Roundup: Ram Power, new rates scheme, procurement

Ram Power (TSX: RPG) announced the resolution of certain non-compliance issues related to its US$50mn credit facility with a group of lenders following an amendment to the facility covering, among other things, the use of proceeds and additional permitted investments by Ram in its subsidiaries. The company may reallocate proceeds to pay for drilling and construction for the San Jacinto geothermal project in Nicaragua and for working capital in excess of the original caps, Ram said in a statement. "The lenders have also agreed to permit the company to make additional investments in its subsidiaries to fund drilling and construction expenses for the San Jacinto project and development expenses for other projects in the company's portfolio," the statement said. *** Ecuador's power planning authority Conelec is drafting a new rates scheme that envisions a gradual increase for residential users that consume over 500kWh/month. The measure would apply to 78,000 of 3.4mn customers, the power and renewable energy ministry reported. Commercial and industrial users would not be affected. *** And from the procurement front, the US Virgin Islands' Water and Power Authority modified the timetable for RFPs issued last month from IPPs for solar photovoltaic generation. The deadline to submit a notice of intent to bid is July 20, and September 27 to present proposals. The addendum is available at this link While Ecuador's power and renewable energy ministry issued a call for expressions of interest as part of sustainable energy action plan PAES. The seven-month contract entails developing a methodology to draft a final energy uses matrix and design an informatics platform to carry out simulations for the residential and industrial sectors. The procurement notice is available at this link