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Geysir Green Energy increases stake in geothermal project

New renewable energy act accelerates renewable projects in the Philippines

Manila, Philippines, February 7, 2009 ─ Geysir Green Energy, the global geothermal company, has increased its ownership in Envent from 50 percent to 80 percent.

Envent is currently working on several geothermal projects in the Philippines and is committed to contributing to the Philippine government's target of an additional 1,200 MW of renewable energy by 2013. Envent’s most advanced project in the Philippines is on Biliran island, located in the central Philippines, close to the Eastern Visayas power grid system. The Biliran project is being executed through Envent’s associate company, Biliran Geothermal Incorporated. The project is currently progressing well with surface explorations scheduled to be completed in the second quarter of 2009.

Geysir’s increased ownership of Envent complements the recently issued Philippines Renewable Energy Act of 2008. The Act seeks to accelerate the exploration and development of renewable energy resources in the Philippines. For example, it promotes the purchase, grid connection and transmission of electricity generated from renewable energy sources, and provides incentives such as exemption from various taxes and duties to renewable energy developers in the country.

Comments:

Mr. Thor Gislason, Chief Technology Officer, Geysir Green Energy / Chairman of the Board, Envent:

These are interesting times in the Philippines for renewable energy. The new Renewable Energy Act is an important stepping-stone for the power industry here and for the sustainability of the renewable power industry in the Philippines. We are pleased to increase our ownership in Envent and are committed to taking advantage of the benefits that the new Renewable Energy Act has to offer.


Mr. Gudmundur F. Sigurjonsson, President and Chief Executive, Envent:

We are pleased with the increased attention that Geysir is showing our business in the Philippines. Our geothermal projects are making good headway; the surface exploration program in Biliran is now entering its final stage. Our business is well set to take advantage of the new Renewable Energy Act and to help the Philippines develop its substantial geothermal resources.