We specialize in renewable energy technology and power transmission.

Geothermal opportunities in many places


Annual Report


Last year’s main talking point was that, for the first time ever, our revenue from energy-related projects abroad was higher than in Iceland.

This is in line with Mannvit’s objective of increasing revenue abroad. We intend to stick to this path, which we have very clearly defined. We have subsidiaries in Hungary and Germany dealing primarily with geothermal energy. We also have projects in Africa and Asia and have been looking to South America. All of these regions present great opportunities for geothermal energy.

There are also opportunities in Europe, albeit of a different type. Geothermal heat is widely used in Europe to heat buildings and for direct utilisation, which has perhaps not received the attention it deserves. We see great opportunities for companies such as ours to put what we know best to good use; we have something of a unique position in this particular competitive market.

More foreign revenue

“Revenue from energy-related projects abroad higher than in Iceland for the first time ever.”


Árni Magnússon

Managing Director of Renewable Energy & Transmission

Inter-sector dialogue

The domestic market has been very sluggish in recent years, but growth in tourism is pleasing – and a good example of how we are utilising our natural resources. However, the various professions and sectors need to come together and form a consensus on how these resources will be utilised in the future.


In Norway, we have been focusing on services in the field of smaller hydropower plants and will continue to do so. We have also been fairly successful in our work for Norwegian distribution companies, such as Statnett. Mannvit’s Energy Department will also be closely monitoring developments in Europe in the coming years. The European Union has set its Member States very specific targets for green-energy use, and this could be a source of opportunity for us. In addition, we shall also be furthering our reach into Africa, which has significant unharnessed geothermal heat suitable for energy production, both high and low temperature. The continent obviously has huge energy needs and presents great opportunities. The same goes for Asia, in countries such as the Philippines and Indonesia. We also hope to see growth in South America; there are certainly signs of more activity.

Projects Examples 2014

Project Example 2014


Wind turbines near Búrfell

“This is a new energy option which sits well with hydropower and supports the electrical energy system. Our objective and the objective of the Landsvirkjun is to conduct the assessment in a transparent way in order to promote open discussion and ensure that future decisions are taken on reliable grounds.”

Rúnar Bjarnason

Project Manager

Project Example 2014


Geothermal research in East Africa

Technical consultancy to the Geothermal Risk Mitigation Facility, which supports surface research and drilling in East Africa. The Facility is funded by German and international development banks, and its role is to assist companies in the first stages of geothermal projects.

“Our role is to examine grant applications with reference to Facility rules and expertise in harnessing geothermal energy. With better funding, we hope that this environmentally friendly option will become part of the energy economy. The objective is to award grants to those projects most likely to result in an actual power plant.”

Lilja Tryggvadóttir

Project Manager

Project Example 2014


Geothermal plant in Kenya

“As owner’s engineer, we can use our experience in developing high-temperature plants and build on the expertise of experts in Kenya, benefiting from close cooperation to achieve the best possible results.”

Project Example 2014


Geothermal plant in the Philippines

BGI, under the ownership of ORKA Energy, works in harnessing geothermal heat on Biliran, one of the Philippine islands. Mannvit is the engineering consultant to BGI on the project. Over the past two years, four wells have been drilled and a tendering for equipment for the plant. As well as engineering consultancy, Mannvit has also provided a local engineer.

“ORKA Energy, an investment fund in Singapore, aims to invest in harnessing geothermal heat and to benefit from Icelandic geothermal expertise in this respect. The energy market in the Philippines is growing fast, electricity is expensive and the country is rich in geothermal heat. While there are many geothermal heat plants there, there are also many untapped opportunities. The Philippines therefore fits in nicely with ORKA Energy’s objectives.”

Environmental-impact assessment for the development of up to eighty wind turbines for Landsvirkjun, the National Power Company of Iceland, on the flatlands above Búrfell. This is the first project of its type in Iceland. Landsvirkjun currently operates two wind turbines at this location for research purposes. These turbines have some of the highest capacity factors in the world.

Preparation of a 35 MWe plant in the Menengai geothermal area in Kenya for Sosian Menengai Geothermal Power Ltd.

Elín Hallgrímsdóttir

Project Manager

Kristinn Ingason

Project Manager