Rurelec is a UK based company with assets in South America. It was listed on AIM in 2004 with a strategy was to acquire, develop and manage small to medium sized power plants in South America. However after a number of setbacks the company now suffers from cash flow difficulties so that development work has had to be curtailed. Rurelec currently owns 50 percent of an operating 137 Megawatt combined cycle gas turbine power plant in Southern Argentina, and development plans for one new plant in Chile and one in Peru.
Exchange: London AIM (RUR)
Financial Data from Exchange website: LSE summary
Recent Financial Report: Results for year to 31 Dec 2016
At one time Ruralec owned 50.01 percent of the largest power plant in Bolivia. However in May 2010 the Bolivian government nationalized the plant. In June 2014 after long and costly legal proceedings Ruralec recovered 22 percent of their claim for $142 million in compensation. As a result Ruralec had to sell an operating plant in Peru and rely on high-interest, short-term loans. In addition it has proved difficult to repatriate the profits from the Argentina project.
18 Soho Square
London W1D 3QH
Tel +44 207 025 8028/26
Executive Directors: Andrew Coveney and Simon Morris
Short description: Power generation, including hydro, mostly South America