Thursday, March 7, 2019

Nicaragua: New Well at 72 MW San Jacinto Geothermal Project Reaching a Stable State

Polaris Infrastructure Announces 2018 Year End Results (News Release)

(Courtesy Polaris Infrastructure)
Polaris Infrastructure Inc. of Toronto, Canada, has reported its audited financial and operating results for the year ended December 31, 2018.

Highlights include:
  • Record-level annual power generation and revenue: The San Jacinto project (in Nicaragua) achieved its highest ever annual levels of power generation and revenue in 2018. Total generation at San Jacinto was 543,312 MWh (net) (an average of 62.0 MW (net)) versus generation of 490,765 MWh (net) (an average of 56.0 MW (net)) in the prior year. This increase in production drove a revenue increase of 14.5% to $68.8 million from the San Jacinto project. 
  • Completion of new well, 12-5, at the San Jacinto-Tizate Power Plant: - Production well SJ 12-5 was completed in early January 2018 and successfully flow-tested later that month. SJ 12-5 was connected to the plant in March 2018. 12-5 is currently flowing at a rate of approximately 8-10 MW, which makes it one of the stronger wells in the field. As such, this was a very important milestone for the Company. It is important to note that geothermal wells take time to reach stabilization, however at approximately one year from connection, management is of the view that we are at, or very close to, reaching a stable state for the well.