Héradsvotn ehf. was founded in april 1999. The main purpose of the company is the harnessing of Héradsvotn and the glacier rivers in Skagafjord. Preparatory work on two projects, Villinganesvirkjun and Skatastadavirkjun hydropower plants, is in progress, but more than half a century has passed since the idea of harnessing the power of the glacial rivers in the northeast of Iceland was first raised.
RED now has 50% share in the company but the other half is owned by local companies in Skagafjordur.
