Islandsbanki committed to Geothermal Energy development in the U.S

IslandsbankiAccording to the third annual U.S. Geothermal Energy Market Report issued by Islandsbanki (formerly Glitnir), there are around 144 geothermal energy projects in development in the United States today.

There are numerous challenges facing many of the more advanced projects, for example, financing for construction and securing bridge finances that need to be developed beyond the drilling stage. Current projects need a combined investment sum of US $26 billion, of which US $11 billion are for equity investment needs and US $15 billion for construction financing.

Investment tax credits, cash grants, loan guarantees and research development allocations have all had a positive impact on the industry, along with the stimulus legislation gathering a lot of interest. Nevertheless, it will have to be seen what affect the tight time period of the loan guarantee program will have on most of the projects.

Islandsbanki released their annual report at the Geothermal Energy Expo, which is currently being held at the Peppermill Resort & Casino in Reno/ Nevada between October 4-7, 2009. The event is the largest of its kind, gathering together a number of industry players from all over the world hosting over 120 exhibitors and attracting thousands of visitors. The Icelandic bank has been represented at the event for the past three years, highlighting the committment that the bank has to the geothermal energy industry in the U.S.

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