Inter-American bank approves $40 million loan for Nicaraguan geothermal project

The Inter-American Development Bank approved a $40 million loan to finance expansion of the second phase of the San Jacinto-Tizate geothermal energy project being undertaken by US company Polaris Energy.

 

Once the first and second phase of the expansion, the plant will produce 72 megawatts, adding 7 percent more to the generating capacity of Nicaragua.

 

The project forms part of the Nicaraguan government’s aim to achieve 86 percent of the nation’s electricity generation by renewable sources in 2014.