FT awards Glitnir Bank for geothermal energy loan

Glitnir Bank at FT AwardsNordic bank Glitnir won second prize for ‘Sustainable Deal of the Year‘ at the Financial Times Sustainable Banking awards in London last week.

Glitnir was presented with the award by the CEO of FT, John Ridding, for a deal brokered with US geothermal energy company Hudson Ranch. In it the Nordic bank provided a $15 million loan to develop a new geothermal generating facility in the Salton Sea geothermal field in California.

“The US Geothermal market is very interesting for us as we foresee considerable developments in the energy market especially regarding alternative energy resources,“ said Alexander Richter, Director of Global Industry Research and Communication at Glitnir.

Mr Richter said that Glitnir Bank was among the first financial institution to offer this sort of financial product in the US after last year providing Nevada Geothermal with a similar loan.

“We have a very strong position in the US geothermal market and we intend to strengthen it even further”, said Mr. Richter.

Also speaking at the FT event were the Mayor of London, Boris Johnson and Barclays Chairman, Marcus Agius. Morgan Stanley and BlueOrchard Finance jointly won the Sustainable Deal category.

Visit Glitnir’s website for more information on Glitnir and geothermal energy.