In an exciting announcement shared this week, Icelandic Arctic Green Energy and the Government of Singapore Investment Corporation (GIC), a government-owned company assigned to manage Singapore’s sovereign wealth fund, report having set up an ambitious strategic alliance. The goal is to drive the uptake of zero carbon district heating in Europe and Asia. Under the agreement GIC will become an equity partner in Arctic Green Energy and commit a substantial new injection of $240 million to support the expansion of the company in Asia and Europe.
Arctic Green Energy has become a major global player in the sustainable energy transition and the decarbonisation of the building sector most recently through the development of the largest and fastest growing geothermal company in the world, Sinopec Green Energy in China, jointly owned by Sinopec and Arctic Green. We have been reporting on the ambitious development of the partners in China. Geothermal energy technology is a renewable, economically competitive, and sustainable alternative to the use of fossil fuels for heating and cooling.