Rame Energy PLC Rame Secures US$4m InterEnergy Development Loan (1435W)
25 Abril 2016 - 1:00AM
UK Regulatory
TIDMRAME
RNS Number : 1435W
Rame Energy PLC
25 April 2016
25 April 2016
Rame Energy plc
("Rame" or the "Company")
Rame secures US$4 million development loan for 210MW project
pipeline from InterEnergy
Rame Energy plc (AIM:RAME), the AIM quoted independent power
producer and power project developer, is pleased to announce that
it has signed a development loan agreement (the "Loan") as part of
its expanded strategic relationship with InterEnergy Holdings
("InterEnergy"), a leading Cayman based owner of power generation
and distribution assets in Latin America and the Caribbean. The
Loan allows Rame to expedite the development of a group of 11
projects (the "Projects") with a combined generating capacity of
210MW from the Company's development pipeline. As previously
announced, InterEnergy recently acquired the Company's Raki and
Huajache projects and entered into a contract to acquire the
Company's Punta Chome and Raki Sur development projects.
The Company is able to borrow up to US$4.0 million in tranches
of $1.0 million from InterEnergy over the next 30 months. The first
tranche of $1.0 million will be drawn within the next seven days,
with the three subsequent tranches drawn down upon certain agreed
development milestones. The Loan carries an interest rate of 8 per
cent. per annum and is repayable in full within 30 months of the
first drawdown.
The Company is targeting ready to build status ("RTB status")
for all projects by Q4 2017. When any one of the Projects achieves
RTB status, InterEnergy will have the option to acquire the project
from Rame at a price of between $120,000/MW and $160,000/MW based
upon a particular project's forecast IRR. The combined prospective
value of the Projects once RTB status is achieved is between $25.2
million and $33.6 million. Rame intends to monetise the majority of
these projects to invest for additional growth in its other
projects and to repay outstanding borrowings (including the
Loan).
Under the terms of the agreement, Rame may sell the Projects to
a third party, or construct the Projects itself, in the event that
InterEnergy fails to exercise its right to acquire any, or each of
the Projects.
CEO Tim Adams said:
"We are delighted to secure this $4 million of funding which not
only allows us to fast track the final stages of development of our
Chilean projects, but also importantly expands our strong strategic
relationship with InterEnergy. The pricing metrics in this
agreement, similar to those included in our recent sale of Punta
Chome and Raki Sur, validate and underpin the inherent value of our
project pipeline. Completing the development of these projects over
the next eighteen months or so will deliver saleable projects with
a potentially realisable value of $25 million to $34 million."
For further information, please visit the Company's website,
www.rame-energy.com or contact:
+44 (0) 1752
Rame Energy plc 565638
Tim Adams, Chief Executive Officer
Kevin McNair, Chief Financial
Officer
Cantor Fitzgerald Europe
Nominated Adviser and Broker, Financial Adviser
in relation to the sale of the Projects +44 (0) 20 7894 7000
Andrew Craig
Richard Salmond
Tavistock
Financial PR +44 (0) 20 7920 3150
Simon Hudson / James Collins / Claudia Esnouf
About Rame Energy
Established in 2002, Rame Energy is an experienced power project
developer and IPP that seeks to create value for its stakeholders
by developing a portfolio of high yielding renewable energy
projects. We specialise in engineering on-grid and off-grid wind,
solar and hybrid power solutions. Our primary market focus is
Chile, where energy demand outstrips supply, creating conditions
that make the country highly favourable for renewable power
projects.
About InterEnergy
Formed in 2011 by private equity fund InterEnergy Partners LP,
InterEnergy owns and operates power generation and distribution
assets, and fuel distribution and logistics businesses in Latin
America and the Caribbean - in the Dominican Republic, Panama,
Jamaica, and Chile. InterEnergy has a generation portfolio
aggregating approximately 1,000 MW of installed capacity and is a
pioneer in renewable energy.
http://interenergy.com/
-ends-
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The company news service from the London Stock Exchange
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