Ram Power to proceed with work on Casita project in Nicaragua
Ram Power will proceed with work on its Casita geothermal project in Nicaragua, currently seeking a contract with the government of Nicaragua for a generation license and PPA.
After obtaining the grant for geothermal energy exploration in the Casita project in 2008, the company Ram Power is prepared to sign with the government of Nicaragua the contract for the operation of the project, estimated for midyear 2014.
“During the second quarter 2013, the Company began an environmental assessment to obtain
environmental and municipal permits required to begin exploitation drilling, and the Company initiated
work on impact studies to the Nicaraguan National and Regional Network required to obtain a generation
license and begin negotiating a PPA. The Company expects to complete these requirements before the
end of the second quarter 2014.
On May 2, 2013, the Company executed an agreement with PAF Securities, LLC (“PAF”), an affiliate of
Pan American Finance, LLC, in which PAF will serve as exclusive financial advisor to the Company in
connection with one or a series of transactions to raise approximately US$80 million in senior debt,
mezzanine, and equity financing to drill and develop the initial phase of the Casita project.”