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Northland Capital Partners View on the City: Rame Energy

Published: 08:19 05 Feb 2015 GMT

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Rame Energy (LON:RAME) – CORP: Project update

Market Cap: £10.1m; Current Price: 10p

 

  • Transportation of turbine components commenced
  • The landslide that was delaying the completion of the Raki/Huajache 15MW wind project (announced in December) has now been cleared. As a result, the turbine components are now being transported to site from the port of Lirquen with the arrival of the first tower sections, nacelles and drive trains. In addition, the main Liebherr LR1300 crawler crane has been assembled at turbine location 5, ready to commence the assembly process. 
  • The transportation of the blades, stored at the port of Coronel, is scheduled to start within four days once final police escort clearance is obtained. A dummy run on the reopened road has already been completed. Once a blade set has arrived, assembly can commence and Rame anticipates project construction works will complete within six week. Final testing of the wind farm can then be concluded.

 

NORTHLAND CAPITAL PARTNERS VIEW: The landslide was a frustration but management has worked to minimise the disruption by working closely with the local authorities and key subcontractors to get the obstruction cleared and the necessary permissions in place. Once the blade sets have arrived on site, management will be able to provide a definitive timetable for completion of the project – the first since IPO and the first in conjunction with Santander. The completion of the project will represent an important milestone for the company for whilst it has considerable experience as an EPC, this is the first project where Rame has a stake (20%) and will mark its transition to an independent power producer (IPP).

 

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