Rurelec expecting payment progress after steam turbine overhaul
By Josh White
Date: Thursday 10 Jan 2019
(Sharecast News) - Rurelec announced on Thursday that it had been informed by the management of Energia del Sur, which owns and operates the 136 MW Southern Patagonian CCGT power plant in Argentina, that the major overhaul of the steam turbine had now been completed, and the combined cycle plant was now fully operational and available for dispatch.
The AIM-traded firm said the final total cost of the overhaul maintenance amounted to $6m, which was financed by a loan from CAMMESA.
Following the return to full power generation by the EdS plant, the management of EdS indicated that in late January they expected to resume making lump sum repayments of the outstanding amounts due to Rurelec Project Finance.
"They have informed Rurelec that it is their intention to repay that loan in full during 2019," the Rurelec board said in its statement.
"At 31 December there was $1.44m of outstanding capital to be repaid on this loan.
"After RPFL's debt has been repaid it is expected that EdS will commence repayment of other debts owed to Rurelec and Patagonia Energy."
Rurelec also said that its remaining temporary loan facilities provided by Bridge Properties (Arena Central) amounted to £1.2m, and that after the previously-announced £0.4m interest payment made on 28 December, there was no interest outstanding as at 31 December.
"The facilities are due on 30 June," the board said.
"Rurelec envisages resuming capital repayments to BPAC in the first few months of 2019."
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