Untitled Document

Rurelec announces investment in 255-MW Santa Rita hydro plant

LONDON 4/23/12 (PennWell) -- Rurelec PLC has increased its Latin American presence by investing in Peru's 255-MW Santa Rita hydropower project.

The company announced its expansion into the Peruvian market in December 2011, when it acquired a 50% interest in Cascade Hydro Limited -- a newly-formed hydroelectric company that focuses on run-of-river projects.

That acquisition gave Rurelec a stake in the 4-MW Canchayllo hydro plant, and, via Cascade, Rurelec will obtain a portion of Santa Rita for US$10 million, plus up to $5 million if certain performance targets are met.

Rurelec says the bulk of the payment will be due when the project reaches financial close, which is expected to take place within six months of securing a power purchase agreement.

"Santa Rita is a large and long-term development project for Cascade, and we look forward to playing an active role in its development," says Rurelec executive Peter Earl.

The $600 million facility has a planned construction period of about 42 months post-financing, meaning it is not expected to be commissioned until 2017.

Cascade reports that it is planning a capital increase to fund the further development expenditure required to take the projects through financial close.

Related Articles

A Positive Outlook for Hydropower

As diverse as the globe itself, the world of hydropower development is a heterogeneous one, ...

Viewpoint: Securing Skills and Experience: The Route to Commercial Success for MHK

News that Atlantis Resources has struck a deal with Siemens to acquire the entire share capi...

Turbine components sought for Peru's 210-MW Restitucion hydro project

The United Nations Office for Project Services (UNOPS) seeks bids to supply mechanical compo...

Cemig has operating right for 242-MW Jaguara hydropower plant revoked

The Brazilian Supreme Court ruled this week that utility company Cemig has no right to renew...

Recent Comments




Hydro Slideshows

more slideshows >>  

Hydro Whitepapers

Industry News

Editor's Picks

06/01/2015
Volume 34, Issue 5
05/01/2015
Volume 23, Issue 3

Buyers Guide Products