Sign In
9 Mar 2015 07:00
Rame Energy / Index: AIM / Epic: RAME / ISIN: JE00BBD8GG53 / Sector: Energy
9 March 2015
Rame Energy plc ("Rame" or the "Company")
Update on Construction of Chilean Wind Power Project
Rame is pleased to announce the achievement of mechanical completion at its 15MW Raki / Huajache wind project. All five wind turbines are now erected which marks a critical milestone for the project and commissioning has commenced. Raki / Huajache is the most advanced project in Rame's mature development pipeline and power out is expected in the next few weeks. This will formally mark the completion of the Company's transition to an independent power producer.
CEO Tim Adams said "I am delighted we have reached mechanical completion on this, our first wind project as an independent power producer. The construction of this 15MW project in just 10 months is clear evidence of our capacity to manage complex operations under, at times, challenging and adverse circumstances. The project builds on Rame's position as an early mover in the Chilean energy market, and the achievement of mechanical completion represents a genuine landmark for the Company and its partnership with Banco Santander. We anticipate power out in the next couple of weeks, and I look forward to making a further update then."
Photographs of the turbines at Raki / Huajache are available for viewing on the Company's website: www.rame-energy.com
*** ENDS ***
Enquiries
Rame Energy plc | Tel: +44 (0) 1752 565638 |
Tim Adams (Chief Executive) | |
Kevin McNair (Chief Financial Officer) | |
Northland Capital Partners Limited | Tel: +44 (0) 20 7382 1100 |
Nominated Adviser and Broker | |
Matthew Johnson / Gerry Beaney (Corporate Finance) | |
John Howes / Alice Lane (Corporate Broking) | |
St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell / Frank Buhagiar |
Notes
Rame Energy is an experienced Independent Power Producer, providing on-grid and off-grid power solutions to industry by generating renewable energy: primarily wind and solar.
Blue chip clients include Akzo Nobel, Anglo American, Barrick Gold and Codelco.
The Company has executed its first joint venture agreement with Santander Investment Chile Limitada to co-finance its first two wind projects totalling 15 MW, in which Rame has a 20% equity participation. The debt package for the two projects is being provided by Chilean bank, Banco BICE.
Rame is 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. To date, in Chile, Rame has been involved the evaluation and design of over 1GW of potential wind generation capacity, successfully permitted over 230MW and constructed over 50MW.
Follow the stocks
