Ram Power, Corp. Announces Updates for the San Jacinto-Tizate Project
RENO, NV -- (Marketwire) -- 02/07/13 -- Ram Power, Corp. (TSX: RPG)
("Ram Power" or the "Company"), a renewable energy company focused on
the development, production and sale of electricity from geothermal
energy, is pleased to announce the following update for the San
Jacinto Phase II expansion project in Nicaragua.
As required by the Phase II loan agreements, the Company conducted a
30-day performance test on the Phase II unit to verify that the plant
meets its minimum generation capacity. The Phase II expansion
produced a total of 25,676 MWh versus the required 23,688 MWh in
order to achieve certification. During the performance test, the
plant maintained 99.94% availability, operating at the required 36 MW
net output from the Phase II Fuji turbine and exceeding the
requirements of the performance test.
Currently, the Phase I and Phase II expansions are running at 65 MW
gross (61 MW net), which is in-line with expectations following the
commercial operation of the Phase II expansion. The plant will incur
an 8-day outage starting February 10, 2013, to install an updated
distributed control system for the plant and modify the injection
piping to allow for more flexible operation of brine injection.
The Company, along with its resource consultant Sinclair Knight Merz
("SKM"), is currently finalizing drilling plans to increase the
available steam to enhance future production. The Company estimates
that it will commence drilling in May of 2013 and complete the
drilling program by the end of the third quarter 2013. The drilling
plans call for the refurbishment and forking of two existing
production wells with a targeted increase in the steam availability
of approximately 70-110 tonnes/hour, or approximately 9 to 14 MW of
additional net capacity. The estimated drilling cost of $6.3 million
will be funded from the Project's major maintenance reserves
established under the Phase I and II Credit Facilities
"We are pleased with the efficiency and performance of the Phase II
turbine during the scheduled 30-day run test," stated Tono Rodriguez,
VP, Operations and COO, Latin America. "As both the Phase I and II
expansions are now in commercial operation, the San Jacinto Project
becomes the largest single producing geothermal project in Nicaragua.
We are diligently moving forward with our drilling program and are
cautiously optimistic that we can increase additional steam resources
to increase the plant output over the coming months."
This press release contains "forward-looking information" within the
meaning of applicable securities laws including information regarding
the business of Ram Power. Readers are cautioned not to place undue
reliance on forward-looking information. Actual results and
developments may differ materially from those contemplated by this
information. The statements in this press release are made as of the
date of this release. Ram Power undertakes no obligation to update
forward-looking information, other than as required by law, or
comment on analyses, expectations or statements made by third parties
in respect of Ram Power, or its financial or operating results or its
Director of Investor Relations
Ram Power, Corp.
Press spacebar to pause and continue. Press esc to stop.