Glitnir Bank Looks to US Geothermal Energy

May 17, 2007 - PRLog -- Nordic bank Glitnir met with geologists, government officials and investors at the West Coast Geothermal Finance and Development Workshop which was held in San Francisco for the first time last week. The meeting was hosted by the Geothermal Energy Association, a US trade association which advocates the global development of geothermal energy, and was partly sponsored by Glitnir - http://www.glitnir.is/.

“The US market is extremely attractive for us”, said Executive Vice President of Glitnir, Magnús Bjarnason, at the meeting. “The number of megawatts earmarked for delivery from geothermal energy is on the increase, 50 percent higher than just six months ago.”

Glitnir has extensive experience in the geothermal energy industry. In 2005 it financed the world´s largest geothermal district heating utility in China and has formed a team of specialist bankers who focus on the sustainable energy sector. The investment bank is keen to tap into the US market which is estimated to be worth between USD 1.3 billion (EUR 1.0) and USD 1.7 billion (EUR 1.3) a year.

“To US officials and project consortiums seeking investment, Glitnir has the right combination: a proven track record and size – over USD 31 billion [EUR 23 billion] in assets”, Bjarnason continued. “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”.

For more information on Glitnir’s involvement in geothermal energy visit http://www.glitnir.is/English/Business/Energy/

Website: www.glitnirbank.com