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.

Baseload Power has two plants in operation and a third one on the way. We also have several land leases secured in the Flúðir and Ölfus municipalities, where we are actively are looking for new opportunities.

There are now power companies operating in four countries: the U.S., Japan, Taiwan and Iceland. We are fast on our way to disrupting the energy sector, working as hard as we can to unleash the planet’s largest renewable energy source and bring about our vision of a planet in balance.


If you’re like us, you want to play a role in changing the energy mix. But let’s get personal for a minute, because goals aren’t the only thing that matters. We’re looking for people who also share our values: resilience, innovation and the desire to be visionary pioneers. If this resonates with you, please get in touch.

Our Team

Marta Rós Karlsdóttir

Managing Director

Marta Rós holds a PhD and a MSc degree in mechanical engineering from the University of Iceland, with a part of her studies undertaken at the Norwegian University of Science and Technology (NTNU) within energy and environmental engineering. She is an experienced manager within the geothermal energy industry, with focus on geothermal power plants, resource utilization, energy efficiency, sustainability and policy.

Hermann Baldursson

Director of Finance

Hermann has an MBA from Michigan State University and a B.Sc. degree in Economics from the University of Iceland. He has a wealth of experience in corporate finance work relating to renewable energy and geothermal projects, including valuation, profitability assessments, financing and fundraising.

Ragnar Sær Ragnarsson

Director of Business Development

Ragnar was the general manager of Icelandic municipalities, in Biskupstungur and later Blaskogabyggd, for eight years. Following his time in office at Blaskogabyggd, Ragnar was the Managing Director at one of Iceland‘s leading architecture firms as well as developing real estate projects. Ragnar has a degree in teaching and has also completed degrees in operations, business and public administration, from the University of Iceland.

Ívar Helgason

Operations Manager

Ívar holds a Diploma in Technical business administration, a Diploma in Mechanical science from Reykjavik University, as well as an IPMA certificate. He has extensive knowledge of the energy sector and the civil engineering of power plants, amongst others Nesjavellir, Hellisheiði and Þeistareykir.

Hjörleifur Þór Steingrímsson

Energy Engineer

Hjörleifur is an experienced project developer with a demonstrated history from the machinery industry. He has a Bachelor´s degree in Applied Mechanical and Energy Engineering from Reykjavik University, where he was also part of the Formula Student team. He also has master’s degree in Sustainable Energy Engineering from Iceland School of Energy.

Dario Ingi Di Rienzo


Dario is an experienced Geologist, and has a Master's (MSc.) degree in Geology from the University of Iceland, a Bachelor's (BSc.) degree in Geology from The University of Edinburgh. He is also a Master graduate from the Geoscience for Energy Eni Master School at Eni Corporate University in Milano. Previously he has worked as Wellsite Geologist at Enel Green Power at their current projects in and around Tuscany, Italy


We are passionate about what we do, and happy to tell you all about it.