Rurelec's H1 hit by Argentine currency exchange losses

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Tuesday, September 30, 2014

UK-based generator Rurelec reported an after tax loss of 2.3mn pounds (US$3.72mn) in H1, compared to a 200,000-pound loss in the same period last year.

This was due largely to 2.8mn pounds in foreign exchange losses related to Rurelec's 136MW Comodoro Rivadavia plant in Argentina, a company statement said.

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Locally-denominated revenue in Argentina totaled 110mn pesos, up from 100mn pesos in 1H13.

In Peru, the Canchayllo run-of-the-river hydro project is in the final stages of construction, with a second hydro slated to start up in Q4.

In Chile, Rurelec is considering offers for 50% stakes in thermo projects Illapa (250MW) and Termonor (40MW).

CEO Peter Earl was quoted as saying that despite a "highly unsatisfactory" settlement payment from the Bolivian government for nationalizing the firm's 50% stake in power utility Guaracachi, Rurelec has been busy developing the Chile and Peru projects.

"We are now finalizing our partnership arrangements in Latin America to permit a more rapid rollout of new generation capacity with large co-investors," Earl said.

BNamericas will host its 11th Southern Cone Energy Summit in Lima, Peru, on November 12-13. Click here to download the agenda.