Rurelec has a 50 per cent stake in Energia del Sur S.A. (“EdS”), which owns and operates a 136 MW Combined Cycle Gas Turbine (CCGT) power plant in Patagonia.
In 2012, Rurelec acquired its first project developments in hydro-electric power generation in Peru with the acquisition of the rights to the 255 MW run-of-river Santa Rita project and the portfolio of small hydro projects owned by Rurelec’s subsidiary, Cascade Hydro Limited (“Cascade”). Rurelec has a 100 per cent stake in Cascade. Canchayllo, the first Cascade project, secured a US $7.2 million financing agreement with IIC, a financing arm of the Inter-American Development Bank. Construction of the 5.2 MW project was completed in 2014 and the plant commenced operations on 31 December 2014. The plant was sold to Energias Renovables de los Andes S.A. in July 2015.
In February 2014, Cascade was awarded a further PPA for the 12 MW Colca project. Construction of this plant is expected to commence in 2017.
The portfolio in Peru has been put up for sale.
Rurelec holds a 100 per cent stake in Termoeléctrica del Norte S.A.C. (“Termonor”), a Chilean project development company which owns the rights to develop Parinacota, a 38 MW greenfield thermal power plant.
Rurelec is also developing Central Illapa S.A. (“Central Illapa”), a Chilean project company developing which has substantially completed the development of a 250 MW open cycle gas fired peaking plant in Mejillones, one of the key power hubs on the SING system of the Chilean power grid.
Following the receipt of environmental approval for the Central Illapa plant using Siemens 701 DU turbines, Rurelec acquired two fully refurbished turbines from IPSA Group PLC in June 2013. Pending the conclusion of project financing, Rurelec is seeking a joint venture partner for the project.