Polaris Energy Nicaragua
Senior Secured Debt
Long-Term Project Financing
Polaris Energy Nicaragua, S.A. (“PENSA”), owns and operates the San Jacinto – Tizate geothermal power project in Nicaragua. PENSA is a subsidiary of Ram Power Corp (TSX: RPG), a renewable energy company engaged in geothermal power in the US, Canada, and Latin America.
Pan American Finance co-advised PENSA on US$160 million in long-term financing for the Phase II expansion of the project, consisting of US$140 million in senior secured term loans and US$20 million in subordinated debt. The consortium of development bank co-lenders was led by the IFC and included the IDB, Bio, CABEI, DEG, FMO, OeEB, and PROPARCO.