Glitnir Bank to Provide ThermaSource with up to USD 22.5 Million
- Finance will support development of US geothermal industry
Reykjavík, 25th July 2007
Link to photos of Jonathan Logan, Timothy Spanos, Jóhannes Hauksson and Árni Magnússon from Glitnir, Louis Capiano from ThermaSource, Thomas King from US renewables, Hjörtur Steindórsson and Michael Richard from Glitnir: Photo 1, Photo 2, Photo 3
Glitnir bank has agreed to provide ThermaSource LLC (TSL) with up to USD 22.5 million to finance the acquisitions of drilling rigs (and related equipment) and working capital needs.
TSL will provide project management, engineering services and supervise effective drilling programs as well as provide the geothermal industry with a fleet of drilling rigs and experienced geothermal crews.
Louis Capuano Jr. CEO of ThermaSource LLC: "With the completion of Glitnir's financing ThermaSource will have the financial resources to fund our rapid growth. Glitnir's focus on the geothermal energy projects will provide a strong partner in ThermaSource's continuing growth."
ThermaSource's majority owners, US Renewables Group and Carlyle/Riverstone Group, are leading Private Equity Funds with focus on the energy sector.
Thomas King, CEO of US Renewables: "This financing is an important milestone in the growth of ThermaSource as the premier supplier of drilling and consulting services to the geothermal sector. We have been very impressed by Glitnir's knowledge of the geothermal market, its ability to anticipate structural requirements, and its approach to deal making in a spirit of partnership. We look forward to a long and profitable relationship with Glitnir through ThermaSource and in other renewable energy investments."
Lárus Welding, CEO of Glitnir: "This agreement is an important milestone in establishing Glitnir as the leading geothermal bank in the world. The renewable energy team, led by Árni Magnússon, is both dedicated and focused and I am certain that the teamwork between Glitnir and ThermaSource will be very successful."
Árni Magnússon, Managing director of global sustainable energy at Glitnir: "Glitnir aims to be the leading bank in financial services to the geothermal sector. ThermaSource is a very professional, fast growing drilling company in the US, which specialises in servicing the geothermal industry. It is therefore a great pleasure to ensure ThermaSource with the financing of machines and equipment which will support the important development of the US geothermal industry."
About ThermaSource ThermaSource LLC provides the geothermal industry with engineering project management, consultation services and drilling rigs with crews. With over 420 years of geothermal experience on the ThermaSource, LLC management team, the educated and experienced drill crews and a consultation service that has been our business mainstay since 1980,ThermaSource, LLC is a well-respected contributor to the geothermal industry. For more information: www.thermasource.com
About Glitnir The financial group Glitnir offers universal banking and financial services. Glitnir is a leading niche player in three global industry segments; seafood/food, sustainable energy, and offshore services vessels. Services include retail, corporate and investment banking, stock trade/brokerage and capital management. Glitnir considers Iceland and Norway its home markets. The Glitnir group has operations in Iceland, Norway, Sweden, Denmark, Finland, the UK, Luxembourg, Russia, Canada and China and plans to open a US office in New York in the fall of 2007. Glitnir is listed on the Icelandic Stock Exchange. For more information: www.glitnirbank.com
Further information: Árni Magnússon, Managing director of sustainable energy, tel: +354 440 4688 Pétur Þ. Óskarsson, Executive director Communications, tel: +354 844 4990.
Photo Caption: Representatives of Glitnir and ThermaSource celebrate the agreement at Glitnir headquarters in Reykjavík, Iceland.