The corporate and investment bank was nominated for the ‘Sustainable Deal of the Year’ award for a second year in a row.
The ‘deal’ refers to a $15 million ‘Resource Verification Loan’ that Glitnir provided for the Hudson Ranch project, a 49.9 MW geothermal generating facility currently being developed in the Salton Sea geothermal field in California.
Magnus Bjarnason, Executive Vice President of International Banking at Glitnir Bank, said, “Glitnir Bank was among the first financial institutions to offer this sort of financial products in the USA. Last year we provided Nevada Geothermal with a similar loan.”
The awards, which are now in their third year, are in recognition of banks and other financial institutions that have “shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations.”
Glitnir bank has been a leading player in providing finance to the geothermal energy industry in the United States, which is the biggest market in the world for geothermal energy. The bank has sustainable energy teams in both Iceland and at a new office in New York City.
“The US Geothermal market is very interesting for us as we foresee considerable developments in the energy market, especially regarding alternative energy resources. Glitnir’s position in the US geothermal industry is strong and the outlook is very good,” continued Mr Bjarnason.
The sustainable energy sector has been booming due to record-high oil prices and a demand for action on climate change. Glitnir’s niche business sectors, which include sustainable energy and the seafood industry, are rapidly growing and currently represent 13% of the bank’s loan book and 43% of its corporate advisory in 2007.
Visit Glitnir’s corporate website for more information on the geothermal energy sector.