LONDON (Alliance News) - Power generation company Rurelec PLC on Friday said it has completed the sale of its Peruvian subsidiary Empresa de Generación Eléctrica Canchayllo SAC to Energías Renovables de los Andes SAC for USD6.8 million, plus USD7.5 million in assumed debt.
EGECSAC owns a 5.26 megawatt run of the river hydro power plant in Junin province of Peru and was 93% owned by Cascade Hydro Ltd, a wholly owned subsidiary of Rurelec.
Rurelec will get net proceeds of USD6.4 million from the sale, which will be used to meet Cascade Hydro's debt obligations and for Rurelec itself.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Rurelec (RUR)