News

Western GeoPower and Polaris Geothermal swallowed by Ram Power

Alexander Richter 29 Aug 2009

Ram Power is completing the merger with Western GeoPower and Polaris Geothermal and will lead the newly merged entity after the reverse takeover of GTO Resources.

Reported by Project Finance, Ram Power is completing the merger with Western GeoPower and Polaris Geothermal. Both companies are listed in Toronto. Western GeoPower has two projects in development, a project at The Geysers in California and Meagers Creek in British Columbia, Canada.

Polaris Geothermal is extending the power plant at San Jacinto in Nicaragua. Ram Power was formed in 2007 by former executives of Ormat Technologies, lead by Hezy Ram.

According to Project Finance, Ram Power will lead the newly merged firm. It took control of the two companies after a revers takeover of GTO Resources, listed on the Toronto Stock Exchange. The company also recently raised US$165 million in a placement.

Source: Project Finance