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October 07, 2008


Glitnir Bank inks 60:40 JV with Bhilwara for geothermal plants

BL reported that European bank Glitnir has teamed up with Bhilwara Group to develop geothermal energy projects in India and Nepal. With its expertise in renewable energy, Glitnir entered into a 60:40 partnership to develop geothermal plants.

Glitnir Bank and Bhilwara will recruit a management team with expertise to develop the company with key focus on identifying, developing and building power plants in India and Nepal, utilizing sustainable energy like geothermal energy. Glitnir Bank will also bring in strategic investors to raise capital during different phases 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 plants.

Mr Lárus Welding CEO of Glitnir Bank said that "We are very happy that this important JV has been formed with 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. In addition, Glitnir's strategy is to have a local presence in all the major emerging markets with potential in the Glitnir industry focus. Following the establishment of our presence in China, India is the next logical destination."

Mr Ravi Jhunjhunwala chairman of Bhilwara Group said that "Bhilwara Group developed India's first independent power project hydroelectric Malana power project of 86 MW in a record time of 30 months, in Kullu in July 2001. In addition, we have over 2,837 MW hydro, coal and wind power generation projects under development. What's unique about geothermal energy is that unlike wind and solar installations, geothermal energy runs 24 hours a day, making the actual power yielded from geothermal sources still substantially greater than wind or solar energy. Bhilwara Group will continue to grow and diversify in the area of sustainable energy."

Bhilwara Energy Ltd, a flagship company of the power business of Bhilwara Group, is emerging as one of the biggest players in power in India.