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Monday, January 18, 2010

Cleantech Middle East News -Reykjavik Geothermal Announces Strategic Investment by Ambata Capital Partners

Cleantech Middle East News -Reykjavik Geothermal Announces Strategic Investment by Ambata Capital Partners

World Future Energy Summit 2010
ABU DHABI, United Arab Emirates--January 18 2010 --Reykjavik Geothermal, a pioneer in geothermal power development, today announced at the World Future Energy Summit that it has entered into a partnership with Ambata Capital Partners to explore, develop and operate utility scale geothermal power generation focusing on emerging markets.

“Geothermal is becoming an increasingly important part of the renewable energy mix worldwide. This is particularly true in emerging nations, many of which possess the best quality geothermal resources and have very attractive market dynamics.”

Reykjavik Geothermal also announced the intention to establish a headquarters in Masdar City. The company is currently active in Iceland, India, Kenya, Nicaragua, Russia, Rwanda and the United Arab Emirates.

Mr. Gudmundur Thoroddsson, Founder and CEO of Reykjavik Geothermal, commented, “Geothermal is becoming an increasingly important part of the renewable energy mix worldwide. This is particularly true in emerging nations, many of which possess the best quality geothermal resources and have very attractive market dynamics.” Mr. Thoroddsson also added, “Our partnership with Ambata will be highly accretive as we execute on our plans. With their deep experience in our target markets – particularly the Middle East and Africa - combined with their sector expertise and capital raising abilities, Ambata is uniquely qualified to accelerate our strategic plans globally.”

Michael Philipp, Ambata Capital Partners Founder and former Credit Suisse Chair for Europe, Middle East and Africa, said, “It’s a remarkable opportunity to work alongside such a highly talented and accomplished team. Having previously led the development of more than 500 megawatts of installed geothermal capacity – including Iceland’s landmark Hellisheidi power plant - the Reykjavik Geothermal team has a truly world class track record.”

Dr. Sultan Ahmed Al Jaber, CEO of Masdar, remarked, “This news is a reflection of our vision to bring together and enable the best organizations to drive the future of advanced energies and environmental sustainability. We are thrilled that the combined Reykjavik Geothermal and Ambata teams have chosen Masdar City as their base of operations.”

*Source: ME NewsWire

About Reykjavik Geothermal

Reykjav√≠k Geothermal was founded in 2008 by one of the World’s top geothermal energy management teams, to take advantage of the vast untapped investment and development opportunities in the sector worldwide. With a track record that includes leading the development of the world's largest geothermal power plant on time and on budget, unparalleled networks and an emerging market focused resource strategy, the RG team is uniquely positioned to become a leading company in this rapidly growing sector. In addition to pioneering the first geothermal developments in the Arabian Gulf and in India, RG will develop utility-scale geothermal power plants centered around the world’s best geothermal resources. www.reykjavikgeothermal.com

About Ambata Capital Partners

Ambata is a global investment and advisory firm specializing in clean energy and sustainability, with a strategic focus on the Middle East and Africa. Ambata has assembled a world-class team of more than 25 professionals based in South Africa, the UAE and the US. Led by Michael Philipp, former Chair and CEO of Credit Suisse for Europe, Middle East and Africa and Global Head of Asset Management at Deutsche Bank, the Ambata team consists of CEOs from leading franchises in the Middle East and Africa, as well as proven professionals in research, advisory, investments, structuring and distribution. www.ambata.com

About Masdar

Masdar is Abu Dhabi’s multi-faceted initiative advancing the development, commercialization and deployment of renewable and alternative energy technologies and solutions. Masdar is a wholly owned subsidiary of the Mubadala Development Company (Mubadala). www.masdar.ae

Contacts AmbataNick Sangermano, +1 646-415-4643nick.sangermano@ambata.com

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