Nicaragua: Two New Wells at San Jacinto-Tizate Geothermal Power Plant Help Increase Generation

Polaris Infrastructure Announces 2016 Third Quarter Results (News Release)

Polaris Infrastructure Inc. of Toronto, Canada has reported its financial and operating results for the quarter ended September 30, 2016.

The San Jacinto-Tizate Power Plant in Nicaragua generated 120,358 MWh (net) (an average of 54.6 MW (net)), resulting in revenue of $14.3 million for the quarter ended September 30, 2016, compared to revenue of $12.9 million on generation of 112,210 MWh (net) (an average of 50.8 MW (net)), for the same period in 2015.

The increase in power generation was the result of connecting two new wells to the San Jacinto plant, SJ 9-4 and SJ 6-3, which occurred part-way through the quarter. This increase was partially offset by downtime associated with unit 3 turbine maintenance, which took place in July 2016.

Drilling of SJ 9-4 was completed on July 21, 2016, and the well was connected to the plant on August 24, 2016. Current power generation from the well is estimated at 10 MW. We continue closely monitoring the well in order to maximize near-term production while also best integrating into our broader steamfield management strategy.

The first new production well, SJ 6-3, was completed in late December 2015, and has been undergoing thermal recovery since then. The well was successfully connected to the plant on August 1, 2016, and on average has been contributing approximately 2-3 MW. We anticipate further modest improvements in temperature and pressure, which could result in average contribution approaching 3 MW.

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