Geothermal Energy Gains Momentum in India
With its expertise in renewable energy, Nordic bank Glitnir has teamed up with Bhilwara Group to develop geothermal energy projects in India and Nepal.
Drawing on its experience in financing and advising on geothermal energy projects around the world, Glitnir has secured a 60:40 partnership with Indian energy development company LNJ Bhilwara Group.
Glitnir will be responsible for raising capital and supplying specialist consultants for projects to build geothermal power plants in India and Nepal. LNJ Bhilwara will bring its large-scale infrastructure and local experience to its 60 per cent share of the partnership.
Geothermal energy harnesses heat generated by the earth and is considered virtually inexhaustible, making it a sustainable and clean energy source. Unlike wind and solar installations, geothermal energy can run 24 hours a day, providing a higher and more reliable power yield.
India has planned for $475 billion of energy investments in the next five years in anticipation of the large energy demands created by India's fast-growing economy.
"India is a very exciting market for Glitnir, particularly in the seafood and energy field," says Bala Kamallakharan, Executive Director of Strategic Growth at Glitnir
. "Given the projected growth of energy demand in India, the country needs to utilise all sources of energy possible, particularly renewable and green sources of energy like geothermal."
"By establishing an office in India, Glitnir bank will also be playing a key role in supporting the seafood and offshore service vessels industry and utilising the vast service industry in India to further improve the efficiency of Glitnir operations worldwide" he added.
Glitnir focuses on geothermal energy as one of three global market niches (the other two are the seafood and offshore supply industries). The investment and corporate bank has formed teams of specialist bankers which operate in 11 countries around the world including China, Scandinavia, the US and the UK.
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