StockMarketWire.com - Power generation group Rurelec said it had received a further $1.44m from the partial repayment by Patagonia Energy of a loan note, though it warned there was no guarantee on when it would be repaid the full amount outstanding.

The balance outstanding was about $21.27m and the total amount owing to Rurelec was now $15.48m.

The company said the timing of future payments was not certain, because they were dependent on three factors.

These included the potential future cash generation ability of Energia del Sur, which operated an Argentina power project, the duration of exchange controls and delays being experienced by electricity generators in Argentina in receiving payments of revenue.

'Accordingly, there can be no guarantee as to when any further loan repayments will be made,' Rurelec said.

The company also noted increased foreign exchange risk in Argentinia and that a power purchase agreement there was expiring on 9 September.




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