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November 20, 2006

Nordic Bank to Invest in the U.S. Geothermal Energy Market

Washington, DC [RenewableEnergyAccess.com]

In a speech at the U.S. Geothermal Development and Finance Workshop in Washington, DC, executive Arni Magnusson, the representative of Glitnir, a leading Nordic specialty bank, outlined the latest trends and opportunities in sustainable energy, specifically within the growing niche market of geothermal energy -- in which Glitnir plans to invest and look for opportunities in the U.S.

"With a proven track record, along with over $28 billion dollars in assets, Glitnir has the expertise and capital to be a significant investor and trusted advisor in Canada and in the 'new frontier' of geothermal energy in the United States!"

-- Arni Magnusson, Glitnir, executive

"Glitnir originated in Iceland, where the model for financing and producing cost-efficient geothermal energy has been proven," said Magnusson. "We have since applied our expertise to countries around the globe. With a proven track record, along with over $28 billion dollars in assets, Glitnir has the expertise and capital to be a significant investor and trusted advisor in Canada and in the 'new frontier' of geothermal energy in the United States!"

The announcement coincides with the release of a survey by the Geothermal Energy Association at the conference that identifies power projects under development across Canada and nine U.S. states: Alaska, Arizona, California, Hawaii, Idaho, New Mexico, Nevada, Oregon, and Utah.

"We are thrilled to announce our plans to support the development of this important alternative energy in the United States," said Magnusson to an audience of senior officials from the U.S. Department of Energy, Congressional staff energy experts, project managers from related businesses, and members of the Geothermal Energy Association, the organization that hosted the event. Magnusson, a former Minister in the Icelandic Government, was hired by Glitnir earlier this year to lead the Bank's Center of Excellence for Sustainable Energy.

Karl Gawell, the Executive Director for the Geothermal Energy Association, said "This is an incredible business opportunity as the world transitions from brown energy to green. Glitnir's involvement in the early stages of this industry will certainly pay dividends for both their company and for the environment."
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Reader Comments (1)
 
No image available
November 20, 2006
Brown to Green
by A.A.

Brown to green is a very good choice,
One that will make the world rejoice,
New Geothermal can help lead the way,
A long term investment that will surely pay,
Fresh sites to develop, hot steam to produce,
No accompanyng atmospheric abuse,
Brown to green is now moving along,
Backed by bankers who are singing its song,
We're on the right track there is no doubt about it,
Just give us some steam and we're going to shout it.

adrianakau@aol.com
Comment 1 of 1
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