Glacier Securities acts as advisor in a $15 million loan facility in the US Geothermal Sector
Glacier Securities LLC, the New York-based subsidiary of Iceland’s Islandsbanki, acted as advisor in a $15 million loan facility to be provided by Geothermal Regional Center (GRC) for U.S. Geothermal, Inc.’s (USG) San Emidio North Project. GRC, the only USCIS approved Regional Center that is focused on the geothermal energy sector, will raise the capital for USG through the EB-5 Immigrant Investor Pilot Program (the “EB-5 Program”). A Commitment Letter and Term Sheet for the loan facility were signed on the 11th of April.
Glacier Securities serves as Project Oversight Consultant to GRC and advised GRC on the structuring of the transaction. The firm is based in New York and its employees are experienced professionals in the Geothermal Industry providing knowledge-based strategic and financial advisory services to corporate clients, primarily in the geothermal energy and seafood industries.
The proceeds of the loan are expected to fund a portion of the development of the San Emidio North power project including the drilling of geothermal wells, related infrastructure and other development costs. The EB-5 Program is designed for those foreign high net worth individuals who are interested in obtaining Permanent Residence status through investments in a commercial enterprise which are shown to have significant job creation benefits.
Charles Arrigo, who spearheads the Glacier Securities geothermal energy business commented: “Glacier’s unique experience in financing geothermal energy played an important role in bringing this innovative source of capital to the geothermal energy industry in the U.S. We look forward continuing our work with GRC to make more EB-5 funding available to the industry.”