Ram Power completes equity financing for San Jacinto
Ram Power completes equity financing for 36 MW extension at San Jacinto-Tizate, Nicaragua.
In a release by the company, “Ram Power, Corp. , through its subsidiary, Polaris Energy Nicaragua S.A. (‘PENSA”), announces that it has satisfied the conditions precedent including the corporate equity investment to draw down the credit loan facility with the Central American Bank for Economic Integration (“CABEI”), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”), Export Development Canada (“EDC”), and Cordiant Capital (“Cordiant”). Eighteen million dollars of the available $77 million credit facility was disbursed today. The credit facility together with Ram Power’s equity which already has been fully invested funds the completion of the San Jacinto-Tizate Phase I geothermal power plant.
“We are pleased to reach this important milestone for the funding of the San Jacinto-Tizate 36 megawatt expansion,” said Christy Morris, Vice President for Ram Power, Corp. “We extend our appreciation to the consortium of lenders who share our commitment to clean, renewable energy in Nicaragua.”
Ram Power has joined with the International Finance Corporation (“IFC”) and the Inter-American Development Bank (“IDB”) in the financing for the Phase II expansion at San Jacinto-Tizate. The Phase II expansion for an additional 36 megawatts with the total project expansion to 72 megawatts, has begun and is being constructed in parallel to Phase I utilizing Ram Power’s corporate equity funds until the expected close of Phase II debt financing in the third quarter of 2010.”
Source: company release via Marketwatch