PECL bagged the Chile concessions following a bidding process. The Aucan I and Laguna Verde hydrothermal systems both exhibit associated high-temperature fumaroles.
The Aucan I concession is located in Northern Chile, in the First Region of Tarapaca and the Second Region de Antofagasta. The Laguna Verde concession is located in Northern Chile, in the Third Region of Atacama.
The total area of the concessions is 247,000 acres. The concessions are close to mining centers with access to transmission line infrastructure. There is the potential for bilateral contracts with the mines, which need stable base load power to replace their expensive power supplies, Ram Power said.
Mario Arana, board member of Ram Power, said: "We are pleased with the award of these two concessions. It is clear from our success at our San Jacinto-Tizate project in Nicaragua that the Chilean government has complete confidence in Ram Power's ability to develop these concessions. We look forward to our continued success in Latin America and beyond."
Based in Reno, Nevada, Ram Power is a renewable energy company engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has an interest in geothermal projects primarily in the US, Canada, and Latin America.