Glitnir Bank Considers U.S. Geothermal Energy Market as Investment

Icelandic investment bank Glitnir met with leading geologists, government officials and investors at the first West Coast Geothermal Finance and Development Workshop held in San Francisco on May 17, with an eye for investing in U.S. geothermal energy projects, which is currently valued between US$1.3 billion and US$1.7 billion a year.

“The U.S. market is extremely attractive for us,” said Executive Vice President of Glitnir Magnus Bjarnason. “The number of megawatts earmarked for delivery from geothermal energy is on the increase, 50 percent higher than just six months ago.” Bjarnason went on to say, “To U.S. officials and project consortiums seeking investment, Glitnir has the right combination: a proven track record and size — over US$ 31 billion [Euro 23 billion] in assets. Our experience and capital mean that we are poised to be the investor and trusted advisor of choice in the ‘new frontier’ of geothermal energy in the United States.” Glitnir Bank has a team of specialist bankers committed to developing business in the growing geothermal energy sector. The Nordic bank was recently involved in financing development of the world’s largest geothermal district heating utility in China. In Iceland, where geothermal power plants are reporting substantial profits, geothermal energy supplies about 18% of the country’s electricity and 90% of heating and hot water.
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