American geothermal power company, Ram Power, yesterday, announced strong operating results for Q3 2012. The strong performance seems to result from the successful development of its signature project, San Jacinte-Tizate in Nicaragua.
The project is situated in the northwest of Nicaragua, near the city of Leon an area known for its geothermal resources. San Jancito-Tizate is one of the highest quality geothermal reservoirs being developed in the world with the potential to produce over 200 MW of power.
In June 2011 San Jancinto-Tizate began to flow, producing 20MW. This was higher than the required minimum for Ram Power to access a Phase II debt facility of $160 million.
In October 2012, the Company received a 17% increase to the power sales tariff under its power purchase agreement for the San Jacinto project, effective October 1, 2012, with annual escalation of 3% through and including 2022 and 1.5% thereafter through 2028.
This is looking like a secure and solid future for a company which is developing an important renewable energy source. Ram Power Corp. is involved in projects in California, Nevada, Nicaragua and Canada.
An ambitious mission statement tells us:
The Company’s mission is to become a leading global renewable power project developer and supplier of clean and reliable geothermal power.