Last checked at 1 Oct 2012 07:00
1st October 2012
AIM: RUR
Rurelec PLC
("Rurelec" or "the Company")
Re: Bangladesh Power Project
On 25th August 2011 Rurelec commented on a press article published by Bloomberg concerning a possible power project in Bangladesh. The article linked Rurelec to a 108 MW heavy fuel oil power plant to be developed in Chittagong.
After a year of negotiations, the Company is now pleased to announce that it has concluded an agreement for Rurelec to act as project sponsor in Bangladesh, based on Rurelec's expertise and experience in power plant development, following an open tender held by the Bangladesh Power Development Board ("BPDB"). Rurelec was previously pre-qualified by BPDB as a technical services provider and sponsor for the construction of a 400 MW combined cycle plant in Bangladesh based on the Company's two successful combined cycle projects in Latin America.
The Rurelec led group was selected as a preferred developer of 108 MW of new engine based capacity in Chittagong using 7 MW Rolls-Royce Bergens, one of the highest efficiency engines in use today for power generation.
Rurelec's primary focus of attention remains Latin America but it is the policy of the Rurelec Board to earn development and operations fees from power plants owned by third parties in order to derive revenues from the considerable knowledge base and operational capability built up over the last eight years.
Speaking today, Peter Earl, CEO of Rurelec, said:
"Rurelec's track record in thermal power plants has secured an excellent role in Bangladesh working with good partners to meet the energy needs of this fast growing tiger economy. It is valuable for us to share the lessons of Latin America's successful power industry in a project financed by Asian multilateral banks and development agencies. We hope that this will be a number of new initiatives as Rurelec expands its revenue base."
For further information please contact:
Rurelec PLC | Daniel Stewart | Xcap Securities |
Peter Earl, CEO Ana Ribeiro, Head of Communications / Investor Relations | Paul Shackleton | John Grant/Jon Belliss
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+44 (0)20 7793 5610 | +44(0) 20 7776 6550 | +44 (0)20 7101 7070 |
Notes to Editors
Rurelec PLC is a company incorporated in England and Wales established to develop, own and operate power generation capacity in the Southern Cone of Latin America. Rurelec is managed by a team with a strong track record in developing power projects worldwide and with considerable experience in the electricity sector in the region.
Rurelec's main business consists of the ownership and development of power generation facilities on the national grid and in isolated areas, selling electricity on commercial terms.
Since listing on AIM in 2004, Rurelec has acquired interests in power generation operations in Bolivia (nationalised in 2010) and Argentina. Rurelec has also acquired development opportunities in Chile and Peru.