Highlights include an update for the San Jacinto-Tizate Project in the northwest of Nicaragua.
The San Jacinto-Tizate Power Plant generated 104,356 (net) MWh resulting in revenue of $11.7 million for the quarter ended June 30, 2014 (a decrease of 11% over the same period in 2013) and EBITDA (as defined below) of $8 million in second quarter 2014 compared to revenue of $13.2 million and EBITDA of $9 million in second quarter 2013. The decline was caused by wells offline for the drilling remediation program during the first part of the year and the turbine overhaul in June;
In May 2014, the company completed the 30-day stabilization period and the 7-day performance test of the resource field for the San Jacinto project. In accordance with the amendment to the project's credit facilities, the company concluded a 30-day stabilization period on May 18th, followed immediately by a 7 day performance test which concluded on May 25th. During the 7-day performance test, the project produced an average of 57.8 MW (gross) / 52.7 MW (net).
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