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July 26, 2016

Polaris Energy Nicaragua

Polaris Energy Nicaragua

Subordinated Debt

Long-Term Project Financing

US$ 20,000,000

November 2010

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

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