My understanding is that Polaris Energy is 100% owned by Ram Power.
Here is the bank news release:
http://www.iadb.org/news-releases/2010-08/english/nicaragua-to-expand-geothermal-energy-with-idb-help-7600.html
Here is the best description I have read on this project:
http://www.iadb.org/projects/project.cfm?id=NI-L1057&lang=en
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See page 6 for the phase II milestones.
Good reading!