Cooperation between Iceland and India on Geothermal Energy

The MoU was signed in the presence of Mr. P Chidambaram, Hon’ble Minister of Finance for India and H.E. Arni Mathiesen, the Minister of Finance for Iceland, who is on an official visit with a business delegation, organized by the Trade Council of Iceland in cooperation with the Embassy, focusing on energy and investments in India.

According to the MoU, Glitnir will play the role of bringing expertise in the geothermal field and financial structuring of projects related to development of geothermal sources. LNJ Bhilwara Group will play the role of local developer and manager of the project. Glitnir and LNJ Bhilwara Group will work together in developing the business plan and the project. Speaking on this occasion Mr. P Chidambaram said “I am happy that this important MoU has been signed between Glitnir and LNJ Bhilwara Group. This will encourage prospects for growth in India in the geothermal arena. India has planned $475 billion investments in the next five years, out of which $120 billion- $ 130 billion will be achieved through FDIs. Initiatives such as this will surely contribute in achieving our investments targets.”

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