Polaris Energy “Surprised” At Nicaragua Move

Polaris Energy Nicaragua, a subsidiary of Canadian renewable energy producer Polaris Geothermal, has announced that the office of Nicaragua’s Attorney General has informed it that it has annulled the assignment of the San Jacinto-Tizate geothermal concession awarded in 1999. Polaris announced that although the government has not decided to annul its interests in the concession, it does intend to review its right of ownership, “which may include seeking the annulment of such rights”. Polaris said it was “extremely surprised” by the recent events as it believed the assignment of the concession had been investigated fully and cleared three years ago by the Office under the previous administration. Daniel Ortega’s Sandinista government recently announced it would review all geothermal concessions.