Ram Power about to close financing for San Jacinto-Tizate
San Jacinto plant, Nicaragua (source: Polaris Geothermal)
Alexander Richter
19 Sep 2010
Ram Power plans to close financing for the second phase of its San Jacinto-Tizate geothermal expansion project in Nicaragua, so a recent statement by its CEO Hezy Ram.
As part of a conference presentation by its CEO Hezy Ram says that “Ram Power (TSX: RPG) this month plans to close financing for the second phase of its San Jacinto-Tizate geothermal expansion project in Nicaragua.
Phase one construction began in December and will take production to 46MW from 10MW by the first quarter of 2011. Phase two will take output to 72MW by December next year.
The financing will be in the region of US$160mn and will be led by IDB and IFC, Ram said at a conference.
He added there are plans for an additional 30MW by putting in a bottoming unit.
In Nicaragua, Ram also is developing the Casita San Cristobal geothermal concession, which is 25 miles (40km) from San Jacinto with capacity estimated at 140-150MW.
Work underway at this project includes construction of a road and the drilling pad, while an LOI has been signed with distributor Disnorte-Dissur for the purchase of 144MW, said the executive.
The 24-month development plan kicked off last quarter and includes the drilling of two deep exploration wells, the company said previously. The concession is in the northwest department of Chinandega and energy deliveries to Disnorte-Dissur could begin in 2013.”
Source: Insider Fortunes
