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22nd June 2009
The Directors of Rurelec are pleased to announce that the Company's Patagonian power plant, Energia del Sur ("EdS") in Comodoro Rivadavia, has completed its conversion to combined cycle.
The plant is in full commercial operation using the waste heat from both gas turbines to produce electricity from a steam turbine. This important step was achieved following approval from CAMMESA to permit the second gas turbine to be tied in. All three turbines have now been successfully synchronised. This permits EdS to finalise its new premium power purchase agreements under the Argentine government's Energia Plus programme.
Rurelec is also pleased to report that it is continuing in its negotiations for the debt refinancing of its EdS business through local funds in Latin America and the United States. A further announcement about new debt funding will be made in due course.
Rurelec is due to release its audited consolidated results for the year before the end of June.
For further information, please contact:
Peter Earl
Managing Director Tel. 020 7793 5610
Paul Shackleton / Stewart Dick
Daniel Stewart & Company plc Tel. 020 7776 6550