Rurelec completes $6.8m sale of Peruvian hydro plant

17th Jul 2015 09:19

(ShareCast News) - Rurelec has completed the sale of its Peruvian subsidy, Empresa de Generación Eléctrica Canchayllo (EGEC) to Energías Renovables de los Andres (ERA), in a deal worth $6.8m.The power generation company will use the $6.4m net proceeds from the sale to pay off the bulk of $7.5m of assumed debt.EGEC is 93% owned by Cascade Hydro, a wholly owned subisdiary of Rurelec. It owns a 5.26 megawattrunn of the Peruvian Junin province's river hydro power plant.As of 0845 BST, Rurelec was trading 9.6% higher at 2p.