Ram Power signs to sell 150MW from Nicaraguan geothermal concession

5 May 2010

US renewable energy company Ram Power has formed preliminary agreements with Disnorte-Dissur, a Gas Natural Fenosa energy company, through its wholly owned subsidiary Polaris Geothermal to negotiate a further purchase agreement for energy produced by its new geothermal power plant under development in Nicaragua.

Under the letter of intent, which is expected to be signed by the end of 2010, Disnorte-Dissur, an energy provider in Nicaragua, will purchase up to 157MW of power to be developed from Ram Power’s Casita San Cristobal geothermal concession.

Under the proposed agreement, energy deliveries to Disnorte-Dissur will be in several phases beginning in 2013.

Both final capacity and power rate figures are subject to approval by the Nicaraguan Ministry of Energy and the electricity regulator, said the company.

Exploration drilling of the Casita project, located in the northwest Nicaraguan region of Chinandega, is expected to begin later this year.

‘Ram Power is pleased to expand our development plan by furthering the conversion from oil based power in Nicaragua into a renewable based, cost effective operation,’ said Mario Arana, director of Ram Power.

‘Developing the world class geothermal resources of Casita San Cristobal will not only provide jobs, but will also help reduce the cost of power for the citizens of Nicaragua.’

Arana added that the project builds on Ram Power’s experience with the San Jacinto-Tizate project and demonstrates a strong market demand for renewable energy in the region.

With interest in geothermal projects in the US, Canada, and Latin America, Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal power properties.

Copyright © 2010 NewNet

Tags: geothermal

This story was published on Wednesday, May 5th, 2010 at 3:38 pm and is filed under Latin America, deals, geothermal. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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