Jan 25 2011
Geothermal Energy Association (GEA)’s 2011 Annual Geothermal Energy Finance Forum in New York City saw Iceland’s President, Olafur Ragnor Grimsson, delivering the keynote address. Iceland has been harnessing its considerable geothermal resources for generating a quarter of the nation’s total power.
President Grimsson commented that the first 10 to 20 years of the 21st century were turning out to be the geothermal transformation era with all nations exploring their geothermal resources. According to him, there was a big race worldwide accessing experts, technological knowledge personnel and engineering companies. He remarked that it was very important for the US to lead the race for the benefit of the country’s economy and also to usher in clean energy, which was the key to a sustainable and successful future.
In its third year, the GEA is gathering together the major players and top experts in both finance and the geothermal development sector. A total $2 billion is to be invested for new geothermal projects in 2011. According to Karl Gawell, Executive Director of GEA, this was a great opportunity for the geothermal developers to liaise with the financial community in New York to continue the geothermal energy development. Investors too would benefit as several projects were being developed all over the nation.
Other than these new projects existing projects with a capacity of 500-700 MW were in the final phase of construction, due to which 3000 construction jobs had been created along with generation of geothermal power. Arni Magnusson, who is the Executive Director of International Industries, Islandsbanki, commented that there was a tremendous growth rate for the geothermal power market in the US and this makes it imperative to expand their financing activities to include the new developments.