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Loan to Polaris Energy Nicaragua: A geothermal power plant to diversify the country’s energy mix
Project
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Signature date
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Location
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Nicaragua
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Financing tool
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Financing amount (Euro)
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13268744.73
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Financing details
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USD 18.9m loan
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Customer
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Polaris Energy Nicaragua, SA
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Type of customer
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Company
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Project number
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PNI1000
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Polaris Energy Nicaragua manages San Jacinto geothermal power plant. Its extension will allow it to supply 20% of domestic power generation, which will reduce the country’s dependence on fossil fuels.
Client presentation
Ram Power is based in the USA and is a company specialized in geothermal energy projects in the USA, Canada and Latin America. The company develops its projects from the exploration phase to the construction and operation phases.
Project description
Proparco’s loan will contribute to financing the project to extend the San Jacinto geothermal power plant in Nicaragua. This project will increase the plant’s generation capacity from 36 MW to 72 MW and thereby supply 20% of domestic power generation.
Project impact
This project will contribute to increasing the country’s power generation capacity and to reducing its dependence on fossil fuels. It will have a positive impact on the climate by reducing greenhouse gas emissions by 280,000 teq CO2. It will more generally contribute to creating employment and to local economic development.