Polaris Geothermal Inc. (Toronto Stock Exchange: GEO) has announced an agreement with Exorka International of Iceland for continued development of Polaris Geothermal’s project in Nicaragua.
Exorka International provides Kalina technology thermal power plants and will provide a turn key plant to Polaris’ central American project.
Polaris Geothermal Inc. is a renewable energy company currently focused on the development of geothermal energy projects in Latin America. They are developing their first project near Leon, Nicaragua, 90 km northwest of Managua. The project is currently producing 10 MW of electricity and the Exorka plant will boost that to 66 MW by 2009. The San Jacinto-Tizate geothermal concession has a projected capacity of up to 270 MW. The company has a 20 year contract to sell the initial 66 MW to Union Fenosa, a Spanish utility providing electrical power in Nicaragua.
Polaris Geothermal projects that over half of the electricity required in Nicaragua could be provided by geothermal power. Renewable energy is definitely a growth field and it is exciting to learn about the different projects under way world wide!
