The company said it has met all conditions precedent to borrow under this credit facility and submitted an initial draw request for $104m with about $35m of such amount being distributed to it as a reimbursement of a portion of its equity investment.
The remainder is being used for future project costs for the next four months and required contingency reserves.
Ram Power has now met the required injection capacity for both Phase I and Phase II of the geothermal project.
The company said that combining the recently completed injection well SJ 11-1 with the conversion of well SJ 12-1 to an injection well, allows it to satisfy the injection requirement of the San Jacinto project.
Phase I construction is now 85% complete and mechanical completion of this phase is expected to occur in October 2011.
Ram Power has also amended the $77m credit facility for the 36MW Phase I San Jacinto-Tizate project expansion.
