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RAM POWER COMPLETES EQUITY FUNDING FOR
SAN JACINTO-TIZATE PHASE I EXPANSION
Ram Power, Corp. Press Release - March 25, 2010
RENO, NEVADA- (March 25, 2010) – Ram Power,
Corp. (TSX: RPG) ("Ram Power"), through its subsidiary,
Polaris Energy Nicaragua S.A. (‘PENSA”), is pleased
to announce that it has satisfied the conditions precedent including
the corporate equity investment to draw down the credit loan facility
with the Central American Bank for Economic Integration (“CABEI”),
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden
N.V. (“FMO”), Export Development Canada (“EDC”),
and Cordiant Capital (“Cordiant”). Eighteen million
dollars of the available $77 million credit facility was disbursed
today. The credit facility together with Ram Power’s equity
which already has been fully invested funds the completion of the
San Jacinto-Tizate Phase I geothermal power plant.
“We are pleased to reach this important milestone
for the funding of the San Jacinto-Tizate 36 megawatt expansion,”
said Christy Morris, Vice President for Ram Power, Corp. “We
extend our appreciation to the consortium of lenders who share our
commitment to clean, renewable energy in Nicaragua.”
Ram Power has joined with the International Finance
Corporation (“IFC”) and the Inter-American Development
Bank (“IDB”) in the financing for the Phase II expansion
at San Jacinto-Tizate. The Phase II expansion for an additional
36 megawatts with the total project expansion to 72 megawatts, has
begun and is being constructed in parallel to Phase I utilizing
Ram Power’s corporate equity funds until the expected close
of Phase II debt financing in the third quarter of 2010.
About Ram Power, Corp.
Ram Power is a renewable energy company based in
Reno, Nevada, engaged in the business of acquiring, exploring, developing,
and operating geothermal properties and has an interest in geothermal
projects primarily in the United States, Canada, and Latin America.
Steven Scott, Director of Investor Relations
Ram Power, Corp.
Phone: 775-398-3711
Email: sscott@ram-power.com
www.ram-power.com
Cautionary Statements
This press release contains “forward-looking
information” within the meaning of applicable securities laws
including information regarding the business of Ram. Readers are
cautioned to not 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, 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, or its financial or operating results
or its securities.
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