Iceland utility strikes renewable power purchase agreement

Reykjavik, Iceland, June 30, 2012 — Landsvirkjun signed a new power purchase agreement with PCC BakkiSilicon hf, an Icelandic unit of the Germany-based industry holding PCC SE.

Under this new contract, Landsvirkjun will provide clean, renewable energy to power a metallurgical grade silicon metal production plant being built by PCC in Bakki near Husavik on Iceland's north coast.

The 32,000-ton facility is scheduled to come online in late 2015 and will require 52 MW of power, or 456 GWh annually, which will be derived from renewable sources such as geothermal and hydro.

Landsvirkjun is one of Europe's leading renewable energy companies and processes 75 percent of all electricity in Iceland. By signing this long-term PPA of 15 years, Landsvirkjun continues to reaffirm the competitive business environment in Iceland.

Currently the contract is subject to certain conditions precedent including permits, an agreement with the Icelandic transmission system Landsnet, the government of Iceland and financing set to be finalized before May 2013.

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