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Renewables
01 July 2005
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[project financing]
[BOT]
San Jacinto seeks a bigger bite
Polaris Geothermal is currently putting together a financing for the expansion of its San Jacinto geothermal resource in Nicaragua. Polaris, a developer listed in Toronto on the TSX Venture Exchange, has raised small amounts of debt and equity for a 10MW initial phase, which became operational on 20 June. It is now working on a financing of up to $100 million to take the resource up to 66MW.
San Jacinto, near the city of Leon, has an estimated capacity of between 173MW and 240MW, and Polaris has two further prospects – 115MW Casita and 10MW Larreynaga. Standard Bank recently subscribed to C$2.415 million ($1.96 million) in equity to take its interest in the developer up to 11%.
According to sources at the bank, the first phase has used a combination of debt and equity, but the second phase will be...
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