The company reports record-level power generation approaching capacity at the San Jacinto-Tizate Power Plant generating 139 GWh (net) (an average of 63.7 MW (net)), resulting in revenue of $17.7 million for the three months ended June 30, 2018, versus revenue of $15.9 million on generation of 129 GWh (net) (an average of 59.2 MW (net)) in the prior year period. The 11% revenue increase was due to higher average production in the second quarter of 2018 as well as the impact of the 3% annual tariff increase.
The company’s wholly-owned operating subsidiary, Polaris Energy Nicaragua S.A., which owns and operates the San Jacinto project, successfully connected both recently drilled wells, SJ 12-4 and SJ 12-5. Commissioning of a new separator station on pad 12, HPS3, along with connection of accompanying piping and infrastructure, was concluded on April 30, 2018. The commissioning of HPS3 serves to substantially increase separation capacity for the pad 12 wells and has allowed for the connection of all recently drilled wells. Initial steam production from SJ 12-4 and SJ 12-5, combined with other production wells has brought the San Jacinto plant close to its 77 MW (gross) nameplate capacity. At this time the plant is operating in the 70-74 MW (gross) range and we will continue to implement operational adjustments with the objective of producing as close to capacity limit as possible.
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