WGC2020+1 – Meet developer Reykjavik Geothermal

With the World Geothermal Congress 2020+1 Oct. 24-27, 2021 in Reykjavik, Iceland, ThinkGeoEnergy is collaborating with Green by Iceland and Iceland Geothermal, a cluster initiative by the Iceland geothermal energy sector on a short interview series.

Today, meet Magnus Asbjornsson, CEO of Reykjavik Geothermal. Reykjavik Geothermal Limited is a geothermal development company focused on the development of high enthalpy geothermal resources for utility scale power production.

1. Any suggestions for WGC attendees that are “must-see” while they are in Iceland?

During the conference, take in the best of Reykjavík. Visit one of the public pools or Sky Lagoon if you’re feeling fancy. Taste the langoustine soup at the rustic Sægreifinn (Sea Baron) restaurant, enjoy the harbor views over dinner at Kopar or try the tasting menu at one of the high-end establishments like Fiskmarkaðurinn or Fiskfélagið. After dinner, go for a singalong or a spin of the wheel at the English Pub, grab a cocktail at Jungle or pick your flavor out of the myriad spots along Laugarvegur and Austurstræti.

After the conference, do what the Icelanders do, look at the weather forecast and head out of town to where the weather is best!

2. How did you come to work for Reykjavik Geothermal, and how has this changed your view on sustainable energy?

I was fortunate enough to meet one of the world’s most experienced geothermal teams right when they were thinking about starting a new geothermal development company focused on the best resources where the market need is greatest: in emerging markets. I’ve had a passion for investing in emerging markets ever since I lived in East Africa and Latin America as a teenager, and I jumped at the chance to co-found the company with them. I have never looked back.

Working in emerging economies has highlighted the need for power to not just be clean and sustainable, but also stable and reliable. I invest in the solar sector, which plays an essential role in the energy transition, but you can’t build a grid on intermittent energy sources alone.

3. Talk about your company’s area of expertise?

We are a geothermal development and investment company with expertise across the whole value chain. We focus on greenfield development but have the flexibility to look at brownfield projects and do consulting work.

4. How many countries have you worked in with geothermal?

Our team has worked on geothermal projects and project development in around 40 countries around the globe.

5. What is one of your favourite projects, and why?

Tulu Moye and Corbetti, our twin projects in Ethiopia, embody the reasons why I decided to get into this sector in the first place. They are ambitious, pioneering projects that combine great geothermal resources with a substantial market need in one of the world’s fastest-growing economies. They have allowed us to work with the wonderful and welcoming people of Ethiopia, and I wake up every day proud of the work we are doing.

6. How do you see the long-term future for geothermal energy?

As an industry, we face critical challenges but also fantastic opportunities ahead of us. The cost of other clean energy sources has been dropping rapidly, and their growth has been meteoric — and frankly, geothermal hasn’t been keeping up.

To fix that, we need to do a better job of highlighting the unique value proposition of geothermal energy that other renewables can’t match: a baseload renewable power source with plentiful possibilities for cascaded use and spin-off industries. We need to continue investing in R&D, speed up development and increase economies of scale. Finally, we need to work with the financial community to improve the availability and transparency of financing options, which are sorely lacking and unfortunately not always wisely allocated. Lastly, we need to be a little more optimistic and focus on the opportunities rather than the risks. We all benefit from each other’s successes as we build momentum and grow the pie.

Meet Reykjavik Geothermal at the World Geothermal Congress 2020+1, Oct. 24-27, 2021 at the Iceland Pavilion on the exhibition floors.