Arctic Green Energy Corporation was founded with the mission of exporting the Icelandic success and leadership in geothermal and other renewables to the emerging markets of Asia through building up local companies within its targets markets.
The largest company in the portfolio is Sinopec Green Energy (www.sinopecge.com), a JV with China’s Sinopec that was established in 2006. Sinopec Green Energy has become the world’s largest geothermal district heating company with 700 employees, having built up 160 heat centrals across 20 cities/counties in China and drilled over 200 wells. Most of the company’s activities have been in Hebei, Shaanxi and Shandong provinces, with Tianjin and other areas currently being added.
To date, Sinopec Green Energy has saved 1 million tons of CO2 emissions, equal to the planting of 7,1 million trees. Sinopec Green Energy is expanding to other branches of geothermal such as power production and co-generation with other green energies such as solar and wind. SGE was the first geothermal heating company to be accepted into the UN Clean Development Mechanism (carbon trading scheme).
Among Arctic Green Energy’s past projects is the development of a 50MW geothermal power station in Biliran Province in the Philippines which the company has already exited. A new venture is being launched in Vietnam in collaboration with a strong local company.
Apart from extensive geothermal operations, our current portfolio now also includes waste heat utilization- and energy efficiency projects based on the EMC model, and the first solar investments are being prepared.
Arctic Green Energy has maintained close cooperation with Icelandic geothermal consulting companies such as Iceland Geosurvey, Icelandic drilling, VERKIS and Mannvit.
Profitability is a key element in building green energy companies. Arctic Green Energy has shown that its ventures in Asia are profitable while at the same time offering its customers green energy at lower prices than the fossil fuel driven competition – without any subsidies.
Arctic Green Energy is a proud member of the Icelandic Geothermal Cluster and the United Nations Global Compact. Our vision of building a leading profitable green energy companies is based on our core values of a cleaner and healthier world, sustainability and social responsibility.