Georgia and Iceland have signed a memorandum to collaborate on geothermal development, aiming to bolster communication and cooperation between their respective governmental institutions and professional organizations.
During a visit to Iceland by a Georgian delegation led by Minister of Economy and Sustainable Development Levan Davitashvili, discussions with Icelandic Minister of the Environment, Energy, and Climate, Gudlaugur Thór Thórdarson, centered on advancing geothermal energy projects and cooperation priorities.
See also: Icelandic Authorities Fortify Geothermal Power Plant Amidst Rising Volcanic Threat
“We will be able to support projects more quickly and flexibly this year,” said Davitashvili. “Projects that took part in the auction but could not be accommodated within the capacity quota will now have the option to negotiate directly with the Ministry to receive a fixed price support scheme, not exceeding the median price for different project types.”
The memorandum also includes commitments to harmonize Georgia’s energy legislation with EU standards and enhance energy efficiency in public buildings, reflecting a concerted effort to propel sustainable development.
See also: Theistareykir Geothermal Power Plant in Iceland to Commence Exploratory Drilling for Expansion
With an optimistic outlook for 2025-2026, Davitashvili anticipates increased investments and operational power plants as Georgia strives to expedite its renewable energy initiatives.
