Nov 15, 2012 - US geothermal energy company Ram Power Corp (TSE:RPG) yesterday said its revenue continued rising year-on-year to USD 6.9 million in the third quarter from USD 1.3 million a year ago thanks to contributions from geothermal plant expansion.
The 36-MW phase 1 expansion at the company's San Jacinto-Tizate geothermal power plant in Nicaragua, which started operation in January 1, operated with net capacity factor of 97% and availability of 98% during the quarter. The second phase expansion of the plant is ongoing, with commercial operation slated for December.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at USD 3.1 million, compared to a loss of USD 3.8 million. Operating loss narrowed to USD 923,700 from USD 4 million. Yet, the company turned to a net loss of USD 3.2 million against a net profit of USD 7.4 million a year earlier.
Nine-month revenue grew to USD 20.3 million from USD 3.3 million, while net loss slightly fell to USD 5.66 million from loss of USD 5.72 million a year ago.
In October, Ram Power received a 17% increase to the tariff under its power purchase agreement for the San Jacinto project, with annual escalation of 3% through 2022 and 1.5% through 2028. The company expects the new tariff to lead to some USD 10 million rise in annual revenue when the San Jacinto-Tizate expansion reaches full capacity of 72 MW.