Geothermal Gains Steam in India

Nordic bank Glitnir and the Bhilwara Group have finalized terms on a previously reported deal to develop geothermal energy projects in India and Nepal. Glitnir has secured a 60:40 partnership LNJ Bhilwara Group.

Glitnir will be responsible for raising capital and supplying specialist consultants for projects to build geothermal power plants in India and Nepal. LNJ Bhilwara will bring its large-scale infrastructure and local experience to its 60 per cent share of the partnership. India has planned for US $475 billion of energy investments in the next five years in anticipation of the large energy demands created by India’s fast-growing economy.

“India is a very exciting market for Glitnir, particularly in the seafood and energy field,” says Bala Kamallakharan, Executive Director of Strategic Growth at Glitnir. “Given the projected growth of energy demand in India, the country needs to utilize all sources of energy possible, particularly renewable and green sources of energy like geothermal.”