December 7, 2005
[RenewableEnergyAccess.com] Polaris Geothermal, currently developing a 66 MW project on its San Jacinto-Tizate (SJT) concession in Nicaragua, announces that Stage 1's construction of the first 10 MW of production was completed in July 2005. Based on results of a recent geophysical exploration completed at San Jacinto-Tizate by geoscientific consultants, Sinclair Knight Merz Ltd., of Auckland, New Zealand (SKM), SJT increased its resource size.
The San Jacinto-Tizate resource is now estimated at 90 percent probability to have the capacity for providing 203 MW and at 50 percent probability of providing 274 MW, which opens up possibilities for expanding the size of the planned 66 MW San Jacinto-Tizate power plant.
Spot prices for power in Nicaragua are currently in excess of USD $0.10 per kWh, which is attractive when compared to the USD $ 0.0595 per kWh currently agreed to for the first 66 MW. While there can be no assurance that the company will be able to sell additional power at these rates, management is evaluating all possibilities including entering into additional power purchase agreements with qualified buyers.
above from RenewableEnergyAccess.com
below from PolarisGeothermal.com
POLARIS GEOTHERMAL OVERVIEW
Polaris Geothermal Inc. is a renewable energy company currently focused on the development of geothermal energy projects in Latin America.
Polaris is currently developing the initial project on its San Jacinto-Tizate geothermal concession near Leon, Nicaragua, located 90 km due northwest of the capital, Managua. The Company has a controlling interest in the project, which will produce 66 Megawatts (MW) upon completion in 2007 with the first 10 MW of production on stream in early 2005. Polaris has assembled a world-class team including Sinclair Knight Merz Ltd. (SKM), one of the world's leading geothermal science and engineering companies, to develop the US$157 million project.
Polaris has entered into a 20 year 66 MW Power Purchase Agreement with the Spanish utility, Union Fenosa, for the sale of power at a price of US$0.0595 per kilowatt hour (kWh). The 20-year PPA provides a solid economic foundation for project and the Company projects an IRR of approximately 23 percent. Any power produced in excess of the 66 MW can be sold at market price. A recent report by SKM on the potential of the SJT resource currently defined has indicated a 90 percent probability that it will exceed 173 MW and a 50 percent probability that it will exceed 240 MW.
In addition, Polaris also holds the right to develop two additional concessions in Nicaragua. The Casita geothermal concession, located near San Jacinto - Tizate, which has been assigned a 90 percent probability of containing 115 MW of capacity, and the 10 MW Larreynaga hydro concession.
Polaris is focused on geothermal energy because it provides a clean, renewable, indigenous source for electrical power generation. The use of geothermal energy for electricity generation is a mature technology based on more than 50 years operating experience. Skills and human resources for geothermal development are readily available internationally and in Central America. In addition, with the ratification of the Kyoto Protocol, Polaris, through the generation of clean, geothermal power, will derive incremental income from the sale of its Certified Emission Reductions, or carbon credits.
Nicaragua provides the ideal geological conditions required for the development of geothermal power. Commercially viable geothermal resources are most frequently found in areas of strong tectonic activity, where the interaction of the earth's plates creates the friction required to produce geothermal heat. Economically, there is a pressing need for additional indigenous energy development in Nicaragua; a country which is experiencing a growing economy, infrastructure requirements and presently enjoys, political and economic stability with policies in place to provide comfort to foreign investors.
Polaris is a Yukon incorporated company whose shares are listed for trading in Canada on the TSX-Venture Exchange under the symbol "GEO".
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