Polaris Renewable Energy Inc. (RAMPF)

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Ram Power, Corp. Announces Updates for the San Jacinto-Tizate Project

RENO, NV--(Marketwire - February 6, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce the following updates for the San Jacinto- Tizate project in Nicaragua (the "Project").
Performance Test on Phase I Turbine
Under the steam turbine supply contract with Fuji Electric Corp. of America ("Fuji") for the Project's Phase I, 36 MW steam turbine generator, Fuji was required to conduct a performance test shortly after commercial operation of the geothermal power plant to determine if the steam turbine generator meets all its guaranteed performance requirements under the contract. The test was conducted in accordance with the standard test code for steam turbines as established by the American Society of Mechanical Engineers (ASME) in order to verify that the turbine meets all its guaranteed performance requirements. The performance test was conducted on January 17, 2012 and the results confirmed that the Phase I steam turbine generator meets all guaranteed performance requirements under the contract.
San Jacinto Phase II Construction Update
The Company is continuing construction of the Phase II, 36 MW expansion at San Jacinto. Phase II construction is approximately 60% completed with final completion expected in December 2012. Power plant critical component engineering is 100% complete and balance of plant engineering is 92% complete as of the end of December 2011.
San Jacinto Phase II Credit Facility Disbursement
The Company received the second disbursement of $14 million under its $160 million Phase II credit facility on January 30, 2012 which will be used for Phase II construction costs. To date, the Company has drawn $118 million under this credit facility.
"With the successful commercial operation of our Phase I San Jacinto project, the successful performance test of the Fuji 36 MW steam turbine generator, and with the Phase II construction on schedule for completion by the end of this year, we are very pleased with the continued strong progress at our San Jacinto project," stated Shuman Moore, CEO of Ram Power.