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Landsvirkjun and Laxey Sign Green PPA  

Landsvirkjun and Laxey ehf. have signed a Power Purchase Agreement (PPA) for renewable energy to develop a new land-based aquaculture facility on the Vestmannaeyjar islands. The high-tech food production facility will have a significantly low carbon footprint. 

The facility will be constructed incrementally over the next few years, with full completion expected in 2030. Electricity delivery will start in April 2026 and will increase as output increases. When operations reach total capacity, power demand is expected to be 22 MW.  

Laxey purchases Guarantees of Origins (GOs), making the agreement a green PPA. 

First Large End User in Vestmannaeyjar 

The premise for fully utilising the PPA is increased energy generation by Landsvirkjun, as the wind farm Búrfellslundur will be commissioned late in the year 2026 and Hvammsvirkjun Power Station two years later, or 2028. 

Laxey will become Vestmannaeyjar’s first large end user, and the company’s project will support the development of transmission lines to the islands. Furthermore, the project is expected to create over one hundred jobs. 

Sustainable Value Creation 

Hörður Arnarson, Landsvirkjun’s CEO:

“The development of Laxey’s land-based aquaculture is an exciting project that will increase value creation and export from Vestmannaeyjar and Iceland. The responsible and sustainable utilisation of renewable water and energy sources follows Landsvirkjun’s prioritisation and policy on energy sales. Furthermore, it is delightful that Laxey will become the first large end user in Vestmannaeyjar, thus supporting plans for improved electricity security on the islands.”

Lárus Ásgeirsson, Laxey’s Chairman: 

“It is Laxey’s policy that the company’s environmental impact will be kept at a minimum, and production will be held to the highest standards. Therefore, it is vital to utilise green energy. Changing to green energy is essential for land-based aquaculture to minimise the carbon footprint, reduce costs, and maintain consumers’ trust in the sustainability of operations. We at Laxey are very pleased with the PPA and look forward to future collaboration with Landsvirkjun.”