Having served Iceland’s energy industry for decades, Glitnir today is a global player when it comes to sustainable energy. Below you can find a few of recent customer success stories that provide a brief snapshot of our activities in this market.
District Heating Project, Shaanxi Province, China
Project Overview
- Construction & operation of a geothermal district heating in Xian Yang, the geothermal city of China, Shaanxi Province.
- Shaanxi Green Energy, joint venture between ENEX China (Glitnir initially owned 33%) and Shaanxi Geothermal Energy Development Co. Ltd. (CGCO), a subsidiary of Sinopec.
- Phase 1: District Heating for 3 colleges, inaugurated in December 2006.
- Phase 2: District Heating for a new part of the city with 180,000 people by 2012.
- Phase 3: Extension of District Heating system for about 500,000 people in the city.
- Overall investment scope to be expected around USD 100m.
- Potentially the biggest district heating system in the world.
Glitnir Role and Value Add
- Extensive advisory role through International Banking & the bank’s Shanghai office.
- Proactive in structuring and leading the financial aspects of the projects.
- Lead financial & political negotiations with provincial and other organizations involved.
- Early private equity investment.
- Financial advisory for continuation and extension of the project.
- Shares converted into Geysir Green Energy.
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Renewable Energy (Geothermal) Investment Company
Project Overview
- Establishment of a renewable investment company that focuses on geothermal energy utilization globally
- Involvement of financial and industry partners with extensive knowledge in the geothermal sector
- Company is developing and executing large-scale energy projects
- Total current equity investment USD 300 m, total investment capacity up to USD 1 billion by 2010
- Full scale involvement: scouting, development/ project management, construction, financing, operations
Glitnir Role and Value Add
- Driving force in the establishment of the company
- Strategic Shareholder
- Equity raising for the company
- Debt financing
- Acquisition targeting
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(Geothermal) Drilling Rig Acquistion
Client Overview
- ThermaSource is a California based provider of drilling, engineering and consulting services to the geothermal energy sector
- Provides drilling rigs and experienced drilling crews
- Is well respected in the geothermal industry
- Has been important contributor to the geothermal industry for 27 years
- Has worked on many geothermal projects in western US and in many international projects, including several in Canada, Japan and Indonesia
- ThermaSource acquires 2 drilling rigs in the year 2007
Glitnir Role and Value Add
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Other selected deals:
