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26 August 2010
Rurelec PLC (AIM:RUR), the power plant developer and owner-operator of power generation assets in Latin America, announces that its Argentina based business, Energia del Sur has received the signed contract with CAMMESA under the Resolution 220 power purchase contract programme. This contract permits EdS to receive a premium tariff for the power supplied from its new combined cycle generation capacity at the 136 MW gas fired power plant in Comodoro Rivadavia in the Chubut Province in Patagonia. The Resolution 220 contract in turn will act as the basis for refinancing EdS.
Speaking today in London, Rurelec CEO Peter Earl said, "We have waited a long time for this contract. It brings to a close the process for taking EdS into the premium power generation market in Argentina and this is believed to be only the second Resolution 220 contract granted by the Government of Argentina. Many people have worked hard to achieve this result and it serves as a model of persistence in the face of challenging times."
For further information contact:
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Peter Earl |
+44 (0)20 7793 5610 |
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Paul Shackleton/ Tessa Smith (NOMAD) Daniel Stewart & Company |
+44 (0)20 7776 6578 |
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Daniel Briggs Religare Capital Markets |
+44 (0)20 7444 0500 |
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Richard Swindells/Andrew Craig, Ambrian Partners |
+44 (0)20 7634 4700 |
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Tim Blythe / Matthew Neal Blythe Weigh Communications |
+44 (0) 20 7138 3224 |