Introduction to Glitnir Sustainable Energy Fall 2006 USD
Glitnir is a specialist bank • Glitnir’s key figures • USD 27.9 billion total assets • USD 4.9 billion market cap. • 29.4% avg. ROE past 5 years • Record Profits in 2005, 9 months ’06 • Strong credit ratings • Home markets are Norway and Iceland • Product excellence in Northern Europe • Focus on niche segments world wide • Food/ seafood industry • Sustainable energy • Offshore vessels/ Shipping
Glitnir’s vision • Glitnir’s Vision: Initiating and embracing sustainable success. • Corporate Banking Vision: A focused player in niche segments and products Segments and products that build on knowledge and network and we can become one of the best operators.
Glitnir Bank’s Mission in Sustainable Energy To be a leading financial services company serving the global sustainable energy sector.” “Glitnir has a unique interest in the Geothermal sector and emphasizes that especially.” Glitnir’s Center of Excellence in Sustainable Energy holds: • An experienced team of professionals focused on this important and growing sector. • Deep industry expertise and knowledge on the sector. • Strategic partners with leading positions in the sector.
Glitnir - Niche focus global reach Glitnir Activities New Office in ‘06 Glitnir Offices High-Temperature Geothermal Provinces (Schematically shown) Source: GeothermEx Inc., Glitnir Research
Geothermal electricity & central heating Electricity Production Direct Use* Annual Energy Produced/ year *e.g. heating, Use/ year Source: Electricity – Bertani, Direct Use – Lund, Freeston, Boyd (all Geothermics, with data of 2005)
Niche with strong potential Global Geothermal Use Electricity generation (TWh) Direct use (TWh)
Geothermal market • Increased demand for sustainable energy solutions worldwide • Our primary focus is geothermal • New and interesting developments in Iceland • Geothermal is key to driving economic prosperity • China Xianyang district heating project, in co-operation with Sinopec, indevelopment stage • Interesting projects in the United States & Europe
Why Geothermal? • Lower generation cost than other renewables, such as wind and solar • In the EU, geothermal potential for energy production more than wind and solar combined • In the US geothermal could provide up to 30.000 MW of power or 6% of today’s electricity demand
China - geothermal district heating in Xianyang • Geothermal District Heating in Xianyang • Joint project by Enex-Kína, Shanxi CGCO Energy Development Construction C. Ltd (Sinopec and Xianyang City Investment Co, Ltd.) • District Heating system for 100-150,000 people with potential for overall heating for 400,000 people. (450 MW) • Enex-Kína is a joint company by Enex, Reykjavik Energy & Glitnir.
Some geothermal plants in Iceland Nesjavellir – installed, capacity 120 MWe, 290 MWth, Reykjavik Energy, serving capital area, production of electricity and district heating. Hellisheidi – installed capacity 300 MWe, 400 MWth (by 2015), Reykjavik Energy, serving capital area, in development, to produce electricity and district heating
In conclusion - Why Glitnir Bank? • Has very strong financial background • Comes from a Geothermal environment • Has unique interest in the Geothermal sector • Is working with the sector as a complete financial partner • Advisory • M&A • Lending • Providing Equity
Glitnir – Sustainable Energy Team Magnús Bjarnason Managing Director Region Asia & Americas Direct line: +354 440 4523 Mobile: +354 844 4523 firstname.lastname@example.org Árni Magnússon Director Sustainable Energy Direct: +354 440 4688 Mobile: +354 844 4688 email@example.com Jóhannes Hauksson Senior Business Manager Direct: +354 440 4514 Mobile: +354 844 4514 firstname.lastname@example.org Michael Richard Director Mobile: +1 (508) 878 0171 email@example.com Alexander Richter Analyst Direct: +354 440 4766 Mobile: +354 844 4766 firstname.lastname@example.org