Ram Power Corp. with IPO road show and news on signed PPAs
Alexander Richter
25 Jul 2009
Ram Power Corp. plans to raise US$ 100 million through in IPO to help finance a number of projects in the U.S. and internationally.
According to Power Finance & Risk, “Ram Power Corp. plans to raise US$ 100 million through in IPO to help finance a number of projects in the U.S. and internationally”. The IPO seems to be part of a reverse take over through GTO Resources, reported on earlier, which is listed on the Toronto Stock Exchange. GTO Resources recently announced the intent to acquire Ram Power, a company founded and run by Hezy Ram, a former exectuvie of Ormat Technologies.
“Canadian company Polaris Geothermal and American developers Ram Power and Western GeoPower merged this month to create the company. Executives have met with several investors in New York this week, including New York Life Investment Management, as part of the road show for the IP.
Ram Power is targeting a 65% project finance debt for each facility in its more than 500 MW pipeline. The financing and operational timeline of the Orita projects could not be immediately learned.
Ram Power has secured 20-year PPA’s for three 50 MW facilities in Imperial Valley, Calif. “The is where you have the greatest reserve,” says Hezy Ram, CEO of the Reno, Nev.-based company in New York this week for its initial public offering road show. The Imperial Valley is estimated to have a 22 GW resource.“
Source: Power Finance & Risk
