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Rurelec confident of raising funds as it reviews assets

Published: 10:52 30 Sep 2015 BST

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Rurelec replaced its board in July

Rurelec’s (LON:RUR) said it is confident of raising cash to keep going as it reviews the company’s operations.

The Latin American power group is focusing on reducing overheads and assessing the value of its project pipeline, said Colin Emson, chairman.

“While the medium term prospects for the group are reasonable, the company is acutely short of cash resources; the board is confident that the company will secure short term funding,” he added.

Its 50% owned operating asset, the generator Energia del Sur, and its parent company, Patagonia Energy, owe Rurelec £30.7mln. 

Meanwhile, in Chile, on-going development has brought one of its two projects to the financing stage, which may enable Rurelec to recover some value, Emson added.

Rurelec made a £14.1mln loss for the first half including write-offs in Peru and Chile and impairments on loans in Argentina.

Emson said: “This is an extremely difficult time for the company for the reasons outlined above. The directors consider that the coming months will be challenging but they are determined to repair shareholder value.”

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