Glacier Securities acts as advisor in a $15 million loan facility in the US Geothermal Sector

13.04.2012

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.”

About Glacier Securities.

Older news

Íslandsbanki publishes a pillar 3 report

31.03.2015 11:28
Íslandsbanki has published a Pillar 3 Report for the year 2014. The report provides information to market participants and other stakeholders that...
More

Annual General Meeting of Íslandsbanki

25.03.2015 17:15
The Annual General Meeting of Íslandsbanki was held today. Friðrik Sophusson, Chairman of the Board presented the Board’s report and Birna...
More

Islandsbanki hf. : 2014 Consolidated Financial Statements

24.02.2015 08:34 - IR Releases
Profit after tax was ISK 22.8bn in 2014 compared to ISK 23.1bn in 2013.
More

Negotiations for sale of commercial properties

18.02.2015 09:17
Fastengi, a facilities management company owned by Miðengi, in turn a subsidiary of Íslandsbanki, has entered into negotiations with Reginn for the...
More

Íslandsbanki comes top in customer satisfaction survey

11.02.2015 15:13
Íslandsbanki received the highest customer satisfaction rating of any Icelandic financial Institution according to Íslenska Ánægjuvogin survey.
More

SEK 300m bond issue

11.02.2015 12:46
Íslandsbanki has issued a SEK 300m (ISK 4.7bn) 4-year Floating Rate Note.
More

Iceland after capital controls

03.02.2015 16:39
Lars Christensen, at Danske Bank Research & Analysis, was a speaker at a meeting hosted by VÍB,
More
Netspjall