newnet news - Energy investment bank Pritchard Capital forms partnership with former Glitnir Capital geothermal investors

Energy investment bank Pritchard Capital forms partnership with former Glitnir Capital geothermal investors

12 Mar 2009

Pritchard Capital Partners, an energy investment bank and institutional financial services firm, has agreed to combine with Glacier Partners Corp. (formerly Glitnir Capital), an investment bank in the geothermal energy industries in the Nordic markets.

Glacier Partners was formed to take advantage of corporate financing opportunities in the growing geothermal power generation market. President Obama plans to increase renewable energy through federal incentives, which should enable the geothermal and solar sectors to add an additional 4,000MW of new energy capacity, the Geothermal Energy Association, in Washington, recently reported.

The partnership will provide Pritchard Capital with an enhanced portfolio of services in renewable energy to complement its existing investment-banking offerings for small to mid-cap energy companies. Upon the closing of the transaction, Pritchard Capital will have expanded its offerings in structuring and distributing equity and debt securities in the energy and renewable sectors, the company said.

Thomas Pritchard, managing partner and founder of Pritchard Capital, said, ‘Glacier Partners, through Glitnir Bank in Iceland, has a long and successful track record serving the geothermal industry in Iceland and abroad. This partnership further supports our efforts to increase our focus on additional energy-related verticals, especially in the renewable market, while simultaneously expanding our global footprint. We are now more able to offer an expanded array of investment banking products and services, including additional corporate services in finance, loan syndication, equity investments and asset management.’

Magnus Bjarnason, CEO, Glacier Partners, added, ‘We have an extensive history serving the geothermal sector and offering our clients customized banking services. This expertise, coupled with Pritchard Capital’s research, sales and trading, and capital-markets experience, will allow both companies to offer a broader range of banking services to global energy clients. We will also be more effectively positioned to compete against other global banks with energy-focused clients.’

Glacier Partners Corp. was formed in 2008 by four senior bankers who acquired the North American operations of Glitnir banki.

Share and Enjoy: