Sustainable Energy News

Glitnir being recognized for its Geothermal Energy Activities

Glitnir Bank made 2nd place for the “Sustainable Deal of the Year” at Financial Times Sustainable Banking awards, which were presented at an award ceremony in London Tuesday evening. Among speakers was the Mayor of London, Boris Johnson and Barcleys Chairman, Marcus Agius.

Alexander Richter, Director of Global Industry Research and Communication at Glitnir, Helgi Anton Eiríksson, EVP of International Banking Europe and Jonathan Byrne, Director of Business Management attended the award ceremony on behalf of Glitnir. FT’s CEO, John Ridding presented the awards.

The “Deal” relates to a geothermal generating facility being developed within the Salton Sea geothermal field in Imperial County California. “This is a great acknowledgement for our work, especially when you consider how tough the competition was” said Alexander Ricther at Glitnir. “We were competing with large players such as Citi US, Merrill Lynch, Morgan Stanley and BlueOchard Finance, but last the two jointly won the category.” We have a very strong position in the US geothermal market and we intend to strengthen it even further”, says 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 says that 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. 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".

For further information contact:

Bjørn Richard Johansen, Managing Director, Global Corporate Communication Mobile: +47-47 800 100, E-mail: brj@glitnir.no