Icelandic bank releases 3rd annual U.S. Geothermal Energy Market Report

The Icelandic bank, Islandsbanki (formerly Glitnir) has issued its third annual U.S. Geothermal Energy Market Report in continuation of its research activities in geothermal energy. The report provides an updated overview on geothermal energy development in the United States, highlighting not only the increasing amount of activity in the sector, but also the elements that have helped spur the development.

In the U.S today there are around 144 geothermal energy projects in development with a combined capacity of up to 6,400 MW, which is an increase of about 60 percent compared to last year. While the state of California continues to lead in installed capacity, Nevada has even more projects in the pipeline with over 3,300 MW in development.

However, some of the further advanced projects are currently facing a number of challenges related to securing bridge finances that need to be developed beyond the drilling stage and also debt financing for construction. Current projects need a combined investment sum of US $26 billion, of which US $11 billion are for equity investment needs and US $15 billion for construction financing.

The stimulus legislation has definitely helped spur interest in the sector, with the investment tax credits, cash grants, loan guarantees and research development allocations all having a positive impact on the industry. Nevertheless, it will have to be seen what affect the tight time period of the loan guarantee program will have on most of the projects.

The Geothermal Energy Expo 2009, that took place at the Peppermill Resort & Casino in Reno/ Nevada between October 4-7, is the largest gathering of industry players from all over the world and this year’s event was the biggest ever hosting over 120 exhibitors and attracting thousands of visitors.

Islandsbanki has been represented at the event for the past three years, highlighting the committment that the bank has to the geothermal energy industry in the U.S.

To view the 3rd annual market report or for further information, visit www.islandsbanki.is/energy

Russell

Recent Posts

Base Station RF Power Amplifier Market to Experience Significant Growth Amid 5G Expansion and Rising Mobile Device Adoption

October 24, 2024 – Metastat Insights – The global Base Station RF Power Amplifier market…

4 weeks ago

World Leaders in Aeronautics, Defence, and Aerospace to Attend the Marrakech Air Show 2024

London, 23rd October 2024 – Under the High Patronage of His Majesty King Mohammed VI,…

4 weeks ago

Sunshine State Dentistry of Boynton Beach Launches New Website to Provide Patients with a Seamless Digital Experience

Boynton Beach, FL – September 10, 2024 – Sunshine State Dentistry of Boynton Beach, led…

2 months ago

Metastat Insights Projects Significant Growth in Tattoo Supplies Market by 2031

Sep 10, 2024 – Dallas, TX – A new report by Metastat Insights reveals that…

2 months ago

RIMC Celebrates 20th Anniversary, Bringing Global Digital Marketing Insights to Iceland

Reykjavik, Iceland – September 2024 – The Reykjavik Internet Marketing Conference (RIMC), Iceland's longest-running digital…

3 months ago

The Inspiring Journey of Sleipnir Tours

Hafnarfjörður, Iceland, July 16, 2024 – One evening in Iceland, Ástvaldur, the founder of Sleipnir…

4 months ago