Appointment of Non-Executive Director

RNS Number : 2811G

Rurelec PLC

10 May 2011

 



10th May, 2011

Rurelec PLC 

("Rurelec" or "the Company")

Appointment of Non-Executive Director

Rurelec PLC, the AIM listed independent power plant developer with operations in South America, is pleased to announce the appointment of Lawrence Stephen Coben as a non-Executive Director, with immediate effect  Larry has extensive experience in the international electricity sector, particularly in Latin America.

Commenting on the appointment Peter Earl, Managing Director of Rurelec said:  "I am delighted that Larry has agreed to join the board of Rurelec as our senior Non-Executive Director.  Our focus is to increase the profitability of our existing power plant operations while judiciously exploring the possibility of expanding into other countries in Latin America, especially Chile and Peru, as we release capital from Argentina and Bolivia back to the London parent company. 

"With a career spanning out over 20 years at the highest possible level of power development and power plant ownership, Larry's expertise in Latin America in particular will be invaluable in achieving our goals. He will also be an important sounding board as we consider the possibility of returning money to shareholders in due course by means of a special dividend now that our balance sheet has been strengthened and our group bank debt has been paid off in full."

Larry received a BA in economics from Yale University and a J.D. from Harvard Law School School and an MA in Anthropology from the University of Pennsylvania (Phd expected December 2011).  Following his studies at Harvard Law School he spent over twenty years as a founder, owner, officer and director of numerous companies in the energy and environmental sectors. 

As a founder of Catalyst Energy Corporation he focused first on alternative energy technologies and then on electricity generation using more conventional sources of energy.  In the early 1990's he a founder and managing director of Liberty Power Corp., an independent power developer that financed, owned and operated electric generation, transmission and distribution assets in Latin America.  

In 1994 he led the acquisition of a controlling interest in the NYSE traded Bolivian Power Company Limited ("BPC"), Bolivia's largest private integrated electricity generation and distribution company.  During his tenure as Chief Executive Officer of BPC he oversaw the addition of both thermal and hydro capacity to its existing hydroelectric base, which provided all the power for the cities of La Paz and Oruro as well as exporting power to Peru.  In 1996 he oversaw the sale of BPC's distribution assets to Iberdrola and of BPC itself to a joint venture of NRG Energy and Vattenfall.

Larry is currently chairman and chief executive officer of Tremisis Energy LLC, which invests in and advises businesses in the energy and environmental sectors. He also served as Chairman and CEO of the two public Special Purpose Acquisition Corporations bearing the Tremisis name.   .  He is also a director of NRG Energy (2003-present) a US-based electricity generation company, where he has chaired a number of Board Committees.  He was a director of SAESA (2008-2010), a Chilean distribution company and a director of Prisma Energy (2003-2006), the post-bankruptcy filing successor to Enron that held its international assets.   Larry also serves as the Executive Director of the Sustainable Preservation Initiative, a not for profit organization that preserves cultural heritage around the world through locally-based and owned economic development.

Larry owns 500,000  ordinary 1p shares in the Company, representing approximately 0.12 per cent. of the total issued share capital. 

For further information contact:

Company: Peter Earl, Managing Director, Rurelec PLC	[phone]
Nominated Adviser: Paul Shackleton/Tessa Smith, Daniel Stewart & Company PLC	[phone]
Brokers: Daniel Briggs, Religare Capital Markets PLC	[phone]
Financial PR: Ana Ribeiro/Tim Blythe, Blythe Weigh Communications Ltd.	[phone]

Additional information

In accordance with Schedule 2 (g) of the AIM Rules, the following information in relation to the appointment of Lawrence S. Coben (age 52) as a director of Rurelec is disclosed:

Current directorships, partnerships and appointments:

Tremisis Energy LLC

NRG Energy Inc

Casana LLC

NEXIQ Technologies Inc

Sociedad Austral de Electricidad SA

Directorships,  partnerships and appointments held in the past five years:

Co-Medical Finance Corporation

Tremisis Energy LLC

CEC SUBCO Corp

Project 2854 Audit Company Inc

Empresa Electrica de la Frontera SA

Sistema de Transmision del Sur SA

Empresa Electrica de Aisen SA

Compania Electrica Osorno SA

Prisma Energy International Inc

Corky and Carl Foundation Inc

Catalyst Energy Corporation

Recovery Corporation of America

Triangle Wire and Cable Inc

Medimax Inc

Save for the information disclosed above there is no other information pursuant to Schedule 2(g) of the AIM Rules.

 

END

 

 

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