Polaris Geothermal Expands to 31.4 MW

Toronto, Ontario [] Polaris Geothermal Inc.’s subsidiary, Polaris Energy Nicaragua (PENSA), has entered into a contract with Queiroz Galvao, a Brazilian construction company based in Rio de Janeiro, for the procurement and installation of all equipment and materials required to expand the generating capacity of PENSA’s San Jacinto geothermal power project from 10 to 31.4 megawatts (MW). The investment for this expansion, expected to be complete in 18 months, is estimated at U.S. $54 million, a significant part of which is expected to come from Banco Nacional de Desenvolvimento Economico e Social of Brazil in the form of an export credit.