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Rurelec PLC - South America-focused power producer and developer of power plants - Agrees to sell Argentinian interests to Verafont SA, Basic Energy Ltd and Esteban Reynal for up to £4 million. This includes Rurelec’s interest in Central Termica Patagonia, a 138 megawatt combined cycle powerplant located in Comodoro Rivadavia. Sale is subject to shareholder approval, and completion is expected in June. Rurelec will pay shareholders a special dividend of 0.20 pence per share and will retain the remaining £1.1 million as working capital for the next phase of its development.
In January, Rurelec had announced the potential disposal, warning of a tight liquidity situation due to a lack of cash from Argentina.
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