Polaris Energy Nicaragua, S.A.  (“PENSA”) owns and operates the San Jacinto – Tizate geothermal power project in Nicaragua.

Pan American Finance co-advised PENSA on US$160 million in long-term financing for the Phase II expansion of the project, consisting of US$140 million in senior secured term loans and US$20 million in subordinated debt. The consortium of development bank co-lenders was led by the IFC and included the IDB, Bio, CABEI, DEG, FMO, OeEB, and PROPARCO.