Ram Power reports San Jacinto revenues of $46 million for 2013

Ram Power reports San Jacinto revenues of $46 million for 2013 San Jacinto-Tizate, geothermal power plant, Ram Power/ Polaris Geothermal Nicaragua (source: Ram Power)
Alexander Richter 2 Apr 2014

Ram Power Corp. reports revenues of $42 million from its San Jacinto-Tizate geothermal power plant in Nicaragua. This represents an increase of 65% over 2012 results, also having significantly increased EBITDA from the plant to $28 million.

Ram Power, Corp. announced its operating results for the fiscal year ended December 31, 2013 earlier this week.

For its San Jacinto-Tizate geothermal power plant, the company reports reports power generation of 423,998 (net) MWh resulting  in revenue of $46.2 million for the year ended December 31, 2013 (an increase of 65% over 2012) and EBITDA of $30.5 million in 2013 compared to revenue of $28.1 million and EBITDA of $9.7 million in 2012;

On the operation of the plant, Ram Power says that Well SJ 12-3 was placed in commercial operation following an extensive thermal recovery period in late February, 2014. Well head temperature and pressures continue to oscillate since being placed into production, but will stabilize over time and the well is currently producing between 7-10 MW.

Well SJ 9-3 continues to be in thermal recovery. The Company has made four attempts to tie in the well into the plant after nine weeks of thermal recovery. SJ 9-3, when achieving well head pressure necessary for the operating pressure of the plant, has demonstrated a production output between 7-10 MW. The well continues to show improved thermal recovery of temperature and pressure, but will continue to be shut in for periods of time over coming weeks to allow for complete stabilization.

Source: Company release via Wall Street Journal