Laxey and Iceland Power Company will build together a land-based aquaculture facility on the Vestmannaeyjar islands

Laxey ehf. and Landsvirkjun (National Power Company of Iceland) have agreed to build together a new land-based aquaculture facility on the Vestmannaeyjar islands through a Power Purchase Agreement (PPA) where renewable will be the main philosophy to follow.

The construction will last several years and is expected to culminate in 2030. Hopefully, in April 2026 electricity will be installed, the National Power Company confirmed in a statement.

Búrfellslundur wind farm and Hvammsvirkjun Power Station will help Landsvirkjun generate the energy required to meet the PPA priorities. In addition, Laxey will become Vestmannaeyjar's first large end user supporting the development of transmission lines to the islands.

Hörður Arnarson, Landsvirkjun’s CEO, explained how this project will benefit the area: "The development of Laxey’s land-based aquaculture is an exciting project that will increase value creation and export from Vestmannaeyjar and Iceland. The responsible and sustainable utilization of renewable water and energy sources follows Landsvirkjun’s prioritization and policy on energy sales."

"Furthermore, it is delightful that Laxey will become the first large end user in Vestmannaeyjar, thus supporting plans for improved electricity security on the islands," he added.

Finally, Lárus Ásgeirsson, Chairman of Laxey, recalled the importance of promoting renewable energy: "Changing to green energy is essential for land-based aquaculture to minimize the carbon footprint, reduce costs, and maintain consumers’ trust in the sustainability of operations. We at Laxey are very pleased with the PPA and look forward to future collaboration with Landsvirkjun."