Signing of a Letter of Intent With SNC Lavalin for the Construction of the Geysers Project
RENO, NV--(Marketwire - March 27, 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 signing of a letter of intent ("LOI") with SNC-Lavalin Constructors Inc. ("SNC") for the construction of the 26 MW (net) geothermal power plant (the "Geysers Project") located at the Geysers steamfield in Northern California.
SNC was chosen after completion of a competitive bidding process. Under the terms of the LOI, SNC would engineer, design, and procure parts and equipment for the construction and commissioning of the Geysers Project. At the conclusion of the LOI period, scheduled for May 2012, the Company plans to execute a definitive contract with SNC for the engineering, procurement and construction of the Geysers Project.
"The competitive bidding process for the development of our Geysers Project, resulting in the LOI with SNC-Lavalin, is a major milestone in the history of the Company," said Shuman Moore, CEO of Ram Power. "With a strong power purchase agreement with Northern California Power Authority, and a well-respected contractor in SNC, the Geysers Project will fulfill the commitment to our shareholders to develop a geothermal project in North America."
