6th Jan 2016 08:47
LONDON (Alliance News) - Power producer and power project developer Rame Energy PLC on Wednesday said it has sold its stake in the 15 megawatt Raki and Huajache on-grid wind projects in Chile.
Rame sold the 20% stake in the combined projects to InterEnergy Holdings, a Cayman Islands-based owner of power generation and distribution assets in Latin America and the Caribbean, for USD4.4 million.
It expects the sale to be completed by the end of January.
"We are delighted with the sale of the Raki and Huajache projects. Our estimated gain of approximately 50% of our investment over the period of 20 months demonstrates Rame's ability to deliver substantial returns in a relatively short time frame," said Rame Chief Executive Tim Adams.
Rame shares were untraded on Wednesday morning, having last traded at 9.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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