Reykjavik Energy Invest (REI) has joined forces with First Gen Corporation in order to submit a bid for a share in PNOC Energy Development – a geothermal power production company. The 60% share is currently owned by the government of the Philippines.
REI is just one branch of Reykjavik Energy and Geysir Green Energy. While Geysir Green invests in developing geothermal projects and geothermal operations, REI develops international business and also serves as an investment branch.
REI and Geysir Green recently announced that they would merged, though the move has come under fire from many MPS who are debating the issue in Reykjavik City Council.
First Gen announced its partnership with REI to the stock exchange although no specific details have been disclosed. The company said that this joint venture, the first between the two companies, would be important in order to explore the geothermal potential of the Philippines.
All companies bidding for the shares had until November 5th to submit the relevant documents to the government. The bidding will take place on November 21st.