Rurelec PLC Update re: Energia del Sur and General Update (6722M)
January 10 2019 - 2:00AM
UK Regulatory
TIDMRUR
RNS Number : 6722M
Rurelec PLC
10 January 2019
Rurelec PLC
("Rurelec" or the "Company")
Update regarding Energia del Sur, S.A. and General Update
Update regarding Energia del Sur, S.A.
Further to the announcement of 24 September 2018, the Directors
of Rurelec PLC (AIM: RUR), have been informed by the management of
Energia del Sur S.A. ("EdS"), which owns and operates the 136 MW
Southern Patagonian CCGT power plant in Argentina, that the major
overhaul of the steam turbine has now been completed, and the
combined cycle plant is now fully operational and available for
dispatch.
The final total cost of the overhaul maintenance amounted to US
$6 million which has been financed by a loan from CAMMESA.
Following the return to full power generation by the EdS plant,
the management of EdS have indicated that in late January 2019 they
expect to resume making lump sum repayments of the outstanding
amounts due to Rurelec Project Finance Limited ("RPFL"). They have
informed Rurelec that it is their intention to repay that loan in
full during 2019. At 31 December 2018 there was US $1.44 million of
outstanding capital to be repaid on this loan. After RPFL's debt
has been repaid it is expected that EdS will commence repayment of
other debts owed to Rurelec and Patagonia Energy Limited.
General Update on loan repayments
The remaining temporary loan facilities provided by Bridge
Properties (Arena Central) Limited amount to GBP1.2 million and
that after the previously announced GBP400k interest payment made
on 28 December 2018, there was no interest outstanding at 31
December 2018. The facilities are due on 30 June 2019. Rurelec
envisages resuming capital repayments to BPAC in the first few
months of 2019.
For further information please contact:
Rurelec PLC W H Ireland (Nomad & Broker)
Simon Morris, Director Katy Mitchell
Andy Coveney, Director Chris Viggor
Tel: 020 7025 8026/8 Tel: 020 7220 1666
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END
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