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

Pipar\TBWA Named Advertising Agency of the Year for the Second Consecutive Year

Reykjavík, Iceland, 13.03.2025 - PiparTBWA has been named Advertising Agency of the Year for the…

3 weeks ago

QUIRKY CAMPERS UNVEILS DEDICATED GLASTONBURY 2025 CAMPERVAN FLEET

London, UK – March 12, 2025 – Quirky Campers, the UK's leading platform for handcrafted…

3 weeks ago

eXo Platform Unveils Version 7.0: A Game-Changer for the Digital Workplace

Paris, March 11, 2025 – eXo Platform, a leading open-source provider of intranet and digital…

3 weeks ago

Sasa Software Appoints Udi Doenyas as New Chairman of the Board

Tel Aviv, March 11, 2025 – Sasa Software, a global leader in advanced cybersecurity solutions…

3 weeks ago

Leaders, influencers, and individuals worldwide walk backwards to highlight the need to move forwards for women‘s rights.

Global Regression in Women's Rights Sparks UN Women National Committees’ 'March Forward' Campaign. Fri, Mar…

3 weeks ago

Savox Communications Initiates Cooperation Deal with a Northern European Customer for Advanced Audio and Intercom Command System

[Helsinki, Finland – March 7, 2025] – Savox Communications, a global leader in mission-critical communications…

4 weeks ago