Glitnir acts as financial adviser for Nevada Geothermal Power

Glitnir Bank continues to lead the global financial community in development of the geothermal energy industry.

Glitnir has been instrumental in closing a USD 180 million loan facility for Nevada Geothermal Power to build the first phase of a new 49.5 MW geothermal power plant.

The deal, which was co-arranged with Morgan Stanley & Co., allows the company to start construction on the Blue Mountain geothermal power plant, also known as "Faulkner 1“. When completed in late 2009, the geothermal power plant will supply the growing population of southern Nevada with much needed baseload power.

Nevada Geothermal Power is a geothermal energy developer in the United States and has three future projects planned for Nevada and Oregon. Geothermal energy is seeing huge public and government interest with senators John McCain and Barack Obama both having expressed their support for geothermal power, which is both a clean and renewable source of energy.

"This deal is an important milestone for the development of geothermal energy, for Nevada Geothermal Power, as well as for Glitnir and the geothermal energy industry. It also proves our success in creating financial solutions for our clients in these difficult times“, said Arni Magnusson, Head of Glitnir’s Global Sustainable Energy Team.

Glitnir has built a strong presence in the geothermal energy industry, not only in the United States, but in China and other countries around the world. The bank is a global niche player in two specialised industry sectors; sustainable development of the seafood industry and growth in the geothermal energy, with 13 percent of the bank’s loan book and 43 percent of its corporate advisory services derived from these sectors in 2007.

Glitnir is one of the main sponsors of the upcoming US Geothermal Energy Conference & Expo taking place in Reno, Nevada, between October 5th and 8th. The event will play host to a wide range of companies from the US and abroad within the geothermal power industry.
The event is one of the most important in the industry and is the biggest of its kind in the US. More than 1,000 participants are expected to attend, together with over 70 companies at the accompanying trade show.
Glitnir’s Global Geothermal Energy Team and US Team will both be present at the conference and expo.
For more information on the 2008 US Geothermal Energy Conference & Expo, visit www.glitnirbank.com/reno

Contact Information

Bjørn Richard Johansen

Managing Director, Corporate Communications

Glitnir

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