Glitnir to develop first geothermal power plants in India and Nepal

Glitnir BankNordic bank Glitnir and Indian energy company LNJ Bhilwara Group last week signed a MoU (Memorandum of Understanding) to collaborate in developing geothermal power plants in India and Nepal.

Glitnir will provide geothermal energy and financial expertise whilst the Bhilwara Group will be the local developer and manager of the project. Both partners will work together on developing the business plan and project.

The memorandum has been signed during the visit of the Icelandic Finance Minister Arni Mathiesen to India. The minister is on an official visit with an Icelandic business delegation looking into energy development in India.

The Indian Finance Minister, Mr P Chidambaram, said, “This [agreement] will encourage prospects for growth in India in the geothermal arena. India is a vast country with a various untapped resources like geothermal. India has planned $475 billion investments in the next five years, out of which $120 billion-$ 130 billion will be achieved through FDIs.”

Árni Magnusson, Managing Director of Sustainable Energy at Glitnir, said “India is a very exciting market for Glitnir, especially in the energy field. Given the projected growth of energy demand in India, India needs all sources of energy especially renewable and green sources of energy like geothermal. We are delighted to partner with LNJ Bhilwara Group who have demonstrated their capacity in efficiently developing power plants in India”

The Bhilwara Group is currently developing a number of hydroelectric power plants in Punjab, Himachal Pradesh and Arunachal Pradesh in India. It has also set up wind farm in Jaisalmer in India.

The full PR release can be found at the Glitnir Bank website.