Sounds like they are keen but don't have specific projects - and...

Sounds like they are keen but don't have specific projects - and not much expertise amongst the locals. Could Glitnir be a source of funding for PAX?

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSDEL22844520080206

UPDATE 1-Iceland's Glitnir takes stake in India geothermal JV
Wed Feb 6, 2008 5:12am EST

NEW DELHI, Feb 6 (Reuters) - Iceland's Glitnir Bank (GLB.IC: Quote, Profile, Research) will take a 40 percent stake in a geothermal energy joint venture with India's LNJ Bhilwara group, officials from both firms said on Wednesday.

Iceland's third-largest bank by market capitalisation, which has also applied to set up a liaison office in India, sees geothermal energy as one of its focus areas for investment.

"India is a vast country and we believe there are a number of unexplored resources in geothermal," Chief Executive Larus Welding told reporters at a news conference.

The diversified LNJ Bhilwara group has over 2,800 megawatts of energy projects in various stages of development, but this is its first in the geothermal segment. Glitnir has been involved in a similar project in China, a statement said.

"Glitnir will provide us with the geothermal expertise," LNJ Bhilwara Chairman Ravi Jhunjhunwala said, adding the bank's experts would arrive in India in March to study locations for plants. Jhunjhunwala said the venture would be for setting up two to three plants, each of 40-50 MW capacity.

"We are talking of $150-200 million for each site. Seventy percent of that will be debt and 30 percent will be equity. Forty percent of that (equity portion) will be brought in by the bank," he said.

The plants could be built in the northern state of Jammu and Kashmir, the central state of Chhattisgarh or the Andaman and Nicobar islands off the east coast, he added.

Jhunjhunwala said government policy on geothermal energy was not yet clear.

Glitnir may also bring strategic investors into the project as it progresses, Magnus Bjarnason, Glitnir's executive vice president for international banking, said.

"We won't rule it out (that) we will bring in parties later into the venture," he said.

INDIA BANKING PLANS

Glitnir will also seek approval from India's central bank to open a liaison office in India, which will explore opportunities in the bank's focus areas of renewable energy, seafood and offshore servicing vehicles.

"We have offices in China and in Russia. The next logical location is India," Executive Director Bala Kamallakharan, who will head the India operations, said.

The India office, which is expected to come up this year, will provide advisory services to local firms looking for overseas alliances, he said. Actual deals would be handled by the bank's London and New York offices.

"It is to create a link with the network we have and companies in India and to learn the market. Our ultimate objective is to have a bank in India," he said. (Reporting by C. Jacob Kuncheria, Editing by Mark Williams)