Icelandic geothermal capital entering United States

Nordic bank Glitnir, which cut its teeth financing geothermal projects in Iceland, is expanding into the U.S. geothermal market, a company official announced today.

Árni Magnússon, Director of Sustainable Energy for Glitnir, spoke at the Geothermal Development and Finance Workshop in Washington, D.C. today and outlined latest trends and opportunities in the growing niche market of geothermal energy in which Glitnir plans to invest and look for opportunities in the United States.

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

"The emergence of these projects as viable economic and environmental opportunities, coupled with positive statements about alternative energy from U.S. elected officials on both sides of the political spectrum, will bode well for geothermal energy development in 2007," stated Magnússon.

Magnússon is a former Minister in the Icelandic Government hired by Glitnir earlier this year to lead the Bank's Center of Excellence for Sustainable Energy.

He pointed out that "Glitnir originated in Iceland, where the model for financing and producing cost-efficient geothermal energy has been proven. 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 adviser in Canada and in the 'new frontier' of geothermal energy in the United States!"

Glitnir has been serving the energy industry in Iceland for decades. It focuses almost entirely upon sustainable resources - hydro and geothermal.