Rurelec clears loan debt, sees progress at Argentina plant

South America-focussed power generation capacity company Rurelec repaid £0.4m to Bridge Properties (Arena Central) on Friday, to clear outstanding interest payments on short-term loan facilities dated 17 February 2016 and 13 April 2016.

The AIM-traded firm also said that, further to its announcement on 24 September, its board had been informed by the management of Energia del Sur - which owns and operates the 136 MW Southern Patagonian CCGT power plant in Argentina - that the major overhaul of the steam turbine was progressing “satisfactorily”.

It was estimated to be completed in early January.

“Whilst this is not guaranteed, the riskier parts of the major maintenance project have been satisfactorily completed and EdS management thus have a high degree of confidence in predicting the start up in the timescale indicated,” the Rurelec board said in its statement.

It said a further update would be provided once the plant became fully operational.