RPG: Large Pipeline of Projects Ahead

Adrian Day's Global Analyst (11/28/2010)
"Ram Power is the other mid-tier early stage company in the geothermal space. It has multiple projects near production with an extensive pipeline of earlier-stage projects. Geysers in California is now under construction, while Orita (California) and San Jacinto (Nicaragua). Although these developments are moving a little slower than expected, there are no particular stumbling blocks. It has now arranged financing for the San Jacinto project. Behind these is a pipeline of other projects at various stages of exploration and development, including those acquired in the recent takeover of Sierra. By the end of 2013, Ram is in the position to have production from multiple projects and, including the receipt of government grants, as much as $100M in cash. However, the income is all back-ended and it has other projects that will require funding, as well as rather high ongoing G&A; so it may require additional equity before then. The assets are there; execution, timing and costs are the keys."

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