Granted exclusive right for 120MW Plant in Peru

RNS Number : 3294L

Rurelec PLC

09 August 2013

 



9^th August 2013                                                          

Rurelec PLC

("Rurelec" or "the Company")

Rurelec Granted Exclusive Right for 120 MW Peru Gas Fired Plant

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, today announces that it has been granted the exclusive right to develop a gas fired power plant in the Amazonian region of Northern Peru based on a potential gas field known as Block 183.  Development of the plant, which is initially planned to be 120 MW based on two aero-derivative gas turbines, will be conditional on suitable gas reserve figures being substantiated since the proposed plant is on an isolated gas field rather than linked to an existing gas pipeline.  However the location of Block 183, which is close to the important city of Tarapoto where there are currently power constraints, makes it an excellent site for new Peruvian thermal capacity to complement Rurelec's portfolio of hydroelectric plant being constructed by Rurelec's Cascade Hydro subsidiary.

Rurelec is proceeding with the initial design and engineering works for the Block 183 project following the signature of an agreement with Peru Oil and Gas Exploration Limited, which owns the rights to the field.

Commenting on the agreement, Peter Earl, CEO of Rurelec said:

"I am pleased that Rurelec has been selected for what will be our first greenfield thermal power project in Peru. This is yet another step towards building a diversified portfolio of power capacity to replace the power plants nationalised in Bolivia in 2010."

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For further information please contact:

Peter Earl, CEO, Rurelec PLC Ana Ribeiro, Head of Communications	Tel: [phone]
Paul Shackleton, Daniel Stewart & Company Plc	Tel: [phone]
Guy Smith, XCAP Securities	Tel: [phone]

 

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