Polaris Geothermal Makes Headway

Polaris Geothermal recently activated the power purchase agreement (PPA) for San Jacinto-Tizate Geothermal Project between its wholly owned subsidiary, Polaris Energy Nicaragua S.A. (Polaris Energy) and Union Fenosa (UF). An addendum to the PPA was endorsed by the Nicaraguan electricity regulator, Instituto Nicaraguense de Energia.

Pursuant to the terms of the PPA, Polaris Energy is obligated to sell its first 66 MW of power to UF at a price per kilowatt-hour of US$0.0595 for 20 years, extendable for 10 years. This power project directly benefits energy consumers in Nicaragua who experienced rolling blackouts this year when demand exceeded supply. Polaris Geothermal also announced that carbon credits for the San Jacinto-Tizate Geothermal Project have been approved, which at 66 MW will amount to approximately 320,000 tons/year. Current information indicates that these credits may have a value of between Euros 7.00 to 8.00 (USD$8.50 to $9.80) per ton.
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