Glitnir U.S. Geothermal Energy Market Report

It is our pleasure to present our second annual U.S. Geothermal Energy Market Report. The overall development of geothermal energy is very positive in the US. The installed geothermal power generation capacity has increased by 4% to 2,958 MW. The overall number of projects has increased and projects currently underway would expand installed capacity in the U.S. by a 100-130% in the years to come.

Compared to last year the industry is better positioned and availability of drilling rigs has improved. The joint efforts of the Bureau of Land Management (BLM) and the U.S. Forestry Service to speed up the process for leasing geothermal resources on lands they manage will also have a significant impact on the industry.

Recent lease auctions by the BLM have shown the increasing interest in geothermal development and in developers’ confidence in the sector. On August 5, 2008 the BLM auctioned 35 parcels over leases on 105,312 acres for a total sales price of USD 28 million which is up from last year’s record of USD 12 million for 122,850 acres. This should increase the geothermal project pipeline in the U.S. even further.

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Reno hosts Geothermal Energy Conference & Expo

The biggest and most important geothermal energy event in the US will take place in Nevada between October 5th and 8th.

The 2008 Geothermal Energy Conference & Expo will be held in Reno, Nevada – with hundreds of geothermal experts and businesses expected to attend from all around the world.

The annual event, which was formerly called the GEA Trade Show and GRC Annual Meeting, will play host to a wide range of companies from the US and abroad within the geothermal power industry.

The conference is expected to draw over 1,000 participants, with more than 70 companies represented in the accompanying trade show. Geothermal Energy 2008 will be held at the Peppermill, Reno’s premiere hotel and casino in Reno.

The geothermal energy industry in the US and elsewhere is currently seeing a surge in public and government interest with senators John McCain and Barack Obama both having expressed their support for geothermal power, which is both a clean and renewable source of energy.

Glitnir Bank, which has predicted dramatic growth in geothermal projects in the US and internationally, will be one of the main sponsors of the event. The bank is a global niche player in two specialised industry sectors; sustainable development of the seafood industry and growth in the geothermal energy industry, with 13 percent of the bank’s loan book and 43 percent of its corporate advisory services derived from these sectors in 2007.

Glitnir’s Global Geothermal Energy Team and US Team will both be present. Glitnir will have a booth in the Expo Hall (Booth number 221, 320).

For more information on the 2008 Geothermal Energy Conference & Expo, and to schedule a meeting with Glitnir Bank at the event, visit

Glitnir advises Nevada Geothermal Power on financing for geothermal power plant

Glitnir Bank, a leading provider of financing and advisory services to the geothermal energy industry, announced this week that it has co-arranged a US$180 million loan for Nevada Geothermal Power with Morgan Stanley & Co.

Glitnir continues to lead the global financial community in support of the geothermal energy industry.

As a lead co-arranger with Morgan Stanley & Co., Glitnir was instrumental in closing a USD 180 million loan facility for Nevada Geothermal Power.

The deal allows the company to enter the construction phase of this 49.5 MW geothermal power project in Nevada. With the construction loan the company is now one major step closer to providing southern Nevada with much needed baseload power.

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