Japan Bank Provides Loan for Icelandic Geothermal Power Plant

The Japan Bank for International Cooperation, known as JBIC, will provide an export loan of as much as $34 million for a 90-megawatt geothermal power project by Landsvirkjun in Iceland.

The loan is co-financed with Citibank Japan Ltd., the Bank of Yokohama Ltd. and the Tokyo branch of Commerzbank AG, bringing the total co-financing amount to about $68 million, with Nippon Export and Investment Insurance providing insurance for the portion co-financed by the private financial institutions, JBIC said in a statement Monday.

The loan will provide financing for the Icelandic company to buy equipment from companies including Fuji Electric Co. for the power plant in Theistareykir, northeastern Iceland, according to the statement. The loan is JBIC’s first financing provided to a company in Iceland.

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