Nicaragua: Geothermal Plant to Cost More than Expected

San Jacinto-Tizate, the geothermal power project by Ram Power Corporation, will cost an additional $15 to $20 million.

Monday, February 7, 2011

In a press release, the company explained they are facing complications and unforeseen cost increases, which will delay the date to begin operations for the first phase of the project, initially estimated for April 2011, until July or August of that year.

Steven Scott, a company spokesman, said the contractor was changed to TIC International, given major delays were occurring in supply of materials and human resources.

The second phase of the project, which will increase plant capacity to 72MW, was also postponed and is now expected to begin operating in March 2012 instead of December 2011.

More on this topic

Geothermal Project Receives $160 Million Financing

September 2011

The San Jacinto Tizate geothermal project in Nicaragua, has received an initial installment of $104 million in financing, from a total loan of $160 million, which will be used to complete work on the second phase.

Antonio Rodriguez, CEO of San Jacinto Tizate, told El Nuevo Diario that part of the work is completing the installation of a second turbine.

Nicaraguan Geothermal Project After IDB Funding

April 2010

Ram Power, developer of Geothermal Power Plant San Jacinto Tizate, asked the IDB for $40 million in funding.

The Inter-American Development Bank would loan $40 million for constructing the second phase of the plant, that would take the project’s total generation capacity to 72 MW.

$77 Million for Geothermal Plant San Jacinto-Tizate

January 2010

Goethermal power plant San Jacinto-Tizate, located in Nicaragua, closed a $77 million credit facility.

The consortium of lenders includes Central American Bank for Economic Integration (CABEI), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Export Development Canada and Cordiant Capital.

Expansion of Geothermal Energy Project Begins in Nicaragua

December 2009

Geothermal energy plant "San Jacinto Tizate" is expected to generate 46 MW in early 2011.

$57 million have been invested so far, and $92 million must be invested in the next stage, according to official sources.

"President Daniel Ortega was present in Telica, Leon, for the inauguration of these works, which comprise drilling new wells and erecting the plant", reported Epa.

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