Glitnir Bank to invest in US geothermal energy market Skip to content

Glitnir Bank to invest in US geothermal energy market

Representatives from Icelandic investment bank Glitnir met leading geologists, government officials and investors at the first annual West Coast Geothermal Energy Development and Finance Workshop in San Francisco, California, Thursday, expressing a keen interest in US geothermal energy projects.

“The US market is extremely attractive to us. The amount of megawatts slated for delivery from geothermal energy is trending upward, 50 percent higher than just six months ago,” Executive Vice President of Glitnir Magnús Bjarnason said during the workshop.

“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. 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,” Bjarnason continued.

Glitnir Bank, which is based in Iceland and Norway with operations in Europe, Asia and America, has committed itself to developing geothermal energy resources.

In Iceland, geothermal energy supplies about 18 percent of the country’s electricity, 90 percent of heating and 90 percent the country’s hot water supply, and geothermal power plants are turning substantial profit.

The US market for geothermal energy is currently valued between USD 1.3 billion (EUR 1.0) and USD 1.7 billion (EUR 1.3) a year.

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