Icelandic bank releases 3rd annual U.S. Geothermal Energy Market Report

Islandsbanki and Sustainable EnergyThe Icelandic bank, Islandsbanki (formerly Glitnir) has issued its third annual U.S. Geothermal Energy Market Report in continuation of its research activities in geothermal energy. The report provides an updated overview on geothermal energy development in the United States, highlighting not only the increasing amount of activity in the sector, but also the elements that have helped spur the development.

In the U.S today there are around 144 geothermal energy projects in development with a combined capacity of up to 6,400 MW, which is an increase of about 60 percent compared to last year. Continue reading

Nordic countries taking the lead in renewable energy for transport

driving-sustElectricity and biofuels are quickly changing the way people power their cars while also having a positive effect on people’s finances and the environment. The leadership role of the Nordic countries of Sweden, Norway, Denmark, Iceland and Finland in this field are highlighted at the upcoming Driving Sustainability conference in Reykjavík in September.

In Norway, over three thousand electric cars are on the road. Government policy dictates that charging their batteries is free of charge, zero emissions EVs get free parking, can drive on bus lanes in the city, get free rides on state run ferries (there are a lot of them in Norway) and there is no VAT on electric cars in Norway, so they’re reasonably priced. ‘Think’ is the leading producer of competitive electric city cars in the world. In addition, Norway produces the tiny Buddy EV electric car. Continue reading

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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Glitnir recognised for its geothermal energy activities

Nordic Bank GlitnirNordic bank Glitnir wins second prize at the Financial Times Sustainable Banking Awards.

Glitnir Bank made second place for the “Sustainable Deal of the Year” at the Financial Times Sustainable Banking awards which were presented in London last week.

Among speakers at the award ceremony were the Mayor of London, Boris Johnson and Barcleys Chairman, Marcus Agius. The CEO of the Financial Times, John Ridding, presented the awards.

Attending on behalf of Glitnir were; Alexander Richter, Director of Global Industry Research and Communication, Helgi Anton Eiríksson, EVP of International Banking Europe and Jonathan Byrne, Director of Business Management.

The ‘Sustainable Deal’ relates to a geothermal generating facility being developed in the Salton Sea geothermal field in California.

“This is a great acknowledgement for our work, especially when you consider how tough the competition was” said Alexander Ricther. “We were competing with large players such as Citi US, Merrill Lynch, Morgan Stanley and BlueOrchard Finance, but last the two jointly won the category. We have a very strong position in the US geothermal energy market and we intend to strengthen it even further”, said Mr. Richter.

According to the deal, Glitnir Capital Corp. provided a $15 million Senior Secured ‘Resource Verification Loan’ to the company Hudson Ranch. Alexander Richter said that Glitnir Bank was among the first financial institutions to offer this sort of financial product in the USA.

“Last year we provided Nevada Geothermal with a similar loan. The US Geothermal market is very interesting for us as we foresee considerable developments in the energy market especially regarding alternative energy resources are”, said Mr Richter. “Geothermal Energy is surly one of the alternatives. Glitnir’s position in the US geothermal industry is strong and the outlook is very good”.

Visit Glitnir Bank´s website at www.glitnirbank.com for more information on Glitnir and geothermal energy.

Contact:
Bjørn Richard Johansen
Managing Director, Corporate Communications, Glitnir
Tel: +47-47 800 100
E-mail: brj@glitnir.no

Glitnir shortlisted for Sustainable Banking Awards

GlitnirNordic bank Glitnir has made the shortlist for the 2008 FT ‘Sustainable Deal of the Year’ award – for the second time in a row.

The Financial Times and IFC, a member of the World Bank Group, recently announced the short-lists for the 2008 FT Sustainable Banking Awards, the leading global awards for sustainability in finance.

For the second time in a row, Glitnir was short-listed for the “Sustainable Deal of the Year”.

The awards, now in their third year, are to recognize banks and other financial institutions that have shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations.

This year the nominees were selected from a record 182 entries coming from 129 institutions in 54 countries. Other banks short-listed in this category were Merrill Lynch (carbon finance to reduce deforestation), Citi (financing for rural housing), BlueOrchard and Morgan Stanley (microfinance loans) and Calyon (solar thermal power plants).

The “Deal” is one example of Glitnir’s success in the geothermal industry’s financial sector in the United States, which is the biggest market in the world for geothermal energy. Glitnir Capital Corp. provided a $15 million Senior Secured “Resource Verification Loan” to Hudson Ranch I, LLC (borrower) a subsidiary of CHAR LLC, an electricity generation company based on geothermal energy.

“This is an important milestone for the Glitnir Energy Team in Iceland and the US and reflects how the Banks strategy within Sustainable Energy is starting to pay off. Glitnir Bank was among the first financial institution to offer this sort of financial products in the USA. Last year we provided Nevada Geothermal with a similar loan,” said Magnus Bjarnason, Executive Vice President of International Banking at Glitnir Bank.

“The US geothermal market is very interesting for us as we foresee considerable developments in the energy market especially regarding alternative energy resources are. Geothermal Energy is surly one of the alternatives. Glitnir’s position in the US geothermal industry is strong and the outlook is very good” Bjarnason added.

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Environment talks with Al Gore former US Vice-President

Environment talks with Al Gore former US Vice-PresidentAl Gore will be the keynote speaker at an open meeting on environmental issues to be hosted on April 8th in Reykjavik, Iceland.

The former vice-president of the United States and Nobel Prize winner is scheduled to visit Iceland on 7 – 8 April as a guest of Icelandic President, Olafur Ragnar Grimsson.

Larus Welding, CEO of Nordic bank Glitnir, says that the meeting with Al Gore is related to the bank´s overseas efforts to promote its expertise in the field of sustainable energy resources.

“Glitnir is at the forefront in international financial services for geothermal energy projects. We are already engaged in a number of exciting ventures in the United States with leading companies in this field. The Bank has obtained considerable attention among numerous parties who are participants in the public discourse on sustainable energy resources, one of them being Al Gore,” said Mr Welding.

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