Alterra Power Corp. has hired Icelandic firm Stöplar Advisory to explore a sale of its stake in the Blue Lagoon geothermal spa in that country.

The spa, known as Bláa lónið, is located approximately 24 miles from the capital, Reykjavík.

Bláa lónið, which features a geothermal pool with high levels of silica and sulfur, is located in a lava field in Grindavík on the Reykjanes Peninsula, in the southwestern part of the Nordic country.

Both "significant investor attention" from within, and outside of, Iceland, and the fact that the stake in the spa is not a core part of Alterra's renewables business, have led the company to consider a sale, executive chairman Ross Beaty said in a statement issued May 16.

Alterra, which owns a 30% interest in Blue Lagoon, will entertain bids for both a portion, and the entirety of, its stake in the project.

The lagoon is powered by the approximately 75 MW Svartsengi geothermal project, which is located on the spa property and also provides water to the man-made project.

Related Articles