2nd Oct 2014 07:44
LONDON (Alliance News) - Rame Energy PLC Thursday welcomed new legislation in Chile which it said will open up the country's domestic renewables market, in particular its solar sector, and said it has won a contract to install a solar power plant at a Santiago school.
Rame said it is well positioned to capitalise on the changes in the country's solar legislation, by which 'residential generators' in the South American country will be able to connect renewable energy systems to the distribution system and receive payments for the surplus electricity this generates.
In addition, Rame said, the legislation incentivises householders to install renewable power sources, therefore driving growth in the domestic market.
Rame also said it has signed a memorandum of understanding with Colegio Suizo de Santiago to install its first rooftop photovoltaic system.
Rame will install, own and operate a 25 kilowatt solar power plant for the school, due to be commissioned in early 2015, with scope to extend the plant to a capacity of 300kW.
The company did not provide any financial details of the contract.
"The MOU with CSS marks our entry to this new generation market almost simultaneously with the announcement of the enabling legislation, demonstrating the strong positioning of Rame to react quickly to new energy opportunities in the country," said Rame Chief Executive Officer Tim Adams.
Rame shares were untraded on Thursday morning, quoted at 17.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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