Varmaorka Information

Varmaorka was founded with the aim to better utilize natural resources in a sustainable manner. In 2018, our parent company Baseload Capital began searching for project developers in markets with significant geothermal heat power potential. The idea was to support developers with knowledge about new technologies in order to speed up project funding and implementation, add value and reduce costs, in order to enable more profitable projects. The same year, Varmaorka was selected as the local partner in Iceland based on their extensive experience in geothermal project development, and the construction of the first power plant started shortly thereafter. In 2021, Baseload Power Iceland was formed with the mission to further support the development and operation of Varmaorka´s current power plants. By 2022, to further catalyze the local opportunities, and to leverage the global experience of Baseload Capital, the decision was taken to absorb Varmaorka´s current operations into Baseload Power Iceland.