Language
25th November 2008
Rurelec is pleased to announce the appointment of Marcelo Blanco as an executive director of the Company, responsible for regional financing initiatives, with immediate effect. Mr Blanco is currently director of finance of the Company's Bolivian power generation subsidiary, Empresa Guaracachi SA ("Guaracachi") and has recently completed Guaracachi's funding programme for the financing of the combined cycle expansion project.
Mr Blanco graduated from Green Mountain College in the United States and subsequently gained an MBA from the University of Belgrano in Argentina. He has extensive financial advisory experience and has also held appointments in the Bolivian Embassy in Argentina and as a consultant to the World Bank and the United Nations Development Programme. Over the last ten years, Mr Blanco has focused on the energy sector, including a two year appointment as Vice Minister of Electricity and Alternative Energies at the Bolivian Ministry of Public Works, before being re-appointed as Finance Director at Guaracachi in 2004.
Mr Blanco does not currently have an interest in the share capital of the Company.
Commenting on the appointment Peter Earl, Managing Director of the Company, said:
"Marcelo's appointment to Rurelec's main board comes in recognition of his outstanding contribution to date. Clearly we are fortunate to count on the services of such an experienced and influential individual, whose industry expertise and extensive network of contacts in Latin America will prove invaluable to the Company going forward."
For further information, please contact:
Peter Earl
Managing Director Tel. 020 7793 5610
Paul Shackleton/ Stewart Dick
Daniel Stewart & Company Tel. 020 7776 6550
Leah Kramer
Parkgreen Communications Tel. 020 7933 8780
Additional information
In accordance with Schedule 2 (g) of the AIM Rules, the following information in relation to the appointment of Marcelo Blanco (age 45) as a director of Rurelec is disclosed:
Current directorships and partnerships: None
Directorships and partnerships held in the past five years: None
Save for the information disclosed above there is no other information falling to be disclosed under Schedule 2(g) of the AIM Rules.