News
Nov 17, 2009Ram Power sees $216 million debt financing from IFC
Nov 17 (Reuters) - Renewable energy company Ram Power Corp (RPG.TO) said the World Bank’s International Finance Corporation (IFC) has proposed to arrange $216 million in debt financing for the company’s 72 megawatt geothermal project in Nicaragua.
Under the non-binding terms of a mandate letter, IFC proposed to lend up to $40 million and arrange for the balance on a syndicated basis, Ram Power said in a statement.
IFC has also indicated that it may consider providing an additional $20 million in mezzanine debt or possible equity to the project, Ram Power said.
Mezzanine debt comes with a fixed interest rate and warrants tied to a company’s equity.
Ram Power expects to complete construction and commissioning of the full 72 MW San Jacinto Tizate facilities by 2011, it said.
To view this article click here.
