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Interim Results for the six months ended 30 June 2015
Rame Energy plc, the international power producer and project development company, has issued interim results for the period ended 30 June 2015.
Highlights
· Strong growth with engineering contracts won across off-grid power generation and advancement of the on-grid portfolio
· On-grid power generation:
o Construction of the Raki and Huajache wind projects, totalling 15MW, were completed and power sales commenced in August
o The Company expanded the framework agreement with Santander for the development of wind farm projects throughout Chile to 133MW
o Sale process commenced for Raki and Huajache projects by Santander – Rame owns 20% of equity in these projects
o Completed first solar project in Chile, a rooftop mounted system for the Swiss School of Santiago with a 15 year power purchase agreement
· Off-grid power generation:
o Successful financing of the 1.8MW Cerro Coihue completed in May. Construction has commenced with commissioning expected for the end of Q1 2016
· Rame’s UK subsidiary, Beco, announced the launch of its UK roof-top solar portfolio which now has a potential portfolio of 500kW which are either completed, under construction or in negotiation
· Revenue for the period of US$2,950,664 an increase of 641.4% over revenue in the same period (2014 US$397,944), and a loss of US$840,544 and a reduction of 31.4% (2014 US$1,226,016) – in line with the Board’s expectations
Post Period End Highlights
Tim Adams, Rame’s Chief Executive Officer, said, “Over the first six months of 2015 we have seen the completion of our first 15MW wind farm since the IPO, our first roof-top solar installation in Santiago, and the commencement of construction at the Cerro Bayo mine project. This combined with strong operating income in the UK has seen us return our engineering revenues to pre-IPO levels and this should continue through the second half of the year. We have shown we are able to monetise non-core assets from our project pipeline whilst continuing to progress and enhance the value of our near term targets for construction. We have also made significant progress on our first solar projects in Chile. Rame will continue to look to drive value from the delivery of our development pipeline and look for opportunistic generation projects that meet our criteria in terms of risk and return.
“Whilst the Chilean renewable energy market has grown rapidly over the past 12 months and has attracted many new entrants due to the attractive returns which can be achieved, our long term presence in the country, our track record and our quality project portfolio has ensured that we retain a strong market position. The increased interest in Chile provides us with numerous opportunities in terms of third party revenue generation and for partnering with international operators and investors for the development, sale or operation of assets as they move through the development cycle.”
