Ram Power/ Polaris wins two geothermal concessions in Chile
Ram Power, Corp. through its subsidiary, Polaris Energy Chile Limitada ("PECL") has been awarded two geothermal concessions in Chile, "Aucan I" and "Laguna Verde".
In a release by the company, “Ram Power, Corp. (TSX: RPG), through its subsidiary, Polaris Energy Chile Limitada (“PECL”), announces that it has won two geothermal concessions in Chile. The two concessions are known as “Aucan I” and “Laguna Verde”.
PECL was granted the Chile concessions following a competitive bidding process involving geothermal energy leaders throughout the world. Chile is recognized for having abundant geothermal resources and the Chilean government strongly encourages bringing more geothermal green power into the generation mix. Chile is fast becoming the new frontier for geothermal exploitation and exploration due to world-wide interest. The Aucan I and Laguna Verde hydrothermal systems both exhibit associated high-temperature fumaroles which are features common to large and quality reservoirs.
The Aucan I concession is located in Northern Chile, in the First Region of Tarapaca and the Second Region de Antofagasta. The Laguna Verde concession is located in Northern Chile, in the Third Region of Atacama. The total area of the concessions is 247,000 acres. The concessions are close to mining centers with access to roads and transmission line infrastructure. There is the potential for bilateral contracts with the mines which need stable, cost-efficient base load power to replace their expensive power supplies.
Dr. Mario Arana, Board Member for Ram Power, Corp. said, “We are pleased with the award of these two concessions. It is clear from our success at our San Jacinto-Tizate Project in Nicaragua that the Chilean government has complete confidence in Ram Power’s ability to develop these concessions. We look forward to our continued success in Latin America and beyond.”
Source: Company release via PR Newswire