Glitnir and LNJ Bhilwara Group in India sign Memorandum of Understanding
Glitnir to partner with leading Energy Company of India to establish Geothermal Energy in India and Nepal
New Delhi, 23 November 2007 – Glitnir, the Nordic investment bank, and LNJ Bhilwara Group with operations in India and Nepal signed a Memorandum of Understanding (MoU) today to collaborate in developing geothermal power plants in India and Nepal. This MoU has been signed during the visit of the Finance Minister of Iceland on invitation from Finance Minister of India. The finance minister of Iceland H.E. Árni Mathiesen is on an official visit with a business delegation focused on Energy development in India.
Glitnir will play the role of bringing expertise in the geothermal field and financial structuring of projects related to development of geothermal sources. LNJ Bhilwara Group will play the role of local developer and manager of the project. Glitnir and LNJ Bhilwara Group will work together in developing the business plan and the project.
The MoU was signed in the presence of Mr. P Chidambaram, Hon’ble Minister of Finance for India and H.E. Arni Mathiesen, the Minister of Finance for Iceland. This MoU was signed by Mr. Awadh B. Giri, CEO-Power, of LNJ Bhilwara Group and Mr. Bala Murughan Kamallakharan, Executive Director of Strategic Growth in Glitnir.
Speaking on this occasion Mr. P Chidambaram, Hon’ble Finance Minister of India said “I am happy that this important MoU has been signed between Glitnir and LNJ Bhilwara Group. This will encourage prospects for growth in India in the geothermal arena. India has planned $475 billion investments in the next five years, out of which $120 billion- $ 130 billion will be achieved through FDIs. Initiatives such as this will surely contribute in achieving our investments targets.”
“Glitnir had successfully implemented a project in China where we brought expertise and funded the project to heat a district in the Xian Yang province in China. We believe similar projects can be developed in India” said Magnus Bjarnason, Executive Vice President of International Banking in Glitnir.
“India is a very exciting market for Glitnir especially in the Energy field given the projected growth of Energy demand in India, India needs all sources of energy especially renewable and green sources of energy like geothermal. We are delighted to partner with LNJ Bhilwara Group who has demonstrated their capacity in efficiently developing power plants in India” says Árni Magnusson, Managing Director of Sustainable Energy in Glitnir.
“We are eager to get started and develop geothermal power plants in India. LNJ Bhilwara Group was the first to develop a 100MW private merchant hydro power plant ahead of schedule and budget in India and has set new levels of realization in Hydropower Business in India. LNJ Bhilwara is continuing its growth and diversifying in Green Energy, besides the established leadership in Hydro business. It has set up 4.2 MW Wind Power Plant in Jaisalmmer and is now pursuing development of Geothermal Energy in India and Nepal. LNJ Bhilwara Group is developing a large number of Hydro Power plants in Punjab, Himachal Pradesh and Arunachal Pradesh besides in the neighboring countries of Nepal. We are looking forward to the collaboration with Glitnir and develop the first geothermal plant in India” said Awadh B Giri, CEO –Power of LNJ Bhilwara Group.
About Glitnir Bank
The Nordic based Corporate Investment bank and financial services group Glitnir offers services including retail, corporate and investment banking, stock trade/brokerage and capital management. Glitnir is a leading niche player in three global industry sectors:seafood/food, sustainable energy (geothermal energy) and offshore service vessels. Glitnir is one of the largest equity brokers in the in the OMX stock exchange in Sweden, Finland, Denmark and Iceland, as well as on the Oslo Stock Exchange in Norway and the Stock Exchange in Moscow in Russia. Glitnir operates in Iceland, Norway, Sweden, Denmark, Finland, the U.K., Luxembourg, Russia, Canada China, and U.S. (Glitnir Capital Corporation). Glitnir is listed on the Icelandic Stock Exchange (GLB).