News

08. April 2005

Contractual agreement for Lagarfoss Power Station expansion signed

IAV and Iceland State Electricity have signed a contract for construction related to the expansion of Lagarfoss Power Station.  Following a tender offer, it was decided to conclude an agreement with IAV, and on 14 March of this year, Iceland State Electricity issued a so-called letter of conferment to the company. The project agreement was signed on Friday 8 April 2005.

The project involves the expansion of the control station to the north, a new intake to the north of the present control station, and a pressurized water shaft between the new intake and the control station building.  The project also includes enlarging the approach ditch, with accompanying water protection structures and dam construction, as well as other related work stipulated in the project agreement.

The tender for the construction work was advertised in mid-December 2004. Five offers were sent in, and the bids were opened on 14 February 2005.  VST Consulting Engineers Ltd. reviewed the bids with Iceland State Electricity, whereupon a meeting was held with the lowest bidders, Keflavíkurverktakar and Héradsverk Ltd. These parties withdrew from the project, however, and  a meeting was then held with IAV. The parties quickly reached an agreement, and IAV's bid was accepted.  The tender amount of IAV’s bid was ISK 838.3 million, which represents 75.3% of estimated costs. It is planned that construction will begin in April 2005 and conclude in May 2007. A team of approximately 20-30 IAV employees will work on the project.  Project manager is Jón Leví Hilmarsson.

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