Rurelec PLC Sale of Hydro (3143T)
July 17 2015 - 2:00AM
UK Regulatory
TIDMRUR
RNS Number : 3143T
Rurelec PLC
17 July 2015
17 July 2015
RURELEC PLC
("Rurelec" or "the Company")
Sale of Hydro in Peru
The Company today announces that it has completed the sale of
Empresa de Generación Eléctrica Canchayllo S.A.C ("EGECSAC"), a
subsidiary of the Company in Peru to Energías Renovables de los
Andes S.A.C. for a purchase price of US$6.8 million. The purchaser
has also assumed the responsibility for repayment of the
indebtedness in excess of US$7.5 million to the Inter-American
Investment Corporation, the lender to the project.
EGECSAC owns a 5.26 MW run of the river hydro power plant in
Junin province of Peru and was 93 per cent owned by Cascade Hydro
Limited, a wholly owned subsidiary of Rurelec.
A further sum of up to approximately US$1 million subject to
adjustment will be repaid by the purchaser to Cascade Hydro Limited
by way of reimbursement of amounts advanced towards the completion
of the project in due course.
The net proceeds of the sale are US$6.4 million which will be
applied to meet obligations of Cascade Hydro Limited and of the
Company.
For further information please contact:
Rurelec PLC W H Ireland CNC Communications
Colin Emson, Chairman Paul Shackleton and Ana Ribeiro
and Non-Executive James Bavister Director
Director
Tel: 020 7793 5600 Tel: 020 7220 1666 Tel: 020 3219 8818
This information is provided by RNS
The company news service from the London Stock Exchange
END
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