Nicaragua is expanding its geothermal energy power capacity by investing in its San Jacinto-Tizate power project with $177million in debt finance from numerous lenders. The project is being developed by Polaris Energy of Nicaragua and once completed will increase the country’s overall power generation by 7% through renewable sources, thus providing a stable and low-cost supply of electricity.
The Nicaraguan facility is considered one of the highest quality geothermal resources under development worldwide. The San Jacinto-Tizate power plant is the second geothermal power plant in existence in the country. The project supports Nicaragua’s efforts to change its energy matrix, bringing the total contribution from the country’s abundant geothermal resources to 15% of its total capacity, as well as to reach its target of 86% of electricity generated from renewable sources by 2014.