Glitnir bank has also formed a joint venture with LNJ Bhilwara Group to develop geothermal power plants in India and Nepal. The joint venture is proposed to be a 60:40 partnership with Glitnir bank holding 40% of the shares.
Glitnir bank will also bring in strategic investors to raise capital during different phases of the development of the geothermal plants. The Glitnir team of geothermal specialists will visit various locations in India to identify the best possible geographical area to develop the plant, accompanied by other independent consulting companies’ in Glitnir’s network.
Larus Welding, CEO of Glitnir Bank., said: We are very happy that this important joint venture has been formed with LNJ Bhilwara Group. This will encourage prospects for growth in India in the geothermal arena. India is a vast country and we believe there are a number of unexplored geothermal energy resources. These resources and the technology employed contribute to clean, rural based and cheap energy sources.
