RENO, NV--(Marketwire - March 29, 2011) - Ram Power, Corp. (
The Power Purchase Agreement amends a power purchase agreement entered into in 2008. Among other things, the Power Purchase Agreement updates the milestones for completion of the Project, adjusts the expected capacity of the Project to approximately 26 MW (net), revises the purchase price per MW, and extends the term of the agreement from 20 to 25 years. NCPA's Commission approved the Power Purchase Agreement on March 24, 2011. Subject to approval by the five NCPA members which are receiving power from the Project, it is anticipated that the Power Purchase Agreement will be signed in April 2011.
"Our commitment to explore and develop innovated and effective 'green power' energy programs is reflected in this agreement," said Jim Pope, general Manager of NCPA. "By securing the geothermal power from the Western GeoPower Unit 1, our member communities in Northern and Central California will continue to benefit from what we consider to be the prime source of reliable, sustainable energy compared to the cleanest natural gas-fired sources. The inclusion of this unit to our resources now expands our geothermal production from four to five plants at The Geysers."
"We are extremely pleased with the results of the NCPA negotiations," stated Antony Mitchell, Executive Chairman of Ram Power. "NCPA has again recognized Ram Power's continued desire to develop the Geysers project thereby delivering clean, renewable geothermal energy to their customers into the future."
The Geysers Geothermal Field, located 75 miles north of San Francisco, California, is the largest producer of geothermal electricity in the world. Commercial geothermal power has been generated continuously at The Geysers Field since 1960, the present generation level being about 900 megawatts of clean, base load electricity. WGP owns or leases all of the geothermal rights necessary to develop the Project. The Project's steam field is situated in the southwestern region of The Geysers Field in Sonoma County. A commercial power plant of 62 megawatt (gross) capacity, known as PG&E Unit 15, operated at the steam field during 1979-1989.
NCPA, located in Roseville, California, is a joint powers agency providing clean, renewable energy to its 17 member communities and districts in Northern and Central California. Founded in 1968, NCPA owns and operates power plants that together comprise a 95% emission-free generation portfolio. NCPA owns and operates geothermal power plants, hydroelectric plants, simple combustion turbine plants and steam injected combustion turbine plants.
About Ram Power
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties. Ram Power has an interest in geothermal projects, primarily in the United States, Canada, and Latin America.
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward-looking information, other than as required by law, or comment on analyses, expectations or statements made by third parties in respect of Ram Power, or its financial or operating results or its securities.
Contact Information:
Steven Scott
Director of Investor Relations
Ram Power, Corp.
Phone: 775-398-3711
Email:
www.ram-power.com