News

Ram Power connects San Jacinto expansion to national grid

San Jacinto-Tizate, geothermal power plant, Ram Power/ Polaris Geothermal Nicaragua (source: Ram Power)
Alexander Richter 20 Dec 2012

Ram Power Corp. successfully synchronized its Phase II expansion at its San Jacinto-Tizate geothermal power plant to the national grid and received final $18 million draw down of credit facility.

Ram Power, Corp. (TSX: RPG) announced yesterday that the Phase II expansion at San Jacinto-Tizate has been successfully synchronized to the Nicaraguan national integrated electrical grid. The Company expects commercial operation of the Phase II expansion to begin at the end of the month. In addition, the Company received its final $18 million draw under the Phase II Credit Facility which will be used for payment of remaining Phase II construction costs, funding of project reserves and
payment of interest during construction.

“Synchronization of the Phase II expansion brings to a near close the largest single private investment in the country of Nicaragua,” stated Shuman Moore, President and CEO of Ram Power. “Upon commercial operation, the San Jacinto-Tizate project will deliver approximately 17% of the energy needs of Nicaragua, bringing much needed based load renewable power to the region and long-term value to our shareholders.”

Source: Company release, pdf