Official Opening of Glitnir Capital Corporation's Office in the United States Today



    NEW YORK & REYKJAVIK, ICELAND & OSLO, NORWAY, September 5 /CNW/ -
Glitnir, the Nordic financial group, announced today the official opening of a
New York office for its US subsidiary Glitnir Capital Corporation.

    "Glitnir's services in the Nordic region span retail, corporate and
investment banking, stock trade and capital management. It is a global niche
player in three industry segments: renewable/sustainable energy, seafood/food
and offshore service vessels. Glitnir Capital Corporation's operations in New
York will focus on these global core segments," says Jonathan Logan, Managing
Director, Glitnir Capital Corporation.

    Participants in today's inauguration included the President of Iceland,
Olafur Ragnar Grimsson; Alexander Karsner, US Assistant Secretary for Energy
Efficiency and Renewable Energy; CEO of ThermaSource Louis Capuano, CEO of
Geysir Green Energy Asgeir Margeirsson, Executive Director Karl Gawell of
Geothermal Energy Association, along with Glitnir CEO Larus Welding, Executive
Vice President International Banking Magnus Bjarnason, and Jonathan Logan,
Managing Director of Glitnir Capital Corporation, as well as Arni Magnusson,
Managing Director Glitnir Global Sustainable Energy.

    "The United States is indeed a land of opportunity for Glitnir,
particularly in the realm of America's huge geothermal energy potential and
Glitnir's track record as a leading global specialist bank in developing
sustainable and environmentally sound energy solutions," said Glitnir's CEO
Larus Welding. "Our sponsorship of today's 'Steam of Opportunities' research
conference, in coordination with the launch of Glitnir Capital Corporation's
office in the US, is an expression of our commitment to making renewable
energy a widespread reality in the United States."

    Glitnir's commitment to the development of geothermal power is predicated
on several research findings, including:

    --  The potential for development of geothermal power in the USA is
enormous. The United States is the leading country with regards to utilization
of geothermal energy, and will continue its lead even with the number of
projects currently under way. However, resource estimates indicate a potential
to increase six-fold the currently installed geothermal capacity in the US,
which would also nearly double the currently installed global capacity.

    --  Compared to other energy sources, geothermal is a very reliable and
environmentally low-impact source of heating and electricity. One of the
biggest advantages of geothermal power when compared to other renewable
sources of energy is the fact that it is a base-load power. This means that
electricity is generated around the clock all year round, with a typical
utilisation rate of 95+%. The utilisation of geothermal power is therefore
very economical, although construction cost per installed MW is relatively
high.

    --  Glitnir estimates that investments of USD 9.5 billion are required in
projects currently under development, and that further USD 29.9 billion are
needed between now and 2025 to develop and harness future resources. I.e.,
Glitnir estimates total investment needs for the developable resource capacity
between now and 2025 at USD 39.4 billion.

    --  The geothermal industry in the US is still very fragmented, with
relatively few large companies and many small ones. Some of the smaller
companies are lacking financial muscle to fully develop projects with
potential to be profitable. Therefore Glitnir expects considerable
consolidation in the industry over the next few years.

    --  Successful development of the geothermal industry will require
increased capacity of drilling equipment and related human expertise. As the
industry is still recovering from the effects of a late 1980s decline, it is
crucial to train and educate people to work within the sector.

    Jonathan Logan, Managing Director of Glitnir Capital Corporation, said:
"The opening of our office in New York is an important step for Glitnir and
for our customers worldwide. We are involved in major renewable energy
initiatives, and have ambitions to expand activities in our other specialist
segments, as well as to provide support to customers in the world's leading
economy. A presence in the United States also represents a solid base from
which to expand our considerable seafood/food practice and further develop our
offshore service vessels activities."

    "Glitnir is committed to delivering industry-specific financial services,
ranging from convenient financing and tailored financial risk consulting, to
identifying appropriate industrial partners in other parts of the world. We
place great emphasis on industry expertise, and provide a team of specialists
who combine financial and industry experience - i.e. people who speak the
industry language and are truly at home in both worlds," added Jonathan Logan.

    
    For more information about Glitnir in the US and geothermal energy:
    www.glitnirusa.com
    e-mail: energy@glitnirusa.com

    For photos: akj@glitnir.no and nancy.goldstein@bm.com
    

    About Glitnir

    The financial group Glitnir offers universal banking and financial
services with the Nordic region (Iceland, Norway, Sweden, Finland, Denmark) as
home base. Glitnir is a leading niche player in three global industry
segments; seafood/food, sustainable energy, and offshore service vessels. The
group's 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. Glitnir
Capital Corporation's office in New York was officially opened today. Glitnir
is listed on the Icelandic Stock Exchange. For more information:
www.glitnirusa.com

    About Geothermal Energy

    Geothermal energy is defined as heat from the Earth. It is a clean,
renewable resource that provides energy in the United States and around the
world. It is considered a renewable resource because the heat emanating from
the interior of the Earth is essentially limitless. Geothermal energy is
contained in underground reservoirs of steam, hot water, and hot dry rocks.
The heat continuously flowing from the Earth's interior is estimated to be
equivalent to 42 million megawatts of power. The interior of the Earth is
expected to remain extremely hot for billions of year to come, ensuring an
inexhaustible flow of heat. (Sources: Geothermal Energy Association and the
U.S. Dept. of Energy).

    MULTIMEDIA AVAILABLE:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5485995




For further information:

For further information: Glitnir Capital Corporation Jonathan Logan,
+1-212-716-0100 Managing Director jonathan.logan@glitnirusa.com or Glitnir
Bjorn Richard Johansen, +47-47 800 100 Managing Director, Corporate
Communication brj@glitnir.no or Press contact in the US, New York: Jonathan
Zaback, +1-212-614-4429 Blackberry: +1-917-293 5047 jonathan.zaback@bm.com

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