14th Mar 2016 08:47
LONDON (Alliance News) - Power producer Rame Energy PLC on Monday said it has signed a number of commercial agreements and a contract to sell two existing projects currently under development to InterEnergy Holdings.
InterEnergy, a Cayman Islands-based company which owns power generation and distribution assets in Latin America and the Caribbean, will buy Rame's 15 megawatt Punt Chome and Raki Sur development projects in Chile.
Under the terms of the deal, InterEnergy will pay at least USD2.0 million to Rame in milestone payments, contingent on certain development objectives being met.
Rame said the commercial deals signed cover service contracts to provide commercial and administrative services on the Raki and Huajache projects, along with technical services assisting InterEnergy. No financial details on the agreements were disclosed.
Rame sold the Raki and Huajache on-grid wind projects to InterEnergy in January.
"We are delighted to be working more closely with InterEnergy on these projects. Our expanded relationship with them in Chile underpins our pipeline of development projects and reinforces our view on the attractiveness of the Chilean power production market," said Tim Adams, Rame's chief executive.
Rame shares were up 2.4% to 8.445 pence Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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