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8 Aug 2014 07:00
To view a photograph of the mast installation, please follow this link:
http://www.rns-pdf.londonstockexchange.com/rns/5786O_-2014-8-7.pdf
Rame Energy / Index: AIM / Epic: RAME / ISIN: JE00BBD8GG53 / Sector: Energy
8 August 2014
Rame Energy plc ("Rame" or the "Company")
Engineering Services Division Wins Further Contract with Barrick Gold
Rame Energy plc, the international energy consultant, engineer and power generator, is pleased to announce that its wholly owned Engineering Services subsidiary, Seawind Holdings SpA ("Seawind"), has received a purchase order from Compania Barrick Chile Generación Limitada ("Barrick"), part of Barrick Gold Corporation, for the immediate design, supply and installation of new wind monitoring equipment at Barrick's operations at the 20 MW Punta Colorada wind farm ("Punta Colorada"), Chile.
The works will include the installation of an 80m tall lattice mast, instrumentation, a solar panel and a data logger with mobile connectivity, which will together provide verification data for the wind climate around six of the ten turbines that comprise the existing wind farm developed by Rame at the site. This contract follows Rame's recent refurbishment of one of Barrick's existing 50m tall monitoring masts and the provision of engineering services at Punta Colorada.
In tandem with the Company's strategy to achieve growth through the development of its Large Scale Power Division, which is overseeing the development of 15MW of wind power in Chile, Rame is also focussed on building revenues across its established international energy consultancy business, which supplies power generation solutions to the industrial, mining and utility sectors.
Tim Adams, CEO, commented, "This long standing relationship with Barrick continues to bear fruit for the Company and is testament to the quality of our Engineering Services Division, which leverages our expertise both on a regional and technical basis to provide power g solutions to heavy industry and mining in particular. We continue to see opportunities, as demonstrated in our recent announcement on Cerro Bayo, where the intelligent use of renewable energy can help address the power pricing and availability issues faced by many industrial consumers in the region. Our recent acquisition of Beco Solar in the UK clearly bolsters our renewable capabilities in this fuel displacement energy market and we look forward to further announcements in this area as we continue our focus on achieving growth throughout 2014 and beyond."
**ENDS**
Enquiries
Rame Energy plc | Tel: +44 (0) 1752 565638 |
Tim Adams (Chief Executive) |
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Jan Gawel (Finance Director) |
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Northland Capital Partners Limited | Tel: +44 (0) 20 7382 1100 |
Nominated Adviser and Broker | |
Matthew Johnson / Louis Castro / Lauren Kettle (Corporate Finance) | |
John Howes / Mark Simpson (Corporate Broking) | |
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St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell / Frank Buhagiar |
Notes
Rame is an established revenue generative global supplier of cost effective, technically optimised and reliable power generation solutions including wind, solar and diesel to blue chip clients such as Akzo Nobel, Anglo American, Barrick Gold and Codelco. The Company's Large Scale Power Division has executed its first joint venture agreement with Santander Investment Chile Limitada to co-finance its first two wind projects totalling 15MW, in which Rame has a 20% equity participation. The debt package for the two projects is being provided by Chilean bank, Banco BICE.
Rame aims to become a niche Independent Power Producer ("IPP") targeting an operational portfolio of 300MW in Latin America within three years. The Company plans to build on its proven track record of delivering power in South America where it has been involved in the development of approximately 23% of Chile's installed wind power capacity (as at 31 December 2013).
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