London-based Rurelec PLC has acquired the remaining minority interests in Cascade Hydro Limited, giving it control of a portfolio containing more than 300 MW of cumulative hydroelectric power output capacity in Peru.
Rurelec (SEA: RUR) previously held 70% of Cascade’s shares before agreeing to acquire the remainder by way of an exchange of shares.
Minority shareholders will receive 1,737,116 new Rurelec shares for their Cascade holdings, issued at a price of $0.20 per share.
“The completion of the acquisition of Cascade increases our portfolio in Peru and allows the integration of the company’s operations,” Rurelec CEO Peter Earl said.
Rurelec already owns shares in a number of Peruvian hydropower projects, including a 93% share in the 5.3-MW Canchayllo and all of the 255-MW Santa Rita. The company said it also operates about 60 MW-worth of other small hydro plants.
The company said its acquisition of Cascade will allow it to consolidate its Peruvian hydropower and thermal developments under a management team led by Jose Garcia Herz.
“In the coming weeks we expect to complete our dual listing of shares in Chile on the Santiago Stock exchange,” Earl said. “With the recent merger of the Lima and Santiago stock markets, now is an excellent time for Rurelc to be building up a portfolio of generation interests which stretch across Chile and Peru.”
HydroWorld.com first reported on the company’s entry into Peru in December 2011.
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