Argentina of Energia del Sur

RNS Number : 6787R

Rurelec PLC

26 August 2010

 



FOR IMMEDIATE RELEASE                                                

26 August 2010

Rurelec PLC

("Rurelec" or the "Company")

Signature in Argentina of Energia del Sur ("EdS") Resolution 220 Contract

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:

Peter Earl Managing Director	[phone]
Paul Shackleton/ Tessa Smith (NOMAD) Daniel Stewart & Company	[phone]
Daniel Briggs Religare Capital Markets	[phone]
Richard Swindells/Andrew Craig, Ambrian Partners	[phone]
Tim Blythe / Matthew Neal Blythe Weigh Communications	[phone]

 

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