The FFPP will be developed in three phases as follows:
First Development Phase, currently ongoing until 2019
- The signing of an MoU with the Icelandic Government puts the project officially on the radar of national infrastructure planning. It allows to commission further technical studies and to establish a Finnafjord Port Development Company (FFPD).
- FFPD will assume all responsibilities concerning future project development including investor Relations
Final Development Phase (2020 – 2021)
- Concessioning of port land/development rights to investors/operators
- EIA finalised
Construction Phase (2021-2023)
- Construction and commissioning of port facilities under allocated concessions
Exploitation Phase at least until 2040
- FFPD will pursue a concession model whereby the municipalities will jointly award a concession to private bidders for a period of at least until 2040.
- The concession shall require the bidder to design, build, finance and operate port infrastructure and suprastructure at the Finnafjord site in accordance with his own requirements.
- FFPD will select, award, monitor and administer the concession on behalf of the municipalities which includes the management of the environmental issues arising from the concessioning.
- The responsibility for the provision of hinterland infrastructure is in the hand of the Icelandic state. The municipality is responsible for utility services. The provision of ancillary services such as tugging, longshoremen etc. will be licensed to private operators.