct enterprise field sales to national utilities and ministries, structured as long-cycle (multi-year) project development partnerships, often co-developed with strategic and financial partners and supported by multilateral development finance institutions. Customers include Ethiopian Electric Power, the Government of St. Vincent and the Grenadines, and the Government of Tenerife/Canary Islands authorities.

Name

Reykjavik Geothermal

Legal name

Reykjavik Geothermal

Website

https://rg.is

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Reykjavik Geothermal is a privately held Icelandic IPP that develops high-temperature geothermal power projects from exploration through operation, serving government utilities in Ethiopia, the Caribbean, Mexico, Iceland, and the Canary Islands, while also providing geothermal consultancy and technical advisory services.

Ownership category

akta.pro rank

Product category

Geothermal Power Development

NAICS

Geothermal Electric Power Generation (221116), Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Geothermal Power Plant Development & IPP (Permitting, Financing, Project Development) (EUAMAEAD)

akta.pro secondary industries

Geothermal Drilling & Well Construction (Production/Injection, Directional, Well Services) (EUAMAEAB), Geothermal Power Generation Operations & Maintenance (Plant O&M, Performance Optimization) (EUAMAEAF), Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE), Geothermal Power Plant EPC (EUAEAAAE), Geothermal Environmental & Regulatory Services (Permitting, Monitoring, Induced Seismicity, Water Management) (EUAMAEAL)

Keywords

• Geothermal power development
• Independent power producer
• Renewable energy consulting
• High-enthalpy geothermal
• Utility-scale power projects

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Power Generation (IPP Projects): As an Independent Power Producer (IPP), RG develops, constructs, and operates geothermal power plants, selling electricity to national grids under long-term Power Purchase Agreements (PPAs). Revenue is generated from electricity sales over the PPA duration (typically 25 years), with projects developed in multiple phases. Key projects include Tulu Moye (Ethiopia, 150 MW phased), Corbetti (Ethiopia, up to 150 MW), St. Vincent (10 MW), and projects in Iceland, Mexico, and the Canary Islands.
2. Consultancy Services: RG provides consultancy services to energy companies, governments, and investors, supporting them in navigating the complexities of geothermal energy exploration, development, and operation. Consulting engagements include regulatory framework development (e.g., Djibouti renewable energy framework with BBA//Fjeldco, Verkís, Iceland Geosurvey) and technical advisory (e.g., Coso geothermal plant assessment for Atlantica).
3. Technical Advisory Fees: Lead Technical Advisor role on geothermal M&A and acquisition transactions, generating fee income. For example, acted as Lead Technical Advisor for Atlantica Sustainable Infrastructure on the acquisition of the Coso Geothermal Power Holding in California.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Reykjavik Geothermal develops, finances, builds, owns, and operates utility-scale high-enthalpy geothermal power plants, selling electricity under long-term Power Purchase Agreements to government utilities and national grids across Africa, Europe, the Caribbean, and the Americas. The company also delivers geothermal consultancy and lead technical advisory services to energy companies, governments, and investors across the full project lifecycle from resource exploration and drilling to plant commissioning and operations.

Product overview

Reykjavik Geothermal (RG) operates as a geothermal energy development company offering two primary service lines: full-cycle geothermal project development and consultancy services. The company specializes in delivering clean, reliable, and renewable power by developing geothermal projects from exploration through power plant construction and operation. RG's consultancy services support energy companies, governments, and investors in navigating geothermal energy complexities. The company's project portfolio includes Tulu Moye (150 MW, Ethiopia), Corbetti (520 MW, Ethiopia), Abaya (500 MW potential, Ethiopia), Bolaalda (100 MWe, Iceland), St. Vincent (10 MW, Caribbean), Ceboruco (30 MW, Mexico), and Canary Islands projects (Tenerife, La Palma). RG holds exploration and development activities across Iceland, Ethiopia, the Caribbean, Mexico, and the Canary Islands.

Differentiator

Problem solved

Functional benefit

Products and services

• Tulu Moye Geothermal Project
• Corbetti Geothermal Project
• Abaya Geothermal Project
• Bolaalda Geothermal Project
• St. Vincent Geothermal Project
• Ceboruco Geothermal Project
• Canary Islands Geothermal Projects
• Geothermal Project Development Services
• Geothermal Consultancy and Technical Advisory

Quantifiable outcome

• Tulu Moye project expected to curb 10 million+ tonnes CO2 equivalent over project lifetime
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Green by IcelandminorGTM or Marketing Partner · 18 March 2026Green by Iceland is a platform for cooperation on climate issues and green solutions under Promote Iceland. RG participates as a member of the Icelandic delegation at World Geothermal Congress 2026 and benefits from the platform's role in promoting Icelandic green solutions internationally.
• DISA (Canary Islands)coreStrategic or Co-development Partner · 15 December 2023Reykjavik Geothermal and DISA formed a strategic partnership in 2023 to develop geothermal power projects in Tenerife, Canary Islands. The partnership secured a €58 million EU grant for geothermal development and licenses to advance the project. This represents RG's expansion into European geothermal markets beyond Iceland.
• BBA//Fjeldco Law Firm, Verkís Engineering, Iceland GeosurveyminorImplementation/ SI/ Consulting Partner · 11 January 2021RG collaborated with BBA//Fjeldco law firm, Verkís Engineering, and Iceland Geosurvey on consulting projects, including preparation of legal, institutional, and regulatory frameworks for renewable energies in Djibouti (sponsored by African Development Bank, completed December 2020). A second consulting project was announced in January 2021.
• Iceland Renewable Energy ClusterminorStrategic or Co-development Partner · 1 January 2020The Iceland Renewable Energy Cluster, transformed from the Iceland Geothermal Cluster in 2018, is a collaboration of Icelandic renewable energy companies. RG's CEO Gunnar Örn Gunnarsson serves on the Board of Directors and Management Committee. The cluster strengthens international competitiveness and innovation in Iceland's geothermal industry.
• KenGencoreTechnology or Integration · 1 June 2019KenGen (Kenya Electricity Generating Company) won the drilling contract for the first phase of the Tulu Moye geothermal project in June 2019, signing a USD 60 million contract in October 2019 for drilling 12 geothermal wells. KenGen brings extensive East African geothermal drilling experience.
• Emera CaribbeancoreStrategic or Co-development Partner · 29 November 2018Emera Caribbean partnered with RG to develop the St. Vincent geothermal project (10 MW). Emera brought project management and utility expertise as a government-owned utility perspective. The partnership formed St. Vincent Geothermal Company Ltd (SVGCL) as a public-private partnership owned by the Government of St. Vincent and the Grenadines and RG.
• Government of St. Vincent and the GrenadinescoreStrategic or Co-development Partner · 29 November 2018SVGCL is a public-private partnership owned by the Government of St. Vincent and the Grenadines and Reykjavik Geothermal. The government provides policy support, utility cooperation, and co-investment through the Sustainable Energy Fund designed to avoid sovereign guarantee strain.
• Iceland Drilling Company (IDC)coreImplementation/ SI/ Consulting Partner · 29 November 2018IDC signed the drilling contract for the St. Vincent geothermal project (4 wells) in November 2018. IDC also participated in the Corbetti drilling tender and is a co-sponsor of both the Corbetti and St. Vincent projects, bringing specialized high-temperature deep geothermal drilling expertise.
• ENGIE / StorengyminorStrategic or Co-development Partner · 7 December 2015Following a cooperation agreement between Iceland and French geothermal clusters, ENGIE (through its subsidiary Storengy) and Reykjavik Geothermal initiated cooperation to jointly develop geothermal exploration permits and concessions in Mexico. ENGIE brings its position as a global energy transition player with 2,300+ employees in Mexico.
• MexxusRG (Mexxus Drilling International)minorStrategic or Co-development Partner · 1 January 2015MexxusRG is a joint venture between Mexxus Drilling International (Mexxus) and Reykjavik Geothermal, formed to develop the Ceboruco geothermal project (30 MW) in Nayarit, Mexico. MexxusRG won the first private geothermal exploration permit in Mexico under new energy reform laws, awarded by SENER.
• Rift Valley Geothermal / Nejib AbbabiyacoreStrategic or Co-development Partner · 1 January 2013Ethiopian-born Canadian entrepreneur Nejib Abbabiya initiated the Corbetti project through his company Rift Valley Geothermal. He brought the project concept to RG in 2011, which then led development. Nejib is also co-founder of Allana Potash and has been instrumental in originating geothermal opportunities in Ethiopia.

Scale indicators20 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ormat Technologies: Publicly listed US-based vertically integrated geothermal IPP that develops, builds, owns, and operates geothermal and recovered-energy power plants worldwide. Direct competitor to RG in international high-enthalpy geothermal development, especially in East Africa and Latin America.
• Kenya Electricity Generating Company (KenGen): Kenyan state-owned power producer and one of Africa's largest geothermal operators, with a long track record at Olkaria. KenGen is a drilling contractor partner of RG (won Tulu Moye Phase 1 drilling contract) and a direct peer in East African geothermal IPP development.
• Energy Development Corporation (EDC): Philippines-based vertically integrated geothermal IPP and one of the world's largest geothermal producers. Comparable to RG in pursuing high-enthalpy greenfield development and operating geothermal assets at utility scale across multiple countries.
• Iceland Drilling Company (IDC): Icelandic deep geothermal drilling contractor and JV partner of RG on both Corbetti and St. Vincent projects. Operates in the same high-enthalpy drilling niche and shares RG's customer base of international geothermal developers.

Broad incumbents

• ENGIE (Storengy): Global multi-utility and energy transition major with a geothermal subsidiary (Storengy). ENGIE is a co-development partner of RG in Mexico and a broader incumbent pursuing the same high-enthalpy international geothermal opportunities with significantly larger balance sheet.
• Atlantica Sustainable Infrastructure: Sustainable infrastructure platform that owns and operates renewable energy assets, including the Coso Geothermal Plant in California for which RG served as Lead Technical Advisor on the acquisition. A long-dated capital partner and potential acquirer of RG-developed assets at scale.
• Boralex: Canadian-listed renewable energy IPP with a growing geothermal and renewable baseload portfolio. Comparable to RG as a publicly listed mid-cap IPP that pursues international greenfield renewable development, including co-development with multilateral institutions.

Regional players

• DISA (Canary Islands): Spanish energy and infrastructure group headquartered in the Canary Islands. Co-developer with RG on Tenerife and La Palma geothermal projects and recipient of the €58M EU grant alongside RG. Comparable as a regional geothermal/IPP co-developer.

Emerging players

• Fervo Energy: US-based next-generation geothermal developer using horizontal drilling and enhanced geothermal systems (EGS) to expand geothermal into new geographies. Adjacent emerging player that could compete with RG for capital and concession opportunities in international markets.
• Eavor Technologies: Canadian closed-loop geothermal developer commercializing a novel multilateral well design. An emerging competitor pursuing international deep geothermal projects (e.g., Germany) that intersects with RG's Canary Islands and European expansion strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Reykjav%C3%ADk-Geothermal-499612663429712
• LinkedInlinkedin.com/company/reykjavik-geothermal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reykjavik Geothermal